Reporting, data, systems and controls in your SME
Your first 100 days as an SME finance leader hinge on the relationships you build. By understanding your stakeholders, earning trust within your team, and positioning finance as a collaborative business partner, you lay the foundations for stronger decisions, better communication, and a high‑performing finance team.
Contents
In this insight, part of our guide to your first 100 days, we cover mapping your SME’s real influencers and building trust with founders, investors, your team, and other internal and external stakeholders. Visit the hub for more insights on navigating your first few months, from identifying risks to reviewing reporting.
Do you know who will shape your success?
SMEs and entrepreneurial businesses come in all shapes and sizes, so the range of stakeholders you will need to engage will vary depending on sector, structure and ownership model. Rather than relying solely on job titles, dig into each stakeholder’s real influence on the financial health and strategic direction of the business. Ask what success really looks like from their perspective.
Different stakeholders prefer different communication styles. Some value regular face‑to‑face discussions; others prefer concise updates via email or in formal reporting. Knowing this early will help you make a strong impression early.
“It’s very important to understand the lay of the land before you start making dramatic changes.”
Tim Nathan
Chief Operating Officer, Horiba Mira
Build confidence with founders and investors
If your business includes founders or private investors, take time early on to understand what information they want, in what format, and how frequently. Some may want monthly KPIs; others prefer deeper quarterly sessions.
Treat the owner/CEO as your primary “investor”. Provide clear, regular updates on cash, margins, risks and performance. Gauge the financial literacy of your leadership team and consider where you may need to adjust your communication style or help upskill the team to improve understanding and decision‑making.
Establishing trust within your finance function
As the leader of the finance team, trust is the foundation of your effectiveness. Demonstrating credibility (your expertise and track record), reliability (doing what you say you will do), and approachability (creating psychological safety) will determine how fast your team establishes rapport.
Effective leaders strike the balance between confidence and humility, showing they are here to support the team, not simply direct it.
“I became the CFO of a business where the finance team sat in their own office, completely separate from everyone else. The space felt stuffy, old‑fashioned, and out of touch with the rest of the organisation. Within a few days of joining, I made the decision to move the team out of that office and into the open‑plan floor. You can imagine that it wasn’t a popular decision at the time. But in the long run, it transformed the team dynamic, changed how they were viewed by the rest of the business, and made a clear statement that finance is a true business partner, not a team hidden away.”
Matt Wakerley
CFO, Inspiretec
The “trust equation”
David Maister's trust equation can act as a helpful reflection tool. The equation states that trustworthiness is the sum of "credibility", "reliability", "intimacy", divided by "self-orientation".
1. Credibility: how do your experience and skills show you are the right person for the job?
Not everyone in your team will be familiar with your background, so taking time to explain previous roles and achievements during introductory calls will help establish you as a credible leader.
2. Reliability: can you deliver against everything you say you can?
With so many people to meet early on in your new role, it can be easy to commit to things that you may not be able to deliver. Even small gestures, such as forwarding that interesting article you mentioned to someone, demonstrates your genuine interest.
3. Intimacy: how are you making people feel secure with you?
Tailoring your communication style to work for others, encouraging transparency, focusing on listening and learning early on, and proactively looking for common ground in your conversations all encourage confidence in you.
4. Self-orientation: are you transparent about your personal motivations?
To minimise skepticism around decision-making, communicate openly how your decisions and actions are aligned to the business’s priorities and ensure you are transparent about your own priorities.
Next step: attracting and developing talent
You will need to think about how to keep your team engaged, and how to grow it if needed. Raising gaps or opportunities early will help you lay the groundwork to succeed.
How is your team being developed?
As the most senior leader in Finance, you will know the exact skills and experiences your team will need to develop in their careers over the long term. Take the time to assess whether they currently have chances to:
- take on broader responsibilities
- work with other parts of the business
- get involved in strategic decisions.
Is the culture inclusive and supportive?
Think about the culture you want your finance function to have, and what might be helping or hindering it today. You will need to be clear with your team on:
- how you like to work
- what you expect from the team
- the kind of environment you’re aiming to build.
Flexible and practical working arrangements
Pragmatic, people-focused businesses of all sizes can stand out as an employer of choice. Consider whether the working arrangements you offer now are realistic and attractive.
Flexibility does not need to be overcomplicated; it may simply mean giving employees some choice over when they work from home, adjusting hours to suit personal commitments, or offering part‑time arrangements where the role allows.
Building finance capability across the business
As businesses scale, finance will be increasingly expected to provide insight, challenge and support; not just process the day-to-day transactions.
Encourage your finance team to work with and partner with other departments by helping them understand the numbers, providing simple data insights, and contributing to decision‑making. Strengthening these relationships helps the business perform better and positions finance as a trusted, value‑adding function rather than a back-office cost.
