⏳This is a 7 minute read📚
Hey FP&A Fast Trackers!
In this edition…
1️⃣ Expert Insights: 💡 Ever wonder how being data-driven can improve your FP&A decision making and career? This week's FP&A Fast Track podcase guest, Andrew Childress, transitioned from being an FP&A practitioner to helping FP&A professionals find the right tools to do their jobs better.
2️⃣ Brain Snacks Book Bites:🧠 In FP&A, we aren't tasked with being designers, but understanding some basics of what makes something "user friendly" can go a long way in helping us design reports, dashboards, and other communications that are easy for people to use and understand. This edition's book bites are from "User Friendly" by Cliff Kuang and Robert Fabricant.
3️⃣ Practical Skills Tip: Making Your Reports User-Friendly: Creating reports and other communication in a user-friendly way is essential for any FP&A professional. Let's apply what we learned from our "User Friendly" book bites specifically to an FP&A context, reports.
💡 Expert Insights from the FP&A Fast Track podcast with FP&A tools consultant Andrew Childress.
Read below for key takeways, or watch the full episode here.
5 Key Takeaways
1️⃣ The Purpose of Valuation Models
Understanding the true purpose behind valuation models is crucial for finance professionals. John Sanchez shares a personal anecdote illustrating how realizing the intent of these models—beyond just the numbers—leads to more meaningful financial work. This realization emphasizes the importance of context and purpose in financial analysis.
2️⃣ Technical Analysis and Soft Skills in M&A
Andrew Childress emphasizes that while technical analysis is vital in financial decisions, storytelling and soft skills are equally important, particularly in M&A activities. This underscores the need for FP&A professionals to balance technical acumen with effective communication to achieve strategic goals and foster collaborative partnerships.
3️⃣ The Role of A.I. in FP&A
The growing role of A.I. in FP&A is highlighted by both Andrew and John. They discuss how A.I. can offload repetitive tasks, allowing professionals to focus on higher-level analysis. The takeaway is that integrating A.I. with well-structured processes can enhance efficiency and provide more room for creative, strategic thinking in financial planning.
4️⃣ Empathy and Effective Communication
Empathy is highlighted as a key component in FP&A. Andrew and John stress the importance of understanding business partners’ perspectives to drive the right solutions. Effective communication of insights, grounded in empathy, is critical for creating value and ensuring that financial analysis aligns with business needs.
5️⃣ Decision-Making Process and Models
The discussion on decision-making models emphasizes that while no model is perfect, they are still useful tools. Andrew explains the benefit of using models to describe ranges of scenarios rather than seeking perfect accuracy. This approach allows FP&A professionals to plan and react effectively, treating financial planning as an informed, strategic process.
Each of these themes and takeaways presents valuable lessons for FP&A professionals seeking to advance their careers through a deeper understanding of industry dynamics, strategic personal branding, and effective communication.
Episode Selected Chapter Index
05:41 Prioritize data, not visualization, in financial roles.
07:30 Structure enables creativity, automation allows freedom.
13:21 Technology evolution: A.I., past limitations, future choices.
15:00 Choosing tools that facilitate work is crucial.
20:06 Tom Bilyeu advocates A.I. integration in workplaces.
33:48 Models are imperfect but still useful.
39:07 Technical analysis important, but storytelling also crucial.
42:55 Offering stock instead of cash, hiring back with a good salary.
A more complete index is available in the full episode.
📚 Leveraged Learning: Learn in minutes, Use for a Lifetime. This week’s book bite is "User Friendly" by Cliff Kuang and Robert Fabricant.
Here’s are they key takeaways from the book:
1️⃣ User-Centered Design:
- Focus on Users: Always think about the users when designing. Understand their likes, dislikes, and needs.
- Involve Users Early: Get user input right from the start and keep asking for feedback.
- Make Usable Products: Test your designs to ensure they are easy and fun to use.
2️⃣ Design Thinking:
- Understand People: Learn about the users by watching and listening to them.
- Brainstorm and Prototype: Think of many ideas, pick the best ones, and create simple models to test.
- Test and Improve: Try out your ideas with real users and make improvements based on their feedback.
3️⃣ Simplicity and Minimalism:
- Keep It Simple: Cut out unnecessary features. Focus on what users really need.
- Reduce Mental Effort: Make your designs easy to understand and use.
4️⃣ Emotional Design:
- Connect Emotionally: Consider how your design makes users feel. Use colors, fonts, and layouts that evoke the right feelings.
- Build Trust and Creativity: Design can make users feel secure or excited, depending on what you want to achieve.
5️⃣ Accessibility and Inclusivity:
- Design for Everyone: Ensure your products can be used by people with different abilities. Follow accessibility guidelines.
- Adjust for Needs: Use larger fonts, clear labels, and make content accessible to screen readers.
6️⃣ Usability Testing and Iteration:
- Test Prototypes: Make simple versions of your design and test them with users.
- Listen and Adjust: Find out where users struggle and make the necessary changes.
7️⃣ Designing for Behavior Change:
- Encourage Good Habits: Use design to influence user behavior positively. This could be to form healthier habits or engage more with your product.
- Use Game Elements: Incorporate rewards and challenges to motivate users.
8️⃣ Design Ethics:
- Think Ethically: Consider how your design impacts users’ privacy, security, and well-being.
- Be Transparent and Fair: Involve diverse perspectives in your design process.
9️⃣ Designing for All Platforms:
- Consistent Experience: Ensure your design looks and works well on different devices (like phones and computers).
- Adapt to Platforms: Adjust your design for the unique features of each platform.
🔟 Design’s Role in Business Success:
- Strategic Asset: Recognize that good design drives growth and customer loyalty.
- Exceed Expectations: Use design to surpass customer needs, leading to satisfaction and recommendations.
Remember, great design is about creating products that are not just functional but also delightful and inclusive for everyone!
For the complete summary of this book, in less than 12 minutes, go listen to, or read, it here.
💡 Practical Skills Tip: Making Your Reports User-Friendly
Creating reports and other communication in a user-friendly way is essential for any FP&A professional. Let's apply what we learned from our "User Friendly" book bites specifically to an FP&A context, reports.
To start, always remember to focus on your audience—the people who will be using your reports. Is your report for the CFO, the board of directors, the sales team...some non-finance audience?
Understand what they like, what they need, and what frustrates them. This means getting their input early and often, and making sure your reports are both easy to understand and enjoyable to use.
Use design thinking to solve problems creatively. Spend time learning about your users by watching and listening to them. This might mean meetings or it could mean shadowing a user, or users, to see what information they use, or would like to use, in their work that would make them more effective.
Brainstorm many ideas and create simple versions of your reports to test. Don’t be afraid to make changes based on user feedback.
Keep your reports simple and minimalistic. Focus on the most important information and eliminate any unnecessary details. This will make your reports easier to read and understand, reducing mental effort for your users. Remember, not everyone loves numbers...or even understands them well.
Consider how your reports make your users feel. Use colors, fonts, and layouts that evoke the right feelings, whether you want to build trust or spark creativity. Always aim to be inclusive, ensuring your reports are accessible to everyone, including those with disabilities.
About 7% to 8% of the population is colorblind, so keep this in mind when designing things. Consider using icons, symbols or patterns that don't require color recognition if you know someone in your audience is colorblind. Use larger fonts, clear labels, and ensure compatibility with assistive tools like screen readers.
Test your reports with actual users and be open to their suggestions. Make necessary adjustments to improve usability. Also, think about how your design choices can positively influence user behavior. If you want users to engage more with your reports, consider adding motivational elements like progress tracking.
Finally, always think ethically. Ensure your reports respect users’ privacy and security, and involve diverse perspectives in your design process to avoid biases.
Actionable Tip:
One key takeaway you can implement right away is to get user feedback early and often. Involve your users at the start of your report creation process and keep them engaged throughout. This will help you make reports that truly meet their needs, are easy to understand, and are much more likely to be used effectively.
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Yes, that’s right — you get to sign up, attend, get all of my best ideas — and if you don't love it, I will refund every penny. If you don’t like it for any reason—then you’re getting it for free.
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Cool — then click the button to get in:
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Here’s to driving your FP&A career forward, together.
See you in the next edition.
John Sanchez
Managing Director of FPA Group
FP&A Fast Track Podcast Host
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