Understanding your Investors better
Analysis shows that there should be a strong understanding of communications about fund raising. Some of the senior finance analysts comment that a bug struggle they had to face was about finance function; they questioned the bankers for not using the information being produced by them. They also start to question why accountants send the information that is not needed.
Good communication is something that comes with resilience; you cannot get everything right in the first try and skills need time to be learned. People usually believe that there is a method or formula to raising funds. They believe that if you follow the formula, the issue can instantly be resolved. However, looking at it realistically, there will be setbacks. You might not understand what you need, or it might take a lot longer than expected. Therefore, being resilient and flexible in this task is crucial.
When talking about success in fundraising conversations, influencing skills plays an important role. It is not essential for CFOs and FDs to develop this as they top the ranks in finance function. To explain in simple terms, influencing is about understanding what the other party needs or finds important. This is a set of skills developed through practice and experience.
People who are aware of the fact that numbers are just part of the whole process will be successful. It’s about understanding dynamics and the role being played by the number play for your business.
Fundraising has multiple ways to be approached. One should look into the lender’s business and criteria of lending. If you can understand the decision making procedure, then you can help them in getting what they need. For this, you will need to develop trust between you and the other side involved. If you do not show your Investors that you care, they will leave.
Key Skill – Listening
This soft skill is crucial, asking the best questions of fundraising conversations and focusing on the responses. Although this process involves you showing your level of vulnerability, which makes people in higher positions uncomfortable, it can benefit you greatly. There are chances of you getting a poor response, but that is where resilience comes in. You should be ready for failure and should be confident about your questions.
You need to develop a mind-set that is one to learning new skills if you wish to be successful.
In today’s competitive world, accepting external factors and keep focusing on your duty is the real benefit. Helping everyone stay focused, not discouraging them and not giving up on the team’s goal is what saves the ship.
Therefore, listening is a key factor that can change the direction of you success. By listening, we are talking about listening to the mood of your Investors, not only their words. You need to be attentive on a deep level, especially if your business is not doing well. Being able to listen and comprehend is what is important to people as it shows your concern for them and therefore, can be marked as the best leadership skill.