Business Development Can Be Challenging for Finance Teams -Here’s Why

Business development is important to your long-term goals, but it isn't always easy for your finance team. 

Even when it wouldn’t be possible without them, finance teams can struggle in times of development and growth. Here are three reasons why:

When it comes to long-term development, your finance team is usually critical. When businesses grow, CFOs and their departments must ensure both day-to-day viability and that the organization can allocate resources effectively for long-term growth. While they’re often invaluable in the latter, development can present a range of challenges. These are some of the most common:

1. Development might mean abandoning or changing long-standing systems:

Importantly, your finance team likely helped develop or has long adapted to your existing operating frameworks. When it comes to business development, these systems can end up in the crosshairs of management with the long-term goal of development and growth. While it’s often critical to re-evaluate how we operate to scale up, it’s also a stressful time for CFOs and financial teams tasked with developing new systems. Not only can this create more work for them, but it’s also worth noting they may need to adapt to new workflows, larger teams, and a rapidly shifting work environment.

2. Changes in the team can mean changes in the culture:

Our finance teams have a tough job already. Ensuring the balance of financial governance and day-to-day viability with long-term growth and development is a critical but often challenging undertaking. When it’s time to expand the team, hire outside help, or work with consultants, these changes in internal culture can become tumultuous for finance teams. While change is often necessary for growth and long-term goals — the process can put a lot of stress on the teams that help carry us across the finish line.

3. Scaling up isn’t always simple:

Growth is exciting and scaling up is often one of our most important goals as a business or organization — but it’s a challenge that finance teams must meet, head-on. It involves adopting new systems and workflows, scaling up teams, working with new team members, and even taking on tasks that once didn’t exist. It’s not uncommon for teams to find that when scaling up, their old ways of doing things are no longer effective. Implementing new methods and procedures is stressful, and can take a toll on the culture in your finance team. Ultimately, it’s often worth the challenges CFOs and finance teams endure— but it’s important to acknowledge that it isn’t always easy on them.

Thinking about business development? Keep your CFO in the loop

The bottom line is this: though it’s hardly possible without them, times of intense development can be particularly challenging to finance teams. They might have to adopt new operating procedures, work alongside new teams, and change how they look at day-to-day operations.

Looking for help? That’s what we’re here for. We help prepare finance teams for business development with coaching services that help them align their strengths to the needs of the organization. We’re not here to change anyone; your team has hidden strengths already. We can help leverage them into serious potential. Interested? Get in touch today.