Every Friday, we select a few articles from the week that we think are worth your time as a construction financial manager (CFM). We look for compelling articles not only about financial topics, but about business, technology, and life, that challenges you to think about your role as a CFM in different ways. We’d love to hear from you about how we’re doing, and to have you join our community by subscribing to receive this weekly post by email. Follow #CFMReview.
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New year, new resolutions, new trends, and new… habits to leave behind
Here’s a list from the Harvard Business Review of business habits that are better left in the past. The list includes:
- Multitasking
- Procrastinating
- Sitting too much
- and more
I particularly like a recent article the list links to on misconceptions of authenticity, and how that can hinder leadership. Author Herminia Ibarra researches leadership transitions. She shows the tension that new managers often feel between maintaining their identity and succeeding in a managerial role, citing examples of people feeling that they have to choose between “being a failure and being a fake.” It’s a helpful read for any manager.
For the full list, see the article: Things to Stop Doing in 2015
For the nostalgic among us, here’s another list from HBR: The Ideas That Shaped Management in 2014
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Use Good Data: a How-To
We like data at the CFJ. It’s the most authoritative way to defend an argument, to make a strong assertion. We also like Hubspot, so a Hubspot article on finding good data was a shoe-in for this week’s CFM review.
In the age of Wikipedia and mass information, it can be difficult to nail down reliable stats, and tempting to cite questionable sources.
This article gives a brief checklist for obtaining quality data, whether you’re getting it from within your business or the world wide web. It also has a handy list of resources for finding public data on the web.
Have a look: How to Find Accurate and Compelling Data
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What’s Ahead for Construction Finance?
We only get to look ahead to 2015 once, so I’m throwing one more “what’s-to-come” article in the ring.
Over at the Tradeshift blog, 9 leaders from the other side of the CFM coin—accounts payable and procure-to-pay—forecast the changes we’ll see in finance this coming year.
Predictions include:
- More use of technology to assist compliance, invoice strategies, and (faster) payment transferring
- Greater interest from CFOs and treasurers in accounts payable
- Streamlining and automation of the process from making a purchase to paying the invoice
- and more
Why does this matter to a construction financial manager? The world is much more connected than it was 10, 5, even 1 year ago, and the world of construction finance is finally catching up. As accounts payable departments shift more of their processes into computing, it only makes sense for accounts receivables to do the same. The symbiotic relationship between AP and A/R can only thrive if the two advance together.
Read more here: Top procure-to-pay leaders foretell finance transformation in 2015
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