The word innovation repeatedly pops up in tech spaces, creative environments, and entrepreneurial sectors, but what about your finances? The most successful companies are the ones who treat their finances as a place to be innovative and creative, and are not afraid of thinking outside of the box. Your company finances are not as cut and dry as you think. When you give your company the freedom to practice innovation in your financial department, you will find that it’s one of the best things you can do to keep your business performing at its peak.

Encourage a culture of innovation

If innovation isn’t encouraged and celebrated at all levels of your company, it won’t be easy to squeeze forward-thinking out of your financial people. Your company must operate on a foundation of innovation so that it flows seamlessly into all aspects of your company, including the numbers. Your employees, investors, c-suite executives, and board members should all feel the freedom to try their hands at an innovative approach to company matters.

Embrace uncomfortable opportunity

It’s easier to do things the way they’ve been done for years. If you don’t make a change, you won’t rock the boat, right? Sometimes change can be difficult to wrap your mind around, let alone convince others that a variation in your current system will be beneficial. If you see an opportunity to improve your financial handling, take it, and don’t stress about the fact that you’re changing the way your company does business.

Stay ahead of the trends

Do better than staying up-to-date with financial trends. Don’t let gaps form because you are one step behind everyone else. You should be the business that sees things before they arrive and predicts developments in the financial landscape before they’re the title of every online article. You will continue to invite innovation when you strive to be the first company to make a shift rather than follow your competitor and be the last.

Promote collaboration in all departments

Collaboration is not just reserved for the writers, designers, and creative powerhouses. The best way to make your company more competitive, efficient, and profitable is to practice cross-departmental collaboration. Don’t leave your finance team out of the loop; in fact, your finances might really get a boost that can only come from a productive session of collaboration. Experiment and find the most effective way to innovate and collaborate with your various teams.

Tap into outside perspectives

If it doesn’t make sense for your company to hire a CFO or in-house financial team, your company is not worse off than a business who takes that route. In fact, there might just be a better option. Outsourcing your finances or gathering outside perspectives is a way to invite the experts to do what they do best and make your company strong from all angles. Outsourcing is more affordable than you might think and what you learn from your network could provide your company with continuous opportunities to innovate.

Break down exclusive barriers

Take a good look at your processes, hierarchies, rules, and financial procedures. Are you unknowingly creating obstacles for your financial team or sticking to exclusive measures that prohibit your company from innovating and growing in the financial department? This will require you to take a good look at your company’s operations, because the longer that you’ve been doing things one way, the harder it will be to see the flaws.

Listen to what the numbers are saying

What are the books telling you? Don’t be afraid to re-think your strategy or evaluate your company’s finances before the next quarterly deadline. If the numbers dictate a shift in design or a fresh approach, don’t hesitate to listen to what your finances are saying so that you can make the smartest decision for your company’s future. When you have a clear picture of what is working well and what is subpar, you will be able to understand how innovation can help.

Innovation belongs with your company’s finances, but how you pair innovation with your business is up to you. Always ask the hard questions and open your mind to alternative solutions and creative approaches. Give your company, and its employees, the best chance at success and incorporate innovation into your financial model today.

Myers CPA acts as a fractional CFO/outsourced accounting firm, so you can focus on your business, while we focus on the finances.