Building Resilient, Engaged, and Adaptive FP&A Teams: Podcast Recap Part Two

In a previous post, I summarized how a podcast conversation talked about transforming FP&A into true strategic partners who influence decisions by engaging deeply with the business. Building on that, our conversation with Paul Barnhurst on FP&A Tomorrow also covered critical aspects of leading these teams effectively – focusing on resilience, growth, and adaptability, especially relevant for CFOs shaping their finance organizations.

Navigating Change: Flexibility and Team Empowerment

The reality of FP&A is that priorities can shift dramatically overnight – whether it's an unexpected market event like the SVB collapse Paul mentioned (podcast timestamp: [00:22:52]), a sudden M&A deal, or a cash flow crisis ([00:23:35],). As leaders, we need to build teams that are flexible and resilient. This means actively fostering an environment where team members are informed and cross-trained, enabling them to cover essential functions if key individuals (including yourself) are pulled into urgent, confidential projects ([00:24:15]).

This requires moving away from the outdated mentality of "job security through obscurity" – where individuals hoard knowledge to make themselves indispensable ([00:25:35]). Frankly, that approach doesn't serve the employee, the team, or the company. Our goal should be to build capability and ensure continuity, setting the team up for success regardless of who is present on any given day ([00:25:55]). If your team excels, that reflects positively on your leadership.

Investing in Growth: Aligning Personal and Company Goals

A resilient team is often an engaged team. One powerful way to foster engagement is by genuinely investing in your people's individual career aspirations alongside company objectives ([00:29:04]). I always make it a point to ask my team members about their personal development goals – what skills they want to build, what experiences they seek ([00:30:00]). Knowing this allows you, as a leader, to find opportunities (like relevant project assignments) that help them grow in desired directions, creating a more motivated and productive employee ([00:30:32]-[00:31:15]). Of course, this also requires honest conversations – being direct about what's realistically achievable within the current structure and timeframe, and it requires helping team members level-set expectations when necessary ([00:31:56],).

Adaptive Leadership: Meeting People Where They Are

Effectively developing your team also means adapting your management style. You can't manage a seasoned expert tackling a familiar task the same way you manage a novice learning something new ([00:41:37]). It’s about adjusting your approach based on the individual's experience with that specific task – being hands-off and empowering for the expert, providing more guidance and explanation for the learner, and offering review and support for those in between ([00:42:44]). Avoid the "sink or swim" approach; setting people up for failure helps no one ([00:44:00]-[00:45:05]). Remember the core advice I'd give my younger self: "It's not about you" ([00:45:32]). True leadership success comes from enabling your team's success.

By focusing on building resilient structures, genuinely investing in individual growth, and adapting our leadership approach, we can cultivate high-performing FP&A teams that not only navigate challenges but also drive significant value for the business.

Listen to the full podcast conversation here.