‘One place the CFO really has the competitive edge is as a powerful storyteller, harnessing the power of data to tell the story of the business and to inform decision-making’. Alan Trotter, EMEA CFO, Invesco
The Inquisitive Storyteller connects the dots between multiple sources of information to tell an honest story to the business. Their curiosity and thirst for insight lead them to constantly question the data, challenging assumptions and insisting business decision-making is informed by insight.
Interaction with the Executive Committee (ExCo) is at an all-time high with finance leaders needing to act as co-pilot of the business, partnering with the CEO.
... Enhancing the ability of the finance function to link data to tell a story remains a critical focus for finance leaders.
The leaders of the future need to be curious, constantly asking the right questions and probing why the data tells the story it does. They need to use critical thinking to connect data sources, think more broadly and model various scenarios, whilst keeping the strategic vision in mind at all times. As CIMA notes, ‘combine an inquisitive approach and powerful storytelling with the ability to leverage technology and implement a deep understanding of business support, and you’ll be a powerful leader at your organisation’.8 Perhaps the new mantra for finance is ‘see things sooner, act faster’.
The real power, however, comes from using that data to put a narrative around change and linking that narrative to the strategic vision. One such example is Katie Murray, who is constantly pushing her finance leaders to change the narrative, so it is one of value, encouraging them to act as a catalyst for change. Once again, the ability to challenge becomes critical here as Gary Bischoping notes; ‘storytelling has to be good healthy storytelling, not simply what your General Manager wants you to say. You need to have enough depth and breadth across different areas to convince them that in order to get better, we need to face up to certain things’.
... This shift to focus on measuring more than money, and narrating the future, was evident amongst our finance leaders.
As noted by Sandi Smith, Accounting Director at Principal Global Investors, over the course of the pandemic the finance function has become better aligned to the Board by being more forward-looking. Trevor Suarez, CFO of CLS Group, noted a similar trend as whilst just 40% of his team are focused on forward-looking ‘change the bank’ activity, this accounted for up to 90% of Board presentations. As finance leaders better align their future-focused mindset, underpinned by critical thinking and curiosity, with that of the Board, the closer they will become to being a true trusted adviser.
8 5 skills you need to succeed in a digital economy. Barry Payne. CIMA Insights. August 2020
9 Financial Storytelling: The Key in Growing Your Organization to the Next Level | Business Learning Institute
Practical tips for the Inquisitive Storyteller:
Outline your story before creating the report or the slideware — think back to your school writing class, every good story must have a beginning, a middle and an end. Think carefully about which data points relate directly to the story you are telling and test your story with a non-finance counterpart before presenting to the final audience.
Use pictures or props to enhance the story and consider using data visualisation tools to illustrate the key points you are making.
Promote curiosity and improve questioning by ‘question storming’ rather than traditional brainstorming.
When telling stories, it is great to draw on personal experiences but do not make yourself the hero of the story. Keep focused on your message.
For more best practices and practical application, watch the Association’s webcast, ‘Financial Storytelling: The Key in Growing Your Organization to the Next Level’ 9