We can’t deny the fact that the relationship between marketing and finance is indeed a rocky one even though both the teams lie in the same company and when they’re working for similar goals. It is assumed that all marketers are creative people when the finance people are worried about cash flow statements. Nevertheless, the cooperation between such pieces is extremely important.
The marketing team is just as important to a company as the finance team. While they use their different skill sets, they work along with each other to be a successful team with the same working conditions. This kind of collaboration and cooperation is something we usually look forward to before we finance a new company as this is what makes the difference. So, how can the marketing and finance departments work together as a team to ensure that the business money is spent at the right place?
Here are few tips.
#1: Lines of communication should always be open
It is seen that the marketing department is always going to keep asking for more while the finance department will work on cutting down the budget to save money. Neither of them invests time to sit with the numbers and relate the reason behind so much money and why it requires being deducted. You should ensure both sides are allowed to sit down in a session where marketing can explain how and why the bottom-line number is met. Begin to have few interdepartmental meetings before these meetings.
#2: Success stories should be shared with the finance department
Whenever the finance department views a big expenditure, without even trying to know the details on it, they will try their best to prune it because that is their job. But at the same time, if the marketing department takes enough time to explain that the item will bring in so much traffic and assist in brand positioning, then this might force them to give it a second thought. So, success stories should be shared with the finance department.
#3: Be responsible financially
You should be fiscally responsible, not only during a budget crisis but all the time. Proactivity is the key and you need to visit the finance department for suggestions on the way you can cut back on non-essential expenses. The finance department will literally love that and you can also give some suggestions to the finance department on how they can cut back expenses. They need to be dedicated to maintaining a solid budget.
#4: Begin to think like finance
Don’t approach the finance department ever with a vague proposal or with some project which you will fail to nail down to the last dollar. Finance doesn’t like it when you say “a couple of hundred dollars” or something around that number. You have to be definite and hence do your homework and get the numbers ready for purposes of inspection.
So, now that you know the different ways in which you can improve the alliance between your finance and marketing department, what are you waiting for? Follow the tips to build a great successful relationship.
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