Bonus Episode 68: Closing the Year Strong: Planning, Budgeting, Professional Development and Self-Care Tips for Finance Leaders

Send us a text

Are you ready to end the year on a high note and kick off the next one with renewed vigor and clarity? Join me in this bonus episode of The Finance Leader Podcast as we delve into key activities to focus on as the year draws to a close: from prepping for year-end close and getting the 2024 budget approved, to planning for your Continuing Professional Education (CPE) and setting goals for the upcoming year.

But it's not all work, work, work. A crucial part of maintaining a healthy work-life balance is taking time off for self-care and relaxation. We'll be discussing the importance of scheduling some well-deserved downtime and how it can positively impact your productivity and overall wellbeing. Whether you're a finance professional seeking guidance on end-of-year activities or just someone seeking to improve their leadership skills, this episode offers something for everyone. So tune in and let's make the most of what we've got left of the year together!

Please connect with me on:

1. Instagram: stephen.mclain
2. Twitter: smclainiii
3. Facebook: stephenmclainconsultant
4. LinkedIn: stephenjmclainiii

For more resources, please visit Finance Leader Academy: financeleaderacademy.com.

On the website, you can download the Become a Finance Leader Guide. You can use this guide to build your Finance Leadership skills so you can help senior leaders develop and execute the strategy.
I also offer a course, Advance Your Finance and Accounting Career: Developing a Promotion Strategy that Sets You Apart.

Support the show

Transcript

WEBVTT

00:00:00.581 --> 00:00:03.589
Hi, this is Stephen McLain of the Finance Leader Podcast.

00:00:03.589 --> 00:00:06.407
This is Bonus Episode Number 68.

00:00:06.407 --> 00:00:09.147
Good day and good week to everyone.

00:00:09.147 --> 00:00:21.123
We have an amazing opportunity every day to shape our career, our team members' goals and also to shape our organizations to be better, and I love that.

00:00:21.123 --> 00:00:37.469
No matter what else is happening, we have the opportunity to help another leader to understand their numbers more, clearer or to help explain how a KPI or metric is behaving in a way that maybe only our team can explain.

00:00:37.469 --> 00:00:38.482
We can do that.

00:00:38.482 --> 00:00:42.710
We lead with the numbers in ways no one else can.

00:00:42.710 --> 00:00:54.389
Now, that is finance leadership, bringing our ability to find the right number or development model to reinforce decision-making or to enlighten senior leaders on what may be happening.

00:00:54.389 --> 00:01:05.191
Analyzing the numbers is what most of us are driven to do with incredible passion, and I believe we can be amazing when we apply finance leadership to the strategy.

00:01:05.191 --> 00:01:07.284
That is why we are here.

00:01:07.284 --> 00:01:09.382
In this week's Bonus Episode.

00:01:09.504 --> 00:01:12.370
I want to address a few end-of-the-year activities.

00:01:12.370 --> 00:01:18.552
You will have both organizational and personal end-of-the-year activities to complete or plan.

00:01:18.552 --> 00:01:22.930
The first two activities that I will highlight are organizational activities.

00:01:22.930 --> 00:01:27.030
Now here is a short list of the key end-of-the-year activities.

00:01:27.030 --> 00:01:29.605
Number one year-end close.

00:01:29.605 --> 00:01:34.274
Your company may match up their yearly calendar with the actual calendar.

00:01:34.274 --> 00:01:43.887
So year-end close may be coming up in January and it is time now to develop your calendar and key activities to have a successful year-end close.

00:01:43.887 --> 00:01:52.987
Year-end close is a very thorough process so it is important to start soon with the planning if you have not done so already.

00:01:54.439 --> 00:01:55.945
Number two budget for next year.

00:01:55.945 --> 00:02:01.271
You should be nearing the final approval of your 2024 budget very soon.

00:02:01.271 --> 00:02:03.766
What would you do differently next year?

00:02:03.766 --> 00:02:06.947
Did your team publish budget development guidance?

00:02:06.947 --> 00:02:11.490
What are your assumptions for next year that may affect how you forecast?

00:02:11.490 --> 00:02:17.512
How did you handle senior leaders or department heads who disagreed with you or the guidance?

00:02:17.512 --> 00:02:23.771
As we all know, the budget is a decision to commit our limited resources to support the strategy.

00:02:23.771 --> 00:02:27.750
It's always about choices and not everyone will agree.

00:02:27.750 --> 00:02:31.048
This requires effective finance leadership.

00:02:31.860 --> 00:02:34.769
Number three CPEs completed and turned in.

00:02:34.769 --> 00:02:37.665
It's early November, so time is running out.

00:02:37.665 --> 00:02:47.743
If you need to recertify by the end of the year, your organization may also require CPEs to be completed and turned in, depending on what role you have.

00:02:47.743 --> 00:02:53.579
I talk about CPEs all year and this is one of the most important processes we have.

00:02:53.579 --> 00:03:05.651
As a professional, our growth and development is what separates professionals from amateurs, but CPE completion is often put off later and later every year until it becomes too late.

00:03:05.651 --> 00:03:12.662
I want you to have a CPE plan every year so you accomplish some of the requirements every quarter.

00:03:13.500 --> 00:03:14.985
Number four goal setting.

00:03:14.985 --> 00:03:20.330
Please review your progress for this last year and start to set your personal goals for next year.

00:03:20.330 --> 00:03:24.468
This is really an all year activity, just like CPE completion.

00:03:24.468 --> 00:03:33.430
This time of year, it's good to determine how well you did with your current goals and then that will lead you to what you want to get done next year.

00:03:33.430 --> 00:03:39.612
I will have my annual goal setting episode out in January, so we start off the year right.

00:03:39.612 --> 00:03:42.810
Oh, and I love goal setting and accomplishment.

00:03:42.810 --> 00:03:44.445
It gets me really motivated.

00:03:45.120 --> 00:03:48.569
And finally, number five take paid time off.

00:03:48.569 --> 00:03:50.686
You need to take a break also.

00:03:50.686 --> 00:04:00.930
You have worked hard all year and you deserve a break, so please schedule some time off to spend with your family or some other activity that can help you recharge.

00:04:00.930 --> 00:04:03.366
It's important to take some time off.

00:04:03.366 --> 00:04:08.349
Don't overlook taking a break and practicing some great self care.

00:04:08.349 --> 00:04:15.885
These are just a few critical year end activities that may be more based on your organization and your personal goals.

00:04:15.885 --> 00:04:24.009
Please check out Finance Leader Academy, where you can find some great resources and also download the free Become a Finance Leader Guide.

00:04:24.009 --> 00:04:25.863
Have a great rest of your week.

00:04:25.863 --> 00:04:28.747
Thank you for listening to the Finance Leader podcast.

00:04:28.747 --> 00:04:34.954
Until next time, lead your team, lead your organization and practice some amazing self care.

00:04:34.954 --> 00:04:35.843
Thank you,

Bonus Episode 68: Closing the Year Strong: Planning, Budgeting, Professional Development and Self-Care Tips for Finance Leaders

Listen On

Recent Episodes