What do you do if your financial management team lacks strong leadership skills?

1 Assess the situation

The first step is to identify the root causes of the leadership gap in your financial management team. Is it due to a lack of training, experience, feedback, or support? Is it related to the team culture, structure, or dynamics? Is it influenced by external factors, such as the market, the stakeholders, or the regulations? By asking these questions, you can gain a better understanding of the strengths and weaknesses of your team, and the areas that need improvement.

2 Set clear expectations

The next step is to communicate clearly what you expect from your financial management team in terms of leadership. This includes defining the roles and responsibilities of each team member, the goals and objectives of the team, the standards and metrics of success, and the rewards and consequences of performance. You should also provide regular and constructive feedback to your team, and encourage them to do the same for each other. By setting clear expectations, you can create a sense of direction, accountability, and alignment for your team.

3 Provide opportunities for development

The third step is to offer your financial management team opportunities to develop their leadership skills. This can be done through formal or informal training, coaching, mentoring, or peer learning. You can also assign them challenging projects, tasks, or roles that require them to apply and enhance their leadership skills. You should also recognize and celebrate their achievements, and help them learn from their failures. By providing opportunities for development, you can foster a culture of learning, growth, and innovation for your team.

4 Empower and delegate

The fourth step is to empower and delegate your financial management team to make decisions, solve problems, and take ownership of their work. This means giving them the authority, resources, and autonomy they need to perform their tasks effectively and efficiently. It also means trusting them to use their judgment, creativity, and initiative, and supporting them when they face challenges or risks. By empowering and delegating, you can boost the confidence, engagement, and productivity of your team.

5 Lead by example

The fifth step is to lead by example and model the leadership skills you want to see in your financial management team. This means demonstrating your vision, values, and purpose, and inspiring your team to share them. It also means communicating openly and honestly, and listening actively and empathetically. It also means motivating and empowering your team, and showing appreciation and respect. And it also means taking responsibility for your actions, and admitting and correcting your mistakes. By leading by example, you can influence and shape the behavior and culture of your team.

6 Collaborate and network

The sixth step is to collaborate and network with other teams, departments, or organizations that can help your financial management team achieve their goals. This means building and maintaining positive and productive relationships with your internal and external stakeholders, such as your customers, suppliers, investors, regulators, or competitors. It also means sharing and exchanging information, resources, and best practices, and seeking and offering feedback and support. It also means leveraging the diversity and expertise of your network, and creating synergies and opportunities. By collaborating and networking, you can enhance the reputation, performance, and value of your team.