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How Do You Present Financial Data to Non-Financial Team Members?

It’s essential for finance managers to effectively present data to any potential audience, including general staff members or stakeholders lacking a financial background. Let’s go over our top 10 tips for building these skills.

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Finance managers play a crucial role in conveying financial data to team members who may not have a financial background. For any finance manager, it is critical to effectively present data in a way that makes sense to a general audience, by using clarity, simplicity, and relevance.

Top 10 Best Practices for Explaining Financial Data to Non-Finance Personnel

How to explain finance data to your general team

Here are some tips for finance managers when presenting data to the general team:

1. Use Clear and Simple Language

Minimise the use of technical jargon and complex financial terms. Use language that is easily understandable to individuals without a financial background. Explain terms when necessary to ensure everyone can follow along.

2. Focus on Key Metrics and Trends

Identify the key metrics and trends that are most relevant to the team’s understanding of the financial health and performance. Highlight these aspects to keep the presentation focused and meaningful.

3. Visualise Data Effectively

Incorporate visual aids, such as graphs and charts, to make data more accessible. Visual representations can help team members quickly grasp trends and patterns. Ensure that these visuals are clear, simple, and directly support the key messages.

4. Tell a Story with the Data

Frame the financial data within a narrative that provides context and tells a story. Relate financial data to real-world scenarios or business operations to make it more relatable and understandable.

5. Provide Benchmarks for Comparison

Include benchmarks or comparisons that team members can relate to. For example, compare current performance with previous periods, industry averages, or established goals. This helps contextualise the data and provides a clear basis for understanding.

Discuss finance data with your nonfinancial staff

6. Encourage Questions and Interaction

Foster an open environment where team members feel comfortable asking questions. Encourage interaction to clarify any uncertainties and ensure that everyone is on the same page. This also helps build a culture of financial literacy within the team.

7. Offer Contextual Explanations

If there are significant variances or deviations from expectations, provide clear explanations for these changes. Offering context helps team members understand the factors influencing financial outcomes.

8. Create Summary Highlights

Provide a concise summary of the most important takeaways from the data presentation. This can be in the form of key bullet points or a brief summary statement to reinforce the main messages.

9. Provide Additional Resources for Learning

Recognise that not everyone may be familiar with financial concepts. Provide additional resources, training sessions, or workshops to help team members build their financial literacy over time.

10. Be Available for Follow-Up

Make yourself available for follow-up questions or discussions after the presentation. This allows team members to seek clarification or dive deeper into specific aspects of the financial data.

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By adopting each of these strategies, finance managers can bridge the gap between financial data and team understanding, fostering a more informed and engaged workforce. Effective communication of financial information contributes to a more financially literate and collaborative organisational culture.

Contact us at 1300 562 250 to discuss your needs. Or to learn more about our ideas and philosophies on business, read our posts on “organisational flexibility” and “ethical recruitment practices“.

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