You're caught between finance and operations. How do you decide which priorities to follow?

1 Assess Needs

When you're caught between finance and operations, the first step is to assess the immediate and long-term needs of both departments. Consider what is required to keep the business running smoothly, such as funding for operations or resources for financial management. Understanding the critical needs of each department allows you to make informed decisions that will not compromise the integrity of either function. This requires active listening and clear communication with the heads of both departments to ensure that all concerns are understood and considered.

2 Set Goals

Effective priority setting starts with clear goal identification. Determine what both the finance and operations departments aim to achieve in the short and long term. These goals should align with the overall business objectives. Having a shared vision can facilitate better collaboration between departments and help you decide which priorities to tackle first. Remember, goals should be Specific, Measurable, Achievable, Relevant, and Time-bound (SMART) to ensure they are realistic and attainable.

3 Evaluate Impact

Consider the potential impact of prioritizing one department over the other. What are the consequences of focusing on finance at the expense of operations, or vice versa? Evaluate how each decision will affect the company's performance, employee morale, and customer satisfaction. This step requires critical thinking and the ability to forecast outcomes based on different scenarios. It's essential to weigh the pros and cons of each priority to make a balanced decision that benefits the entire organization.

4 Communicate Clearly

Clear communication is paramount when you're balancing priorities between finance and operations. Ensure that all stakeholders understand the rationale behind your decisions. This includes explaining why certain priorities are set, how they will be addressed, and what the expected outcomes are. Good communication helps to manage expectations and reduces the potential for conflict between departments. It's important to be transparent and open to feedback throughout this process.

5 Build Consensus

Building consensus among team members from both finance and operations is crucial for successful implementation of priorities. Use your interpersonal communication skills to facilitate discussions where different viewpoints are heard and respected. Encourage collaboration by finding common ground and creating a sense of shared purpose. The goal is to reach an agreement that reflects the best interests of the entire organization, not just one department.

6 Adapt and Adjust

Finally, be prepared to adapt and adjust your priorities as circumstances change. The business environment is dynamic, and what may seem like a critical priority today could change tomorrow. Stay flexible and maintain open lines of communication with finance and operations to quickly respond to new developments. Regularly review and update your priorities to ensure they continue to align with the company's strategic goals and market conditions.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?