When assessing management practices, companies should ensure employee buy-in as well as address workflow, people and processes, says Vanessa Graham, who sat down for Business Report’s “Strictly Business” webcast to discuss tips and challenges financial leaders face.
Graham is the founder of VGraham, a company that provides financial leadership to businesses of all sizes across Louisiana. Graham has over 20 years of experience as a CFO and controller for various businesses in the Capital Region.
Graham says that financial leaders face challenges related to the quick evolution of technology, uncertainty in prices, and how the cost of resources affects financial projections.
But some technological changes can provide opportunities for financial leaders, she says.
“The biggest opportunity or challenge that you can turn into an opportunity is change management,” she says. “Anything you put in place or deploy in an organization has to have a change management process. A change management process just addresses the audience that’s going to be impacted, which is your people, how they work, and their processes.”
The holistic look and a plan before investing in technology are critical, according to Graham. A poor outcome could lead to people leaving, and if the technology is not deployed correctly, a company will have to reinvest more money in additional technology.
Graham says it is vital to have a plan, but adjusting if the plan has to change is just as essential.
“Don’t be afraid of the change,” she notes. “Sometimes businesses fail because they don’t move quick enough.”
