Why Every Finance Professional Should Strive to be a Strategic Business Partner in Zurich
Zurich has been one of the world’s most important centers of finance since the early 16th century. It’s home to some of the biggest financial institutions and multinational firms globally, and that’s because it has a highly skilled workforce and a business-friendly environment. According to a recent report, Zurich ranks as the second best city in the world to live in, partly because of its vibrant economy, unique culture, and beautiful natural surroundings.
As a financial professional, there’s never been a better time to be in Zurich than now. The city offers numerous opportunities to work in different financial sectors, ranging from investment banks, insurance companies, to private equity firms. However, to succeed in Zurich, you need to go beyond your technical financial skills and become a strategic business partner.
What is a Strategic Business Partner?
A strategic business partner is someone who works outside his/her traditional financial role, to understand and influence the organization’s business goals, strategies, and plans. In other words, it’s a financial professional who’s part of the company’s decision-making process. As a strategic business partner, you’ll be involved in activities such as budgeting, forecasting, risk management, and performance evaluation, among others.
Why is it Critical to be a Strategic Business Partner?
Finance professionals who become strategic business partners enjoy several benefits. First, they gain a better understanding of the business, its operations, and how it generates value. This understanding allows them to see the bigger picture and align their financial objectives with the company’s goals. Second, strategic business partners can contribute to the decision-making process by providing critical insights, analysis, and recommendations. Third, they can help enhance the company’s efficiency and profitability by identifying and implementing financial best practices and process improvements.
How Can You Become a Strategic Business Partner?
Becoming a strategic business partner requires specific skills, such as communication, leadership, problem-solving, and strategic thinking. It also means having business acumen, industry knowledge, and the ability to understand the organization’s culture, stakeholders, and objectives. Here are a few steps you can take to become one:
1. Build strong relationships with other departments and stakeholders by fostering open communication and collaboration.
2. Forging relationships and acting as a consultant to business line management.
3. Seek out learning opportunities outside of your comfort zone to broaden your experience.
4. Understand the big picture by studying the company’s history, culture, financial goals, objectives, and key performance metrics.
5. Develop a strategic mindset by thinking beyond the financial functions, and focus on how to add value to the organization’s business operations.
Conclusion
Becoming a strategic business partner is essential for any finance professional in Zurich, as it can help build a robust career with long-term success and impact. By understanding and influencing the business context, developing key relationships, and strategically developing organizational expertise, finance professionals can play a valued role in their organizations’ opportunities, risks, and overall success.
