I love coaching Providence College students in the Big East Business Startup competition. One of the reasons is how closely it relates to our consulting work.  Whether you’re working as a consultant in a finance role or with a team of students starting a new business, you begin by identifying problems. After digging deeper, you start to understand the underlying problem you’re trying to solve. Through that process, we often realize that we never really understood that problem. More importantly, we may not have the expertise to solve it. It’s at this point that we reach out to experts for their perspective and expertise. This process helps us solve problems and, in our startup competition, gain champions and even investors along the way.  This is how we work.

60% of our work starts with a client identifying a problem and asking us to solve it. While they have a deep understanding and appreciation of the symptoms and maybe even the problem, clients may miss the nuances in the solution.

Recently, a client was redesigning their chart of accounts (COA) and we were brought in just before implementation to fill a senior finance role on an interim basis. We reviewed the existing COA and their proposed changes and discovered the information this new COA would supply was already available in other segments. Those of you who have been through an ERP (enterprise resource planning) implementation know that the COA is tied to other platforms and modules. So, any change to the COA would require modification to modules like procurement, student billing, advancement, HR, etc.

When I asked what problem they were trying to solve, they said, “reporting”. This is a common response, especially in today’s data-driven world. If we have a complex COA (which most of us do in higher education), changing it will not solve your reporting problems. A reporting tool, with well thought out data structures will. Understanding the existing environment, the symptoms and problems you are trying to solve, and what is possible, you can ensure you are solving the real problem in the right way, at the right time.

So, what problem are you trying to solve?

Succession Planning with Intentionality

Have you noticed the number of open, high-level finance roles in higher education right now? Recently, I spoke with a recruiter charged with filling one of these high-level positions at a university. This recruiter echoed my clients’ thoughts about how hard it’s been to fill those roles. Why? Because there are simply not enough people with the right level of finance and industry experience. 

What can we do to counteract this shortage? Read on

“Their breadth of experience allows them to quickly ascertain where an organization’s challenges are, determine what is required to address them, anticipate potential obstacles, and outline a plan to move forward with positive results. Including the ability to strategize across departments. They effectively communicate with all levels of management, from senior leaders to the individuals who execute the processes, actively listening to concerns, answering questions, and offering feedback and alternate viewpoints when appropriate. I would highly recommend consulting with FuturED Finance.”

Amy Gettys

Controller

Ohio Wesleyan University

Interested in learning more? Listen to our podcast series covering a range of topics including:

• Financial Leadership
• Scenario Planning 
• Risk Management Made Simple
• Measuring Success Using Metrics
• and much more...

Our goal is to facilitate financial transformation and add long-term value to your institution. If you think we can make an impact reach out to us.