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Bridging the gap between FP&A and the Internal Business Partners

Most FP&A professionals know that there are significant benefits to be had through a strong working relationship between finance and the business units/divisions/support areas. What is your strategy to build credibility? How do you create partnership and alliances to help you provide better forecasts and financial analysis that help the overall organization yet maintaining a solid business partnership with your internal customers?

Answers

Michael Katz
Title: Treasurer
Company: SB2 Consultants
(Treasurer, SB2 Consultants) |

I've built successful relationships through working on business case analyses with clients. I've shown the clients my value by suggesting alternatives that make the business case more favorable.

Sarah Jackson
Title: Associate Editor
Company: Proformative
(Associate Editor, Proformative) |

You might also want to take a look at this free one hour webinar here at Proformative on October 17th...
FP&A Innovations To Support Organic Growth & Business Strategies:

https://www.proformative.com/events/fpa-innovations-support-organic-growth-business-strategies

Enjoy!

Best... Sarah

Anders Liu-Lindberg
Title: Regional Finance Business Partner
Company: Maersk Line Northern Europe
LinkedIn Profile
(Regional Finance Business Partner, Maersk Line Northern Europe) |

I think I have tried discussing this several times on this site so maybe you can read through some earlier discussions. I am very interested in what others are doing as well in this area.

https://www.proformative.com/blogs/anders-liu-lindberg/2012/07/18/now-why-did-i-choose-finance-over-hr#comment-8246

Topic Expert
Malak Kazan
Title: VP, Special Projects
Company: ERI Economic Research Institute
(VP, Special Projects, ERI Economic Research Institute) |

As a business partner you want to "add value" by providing effective, credible solutions to solve your Internal Customers problems OR enable their business objectives. The most success I had in such roles is when A) learned the business and how to "navigate" value chain credibly 2) collaborated with internal customers AND other business partners or stakeholders (e.g. finance, IT, marketing, engineering etc..) to "vet out" the feasibility of recommendations. You want to put forward a "business solution" not a functional solution (e.g. HR, finance etc.) Often times the latter may be the case.

Topic Expert
Regis Quirin
Title: Director of Finance
Company: Gibney Anthony & Flaherty LLP
LinkedIn Profile
(Director of Finance, Gibney Anthony & Flaherty LLP) |

The business and finance relationship is tricky, but necessary. The Finance department is responsible for ensuring the company’s cash flow can support Operation’s efforts to meet these customers’ needs. The best way to ensure units are in synch with company goals is to Track Activity (Scorecards, Key Performance Measures) and Schedule periodic Meetings to Discuss Results with senior managers.

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