Financial strategies and team collaboration for scale-ups with Manisha Chana

Key takeaways

1. Finance leaders are needed to add strategic value to businesses today (2:54)
2. 3 financial strategies for high-growth companies (4:52)
3. Tips for better collaboration between finance teams and other departments (13:11)
4. How to choose the right technology to scale your finance function (21:51)
5. Advice for managing rising SaaS & cloud costs (27:56)

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Welcome back to For the Love of Finance, the series where we decode insights from finance leaders and turn them into practical insights for your career.

In this episode, we delve into financial strategies and team collaboration for scale-ups and high-growth companies. Manisha Chana, fractional CFO to high-growth companies), is talking all about her journey to CFO & how the world of finance has evolved, effective financial strategies for rapid growth, how to improve collaboration between finance & other departments to help you scale, using AI as a CFO and the issue of rising SaaS & cloud costs.

This is a must-listen for any finance leader focused on growth and scaling success. Read on (or watch the video above) for all the insights.

You can connect with Manisha on LinkedIn here.

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Finance leaders are needed to add strategic value to businesses today (2:54)

Finance leaders see the entire profit and loss and understand the drivers behind each cost, making them well-positioned to advise on creating value in a business. In the past, finance was about control. Now, it’s about being a strategic partner that helps create value.

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3 financial strategies for high-growth companies (4:52)

1. Scenario planning Create different financial plans for different scenarios. Manisha says three is a good number to plan for. Have discussions with the leadership team about how to react to each scenario. During periods of growth, things change quickly. Being prepared for various outcomes reduces the cognitive load and allows for faster decision-making.
2. Focus on ROI Finance should work with product and engineering teams to ensure projects have clear ROI. This encourages a culture of efficiency and avoids scope creep.
3. Automation from day one Automate as many finance processes as possible to free up the finance team for strategic work. This is especially important during periods of rapid growth. You’ll thank yourself.

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Tips for better collaboration between finance teams and other departments (13:11)

• Build trust The foundation for good collaboration between finance and other departments is strong relationships built on a personal level. Encourage your team to understand how other departments work and what their priorities are. This will help build trust, respect and improve communication.
• Share information Sharing financial data and insights with other departments helps provide context and foster collaboration. Similarly, being curious about the challenges and perspectives of other teams will help to build stronger relationships and find better solutions.
• Become a trusted partner By investing in relationship-building and showing how finance can add real value to other teams’ goals, the organization will view finance as a trusted advisor and seek you out for expertise.

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How to choose the right technology to scale your finance function (21:51)

• Focus on strategic implementation Avoid impulsive technology purchases. Identify where tech and automation can free your team up for higher-level tasks and make improvements in those areas.
• Trust your data Invest in solutions that ensure data accuracy and significantly reduce the need for constant verification. CFOs need to be able to trust their reports and spend more time using them for strategic decision-making.
• Find scalable solutions Look for technology that integrates and grows with your business. Try to avoid solutions that may create data silos or become obsolete as your company scales.

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SaaS and cloud costs: Tips for managing the growing pain point (27:56)

Rising SaaS and cloud costs are increasing concerns for CFOs. Here's how to address it:

• Gain visibility You can’t manage what you can’t see. Track all SaaS subscriptions and cloud services to avoid hidden costs and ensure control.
• Centralize procurement Implement a system to review and approve all software purchases before use.
• Technology is your friend There are a number of FinOp solutions to automate cost management, identify unused licenses, and optimize cloud resources.
• Focus on value Regularly evaluate subscriptions to ensure they align with business needs. Look to consolidate or renegotiate for better pricing.