Achieving Balance and Excellence in your Finance Team: 6 top tips

What are the key components to striking the right balance within a finance team? This is a question that many senior professionals will be deliberating when recruiting for their functions.


With the financial landscape continuing to evolve and complexities becoming more present across a variety of sectors, it is more important than ever for companies to recruit the right individuals for their finance team and to find the right balance.


Creating a fully cohesive unit that can deliver a company’s financial objectives will be created by a multitude of factors:

  1. The Right Personalities:

A team is more than a collection of individuals; it’s a harmonious collaboration aimed at achieving their overall goals. When personalities match and align with company values, effective communication, conflict resolution and complementing strengths and weaknesses emerge. The right balance and blend of personalities fosters diverse perspectives, creativity, innovation, and friendship within a team. Sourcing the right mix of people increases staff retention and achieves greater job satisfaction.


  1. Diverse Skill Sets & Experience:

Finance requires a diverse range of skillsets within a team to achieve success. Expertise in financial analysis, reporting, management accounting and risk management is crucial to any team, however it’s equally essential to ensure the team possess complementary skills. The inclusion of technical prowess, systems knowledge, problem-solving abilities, and leadership qualities enhances a team’s collective ability to tackle financial challenges effectively.


  1. Reducing Overreliance on Individual Talent:

Over-relying on a few star performers within a team can create vulnerability, as the departure of key members is likely to significantly impact team performance. Striking the right balance means building a team where contributions are valued and knowledge is shared through training to minimise the risk of disruptions should an individual decide to leave.


  1. Enhancing Decision Making:

Finance teams play a crucial role in providing accurate and insightful information for strategic decision making. A balanced team ensures more objective and well-rounded decision making. This is due to having a collaborative environment made up of diverse perspectives, resulting in better informed choices that consider various factors and risks.


  1. Efficient Workload Handling:

A well-balanced finance team will ensure workloads are appropriately distributed, so each individual member can focus on their strengths and key tasks, increasing productivity and job satisfaction. When an organisation finds itself demanding more from its finance team, a balanced team will be able to respond more effectively and flexibly in distributing the workload.


  1. Team Ethos & Values:

When employees embody and represent company values in their actions, commitment to their roles, productivity and engagement increases. Successful teams proritse shared values, fostering consistent culture and teamwork, even with diverse personalities.


The importance of assembling a well-balanced finance team cannot be overstated. A blend of diverse skills, experiences, and personalities contributes heavily to the team's overall performance. Finding the right balance when recruiting for your finance team will not only improve its efficiency but also pave the way for sustainable growth and success in the long run.

Posted by: Sam Smyth