Marketing and Finance departments have always played the sibling war. The two don’t see eye to eye in most occasions, but both have to put aside their inter-functional rivalry to please their parent discipline, Economics.
Marketing is proactive and adamant to take risks and changes. Marketers are culture fit, and they decide hastily. They often go off the books to make sure the business is in-demand in the market. Their goal is to promote a product or service. On the other hand, Finance wants inherent procedures on all operations.
Finance’s goal is to save money and maximize resources. Methodical and scrupulous, they always go by the books to make sure the budget is allotted wisely.
Setting aside the discord, the goal of marketing and finance teams narrows down to the benefit of the company. The goal is to make sure the products and services are profitable, and there is a constant increase in revenue. Despite the stereotyping, great marketing leaders work well with finance. To discover how, check out the post right here.
Here are the ways to improve the marketing and finance team relationship:
- Meetings Matter
Frequent department meetings encourage productive communication. It will break down the barrier the two build between them. Each of the departments has their own codes of understanding. Each need to help cipher these codes and decrypt them so the other team can understand. There should be no ‘read between the lines’ in this relationship because it may just sabotage the company.
Marketing will always inquire for more budget, and finance will always find a way to reduce the costs. But one similarity is both departments dread meetings. No one plans to meet and explain why a certain budget is needed or why it needs to be reduced.
Meetings shouldn’t limit the agenda. Both teams should share their vision as one composite team. Sharing visions and goals should never be underrated.
Give the marketing team the stage to discuss about their inherent visions and lucrative campaigns. They can bring the finance team inside their mind palace. This is so the finance team can envision their plan for the greater benefit of the company. And the finance team will also be given a chance to express their methods to maintain the cash flow of the business.
The success of the company will only take place when all the departments will work hand in hand, not against each other. When marketing and finance create an alliance to understand each other, there will be balance and harmony in the company. Definitely, overall target goals and objectives can be attained. Growth can play like a domino effect, from the individual team members to the company as a whole.
- Transparency is the Key
Where communication plays a big factor in creating an alliance between finance and marketing teams, transparency is the key in order for them to fully understand each other. Sure, it is expected that each team will find loop holes against the other in order to declare the winning clan. But the degree of transparency will define the teams as a whole. This is where honesty and respect come out. Self-respect leads to one’s respect for the whole enterprise.
The downfall of foreclosed companies come from the dishonesty and corruption, which then often leads back to both marketing and finance departments. When the marketing team asks for a budget allowance, the purpose for every cent should be transparent for the finance team to evaluate. Likewise, the finance team should be fair and may provide insights in helping the marketing team create better campaigns for the company. Nevertheless, both are elements to a productive business plan.
It’s hard to be held accountable for loss of revenue and sales, considered to be factors to a demise. To point the finger onto your team is like walking with thorns from the lobby to your office. These days, using artificial intelligence (AI) is very wise. It enables marketing teams to reach their goals which results in a better relationship with the finance team.
Making the responsible team accountable for their actions teaches them how to value their work. Mistakes are common and owning it increases an individual’s skills set and confidence. As a team, each should play their parts seriously and to the best of their abilities.
Will It Work?
Marketing and Finance are like salt and pepper or peanut butter and jam. It’s a must that they should work efficiently together, not against each other. A duo team composed of sub-teams, no one could see why these ways won’t work in improving the relationship between finance and marketing teams.
Stereotyping should be crossed out from the vocabulary. The sibling war mentality is unhealthy for business. Both Marketing and Finance need to have the same vision to attain their primary purpose: the growth and success of the company.
The post 3 Ways To Improve Marketing And Finance Team Relationships first appeared on Mind My Business.