Finance, fit for growth
Össur is a fast-growing and global leader in non-invasive orthopedics. The company’s mission is to help people to be confident, safe, and mobile, regardless of injuries or conditions that could compromise their quality of life. To support its growth ambition, the company has decided on a new corporate strategy, focusing on branching out into emerging markets, on seeking partnerships with clinics, and on exploring merger & acquisition (M&A) opportunities. Its finance department needs to priorities its efforts accordingly. But where to start?
- Finance team fit to support ambitious growth strategy
- Sounder decisions on expansion into new markets and products
- Scalable approach to entering new markets and products
- Smarter integration of new markets and products
- Stronger performance of global Finance team
One vision, please
Until now, the finance team consists of separate geographical entities. But to execute the company’s strategy, it’s necessary to act as one team. What is our finance department’s vison? How do we want to work? How can we set priorities? The vice president of Finance asks Been Management Consulting for help. Can we help envision and execute a finance strategy? Of course!
We team up with Össur’s finance departments. We help each team to formulate a vision, expressing the why, how, and what of each team. Together we define bold steps to turn that vision into reality. Next, we translate those steps into an actionable roadmap, balancing between short-term actions and long-term improvements. We stay to help the team with its execution.
One bold step is to create a sound portfolio management structure and supporting governance. This helps the finance team to allocate the right resources, to prioritize the execution and to manage the performance of projects. This way, the team can focus on the right portfolio of projects.
Seat at the table
Next, we help Finance to become actively involved in the decision-making process of selecting new markets. Using sound financial analyses and insights, ensures the financial point of view is considered. This way, Finance acquires a seat at the table for strategic business decision making.
Since Össur aspires to enter new markets, we develop a structured and scalable approach to set up new entities in new markets for the finance team. It includes a detailed planning with dedicated responsibilities and a governance structure. Also, we enable the Finance team to successfully support the go-live in several countries.
With new entities come new challenges. How to integrate these newly acquired businesses? We help to increase the pace of organizational, system, and organization integration with a smart integration planning and governance. To be used for new acquisitions and to speed up the integration of past acquisitions. This way, the finance team is now able to structurally support the growth strategy of the company.
Stronger as a team
Acting as one team only happens when there’s trust and mutual understanding. Being a geographically dispersed team, this doesn’t happen overnight. We organize a series of webinars, so that the teams understand each other’s activities. Next, we dig a little deeper with Finance’s management team. Helping them to uncover each other’s personalities and preferences. Not only does it create mutual trust, it also helps member understand how to play into each other’s strengths. This way, team performance improves, and Finance is fit for Össur’s growth.
“The Been Management Consulting team brought the right combination of expertise and experience. They challenged and supported us in the development of a Finance vision 2025 and actionable roadmap, as one team. What sets them apart is the focus on head and heart, the eye for team dynamics and their pragmatic approach to come to a uniform vision. It was fun working with them, and I would highly recommend them if you need a consultancy firm which rolls up sleeves and goes the extra mile to make impact.”
Jos van Poorten, vice president of Finance
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