How To Improve Financial Competitiveness

< p > in some fields, CFO and financial departments can play a key role in creating value.

Some areas have been known to everyone, such as ensuring that the company has an efficient capital structure, setting expectations for investors, and achieving expectations. Setting up the revenue and profit expansion targets that are in line with the long-term vision of the company.

Another important role of CFO is to promote and coordinate the relationship between the board and senior management. In the planning process and assessment process, it provides an effective rhythm for the enterprises to complete their monthly and quarterly tasks.

When it is done well, it will add a lot of value; but if it is not done well, it will waste a lot of time.

Another role that CFO is most suitable for personally is to expose areas where performance is bad, as well as areas that really drag down value.

This is a difficult task. It requires rich political skills to accomplish this task well.

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One way to create value in the financial sector is to convene cross functional teams to truly think about how to increase productivity and productivity, how to allocate resources, and what more value can be found in the areas of the company. P

Work with each functional department to find areas that can focus on improving efficiency.

Although for some financial staff, this is a role they are unwilling to take, it is a great opportunity for other financial personnel to bring great value to enterprises in a very tangible way.

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< p > > a href= "//www.sjfzxm.com/news/index_c.asp" > CFO < /a > it is necessary to seek performance benchmarks from outside, maybe these benchmark data are not very ideal, but even reasonable benchmark indicators are enough.

Some external agencies and consulting firms do well in grading evaluation - providing benchmarks for performance, benchmarking indicators for achieving appropriate financial returns, etc.

If you can find relevant indicators of operation capital and related process efficiency, and then set up challenging goals for them.

If comprehensive indicators can not be found, indicators can be found in individual fields.

It is difficult to benchmarking performance in the financial sector, because few indicators can be used to measure quality and competitiveness.

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< p > to achieve the purpose of enhancing financial competitiveness, another way that can be adopted is to set specific goals and output managerial talents to other departments of the company.

By drawing out financial personnel with very solid and systematic skills and configuring them everywhere, they can really strengthen discipline in other parts of the organization.

If the investor relations manager of the finance group is pferred to be the executive assistant of the chief technology officer, he is responsible for the strategic planning of the R & D project.

This allows the discipline and reporting culture of the financial sector to be exported to the most challenging sector in the value creation process of the pharmaceutical industry: R & D department.

This will bring great value.

Many companies are trying to get more employees to rotate jobs.

Let those who are not trained in accounting to be pferred to the finance department, and confirm that the financial personnel get out of the financial department.

But this problem is much more than rotation. It has to go back to the type of person initially recruited by the finance department.

Attracting talent is a problem of chicken or egg, because the key to attracting talents is good development opportunities.

If only a very basic financial position can be provided, it is unlikely to attract excellent talent.

So what needs to be done is to ensure that there are appropriate tools and systems to remove many mundane issues.

In this way, employees can focus their time on studying value-added businesses.

If you can give them good career opportunities and growth opportunities inside and outside the financial department, they have colleagues who are willing to work together and learn from each other, so you can attract truly talented people.

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< p > in addition, a key problem is excellence, < a href= "//www.sjfzxm.com/news/index_c.asp" > financial personnel < /a > a lot, but few excellent leaders.

This is the field that enterprises must develop.

Many employees in the finance department are technically strong, but they do not necessarily have the ability to lead and influence others.

Therefore, it is necessary to attract suitable talents from the beginning of recruitment, or to train appropriate talents in career development planning, so that they can promote this function to move forward.

This is a comprehensive project which involves many aspects.

On this basis, the key is to develop diversified talent bases in the financial sector, and at the very beginning, to create diversified experience in the financial sector.

Therefore, enterprises should let employees without financial experience enter the financial department, and encourage financial personnel to pfer to other departments for two years, so that they can gain operational experience so that they can become a better CFO in the future.

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< p > there is a way of developing potential managers' development projects and selecting key employees. They may still be middle-level cadres, but they have the potential to become top leaders of enterprises.

The key is to find talented people with genuine business ideas and ensure that they have the right opportunities for development.

Of course, we should not underestimate the technical aspects of accounting functions, because it is easy to create many financial personnel with medium technical level. They are only good at basic digital operations, and enterprises need employees with strong skills in accounting and systems.

What is needed is the diversity of skills, which will really strengthen financial and technological aspects and business aspects.

The real starting point for recruiting and retaining excellent employees is that CFO should be respected.

These posts are closely watched posts.

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Another important point of < p > a href= "//www.sjfzxm.com/news/index_c.asp" > management talent < /a > is to get the best talents in every key position (taking into account the situation at that time). These key positions include the director, treasurer and internal auditor.

This is not to say that we have the best talents in the world.

The rule found in every job is that when the department leaders are incompetent, all subordinates know that if their performance is poor, the performance of their subordinates will be better.

Find the best talents for every key position.

Then, a training plan for managers was set up.

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< p > finally, the company's financial departments should focus on the following five aspects to investigate the quality of talents: Tokuta Masano, that is, strong compliance consciousness, control ability and daring to speak frankly; there are no major mistakes in performance management, that is, to know business, to be able to detect and find early before problems occur; and to accurately predict ability; productivity and value creation; in this respect, we must set high standards for financial departments to formulate and carry out cross functional projects and bring productivity benefits into enterprise profits.

There is also talent, that is, to ensure that 20% of each year's annual goal is centered around human leadership and personnel training, and to adjust individual goals according to the role of each person.

Finally, it is a global concept that expects all staff in the financial sector to contribute positively to the global financial sector and become an excellent partner in the local business.

In addition, there is another method that requires skill, because it is difficult to admit one's mistakes.

However, if rewards for those who learn from mistakes and give examples of excellent learning and discussion, this method can indeed become a major improvement opportunity.

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