In this instalment of the Future of Finance 2.0 interview series, we talk to Lucy Heffer, ACMA, CGMA, Head of Finance and Commercial at Mitie, a facilities management company. Heffer is on the senior leadership team for the UK wide BBC account, which provides services that help keep the BBC on air, such as engineering, logistics and cleaning.
In addition to undertaking the traditional finance role of producing accounts, analysis and high volumes of data, Heffer says the finance team adds substantial value by translating all the traditional work into powerful insights and actions that non-financial people, in particular, can understand. Another way of adding value is to drive performance so that it makes a difference in the numbers.
‘Finance is no longer back office. We’re sitting at the table. We’re challenging decisions. We’re offering thought-provoking alternatives. We’re focusing now on strategy, longer-term benefits, whilst also monitoring the short-term impacts’, says Heffer.
Stakeholder management is another way in which Mitie finance adds value. They understand that there are competing priorities for their internal departments, customers and suppliers. The answer is to offer the support and flexibility that stakeholders need to meet challenges and solve problems.
Leading finance into the future
Finance is offering ample opportunity to young people, which is reshaping the finance ecosystem. The profession can offer many different paths and career routes, such as flexible working and access to global jobs in any industry. Finance is the type of role in which you can take your skills and experience anywhere that suits. Management accounting is a great place to start a career and provides valuable insights into how a business works.
Offshoring, outsourcing and automation have also changed the finance function in various ways. For example, finance teams have more time to work on emerging trends, such as sustainability.
Last but not least, excelling in people skills must be a focused priority for finance professionals:
Relationship management is essential for business partnering
Emotional intelligence is paramount for building rapport and maximising influencing skills
Diplomacy skills are key to being able to say no respectfully while maintaining a strong working relationship
The right mindset, together with the right skills, can establish a future-ready finance workforce. Listen to learn more.