We ask finance transformation expert, Alice Stephen (left), how organisations and individuals can make business partnering work. By Camilla Berens, freelance journalist.
The concept of business partnering has been widely embraced by businesses both large and small. But according to Alice Stephen, a senior consultant at Capgemini Consulting's finance and employee transformation practice, organisations must put in place a comprehensive support programme if they are to create successful business partnerships in the future.
Business partnering is about providing support and a counterweight to executives and other parts of the organisation to ensure the long term interests of shareholders. It combines an accountant's quantitative expertise with business understanding and qualitative skills to achieve this.
But Alice says that the main problem with tranforming to a business partnering model is a lack of transition planning.
'Sometimes we find that businesses simply rename accountants as business partners without spending the necessary time to train and develop them,' she says.
'The danger is that the new business partner will simply slip back into the traditional accounting role, so it's vital for the organisation to value business partnering, promote it, and invest in training.'
Clear understanding of the role
Organisations need to invest significant time and thought into the role of the business partner and provide adequate support, says Alice.
'In some cases there isn't a clear understanding of the partnering role and this makes it difficult to convince the business of their value, which then could affect the reputation of the finance function,' she adds.
In terms of a career, business partnering may not suit everyone.
'The skills required are quite different from those of a management accountant working in the finance function,' Alice continues. 'Business partners need to have good interpersonal skills, the ability to work and consult across many functions and enhanced analytical skills to support decision making.'
Career doors open
However, for those who follow a business partnering route, there are plenty of career opportunities. 'Many CEOs start off life as accountants,' Alice says. 'This shows that finance employees can develop the capabilities to operate in the more central, strategic spaces.'
Alice believes that the CIMA qualification provides a good foundation for anyone wanting to move into a business partnering role.
'The final level and TOPCIMA examinations demonstrate an individual's ability to think at a strategic level and to make business decisions based on the numbers and the wider business considerations,' she says. 'The case study simulates real business situations that I see finance business partners faced with on a daily basis.'
Do you have the right skills?
For those interested in moving into a business partnering role, the first step is to assess whether you have the right skills and temperament to do the job. 'Business partnering roles usually don't follow a regular routine, can involve projects, working across departments, perhaps with external consultants and can require a degree of IT systems knowledge,' says Alice.
'You also need good business awareness and a keen interest in taking the business forward. Senior managers will be looking to the finance business partner for strategic advice on financial, and possibly non financial, matters.'
On a personal level, whether you work for a large organisation or an SME, it's important to start the transition to business partner by getting a good understanding of all areas of the business. Those working in smaller companies may find this easier as they are often expected to take on a broader set of roles.
'Business partners need to understand a wide range of business processes and their dependencies in order to fully appreciate and understand their impact,' says Alice. 'Only then can they add value to the business through finance partnering.'
Naturally, a good accounting knowledge is essential. But, more importantly, business partners must be able to apply this knowledge to various business situations. 'You need to be forward-thinking and always seeking improvement across the business, not just in finance,' Alice says. 'Accountants need to step up and be able to look at the bigger picture and analyse the business from a strategic perspective.'
In July, Alice was a judge at the UK final of the 2009 CIMA Global Business Challenge.
Capgemini is a CIMA Quality Training Partner with CIMA Development accreditation. The company employs 134 CIMA members and 46 CIMA students worldwide.
To find out more about finance transformation and CIMA's research in this area, see 'Improving decision making in organisations: the opportunity to reinvent finance business partners' - the latest addition to CIMA's suite of reports about the future of the finance function.
The report explains what finance business partners do, how they can add value to an organisation and how they can be developed. It includes case studies and insights from some of the world's leading organisations across both public and private sectors.
According to the report, which is informed by the CIMA Improving Decision Making Forum, finance business partners must not simply act as a support to departments across the business. It is essential that they are also adept at challenging business managers to improve performance in the long term interest of shareholders.
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