Is that a thing? I guess it would most often fall into the brief for a ‘Culture Consultant’ or Human Resources (HR). However, the finance function of any business should lead the way to instil the values of Transparency and Integrity in the team and across the organisation.
Kenneth Hayne’s work in the Banking Royal Commission, highlighted the importance of boards and senior management in instilling good governance. And a culture which ingrains the values to obey the law, do not mislead or deceive, act fairly, provide services that are fit for purpose, deliver services with reasonable care and skill and when acting for another, act in the best interest of that other. The AICD have a great summary of key findings from the banking royal commission final report in case you want to read in greater detail.
Nurturing a transparent and inclusive workplace
So often the Dexterous work we do in structuring our clients’ finance teams and providing CFO’s to organisations big and small, is to review the culture of the existing finance and leadership teams. A culture of transparency and integrity is critical to the success of any business. People need to feel that their work place is a safe place to be vulnerable. To make mistakes. To put their hand up to ask for help. To be ok to say ‘I don’t know’. To support their colleagues without fear of being replaced.
Respect for people and integrity is critical within the finance function, so our team and our customers can trust us. Resilience, honesty, love of learning, empathy, diversity and authenticity are important too. Great attributes to look out for when you are next hiring!
What I love in our clients in the start-up space is that they can build their culture from scratch. They get to be there at day one and shape their culture in line with their Values and that of the team that they bring in around them. However, as your business and team grow in size, sometimes there can be a dilution of these original intentions. Reviewing this periodically is important. Alignment with values makes every decision easier – including hiring the right team, board, suppliers, customers and all stakeholders around you. When decisions align with your personal values and the values of the organisation, the decision becomes easier. The gut feel that you get gives you your answer. A misalignment is an easy no.
Transparency in finance is critical to success
I love the work we do with our clients in the CFO space at Dexterous, as it not a one fits all approach. There is a nice gap in the market to tailor our service to products that our customers really want, rather than telling them what is best for them. A CFO can mentor and train your finance team, review integrations with technology, provide financial forecasts, create dashboards, provide business coaching, review risks of fraud and weaknesses in internal controls, review opportunities, report to the board. And indeed consult around the culture of transparency of your team. Having a finance team with a culture of transparency in its DNA is critical to the success of your business.
You can integrate transparency into your finance processes with a CFO
If you would like an independent set of eyes to look under the hood of your business, management team, or finance team, please feel free to reach out on 1300 996 928, we’re always happy to help. It would be a privilege to hear your business journey and the values that shape your organisation’s culture.