Nov. 8, 2023

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

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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.

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Transcript

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Hi, this is Stephen McLain of the Finance Leader Podcast.

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This is Bonus Episode Number 68.

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Good day and good week to everyone.

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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.

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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.

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We can do that.

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We lead with the numbers in ways no one else can.

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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.

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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.

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That is why we are here.

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In this week's Bonus Episode.

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I want to address a few end-of-the-year activities.

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You will have both organizational and personal end-of-the-year activities to complete or plan.

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The first two activities that I will highlight are organizational activities.

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Now here is a short list of the key end-of-the-year activities.

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Number one year-end close.

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Your company may match up their yearly calendar with the actual calendar.

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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.

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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.

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Number two budget for next year.

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You should be nearing the final approval of your 2024 budget very soon.

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What would you do differently next year?

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Did your team publish budget development guidance?

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What are your assumptions for next year that may affect how you forecast?

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How did you handle senior leaders or department heads who disagreed with you or the guidance?

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As we all know, the budget is a decision to commit our limited resources to support the strategy.

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It's always about choices and not everyone will agree.

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This requires effective finance leadership.

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Number three CPEs completed and turned in.

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It's early November, so time is running out.

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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.

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I talk about CPEs all year and this is one of the most important processes we have.

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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.

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I want you to have a CPE plan every year so you accomplish some of the requirements every quarter.

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Number four goal setting.

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Please review your progress for this last year and start to set your personal goals for next year.

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This is really an all year activity, just like CPE completion.

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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.

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I will have my annual goal setting episode out in January, so we start off the year right.

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Oh, and I love goal setting and accomplishment.

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It gets me really motivated.

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And finally, number five take paid time off.

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You need to take a break also.

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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.

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It's important to take some time off.

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Don't overlook taking a break and practicing some great self care.

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These are just a few critical year end activities that may be more based on your organization and your personal goals.

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Please check out Finance Leader Academy, where you can find some great resources and also download the free Become a Finance Leader Guide.

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Have a great rest of your week.

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Thank you for listening to the Finance Leader podcast.

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Until next time, lead your team, lead your organization and practice some amazing self care.

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Thank you,

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

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