Essential Management Tips for Financial Workplaces
14 December 2016 -
5 ways to be a better manager (in finance and elsewhere)
The world of finance is fast-paced and ever-evolving, making it a lot different to many other working environments. Whether you’re working for a stock brokerage, as a financial regulator, professional forex trader or any other position within the financial sector, it can be a high-pressure job.
Develop a Strategy
A business strategy is vital for every firm, whatever the industry. However, within the financial sector that strategy must be constantly analysed, adapted and updated as there are changes happening within the markets every hour of every day. You may have developed a strategy one day but the next there is a massive shift in the markets due to a surprising event that happened overnight, throwing your well-established plans out the window.
Therefore, financial managers must be flexible and quick to adapt. Each customer and client will be different as well, so they will need to be able to develop different strategies for every one and be able to change them accordingly. If you lose a client or two it could be that competitors are doing something better and you need to adapt your approach.
Strong leadership is key for all types of financial firms. Whether you’re in charge of trading forex or enforcing the financial rules as a regulator, your team needs a good leader with a clear direction.
Leaders must be properly trained for the roles they will be taking on and keep undertaking extra training to enhance their and the business’ development.
The main goal for every leader will be to drive business transformation and to be able to achieve this they must be confident and able to do the following:
Implement a good, well-defined strategy
- Be willing to adapt business models
- Identify disruptive factors and remove them
- Possess a strong leadership mindset
Every leader should have these, at every level. It is the responsibility of the manager to not only possess these capabilities but also employ the right people with the right skills in the right positions.
In such a fast-paced environment, clear lines of communication must be present, both between team members and clients. It is incredibly useful that new information can be quickly relayed to clients so that a response is received to know what steps to take next.
For example, there could be a surge in certain stock prices with a great opportunity to sell but only a small time in which they can be to maximise profits. If sign off from the client is required, then it could all fall apart should a clear communication process not be in place.
Long Term Goals
Short term goals, such as daily, weekly and monthly targets, are needed but it is the long-term goals that provide real meaning and drive for your business. These give purpose for the short-term ones and help people in the company and separate departments see what their efforts are working to achieve.
Using financial data and technology, these can be implemented to form the long-term goals.
Honesty and transparency are a vital aspect of this and a great way to boost productivity by explaining to staff where you are at and what needs to be done to meet targets.
Time is money, so it is important that time management skills for financial professionals are well developed. As mentioned, in such a time sensitive industry where changes are happening throughout the day, it is vital that you have enough time for every task and can ensure your team do as well.
Cut down on meeting times, plan ahead and become a good multi-tasker.
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