This article is an excerpt from the April 2015 issue of The Controller’s Report published by The Institute of Finance Management.
Professional success for any finance leader is based on their brand (how others perceive them), their network (who knows them and is willing to support them), and their visibility (who knows who they are).
“Controllers can only impact the business if other leaders trust them and the information they provide” says Samuel Dergel, CPA, member of the CFO and Financial Executives Practice at Stanton Chase. “This trust is built over time when relationships are managed successfully. That is why effective relationship management is a critical tool for financial management.”
“Controllers need to move beyond ledger books and spreadsheets and act as business partners, providing
timely, actionable information upon which other parts of the organization can make profitable decisions,” says Dergel. “However, numbers alone cannot positively impact the business. Relationship management is essential.” Dergel offers the following advice:
1. Recognize the importance of “face time.”
“Relationship management in a corporate environment is based on strong communication,” says Dergel. “However, if a controller is communicating solely by e-mail, there is plenty of room for improvement. The telephone is more effective than using e-mail, but face-to-face communication is more effective than all the above. That’s why controllers must get out of their offices as much as possible.”
2. Develop a “relationship maintenance” plan.
“Be aware of the people you absolutely need to have a good relationship with, and create a plan on how you will maintain and improve those relationships,” says Dergel. Schedule time for relationship management with all these key people (see sidebar). You’ll need to make a special effort with people in other departments.
3. Never underestimate the value of simply sharing coffee.
Relationship building does not always have to be formal—in fact, it is often during informal interactions that the most powerful relationship building can occur. “Simply having coffee on a regular basis with people you want to build relationships with can go a long way toward learning their needs and how you can help,” Dergel notes.
4. Always deliver what was promised, when it was promised.
“Not delivering what is expected erodes trust, and this is a major cause for rifts in business relationships, Dergel explains. “Trust can be built only with people who know you and like you, and this is achieved by understanding what others expect from you and ensuring timely delivery on these expectations.”