Within my new Book 'How to Transform Finance' I deal with the subject of Finance Shared Services. Inside you will find several Chapters devoted to it as I have extensive experience from both Industry and Consulting to share with my readers. I give you insights on the size and shape of an FSSC relative to your Business and Finance function. I cover the benefits and the many pitfalls which I wish to help you to avoid.
Many people come to me to discuss the option of creating a Finance Shared Services Centre and what that would mean for their Business but they may not choose to go ahead with it or the timing is not quite right to do so immediately.
I have developed a new Offering for all who wish to have a proper experienced look 'under the bonnet' and road test Finance Shared Services for their Business. This is a one month review which I offer Clients and it gets right to the heart of the Question:
Finance Shared Services - Is it right for your Business?
Over the years I have helped Clients decided to proceed with a Finance Shared Services model or seriously discouraged them from doing so. Counter intuitive I know, but if the numbers don't stack up, the timing is off or the Culture isn't ready then I don't let you proceed in hope.
Many Clients will have a firm desire to proceed, top level backing and experienced people in their Ranks. However, in our experience there are 12 key decisions to be made and 3 critical 'non negotiable' decisions amongst them. Light touch or skip these decisions and you will fail. Not today, not next month but in 12 months time when the 'muck & bullets' are flying, you will be found out. At that point corrective action costs time, money and your resources.
Why do that? Why light touch key decisions? Why power ahead based on a 'belief' or a 'desire' that is not grounded in the facts. In many cases people do this due to having no formal structure or approach to arrive at the most appropriate decision. They make 3 critical errors:
- They don't really know Finance Shared Services in practice and so make many assumptions as to what is possible. They perform light touch research into the Shared Services Operating Model and do no field research into its practical application in their Business
- They skip Baselining their Business and Finance function. They skip both or just one or they light touch their data gathering in either area. 'Data drives the Decisions; in every high performing Business
- They Model their results with inadequate stress testing and no second opinion. It is a very rosy picture and won't survive first contact with reality
If I examined every FSSC that I saw at Feasibility Study stage which later failed, the root cause is in one of those 3 reasons. I have seen this happen many times and it is why I will, on occasion, seriously discourage Clients from adopting it.
From early on in the analysis, once targeted with laser focus in the right way, it is clear to me who it is right for and who it isn't. If its right for you and your Business it merits a full 12 week Feasibility Study, to successfully lay the ground work for design and implementation.
However, where is is clear to me it is the wrong option for you then I will reach this conclusion sooner. Therefore, for those who are considering Finance Shared Services but have no experience in the model or confidence in your numbers, I created a one month review. I even priced it accordingly because if this is the wrong decision, it is best to get to it quickly and at a cost effective fee.
Download my PDF to see if it is right for you at this time and lets answer the question:
Finance Shared Services - Is it Right for you & your Business?
Best Regards,
Michael Ryan.
