Series Conclusion: Your Finance Leadership Roadmap
This is the final post in my “Modern Financial Controller” series, documenting my journey from chartered accountant to strategic finance manager. Throughout this series, I’ve been learning in public and sharing insights primarily drawn from David Parmenter’s work and other finance thought leaders as I navigate this career transition.
The Journey So Far
Over the past eight posts, we’ve explored how the controller role has evolved from technical accounting specialist to strategic business partner. From developing meaningful KPIs to implementing rolling forecasts, from accelerating month-end close to enabling technology transformation, we’ve covered the essential elements of modern finance leadership.
As David Parmenter emphasises in “The Financial Controller and CFO’s Toolkit,” this evolution is imperative for finance professionals who want to remain relevant and valuable in today’s business environment. The future belongs to finance leaders who can transcend the “bean counter” stereotype and position themselves as strategic advisors driving business performance.
Synthesising Key Lessons from the Series
Looking back across our journey, several fundamental principles emerge:
1. Focus on Forward-Looking Insights, Not Historical Reporting
Throughout the series, Parmenter’s emphasis on “looking through the windshield, not the rearview mirror” has been a consistent theme. The most valuable finance leaders:
- Develop predictive metrics rather than lagging indicators
- Implement rolling forecasts that inform future decisions
- Use scenario analysis to prepare for multiple potential futures
- Provide actionable insights rather than data dumps
2. Simplify Everything
Another recurrent theme has been Parmenter’s commitment to simplification:
- One-page reporting that executives actually read
- 10/80/10 measurement framework (10 KRIs, 80 PIs, 10 KPIs)
- Streamlined month-end closing processes
- Focused technology implementations
As Leonardo da Vinci said (and Parmenter often quotes): “Simplicity is the ultimate sophistication.”
3. Develop Your Team as Strategic Partners
The modern finance function is a team sport:
- Building analytical capabilities across the finance organisation
- Creating a culture of continuous improvement
- Implementing open-book management principles
- Cross-training to eliminate single points of failure
As Jack Stack notes in “The Great Game of Business” (which we covered in Part 6), when your entire team understands the financial drivers of business success, you multiply your impact exponentially.
4. Lead Change Beyond Finance
Throughout the series, we’ve seen that the most effective finance leaders extend their influence beyond traditional finance boundaries:
- Partnering with operations on performance improvement
- Collaborating with sales on pricing and profitability
- Working with IT on technology enablement
- Supporting the CEO on strategy execution
As Robert Kaplan emphasises in his work on strategy execution (referenced in Part 7), finance leaders are uniquely positioned to connect strategic objectives with operational activities through measurement and resource allocation.
Creating Your Personal Development Plan
Parmenter argues that professional growth doesn’t happen by accident — it requires intentional planning and consistent execution. Based on his framework, here’s how to create your finance leadership development plan:
1. Skills Assessment and Gap Analysis
Start by honestly assessing where you stand today across these critical domains:
- Technical Finance Knowledge: Accounting, tax, treasury, financial planning
- Business Acumen: Industry knowledge, operational understanding, market awareness
- Leadership Skills: Team development, change management, influence
- Technology Capabilities: Data analytics, system implementation, automation
- Communication Skills: Presentation, storytelling with data, executive presence
For each area, rate yourself on a scale of 1-5, and identify specific gaps to address.
2. Set Development Priorities
Based on Parmenter’s research, the highest-value areas for modern controllers to develop are:
- Business partnership skills (understanding operations, sales, marketing)
- Data analytics and visualisation capabilities
- Change management and influence techniques
- Technology enablement knowledge
- Executive communication skills
Choose 2-3 priority areas to focus on in the next 12 months rather than trying to improve everything simultaneously.
3. Create Specific Learning Objectives
For each priority area, define specific, measurable learning objectives:
- “Complete an advanced data visualisation course and create three dashboards for my organisation by Q3”
- “Lead one cross-functional process improvement project by Q4”
- “Read five books on business strategy and apply key concepts to our planning process”
4. Find Development Resources
Parmenter recommends a balanced approach to development:
- Formal Education: Certifications, courses, seminars (10%)
- Coaching and Mentoring: Working with experienced advisors (20%)
- Peer Learning: Communities of practice, industry groups (20%)
- Stretch Assignments: Learning through challenging projects (50%)
5. Schedule Regular Progress Reviews
Schedule quarterly self-assessments to:
- Review progress against your development objectives
- Adjust your plan based on changing circumstances
- Celebrate wins and identify lessons from setbacks
As Parmenter notes, “The most successful finance leaders are perpetual students, constantly seeking to expand their knowledge and capabilities.”
Building Your Professional Network
Throughout this series, I’ve emphasised the importance of learning from others’ experiences. Building a robust professional network is essential for any finance leader’s growth.
1. Internal Relationship Building
Parmenter emphasises that effective controllers develop strong relationships across their organisations:
- Executive Team: Regular one-on-one meetings with key executives to understand their needs and priorities
- Operations Leaders: Site visits and involvement in operational reviews
- Sales and Marketing: Participation in customer meetings and market analysis
- IT Team: Collaborative planning on technology initiatives
- Cross-Functional Teams: Participation in major projects beyond finance
2. External Network Development
Beyond your organisation, Parmenter recommends:
- Professional Associations: Active participation in organisations like FEI, IMA, or your local CPA society
- Industry Groups: Forums specific to your company’s sector
- Controller Roundtables: Peer learning groups with other finance leaders
- Alumni Networks: Maintaining connections with former colleagues and classmates
- Online Communities: Platforms like LinkedIn groups or specialised forums
3. Structured Networking Approach
Based on Parmenter’s advice and my personal experience, I recommend:
- Scheduling at least one networking meeting per week
- Maintaining a contact database with follow-up reminders
- Looking for opportunities to add value to your connections
- Sharing your learnings and insights (as I’ve tried to do with this blog series)
As Keith Ferrazzi notes in “Never Eat Alone” (a networking book Parmenter often recommends), the most valuable networking isn’t about collecting business cards but rather about building genuine relationships based on mutual value.
Continuing Education Resources
For those looking to continue their finance leadership journey, here are resources I’ve found valuable, many recommended by Parmenter and other experts featured in this series:
Books
- “The Leading-Edge Manager’s Guide to Success” by David Parmenter
- “The Financial Controller and CFO’s Toolkit” by David Parmenter
- “Key Performance Indicators” by David Parmenter
- “Beyond Budgeting” by Jeremy Hope and Robin Fraser
- “The Great Game of Business” by Jack Stack
- “Strategy Maps” by Robert Kaplan and David Norton
- “Financial Intelligence for Entrepreneurs” by Karen Berman and Joe Knight
- “The Lean CFO” by Nick Katko
Professional Development Programs
- IMA’s Strategic Finance Leadership Program
- FEI’s CFO Leadership Development Program
- Harvard Business School’s “Finance for Senior Executives”
- Stanford’s “Leading Finance Transformation”
- AICPA’s Controller Certificate Programs
Online Learning Platforms
- LinkedIn Learning (particularly their finance leadership tracks)
- Coursera (look for corporate finance courses from top universities)
- CFO.University (specialised content for finance leaders)
- Harvard Business Review’s finance articles and webinars
Communities and Forums
- Digital Controller Network
- CFO Connect
- Modern Finance Forum
- FEI Connect
- LinkedIn Finance Leadership groups
Podcasts and Newsletters
- CFO Thought Leader Podcast
- CFO Dive Newsletter
- McKinsey Insights - Finance
- Harvard Business Review Finance articles
- Controller’s Council resources
Applying Your Learning: The 30-60-90 Day Plan
As we conclude this series, I want to share a practical framework for applying these lessons in your organisation. Based on Parmenter’s implementation methodology, here’s a suggested 30-60-90 day plan:
First 30 Days: Assessment and Quick Wins
- Conduct a gap analysis of your finance function against the benchmarks discussed in this series
- Identify 2-3 “quick win” opportunities for immediate implementation
- Begin building relationships with key operational stakeholders
- Establish baseline metrics for your finance team’s performance
Days 31-60: Strategic Planning and Team Alignment
- Develop your finance transformation roadmap based on identified gaps
- Begin implementing your first quick-win projects
- Hold a vision-setting workshop with your finance team
- Review and refine your KPI framework
- Initiate month-end close improvement process
Days 61-90: Implementation and Measurement
- Complete your first quick-win projects and measure results
- Begin work on longer-term strategic initiatives
- Implement your first one-page dashboard for executives
- Launch your rolling forecast process
- Begin technology assessment for longer-term enablement
As Parmenter emphasises, transformation is a journey, not a destination. The key is to start with focused, achievable steps while maintaining a clear vision of your ultimate destination.
Reflections on My Own Journey
This blog series has been as much about my personal learning journey as it has been about sharing insights with you. As I’ve transitioned from technical accountant to finance manager, I’ve experienced firsthand many of the challenges discussed in these posts.
Some lessons I’ve learned that weren’t explicitly covered in the series:
Patience is Essential: Transformation takes time and persistence. Not everyone will immediately embrace new approaches.
Technical Skills Still Matter: While strategic capabilities are increasingly important, strong technical foundations remain essential for credibility.
Relationships Trump Processes: The best systems and processes are worthless without the relationships needed to influence change.
Personal Wellbeing Cannot Be Sacrificed: The controller role can be demanding. Sustainable performance requires attention to work-life balance.
Continuous Learning is Non-Negotiable: As Parmenter emphasises, the learning journey never ends for effective finance leaders.
Invitation for Reader Questions and Feedback
This series represents the beginning, not the end, of our collective learning journey. I’d love to hear from you:
- Which concepts resonated most strongly with your experience?
- What challenges are you facing in implementing these ideas?
- Which topics would you like to explore in more depth?
- What other resources have you found valuable in your finance leadership journey?
Please share your thoughts in the comments below, or reach out directly via email or LinkedIn. I’m committed to continuing this “learning in public” approach and would value your insights and questions.
In the coming months, I plan to dive deeper into specific topics based on your feedback, possibly featuring guest perspectives from other finance leaders implementing these concepts.
Final Thoughts: Your Finance Leadership Legacy
As we conclude this series, I encourage you to think beyond the tactical elements of finance leadership to consider the legacy you want to create. As Parmenter writes in “The Leading-Edge Manager’s Guide to Success,” truly exceptional finance leaders are remembered not just for the reports they produced or the systems they implemented, but for how they helped their organisations succeed and how they developed the next generation of finance talent.
What will your finance leadership legacy be? How will your team and organisation be different because of your influence? What impact will you have on those who work with and for you?
These are the questions that ultimately matter most on our finance leadership journey.
References:
- Parmenter, D. (2019). The Leading-Edge Manager’s Guide to Success. Wiley.
- Parmenter, D. (2018). The Financial Controller and CFO’s Toolkit. Wiley.
- Hope, J., & Fraser, R. (2003). Beyond Budgeting. Harvard Business School Press.
- Stack, J. (2013). The Great Game of Business. Crown Business.
- Kaplan, R., & Norton, D. (2004). Strategy Maps. Harvard Business School Press.
- Ferrazzi, K. (2005). Never Eat Alone. Crown Business.
- Berman, K., & Knight, J. (2013). Financial Intelligence for Entrepreneurs. Harvard Business School Press.
- Katko, N. (2013). The Lean CFO. Productivity Press.
