The word innovation repeatedly pops up in tech spaces, creative environments, and entrepreneurial sectors, but what about your finances?
The most successful companies are the ones that treat their finances as a place to be innovative and creative and are not afraid of thinking outside of the box. Your company finances are not as cut and dry as you think. When you give your company the freedom to practice innovation in your financial department, you will find that it’s one of the best things you can do to keep your business performing at its peak.
Encourage a culture of innovation
If innovation isn’t encouraged and celebrated at all levels of your company, it won’t be easy to squeeze forward-thinking out of your financial people. Your company must operate on a foundation of innovation so that it flows seamlessly into all aspects of your company, including the numbers.
Your employees, investors, c-suite executives, and board members should all be free to try their hands at an innovative approach to company matters.
Embrace uncomfortable opportunity
It’s easier to do things as they’ve been for years. If you don’t make a change, you won’t rock the boat, right? Sometimes, change can be difficult to wrap your mind around, let alone convince others that a variation in your current system will be beneficial.
If you see an opportunity to improve your financial handling, take it, and don’t stress that you’re changing how your company does business.
Stay ahead of the trends
Do better than staying up-to-date with financial trends. Don’t let gaps form because you are one step behind everyone else. It would be best if you were the business that sees things before they arrive and predicts developments in the financial landscape before they’re the title of every online article. You will continue to invite innovation when you strive to be the first company to shift rather than follow your competitor and be the last.
Promote collaboration in all departments
Collaboration is not just reserved for writers, designers, and creative powerhouses. The best way to make your company more competitive, efficient, and profitable is to practice cross-departmental collaboration.
Don’t leave your finance team out of the loop; your finances might get a boost that can only come from a productive collaboration session. Experiment and find the most effective way to innovate and collaborate with various teams.
Tap into outside perspectives
If it doesn’t make sense for your company to hire a CFO or in-house financial team, it is not worse off than a business that takes that route. There might be a better option. Outsourcing your finances or gathering outside perspectives is a way to invite the experts to do what they do best and make your company strong from all angles.
Outsourcing is more affordable than you might think, and what you learn from your network could provide your company with continuous opportunities to innovate.
Break down exclusive barriers
Look at your processes, hierarchies, rules, and financial procedures. Are you unknowingly creating obstacles for your economic team or sticking to exclusive measures prohibiting your company from innovating and growing in the financial department? This will require you to take a good look at your company’s operations because the longer you’ve been doing things one way, the harder it will be to see the flaws.
Listen to what the numbers are saying
What are the books telling you? Don’t be afraid to re-think your strategy or evaluate your company’s finances before the next quarterly deadline. If the numbers dictate a shift in design or a fresh approach, don’t hesitate to listen to what your finances are saying so that you can make the smartest decision for your company’s future.
When you have a clear picture of what is working well and what is subpar, you will understand how innovation can help.
Innovation belongs with your company’s finances, but how you pair innovation with your business is up to you. Always ask the hard questions and open your mind to alternative solutions and creative approaches. Give your company and employees the best chance at success and incorporate innovation into your financial model today.
Notion CFO & Advisors acts as a fractional CFO/outsourced accounting firm, so you can focus on your business while we focus on the finances. Contact us today for a free financial assessment.
