Want to know what it takes to run successful finance departments in leading social impact and non-profit organizations? In this episode, we discuss this and get expert advice on non profit finance with a global CFO- Chief Finance Officer, Rose Adem. She has not only been a leader for high performing teams but is leading global thinking for non profit finance including the development of a new IFRS standard for non profits with the likes of #Humentum.
Whereas we think of finance as the lifeblood of an organization, Rose asserts that it is more…Finance is the nervous system. It connects the mission to means. This central role of finance demands that finance should not be treated as a backend, rather a strategic function and mission critical. Organizations that have understood strategic finance know that it is the growth driver. She notes that financial health is key to the survival of any organization.
In building robust financial management systems for social impact and non profit organizations, policies and procedures are needed and so are people and trust. This combination is critical in periods of rapid change. Change isn’t always popular and many times, social impact leaders encounter resistance. However, with education, and constant communication, even far-reaching reforms in financial management can be achieved.
Rose advises mid-career professionals and aspiring finance leaders to embrace mentorship and coaching. Coaching can help one to work with your allowable weaknesses and bring self awareness that is much needed in leadership. Mentorship and coaching doesn't necessarily need to be formal but could include a buddy, peer or supervisor. In addition, upskilling and understanding that the future is tech is necessary for finance professionals to keep pace with the changing times.
For success in managing non profit and social impact finance, finance teams must understand programs - knowledge of programs will set you apart as a leader. Even then, as you advance in your finance career, stop and smell the flowers. She concludes.