Leading with example sets a path onto a supporting culture. Inconsistent or unclear governance framework creates a bottleneck for improving financial results.
‘’This is the way we’ve always done it’’- I can’t express how many times we’ve heard this during our interviews and market analysis, the way you’re working might not be working and the sooner you realize, the sooner you can start promoting positive changes that will attract and retain qualified talent and behavior into your team. Leading with the example embraces positive environmental changes without the constant need to input an idea of ‘’culture’’ but much rather allow it to flow as an outcome of good decision making and leadership.
Empowering your team to spend through their own company card provides them with a sense of trustworthiness and responsibility, unlike the uncomfortable reimbursements that occur every so often and take time away from both parties (buyer and accountant), not to mention it’s like picking directly into their pockets and then asking them to wait while the company decides when and how to reimburse- It’s the way you’ve always done it- I get it, but out-of-pocket expenses only exist because your team has no other way around it.
TheoBuild flexible control provides innovative ways to spend safely, you can’t manage what you can’t see, that’s why real-time visibility into project spending and budgets are such a powerful tool. Request as many purchase cards as your team requires, or create virtual cards for everyone in the back office, every card is paired with our TheoCard software. Set smart limits on each card to avoid overspending, deny or approve purchases via SMS and manage your monthly reports, and sales tax reports all in one place.
Finance isn’t just about the accounting team, every employee plays a part in the success of finance culture sustainability, as we know by now it is people who drive change. For changes to be sustainable, there are 3 key steps leaders in finance can follow:
From the years I’ve been around, I know for a fact that construction companies build their culture based on what our industry is like: traditional. With many companies coming from generations of builders, it’s not uncommon to find a sense of familiarity embracing the traditional ways that are more often than not reluctant to change.
Our industry grows fast but changes slowly, or so it seemed. The pandemic forced construction leaders into making decisions that would, later on, translate as the largest technological adoption the industry has ever undertaken. Under normal circumstances, it would’ve taken the industry 6 years to adopt all the technology it has in the past 2 years. With simple steps and more intuitive tools to adopt, nowadays it's not a hassle for financial leaders to build company culture through accountable and safe spending habits.