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Practical guide to effectively communicate financial data, ideas, and insights to executives Communicating Financials to Executives delivers indispensable insights on how to clearly, effectively and productively communicate financials to executives across industries in an influential manner. In this book, finance practitioners and consultants Anders Liu-Lindberg and Christian Frantz Hansen deliver a five-step approach on how to get started, along with underlying theory explaining why each step is imperative to success. Special attention is placed on not just presenting data but doing…mehr
Practical guide to effectively communicate financial data, ideas, and insights to executives
Communicating Financials to Executives delivers indispensable insights on how to clearly, effectively and productively communicate financials to executives across industries in an influential manner. In this book, finance practitioners and consultants Anders Liu-Lindberg and Christian Frantz Hansen deliver a five-step approach on how to get started, along with underlying theory explaining why each step is imperative to success.
Special attention is placed on not just presenting data but doing so in a way that brings significant value to the table and creates an impact that leads to greater business success for the organisation. Topics explored in this book include:
The executive decision-making process and how to tailor your approach to seamlessly integrate into it
Managing the amount of detail in communications and knowing how to structure data appropriately
Visual elements that can help better communicate data to individuals who aren't "numbers people"
Specific struggles that financial and accounting professionals face in the modern business environment
How to build management reports that are easily understood by executives and drive significant business value
Communicating Financials to Executives earns a well-deserved spot on the bookshelves of all finance professionals seeking to better harvest the fruits of their labour by properly articulating ideas and insights to decision-makers within an organisation.
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Autorenporträt
Anders Liu-Lindberg is a finance practitioner and consultant who trains accounting and finance professionals to better influence and communicate with executives. He's a Partner and co-founder of the Business Partnering Institute.
Christian Frantz Hansen is a Partner and Head of Learning and Development at the Business Partnering Institute. He operates learning and development programs to upskill finance professionals to become more impactful finance business partners.
Inhaltsangabe
Author Biographies xi Preface Our Experience with Financial Communication xiii Chapter 1 Why Financial Communication to Executives Requires Special Attention 1 The Pressure Is Mounting on Executives 3 Insight × Influence = Impact 4 The Purpose of Finance 7 The Value of Finance 10 The Intrinsic Motivation for Finance Professionals 12 The Job Is on the Line 14 All We Need Is a Framework for Financial Communication 15 Chapter 2 The Struggles of Finance Professionals To Communicate Financials 17 The Three Main Challenges 19 Sharing Too Many Details 21 Having No Consistent Structure 23 Making No Apparent Recommendations 26 Chapter 3 Five STEPS FOR COMMUNICATING FINANCIALS To Executives 31 Take a Customer-Centric Approach 33 From Data to Insights 36 Five Steps for Financial Communication to Executives 38 Info 39 Insights 41 Recommendation 42 Evidence 44 Action 46 Sarah Gets to Know Her Customers 47 Chapter 4 Step 1: Information: What Is the Financial Status? 51 Define an Objective and Target Stakeholder 52 Consider Your Audience 55 Data Extraction: Access Relevant Data Sources 57 Data Preparation: Build on a Proper Foundation 59 Master Data Management 59 Data Cleaning 60 Chart of Accounts and Financial Statements 62 Data Analysis: Extracting Relevant Insights 63 Horizontal Analysis 64 Vertical Analysis 66 Variances and Deviations 69 Using Technology to Your Advantage 70 Data Selection: Present Only What Matters 72 Moving from Information to Insights 75 Sarah's Data Struggle 76 Chapter 5 Step 2: Insights: What Are the Key Attention Points? 79 What Is an Insight? 80 Cater to Your Audience 85 Empathy: Present Insights Relevant to Your Stakeholders 86 Verify Your Understanding 90 Acknowledge Personality Types 91 Types of Analytics 93 Tips on How to Communicate Your Insights 99 Tip 1: Golden Rule of Three 99 Tip 2: Curate Based on Criteria 101 Tip 3: Do not Just Summarize - Synthesize 104 Moving from Insights to Recommendations 106 Sarah Uncovers the Root Causes of Poor Revenue Performance 108 Chapter 6 Step 3: Resolution: What Can We Do About It? 113 Distinguish Between Output and Outcome 115 Dare to Have an Opinion 118 Leverage Structured Problem-Solving 120 Define the Problem 121 Disaggregate the Problem 124 Design the Solution 128 Tips for Making a Recommendation 129 Prototype - Make Your Solution Visible 129 Present Options - There Is Never Just One Solution Option 130 Anticipate Objections - Be Ready with a Reply 131 Supporting Your Recommendation with Arguments 132 Sarah Ideates Potential Solutions 132 Chapter 7 Step 4: Argumentation: Why Is This a Good Idea? 137 The Difference Between Argument and Facts 138 Facts: The Foundation of Trust 138 Arguments: The Art of Persuasion 139 The Interplay of Facts and Arguments 140 The Magic Number of Three: Why Three Arguments Are Ideal 142 The Psychology Behind the Number Three 143 Three Arguments to Convince Management 144 Expanding the Definition of Facts Beyond Numbers 146 Expert Statements 146 Customer Testimonials 147 Industry Research 148 Integrating Non-Numerical Facts with Financial Data 149 The Importance of Selectivity 150 Why Selectivity Matters 150 How to Select the Right Three Arguments 151 From Argument to Decision 153 Sarah Backs Up Her Recommendation 153 Chapter 8 Step 5: How Do We Get Started? 157 Summarize and Ensure a Common Understanding 157 Anticipate Change Resistance 158 The SCARF Model - Sources of Change Resistance 159 Pave the Way Forward 163 Insist on a Decision: Turning Discussion into Action 166 Getting Started with the New Sales Channel 169 It's Time to Present 171 Chapter 9 Considerations on Data Visualizations 175 Make It Easy to Decode Your Key Message 177 System 1 and System 2 Thinking 180 Designing for System 1: Presenting Insights Clearly and Effectively 181 Engaging System 2 When Necessary 182 Minimizing Cognitive Load 182 A Picture Is Worth a Thousand Words 183 The Split-Attention Effect 185 Pre-Attentive Attributes and Gestalt Principles 186 Pre-Attentive Attributes: Highlighting the Key Message Instantly 187 Gestalt Principles: Organizing Information for Better Understanding 188 Tips for Better Data Visualization 189 Tips for Great Slide Making 196 Place the Argument in the Header 198 Use Action Titles in the Header and Charts 198 Stick to One Key Message per Slide 198 Present Only Evidence Supporting the Argument (in the Header) on the Slide 199 State Your Sources 199 Use Call-Outs to Highlight Key Points 199 Use Colours to Make Charts Easy to Read 200 Use Large Readable Fonts 200 Chapter 10 How to Prepare the Perfect Management Report 201 Structuring Your Management Report 203 A Mock-Up of the Perfect Management Report 206 Chapter 11 How Finance Professionals Become Excellent Communicators 217 Without Using SCQA 220 With the Use of SCQA 221 Business Cases 222 From Analysis to Presentation 223 One Size Does Not Fit All 226 Final Tips on Communication 228 Before the meeting 228 At the meeting 229 After the meeting 230 Chapter 12 Practical Steps to Start Improving Your Communication Skills 233 Taking the First Steps 235 Comparison and Feedback 235 Ask Your Audience 236 Prepare Your Mock-Up 236 Implement and Continuous Improvement 237 The Next Steps 238 Awareness 239 Desire 239 Knowledge 239 Ability 240 Reinforcement 240 From Steps to a New Company Culture 241 It Is Time to Get to Work 243 References 245 Index 249
Author Biographies xi Preface Our Experience with Financial Communication xiii Chapter 1 Why Financial Communication to Executives Requires Special Attention 1 The Pressure Is Mounting on Executives 3 Insight × Influence = Impact 4 The Purpose of Finance 7 The Value of Finance 10 The Intrinsic Motivation for Finance Professionals 12 The Job Is on the Line 14 All We Need Is a Framework for Financial Communication 15 Chapter 2 The Struggles of Finance Professionals To Communicate Financials 17 The Three Main Challenges 19 Sharing Too Many Details 21 Having No Consistent Structure 23 Making No Apparent Recommendations 26 Chapter 3 Five STEPS FOR COMMUNICATING FINANCIALS To Executives 31 Take a Customer-Centric Approach 33 From Data to Insights 36 Five Steps for Financial Communication to Executives 38 Info 39 Insights 41 Recommendation 42 Evidence 44 Action 46 Sarah Gets to Know Her Customers 47 Chapter 4 Step 1: Information: What Is the Financial Status? 51 Define an Objective and Target Stakeholder 52 Consider Your Audience 55 Data Extraction: Access Relevant Data Sources 57 Data Preparation: Build on a Proper Foundation 59 Master Data Management 59 Data Cleaning 60 Chart of Accounts and Financial Statements 62 Data Analysis: Extracting Relevant Insights 63 Horizontal Analysis 64 Vertical Analysis 66 Variances and Deviations 69 Using Technology to Your Advantage 70 Data Selection: Present Only What Matters 72 Moving from Information to Insights 75 Sarah's Data Struggle 76 Chapter 5 Step 2: Insights: What Are the Key Attention Points? 79 What Is an Insight? 80 Cater to Your Audience 85 Empathy: Present Insights Relevant to Your Stakeholders 86 Verify Your Understanding 90 Acknowledge Personality Types 91 Types of Analytics 93 Tips on How to Communicate Your Insights 99 Tip 1: Golden Rule of Three 99 Tip 2: Curate Based on Criteria 101 Tip 3: Do not Just Summarize - Synthesize 104 Moving from Insights to Recommendations 106 Sarah Uncovers the Root Causes of Poor Revenue Performance 108 Chapter 6 Step 3: Resolution: What Can We Do About It? 113 Distinguish Between Output and Outcome 115 Dare to Have an Opinion 118 Leverage Structured Problem-Solving 120 Define the Problem 121 Disaggregate the Problem 124 Design the Solution 128 Tips for Making a Recommendation 129 Prototype - Make Your Solution Visible 129 Present Options - There Is Never Just One Solution Option 130 Anticipate Objections - Be Ready with a Reply 131 Supporting Your Recommendation with Arguments 132 Sarah Ideates Potential Solutions 132 Chapter 7 Step 4: Argumentation: Why Is This a Good Idea? 137 The Difference Between Argument and Facts 138 Facts: The Foundation of Trust 138 Arguments: The Art of Persuasion 139 The Interplay of Facts and Arguments 140 The Magic Number of Three: Why Three Arguments Are Ideal 142 The Psychology Behind the Number Three 143 Three Arguments to Convince Management 144 Expanding the Definition of Facts Beyond Numbers 146 Expert Statements 146 Customer Testimonials 147 Industry Research 148 Integrating Non-Numerical Facts with Financial Data 149 The Importance of Selectivity 150 Why Selectivity Matters 150 How to Select the Right Three Arguments 151 From Argument to Decision 153 Sarah Backs Up Her Recommendation 153 Chapter 8 Step 5: How Do We Get Started? 157 Summarize and Ensure a Common Understanding 157 Anticipate Change Resistance 158 The SCARF Model - Sources of Change Resistance 159 Pave the Way Forward 163 Insist on a Decision: Turning Discussion into Action 166 Getting Started with the New Sales Channel 169 It's Time to Present 171 Chapter 9 Considerations on Data Visualizations 175 Make It Easy to Decode Your Key Message 177 System 1 and System 2 Thinking 180 Designing for System 1: Presenting Insights Clearly and Effectively 181 Engaging System 2 When Necessary 182 Minimizing Cognitive Load 182 A Picture Is Worth a Thousand Words 183 The Split-Attention Effect 185 Pre-Attentive Attributes and Gestalt Principles 186 Pre-Attentive Attributes: Highlighting the Key Message Instantly 187 Gestalt Principles: Organizing Information for Better Understanding 188 Tips for Better Data Visualization 189 Tips for Great Slide Making 196 Place the Argument in the Header 198 Use Action Titles in the Header and Charts 198 Stick to One Key Message per Slide 198 Present Only Evidence Supporting the Argument (in the Header) on the Slide 199 State Your Sources 199 Use Call-Outs to Highlight Key Points 199 Use Colours to Make Charts Easy to Read 200 Use Large Readable Fonts 200 Chapter 10 How to Prepare the Perfect Management Report 201 Structuring Your Management Report 203 A Mock-Up of the Perfect Management Report 206 Chapter 11 How Finance Professionals Become Excellent Communicators 217 Without Using SCQA 220 With the Use of SCQA 221 Business Cases 222 From Analysis to Presentation 223 One Size Does Not Fit All 226 Final Tips on Communication 228 Before the meeting 228 At the meeting 229 After the meeting 230 Chapter 12 Practical Steps to Start Improving Your Communication Skills 233 Taking the First Steps 235 Comparison and Feedback 235 Ask Your Audience 236 Prepare Your Mock-Up 236 Implement and Continuous Improvement 237 The Next Steps 238 Awareness 239 Desire 239 Knowledge 239 Ability 240 Reinforcement 240 From Steps to a New Company Culture 241 It Is Time to Get to Work 243 References 245 Index 249
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