How can I set my goals and targets as a finance manager?
Answers
If this is in relation to your work, then you want to align your goals and targets to the person you report to. e.g.
A few questions to assist include:
1. What are your goals and targets as CFO for this financial year?
2. What goals or targets (short-term and long-term) do I need to achieve this year that enable the CFO achieve theirs.
3. For the direct reports reporting to the
4. Do your direct reports goals and targets in line with the Finance Manager goals and targets?
The above are just but a few of the questions you will need to answer to help you set your goals and targets.
I hope this helps.
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Thanks Eddie,so I bet will have to start by identifying the key responsibility areas and define them
As head of finance ( if this position is), your goals should be in line with corporate strategy and
Nice, helpful answer, Eddie. Here is an additional suggestion:
Brainstorm all the ways that your Finance Unit could add value to all segments of the company. Then, together with the Finance and Business Unit stakeholders, prioritize the list based on significance of the impact, corporate priorities, resources required, etc.
Eddie,
I agree that you should have goals and a plan to get there.
I do believe that is more than just about work product, but having your own vision, mission and values will make a difference for the short-term as well as the long-term.
Sammy,
The good news is that you're not alone in not being sure how to best reach your goals and targets.
The better news is that you are not planning to wing it and not waiting to fight fires.
The unfortunate news is that your peers are not as ahead of the curve as you are.
Agree with Eddie, get to know the CFO's target for the year because his is always tailored to the organizations goals and objectives as set out by the board/shareholders.
Then you can align to your job functions.
It is important, like Eddie and others have stated to have the CFOs vision/goal/targets as you set your targets. This is when you want to ensure you are aligned to the CFO targets. However, over and above the CFO targets, look outside the Finance function. The CFO for some reason could miss out on certain projects or operational goals, it is important to include such as they will affect your work as Finance manager. Do not narrow your goal to the CFO goals. You also need to have targets for your personal development, which the CFO may not have and finally, another important point is to discuss with the Human Resource and
Goals should cascade from the top. Even if not explicit, you should be able to discern the overall objectives and align your own goals accordingly. However, as you move up in the organization the goals become less about hard metrics and more about process improvement, adding value, developing talent, etc.. In addition, one goal should always be about your own personal development. Also, you can get your staff involved by asking them what they see as their goals.
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I agree. This is where clarity of strategy and key initiatives for the upcoming fiscal year is critical. A recommended approach is for there to be no more than 5 key initiatives which have one individual responsible for their execution. It is up to that individual to then seek the resources and assistance from their team to execute on that goal. It is very impactful if you are able to dovetail the goals of your team to a strategic key initiative, as your team will understand how their efforts fit into the 'big picture' and create success for the organization.
Additionally important is operational goals which impact 'client sat' (i.e. internal customers), community and operational efficiencies. For example:
- Client sat - survey the departments that your team supports and track improvements. Use the survey results to develop project based goals.
- Community - our team adopted a road and, as a bi-annual team building event, we spend the afternoon picking up garbage which is then topped off with a BBQ.
- Operational efficiencies - reduced AR aging over 60 days, reduced days for financial statements.
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