Business case destroyed by CFO

I faced this in my career multiple times. I was of the opinion that I had a great idea for a project, an initiative, the acquisition of a tool… All I needed was budget approval from the CFO. And what happened? The request was rejected. Reason? A suboptimal (or no) business case.

Proactive tax leaders understand the value of convincing business case. They let the ROI analysis speak for itself.

Here are some tips to get started with your business case:

– Focus on the cost side: Start with the most straightforward part of your business case – the ROI and cost efficiencies. This involves optimizing workflows and managing risks effectively. Most tax leaders find this aspect easier to handle and a good starting point. 💼

– Consider the revenue side: Tax isn't just about costs; it's about value creation. Position your tax function as a strategic business partner, not just a cost centre. Support initiatives like international expansion and new product launches, ensuring timely tax considerations are made. This boosts your visibility as contributing to top-line revenue growth. 🚀

– Highlight the cost of inaction: Address potential objections like "Let's wait another year." The tax landscape is digitalizing rapidly. Delaying your transformation means falling behind, making catching up more difficult and costly. ⏱️

– Understand your competition for budget: Be aware of other projects vying for the CFO’s attention, such as cloud ERP migrations. Clearly communicate to the CFO how these affect the tax function and why your initiatives also need funding. 📊

– Start Small, Plan Big: Initiate a multi-year transformation plan. Secure funding for a modest project in year one to build experience and demonstrate value. This strategy helps secure more substantial funding for future phases. 🌟

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