5 Finance Team Fails You’re Definitely Guilty Of – And How To Fix Them Fast!

“Mistakes are proof that you’re trying – but fixing them is proof that you’re succeeding.” – Sarah Schlott

Let’s be honest, managing a finance team is no joke. The stakes are high, and so are the risks of making mistakes that can seriously mess with your bottom line. But hey, don’t sweat it. We’ve all been there. Here’s the tea on what you might be getting wrong and, more importantly, how to get it right—quickly.

Table of Contents:

• Fail 1: Lack of Clear Goals and Expectations
• Fail 2: Ignoring Continuous Learning and Development
• Fail 3: Poor Collaboration Across Functions
• Fail 4: Neglecting Technology and Innovation
• Fail 5: Failing to Prioritize Risk Management

Fail 1: Lack of Clear Goals and Expectations

Let’s be honest, if your team doesn’t know what they’re aiming for, how are they supposed to hit the target? Whether it’s because the goals are too vague or because they’re just not communicated clearly, this is a recipe for disaster. And you know what that means: missed targets, frustrated employees, and a whole lot of unnecessary stress.

The Fix: Stop with the ambiguity. Set SMART goals—Specific, Measurable, Achievable, Relevant, and Time-bound. And don’t just set them—communicate them. Make sure everyone knows what’s expected of them and how they’re going to achieve it. Regular check-ins and feedback sessions are your new best friends.

Fail 2: Ignoring Continuous Learning and Development

Thinking that your team’s education stops when they get the job? Think again. The finance world isn’t just numbers anymore—it’s tech, strategy, and a whole lot of innovation. If your team isn’t learning, they’re falling behind. Period.

The Fix: Invest in your team’s development. I’m talking online courses, seminars, mentorship programs—the whole nine yards. Trust me, keeping your team sharp is an investment in your company’s future.

Gartner’s research even says that by 2026, a lack of digital skills in finance leadership will be a major driver of staff turnover. So, yeah, this is pretty much mandatory.

Fail 3: Poor Collaboration Across Functions

Finance isn’t a solo sport, and if your team is stuck in its own bubble, you’re missing out on some serious opportunities. Whether it’s not syncing up with sales or ignoring marketing’s input, poor collaboration can lead to bad decisions that affect the entire company.

The Fix: Tear down those walls! Encourage cross-functional projects and open up those communication channels. Tools like Slack or Teams are great, but the real change happens when leadership prioritizes collaboration and sets the example.

Forbes nailed it when they said, “A collaborative finance team is not just efficient; it’s innovative.” That’s a mic drop right there.

Fail 4: Neglecting Technology and Innovation

If your finance team is still stuck in the dark ages with manual processes, let me tell you—you’re leaving money on the table. Automation, AI, and advanced analytics aren’t just the future; they’re the now. If you’re not using them, your competitors definitely are.

The Fix: It’s time to embrace the future. Start automating those repetitive tasks and implement cloud-based systems to streamline operations. Push your team to explore new tools and get creative with tech.

Deloitte found that companies embracing financial automation see a 35% boost in efficiency. That’s not just a statistic—that’s your potential.

Fail 5: Failing to Prioritize Risk Management

Overlooking risk management is a surefire way to get blindsided by unexpected challenges. In today’s volatile market, financial risk is everywhere—from regulatory changes to cybersecurity threats. If your finance team isn’t proactively managing these risks, you’re setting yourself up for trouble.

The Fix: Make risk management a priority. Establish clear protocols for identifying and mitigating risks. This includes everything from compliance with the latest regulations to safeguarding against cyber threats. Regularly update your risk management strategy to keep pace with changing market conditions and ensure that your team is always prepared for the unexpected.

According to a report by PwC, companies with robust risk management frameworks are better positioned to navigate uncertainties and protect their bottom line. Don’t let your team be caught off guard—take action now.

Final Thoughts

Finance team fails? They happen. But letting them slide? That’s on you. Take the time to fix these common mistakes, and you’ll see your team—and your bottom line—thrive. If you found this breakdown helpful, do your part by sharing it on social media and spreading the word. Let’s fix these finance fails together.

Remember, the only true fail is not learning from your mistakes.