Finance Shared Services by Design

Thank you for Subscribing to my new Newsletter 'Finance Transformation in 2025' which I launched yesterday. Through my Consultancy Finance Transformation Consulting I am on a Mission to encourage you, lead you or empower you to Transform Finance in 2025. I must confess I do spend a lot of time thinking up new ways to help you as I keep getting overlooked for the Man Utd job.

For many of you it is WD-3 and if you have a Year End on Tuesday I would hazard a guess you are working today. You will I am sure be experiencing the challenges of a disparate Finance function and Business functions who do not care Finance has a deadline in 48 hours time. For that I salute you and I wish you well.

At this point all I can do is offer to help by making 2025 the Year all of your Finance woes are attacked with gusto, a suitable Operating Model and a well thought out plan. Let me share a story about my experiences with Finance Shared Services in 2024, a Year which was my 24th Year in Shared Services. Please read on:

I hope you are all enjoying the Christmas break and looking forward to 2025 with renewed optimism. It is interesting to note that 2024 marks the lowest year on record for the creation of new Finance Shared Service Centres in the UK Market. Despite it being an Operating Model which can deliver so much in terms of productivity, teamwork and a platform for growth all across the Business. Designed correctly and managed with care it can, and will, eliminate your current Year End trials and tribulations.

As the Economy stuttered throughout the year with uncertainly driven by the General Election and subsequent Budget many Finance Leaders 'kicked the tyres' on Shared Services but didn't go all in. This is reflected directly in my own experience as several Clients wanted a Feasibility Study or indeed a 'light touch' Feasibility Study but did not choose to go any further.

I should be clear this is in relation to the creation of a brand new Finance Shared Services Centre, not the expansion or outsourcing of an existing FSSC. During the course of December whilst planning for 2025 I reflected on why that is, why did many Finance Directors look at Shared Services but only 'window shop' in 2024.

The obvious answer may be the uncertainly which is reflected in so much of how 2025 unfolded politically and economically. However, I think that is a simple as Man Utd will win again once Ten Hag is gone, which is evidently proving not to be the case.

As I spent most of December planning new Services for 2025 and reflecting on the performance of the new Consulting Services introduced in 2024, an idea came to me whilst on a time out to play Santa. Every year since my friends established one of the finest pre school establishments in Ireland, I get roped into playing Santa. No matter where in the UK or Europe I find myself, a sleigh is dispatched and the 18th & 19th December are devoted to a world of make believe.

You are all serious people, Professionals from all walks of life, of the highest standing based on a review of the Subscriber base and your immediate thought is:

"Now how could Santa have any bearing on Finance Shared Services adoption I hear you cry with a 'ho, ho ho' thrown in."

I can imagine the scene descending into full 'Panto' mode as I say its possible and you say not a chance. Well, sometimes you have to move out of your regular environment in order to solve a problem about your current environment that would otherwise not be apparent to you.

As I worked my way around 9 classes in a school purpose built by my great friend I was struck by just how imaginative and inspiring the classrooms were. You would want to send your children there as they were a sensory delight. Colours, images, amazing artwork and toys, incredible detail in the murals on the wall and the children were effectively transported to the land of make belief that all children under 7 inhabit.

So I asked myself the question again, why do so many Finance Directors, new to Shared Services, not press the button and launch their own Finance Shared Services rocket ship?

Why?

Because they cannot truly envision what it will look like. They can listen to the concepts, the 101 list of Benefits, the jargon, the tall tales from the success stories of Businesses at this a very long time and they just cannot envisage what it will look like in their Business.

They cannot bridge that gap because nobody is helping them to. They are not staring wide eyed in wonder at what a fully functional, operational, kick ass, Finance Shared Services Centre would look like in their Business on Day 1, Day plus 90 or in Year 2.

Until now...

'Design Labs for Finance Shared Services' is where we bring your top team to meet ours and spend days helping you imagine what your future looks like. If you are considering Finance Shared Services in 2025 then reach out and let us book you in for your Design Lab.

I promise you that you will leave with an image in your mind of what Finance Shared Services will look like in your Business and my advice on how to achieve it.

Best Regards,

Michael Ryan