Did You Avoid The Six Traps In Financial Growth?

Frustrated by many smart and dedicated financial personnel, talent and diligence do not make them more outstanding in their careers. Why? Those outstanding financial experts are not more diligent and intelligent than those who are inferior. They just avoid the six pitfalls of financial work.

These pitfalls are the real killer of senior accountants, analysts and financial managers.

Trap 1: pay attention to the known and avoid the unknown.

They prefer "determination" and "accuracy" to "fuzziness" and "uncertainty", so they naturally pay more attention to observable and measurable determinate things.

Specifically, financial staff focus on historical data.

However, history can not be changed and can never be improved. The possibility of improvement lies in the unknown future.

And success comes from this unknown field.

The unknown opportunities and risks dominate the future of every enterprise. The top leaders should have the confidence and insight into the knowledge and skills of the unknown through internal uncertainty.

If this is clearly understood, financial personnel should seek opportunities to develop their abilities in the fields of planning the future strategies of enterprises, operating new investment projects of enterprises, displaying themselves, practicing in the "uncertainty" and growing up before the "unknown world".

Trap two: pay attention to measurement, neglect creation

There is a recognition that "financial personnel are only people who score points, not those who score."

Such knowledge is also an inherent bias.

In nineteenth Century, British scientist Rhodes and Kevin had clearly defined the relationship between measurement and improvement. He said: "we can not improve the measurement."

This explains the importance of measurement, but it also shows that the foundation of measurement should be used to improve creation.

However, the reality is that few cases show which enterprise can effectively pform the measurement results into an improved power from the beginning to the end. The reason is that most enterprises, especially their financial personnel, choose only measurement.

Measurement does not create value in itself. Only when the improvement occurs, the measured data can have practical guiding significance. The senior leaders in finance know this very well.

Therefore, financial personnel should not only pay attention to what has happened, but also pay more attention to the improvement measures that can be realized.

Many financial personnel know the cost of things and do not know their value.

Historical cost has measurable, definite and small risk measurement attributes, so it becomes a stubborn preference for financial accounting.

Although accountants and analysts are trying to reduce costs, this is not a lottery.

Compressing costs is not difficult: just stop any overhead related to production or service delivery.

However, zero cost means that no value is created, and no value creation means loss of customers.

In other words, it will be easier to create value for customers if prices are reduced.

So the real challenge is to create value at the lowest cost for businesses, customers and other key stakeholders.

Enterprises should pursue maximum profits, but this does not mean making money simply, but making money steadily and steadily.

Trap four: focus on individuals, ignore the whole

In the case of disputes within the enterprise, the phrase often heard is "this is not something in our department".

If the financial staff only think their work is limited to the Department, then it falls into another trap.

Selfish departmentalism makes people care only about their departments but ignore other departments that constitute the whole enterprise.

Excellent financial personnel should step out of the accounting department and adopt the method of empathy to create greater value for enterprises.

Only when we know the real needs of other departments and their employees can we make scientific decisions and achieve effective communication so that we can create value for the whole enterprise.

Contrary to the concern itself, senior financial leaders should look beyond the Department to familiarize themselves with others' functions and create good inter departmental cooperation.

Financial personnel are often accustomed to the knowledge and skills acquired in the past, including the accumulated experience in the past, as well as the customary practices taught by their predecessors. They rarely challenge and challenge these habits and fall into the trap of sticking to the rules.

In fact, financial personnel need to find opportunities to improve and innovate, and to carry out their own thinking and practice, and finally to gain the fruits of innovation.

Open your eyes, open your mind, and focus on some new ways of doing things so that you can create more value for your company. Such talents are most popular.

For example, there are many new programs that can improve the results of financial work, which are not what you can learn in school.

Moreover, even if you have experience in auditing and financial consulting, you will not be able to make large-scale improvement and improvement in financial work easily, because it needs investment that can not be measured by banknotes. Only by diligently studying, seize every opportunity to try, explore, innovate, will sparkle in your mind and ignite the fire of prairie fire.

Trap six: buried in work, obscurity

Many financial workers believe that it is correct to have a fair return in the long run, but today it is a mistake.

The fact is, if no one thinks your job is pertinent, unique and valuable, then your job is worthless.

And only you are the culprit that contributes to and keeps this understanding alive.

Financial personnel are often not good at selling themselves, but they only hope to let work speak, which is wrong and wrong.

People who can best help you inside and outside the company can not judge your abilities unless they know your job, unless you regularly report to them or explain what you have done and why.

This communication does not require rigid business faces or business secrets. It should be a series of ingenious and sincere expressions that let the other person know how you help the company achieve its goals.

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