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MARCH 14, 2019
Power Growth: Unlock Value in a Transition
Michael Ward and Melissa Panagides-Busch
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With you today
MICHAEL WARDBusiness Services and Outsourcing Partner
MELISSA PANAGIDES-BUSCHManagement Advisory Services Director
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Mergers and acquisitions
Company enters a new business line
Turnover (change in leadership)
Changes inregulation(reporting
requirements)
Implementation of new
technology
Organizational change
(layoffs, growth)
What drives change?
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Common risks to successful transitions
Lack of executive support Poor communication ‘Fuzzy’ planning Uncertainty about the reason for change Fear of change
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It is not the strongest or the most intelligent who will survive but those who can best manage change.
- Charles Darwin
”
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Questions to ask your finance team to help leverage changes as opportunities to drive productivity
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MINDSETDo we view the transition as a
burden to survive … or an opportunity to thrive?
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The first question is always: “Why are we changing?”
Change is uncomfortable for many – the first reaction may be fear
Frame the change as an opportunity
Think through how to leverage the change to accomplish improvements in your area
Participate, don’t just react
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Innovation requires an experimental mindset.
- Denise Morrison
”
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INFLUENCEAre we ready to grab the transitioning bull by
its strategic horns?
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Participate by looking for opportunities to contribute and shape change.
Rather than looking retrospectively, finance can
provide perspective and analysis.
Innovation in how accounting data is captured and categorized can help support the financial objectives of the change.
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If you don't have a seat at the table, you're on the menu.
- Richard Ojeda
”
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OPTIMIZATIONIs now the time to reimagine our team’s future
role?
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It’s critical for finance to be involved because finance is the group that has the information that the rest of the organization needs.
What does the future state look
like?
What are the opportunities to
optimize the function?
What resources are now
available?
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”The greatest danger in times of turbulence is not the turbulence –it is to act with yesterday’s logic.
- Peter Drucker
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IMPACTAre we ready to be a catalyst for change
throughout the organization?
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IDENTIFY what improvements will benefit the future state and understand the impact across the organization to drive effective adoption.
UNDERSTAND what the impacts of changes will be so that they ensure that the change will achieve the desired future state.
PROACTIVELY ENGAGE in the crafting of the solution.
Finance needs to…
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” Change before you have to. - Jack Welch
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PLANAre we counting on this transition to manage
itself?
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Transitions are not run by magic
• DEVELOP A PLAN that includes all impacted parties
• Change management plans are designed to ANTICIPATE WHO NEEDS TO KNOW WHAT WHEN.
• Planning will also ALIGN THE ORGANIZATION to better communicate why and how the change will achieve the desired future state.
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If you fail to plan, you are planning to fail!
- Benjamin Franklin
”
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COMMUNICATIONOur teammates can read our minds when it comes to the
transition plan, right?
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Determine who are the stakeholders that need to be kept informed (communication plan).
Develop a feedback loop – make sure communication is two way.
Communicate, communicate, communicate
Identify the method of communication.
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Communication is what the listener does.
- Mark Horstman
”
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RESOURCESYou have questions. We have answers.
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INCLUDE AND LEVERAGE INTERNAL STAKEHOLDER TO BECOME CHAMPIONS
FOR CHANGE.
BRING AN OUTSIDE PERSON WHO IS NOT IMPACTED TO THE TABLE TO ASK CRITICAL QUESTIONS
AND SHAPE THE PROCESS.
BE PREPARED FOR UNANTICIPATED
OUTCOMES AND BE READY TO NAVIGATE AND WORK THROUGH THEM.
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Questions?
