HOW TO SET-UP

OBJECTIVES FOR
FINANCE TEAMS
BY NICOLAS BOUCHER

SWIPE BY NICOLAS BOUCHER

© 2023
YOU ARE A FINANCE
01

MANAGER.

YOU NEED TO DEFINE

YOUR TEAM’S
OBJECTIVES.

BY NICOLAS BOUCHER

BY NICOLAS BOUCHER
BASED ON MY EXPERIENCE, 02

HERE ARE THREE EXAMPLES

BASED ON THE ...

S.M.A.R.T method
Smart
Measurable
Achievable
Relevant
Time-Bound

BY NICOLAS BOUCHER
FIRST 🎯
EXAMPLE

BY NICOLAS BOUCHER
1ST EXAMPLE: 03

REDUCE
STRUCTURE
COSTS
Specific
Example:
Reduce structure costs by 10% for
the current year vs previous year

03

BY NICOLAS BOUCHER
1ST EXAMPLE: 03

TRACK
STRUCTURE
COSTS
Measurable
Track structure costs by function
against last year on a monthly basis

04

BY NICOLAS BOUCHER
1ST EXAMPLE: 03

IDENTIFY
ELIMINATE
EFFICIENCIES
Achievable
By identifying and eliminating
inefficiencies, negotiating
better deals with suppliers,
and implementing cost-
saving measures this
objective can be achieved
05

BY NICOLAS BOUCHER
1ST EXAMPLE: 03

RELEVANCE
Relevant
Relevant to the overall business
strategy and profitability objectives

🏭
06

BY NICOLAS BOUCHER
1ST EXAMPLE: 03

TIME-
BOUND
⏰
Time-bound
Achieve the cost reduction by the
end of the year

07

BY NICOLAS BOUCHER
SECOND 🎯
EXAMPLE

BY NICOLAS BOUCHER
 2ND EXAMPLE:

IMPROVE
CASH-FLOW
🎯
Specific
Example:
Improve cash flow by increasing
cash on hand by +5m$ in the next
financial year

08

BY NICOLAS BOUCHER
2ND EXAMPLE:

TRACK
CASH
Measurable
Track cash on hand on a
monthly basis

09

BY NICOLAS BOUCHER
2ND EXAMPLE:

BETTER
FINANCIAL
FORECAST
Achievable
Make the target achievable. Then,
implement better financial
forecasting and focus on reducing
outstanding receivable, and
increasing collections.
10

BY NICOLAS BOUCHER
2ND EXAMPLE:

RELEVANT
FINANCIAL
OBJECTIVES
Relevant
Cash is one of the pillar for the
company's financial health, this is
why this objective is extremely
relevant.

11

BY NICOLAS BOUCHER
2ND EXAMPLE: 03

TIME-
BOUND
⏰
Time-bound
Achieve the cost reduction by the
end of the year

07

BY NICOLAS BOUCHER
THIRD 🎯
EXAMPLE

BY NICOLAS BOUCHER
3RD EXAMPLE: 03

ENHANCE
FINANCIAL
REPORTING
Specific
Example:
Automate financial processes
and reduce timing of
reporting to 2 days

12

BY NICOLAS BOUCHER
3RD EXAMPLE: 03

TRACK
STRUCTURE
COSTS
Measurable
Track the number of financial
processes automated and the
time reduced compared to
initial situation

13

BY NICOLAS BOUCHER
3RD EXAMPLE: 03

PROCESS
AUTOMATION
Achievable
By standardizing process,
implementing automation,
training team members and
reducing manual workarounds

14

BY NICOLAS BOUCHER
3RD EXAMPLE: 03

RELEVANCE
Relevant
Relevant to the finance function
and long term goals of improving
value and reducing manual work

15

BY NICOLAS BOUCHER
3RD EXAMPLE: 03

TIME-
BOUND
Time-bound
Example:
Achieve it by 30
June 2023

⏰ 16

BY NICOLAS BOUCHER
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