Michael Saltzstein on Change Management in Finance

Even in the best of circumstances, navigating change can be difficult. Shocks in the financial world have a way of causing unanticipated problems in the world at large. As a result, CEOs must always be alert while still being influential leaders, informs Michael Saltzstein.

Many CEOs mistakenly believe that because financial teams are more analytical than marketing teams, they can make changes without fully understanding the consequences. Though this seems a reasonable assumption, it could not be further from the truth. Here are some best practices for navigating financial change.

Identify the Area of Change

Some aspects of your organization will change organically, while others require an administrated change for your company meets its objectives. For example, when you're scaling up, having cash flow management issues, or if your current CFO is leaving.

Evaluate Your Resources

Michael Saltzstein does not believe the time-honored adage that when you find something that works, you must stick with it. The world doesn't exist in a vacuum. Things change, and those agile enough to innovate have the best chance of success.

Imagine you have realized that your company is changing or needs to change for various reasons. Before making any drastic changes, one of the first things you should do is gather as much information as possible, which means conducting a thorough assessment of your people, processes, and systems.

Effectively Address Your Financial Team

When addressing change, Michael Saltzstein believes you must look for a way to manage it effectively, and each manager may focus on different success factors.

Michael Saltzstein emphasizes the importance of learning how you can effectively communicate with your financial team during a transitional period. A mixture of hard and soft factors can significantly reduce the turmoil of change and ensure a smooth transition. It is crucial to pay attention to your behavior and be strategic at the same time.

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