Episode Transcript
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Stephen McLain (00:00):
Hi. This is
Stephen McLain of the finance
leader podcast. This is bonusepisode number 92 now I live in
the American South, and it hasbeen so hot this summer already.
I always wish we could skip oversummer and go from Spring
straight to fall, but many ofyou love summer. You love the
sun and weather, and it'svacation and summer holiday
(00:24):
time, so it's a time to relaxand recharge, and you all
deserve that. But I want coolerweather and American football,
but I will have to wait just alittle more time. I want to
share with you this week areplay of episode number 124,
leadership is the most importantskill to develop, empower your
(00:45):
team for innovation and success.
Becoming a great leader maturesyou to be fearless in the face
of a crisis and the never endingpressure of task requirements
and dealing with the demands ofsenior leaders. Can you rise to
the occasion when everythingaround you is falling apart? The
last week, I asked you to lookat finance, leader academy.com,
(01:08):
to check out what's new. Haveyou looked yet? What did you
find there anything there thatcan help you with your career
and skills development? Likealways, I am sharing a link to
finance leader Academy in theshow notes. Go check it out. In
about two weeks, I will start aspecial series for the summer
about audit risk andindependence and how the CFO
(01:31):
plays an important role inensuring that an independent
analysis is done for the companyto verify the right internal
controls are in place tosafeguard company assets, to
calculate risk as it relates tocompany strategy and much more.
The first episode will bereleased on July 22 I can't wait
(01:52):
to share please enjoy thisencore episode and have a great
rest of your week. Thank you.
This week, I am talking aboutwhy learning leadership should
be your first priority over allother skills, development,
(02:15):
becoming a great leader maturesyou to be fearless in the face
of a crisis in the never endingpressure of task requirements
and dealing with the demands ofsenior leaders. Can you rise to
the occasion when everythingaround you is falling apart? Can
you develop a team ready formore responsibility while
resisting the urge to doeverything yourself? Please
(02:37):
enjoy the episode. Welcome tothe finance leader podcast,
where leadership is bigger thanthe numbers. I am your host,
Stephen McLain, this is thepodcast for developing leaders
in finance and accounting.
Please consider following me onTwitter, Facebook, Instagram and
LinkedIn. My usernames and thelinks are in this episode's show
notes. Thank you. This isepisode number 124, and I will
(02:58):
be talking about how leadershipbecomes the most important skill
to develop. And I will highlightthe following topics. Number
one, we need to developleadership skills before
anything else. Number two,leadership is how you create
positive change. And three, howyou can become a great leader.
Former First Lady RosalynnCarter said, a leader takes
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people where they want to go. Agreat leader takes people where
they don't necessarily want togo, but ought to be. Becoming a
great leader is a lifelonglearning process. Learning never
ends, and great, effectiveleadership is a calling, so you
can bring positive change to theteam and organization as a
whole, leadership can be tough.
(03:43):
It is often hard because you areworking with people. We as
leaders, are always the bridgebetween the resources we have
and the tasks that must becompleted. Can we complete our
work, which also means ourteam's requirements to a high
level of excellence, while alsonavigating what our people need
from us. It begins with amindset that we will serve our
(04:05):
teams and our people so theybecome better when we raise
others up first, we becomebetter by default. We don't need
to be selfish. We must becomeservant leaders. We don't need
to be fearful of our more seniorleaders or our bosses, we need
to be fearless in our approachto building great teams. I want
you to have courage to take morerisks while you give your team
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members more responsibility. Toget them in front of senior
leaders presenting theirnumbers. You don't need to do
the work for them. What you cando is to be their coach while
they prepare. Now, why isfinance leadership so important?
We talk about the fundamentalsof finance, but how do we create
a team who can see thingsdifferently, who know how to
(04:51):
create value, who can tell astory from the data they are
looking at, and who can advisebeyond the obvious answers? I
don't. Obvious answers. I wantto develop leaders who can lead
to not so obvious answers, so wecan outlast our competition, so
we can develop better customerexperiences, which leads to
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increased revenues, which thenflows down the profit and loss
statements to increased netprofit. I have seen some amazing
Excel users who createcompelling spreadsheets, but who
get so obsessed in theirformatting and other styling
issues, but they miss out on themore edgy insights that can lead
to better decision making. Wecan get so focused and proud of
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being experts in Excel that weforget about the analysis that
we are doing, and we don't getbeyond the simple analysis,
because we are pulling the samedata every time to get to more
useful insights, we need to askquestions and then even better
questions, and then we need todetermine all the variables that
affect the metrics or productsthat we are analyzing so we know
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what data we really need toCreate a better picture for
those who are makingrecommendations and decisions.
Many finance influences focus somuch on the technical side of
working in finance andaccounting that they miss out on
how to mold together a team whocan work together to solve a
complex problem. How can webetter help senior leaders do
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their jobs? And that takes aspecial type of leadership. It
is often said that sportscompetitions are won in the
margins, which means you have towin in the toughest of
situations, and then to employyour resources in new and
innovative ways. To overcomeyour competition, you have to be
a unique problem solver and lookat obstacles differently. What
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will you let stop you fromachieving a high level of
excellence or in completing atough goal? Now, let's talk a
little bit more on sports for afew more minutes. Sports can be
an awesome leadership lab. Now,Aaron Rodgers is a National
Football League quarterback. Forthose who don't know, the
quarterback is expected to bethe leader on the team. I have
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nothing but great respect forAaron Rodgers football skills on
the field, but let's analyze hisleadership skills. Is he the
type of leader you want leadingyour team now this summer, his
team, the New York Jets, likemost, if not all, teams, held a
mini camp to start to get readyfor training camp. This was a
mandatory team event. Now, AaronRodgers chose to take a vacation
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instead of participating withhis team and participating with
his wide receivers and offensivelinesmen to get the plays right,
to set the right example and toestablish good communication, he
often skips team activitiesthroughout the off season,
though most are really optional.
Off season activities areextremely helpful in building
trust and confidence with yourteammates. Now, Aaron Rodgers
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believes his talent alone willwin games. Maybe he's that good,
maybe isn't. He has won theSuper Bowl once in his career,
one time, but many quarterbackshave led their teams to one
Super Bowl victory. Whatdifferentiates a highly talented
leader from a great one whodelivers excellence every time?
Now, excellence in the NationalFootball League means winning
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championships. If Aaron Rodgerswas truly great as he thinks he
is wouldn't he have won multipleSuper Bowls. Do you want Aaron
Rodgers on your team? Is he thetype of leader we want to copy?
I'll let you decide. Now, let'stalk about why leadership
becomes the most important skillto develop. Number one, we need
to develop leadership skillsbefore anything else. I believe
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that leadership developmentrules over all other skills.
Leadership is how you bridgegaps in communication. It is how
you solve complex problems.
Leadership helps you solveconflict, which is inevitable
when you are dealing with peopleand the demands of a large
organization. Leadership isessential at all role levels,
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including for the individualcontributors, because their
portfolios require them tointeract with senior leaders to
do their jobs right? You can'tjust download data. You have to
talk to people from all aroundthe organization to really know
what is happening. Number two,leadership is how you create
positive change. We often seeselfish leaders, and this can be
(09:20):
so disappointing, we developleaders so they can be positive
influence instead of a selfishor distracting one. It is
through leadership that thedifficult work gets done, the
tough decisions are made, andhow you relate to the people on
your team. A narcissist canoften achieve higher results.
But at what cost? Selfishleaders don't invest in the team
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for the long term, but greatleaders do. A great leader will
sacrifice a quick result todayfor long term, steady growth
results later. That quick resultprobably did not help any one
individual get better today. Sowe have the same team, but a
little bit more stressed andstressed. Best in a bad way.
Great leadership is where youchange the organization for the
(10:03):
better. You develop others whomay make a mistake today, but
will learn from that mistake andbecome even better tomorrow. I
want us to lead with confidence,never afraid, to solve tough
problems and to give positivedirection to our team members.
Number three, how you can becomea great leader. There are so
many areas that I can talk abouthere. I want to remind you that
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if you get results but leave atrail of destruction, you are
not a great leader. If you seekvalidation from others or aim to
people please, you are not agreat leader. Often you have to
make an unpopular decision oreven speak up against an action
or a decision that may bedetrimental. This is where great
leadership comes from, andalways work to bring others
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along with you as you becomebetter. So your team members
should also become better. Iwant you to reflect back on a
great leader you had in thepast. What comes to mind when
you remember them? You may needto remember a few so you can
create a composite of a greatleader. Ensure you adopt a
growth mindset. A growth mindsetmeans we are continually
(11:06):
developing, learning andapplying what we are learning.
Focus on the development ofothers as much as you can coach,
teach and mentor your team.
Always use relevant tools tohelp you communicate and lead
your team effectively prioritizetasks. Conduct a meaningful
weekly team meeting. Conductroutine one on one meetings with
every team member to give backrealistic feedback and use back
(11:29):
briefs to ensure your teamunderstands tasks and
requirements. Train and trustyour team. Give them
opportunities to excel. Somepeople choose to not get close
to their team because theybelieve it may make it more
difficult to make decisionsabout them. I disagree. You can
become very relatable if you arehonest with each person in their
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performance developmentmeetings, especially the weekly
one on ones. Don't fear gettingclose to team members, but give
very truthful performance andfuture potential feedback. We
need to bridge gaps incommunications. I have mentioned
this many times, teams anddepartments operate in silos all
the time. As a financeprofessional, you will see this
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and you can bridge a lack ofcommunication between teams, and
it will be gold to theorganization. You will find
amazing results when you put twoteam leaders together who need
to talk, who are not talkingpreviously. Now do leadership
different address areas forimprovement, and then put into
action how to improve thoseissues. We must achieve results,
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but do so with growth, make yourteam better and the organization
better through every task andrequirement you complete, think
and act strategically in yourdecisions and in your actions.
Now, finally, in everything youdo work to set a fine example of
hard work ethics and servantleadership to your team be the
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leader you always want it now,in episode two of this podcast,
which I recorded a long timeago, I talked about four
fundamental responsibilities ofevery finance leader. I recorded
that episode more than fouryears ago, but they are still
valid now. They are. The firstone is influence. The next is
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develop others and then achieveresults, and then finally, see
the future before anything startwith that list for developing
your action plan to become abetter leader, these four
primary responsibilities I justsaid, are required of every
finance leader. Now for actiontoday. Where can you improve as
a leader. Are you for quickresults, or are you focused on
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building a team capable ofdelivering high quality results
for the long term, greatleadership requires great
investment. How are you becomingbetter as a leader every day?
Always prioritize leadershipdevelopment, because it has
organizational impacts more thanyou realize when you get it
right, develop your leadershipskills beginning today. Did you
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know that at finance leaderAcademy, we offer a course on
conflict management, we have aguest instructor, Mark
McMillion, of McMillionleadership associates, who will
take you through the process ofhandling a hostile encounter in
a variety of scenarios, fromdealing with angry customers or
your own team as they managetough work issues. You can learn
(14:23):
more at finance leaderacademy.com
now today, I talked about whyleadership becomes the most
important skill to develop, andI highlighted the following
points. Number one, we need todevelop leadership skills before
anything else. Number two,leadership is how you create
positive change. Number three,how you can become a great
(14:46):
leader. As you grow in yourrole, you must shift how you
spend your development time asan individual contributor. You
definitely need to grow youranalysis skills. But leadership
is just as essential. We shouldnot open. Look how leadership
can shape your ability to helpothers see things differently,
especially when it comes tosenior leaders, they can become
(15:08):
compartmentalized in their areathat they oversee. A senior
leader must be looking at theentire company and so all of the
business functions anddepartments work together as a
whole to achieve the strategicobjectives as finance leaders,
we must grasp this conceptearly. As leaders, we must also
see the company as a whole,instead of individual
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departments or functions. Howdoes each department or function
affect the others? We can bridgegaps wherever they may occur.
One final reminder, the greatleaders do great things
consistently. I hope you enjoyedthe finance leader podcast. I am
focused on helping thiscommunity become more confident
finance leaders ready totransform their teams and
(15:52):
organizations. You can find thisepisode wherever you listen to
podcasts. If this episode helpsyou today, please share with a
colleague until next time, youcan check out more resources at
finance, leader academy.com, andsign up for my weekly updates so
you don't miss an episode of thepodcast, and now go lead your
team and I'll see you next time.
Thank you. You.