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4 Improvement Myths Holding Back Your F&A Department

We live in a competitive world, and to stay competitive, we’re constantly seeking strategies that offer a “leg up.” The importance of continuous improvement is especially apparent in business, where organizations are striving for an advantage.

Many companies are discovering that the accounting and finance department is a secret weapon. These departments are the backbone of the organization.  They produce timely, accurate financial results and updated forecasts all while partnering with the rest of the business to make strategic decisions.

While all accounting and finance departments strive to reach the level of Finance 4.0, there are some myths that threaten to derail our improvement plans.

Here are the top four improvement myths holding departments back, and how you can avoid them.

  1. We Get Better by Comparing Ourselves to Others

We are all determined to be at our best, and it’s natural to be curious about what competitors are doing. But comparison alone is not going to deliver success.

However, comparison can provide a different perspective or new approach.  It could even offer executable steps you could consider incorporating. But ultimately, each organization and each individual needs to self-evaluate to improve.

There is no one-size-fits-all development plan, and to think otherwise is dangerous.

  1. Success Comes From Following a Static Strategic Plan

We all know how planning works. We have a challenge, we define the desired outcome, and then we develop a plan for getting from ‘Point A’ to ‘Point B.’

Right? Not exactly.

A “set it and forget it” plan, while a good starting point, is too static to deliver success in a fast-paced business world filled with disruption. Successful improvement plans require agile strategies.

  1. The Plan Must be Complete for Change to Begin

This myth plays into the previous. When developing a plan, many departments fall into the trap of thinking that all answers are needed and all steps fully defined to get started.

This couldn’t be farther from the truth.

The only true constant is change, and therefore any good plan and those executing against it need to pivot. With the end game or vision always in mind, focus should be the next executable step.

Consider a practical and adaptable approach that stays true to an underlying vision and culture.

  1. Success Is Only Achieved By Solving Your Biggest Challenges

We’re all striving for pinnacle performance. While conquering the highest mountain peak is ideal, it may seem daunting when you’re looking up from ground level.

Take a more empowering approach by addressing the low hanging fruit first.  These may be only a small part of the larger problem, but breaking your approach into small steps can make it more manageable and achievable.

Small victories are important.  Any improvement is a step in the right direction and should be celebrated.

As accounting and finance departments seek to improve, one of the most effective solutions is to incorporate the right technology. Having industry-leading software enables continuous improvement, creates competitive advantage, and unleashes your accountants to be exceptional.