As finance transformation is often a multiyear endeavor, how do you sustain momentum and energy to achieve your long-term objectives?

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Fractional CFO/FP&A Consultant7 months ago
The key to sustaining momentum in a multiyear finance transformation is to keep the goal of the transformation at the forefront. The benefits and objectives of the transformation should be clear and communicated regularly. It's essential to provide regular updates about the progress of the project to prevent loss of focus and momentum. Any changes should also be communicated immediately to avoid confusion and maintain engagement. Communication is key in any transformation project, and partnering for the majority of these projects helps to ensure a smooth transition.

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CFO7 months ago
One effective strategy I've found is breaking down the project into smaller increments when possible. This allows for smaller celebrations and tangible results that people can get excited about and stay motivated. While this may not be possible in all projects, it can be very helpful when it is feasible.
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Finance Manager7 months ago

I agree with Emilia's post about allowing end users to experience the change over time. This helps them adapt and understand the benefits of the change, aiding their adoption of the new processes. Change management methodologies can also be used to help them understand the need for the change. Delivering the project bit by bit can help them understand the need for change more at the beginning of the project, rather than dumping the end product at the very end.

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VP of Finance in Healthcare and Biotech7 months ago

I'm on the same page as about parsing out the project into smaller celebrations. This can be a huge advantage when tackling multi year projects. Another important aspect is building and maintaining trust with the team. If things aren't going according to plan, it's important to be honest about it. Everyone should be aware of the things going well and the things that need improvement. Building this level of trust is a crucial baseline for maintaining positive energy going forward. Authenticity is key - acknowledging challenges and working through them together can help maintain momentum in the long term.

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Finance Manager6 months ago
A few things that have helped our teams is to celebrate wins along the way and backfill daily tasks so SME’s can concentrate on the transformation.
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Finance Manager5 months ago
Ultimately a finance transformation has a main overarching objective but will require multiple "mini projects" that require completion to achieve the main objective.
By communicating the overall objective with all stakeholders involved, and then creating a road map for success, this allows insight and buy-in from relevant stakeholders to understand what is to be achieved.
Then breaking down each task and sub-project whilst linking back to the main objective creates a better understand as to what you're working towards.
Personally I've used tools like Gandtt charts and Microsoft Projects alongside a structured road map, engineered using resources from Gartner to achieve this.
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Use simple language. As an accountant presenting accounting concepts and issues to the Audit Committee, I must avoid technical US GAAP speak and simplify the terms and concepts for the audience.
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