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PART C: THE ROLE OF MAs IN INFLUENCING STAKEHOLDER DECISION-MAKING …
PART C: THE ROLE OF MAs IN INFLUENCING STAKEHOLDER DECISION-MAKING
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TRUSTED BUSINESS PARTNER
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A MA can become a trusted business partner by building trust with all stakeholders. This involves a combination of technical skills and "soft skills" like communication and influencing decision-making.
Trustworthiness
Equation: can be expressed as:
Trustworthiness = (Credibility + Reliability + Empathy) / (Self-orientation).
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Credibility
: Listening empathetically and separating rational from emotional issues. Helping managers frame problems in a solvable way and partnering with them to craft solutions.
Reliability
: Consistently delivering excellent results and anticipating senior management's needs and expectations.
Empathy
: Fostering good interpersonal relations and communicating professionally. Sharing concerns and working through issues together.
Self-orientation
: Focusing on the benefits to senior management and the organization, even at personal expense. Being transparent, flexible, dedicated, passionate, and humble.
Challenges for MAs
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Communicating Complex Info Quickly
: They might need to explain complicated data to senior managers in a short time.
Competitive Work Environment
: They could be working in a place where other managers are not very friendly.
Dominant Expertise Culture
: They might have to deal with a culture where only the experts are respected.
Work-Life Boundaries
: They may need to be very open and transparent, which can blur the lines between their job and personal life.
Risk to Personal Benefits
: Their own bonuses and job security might be at risk.
To handle these challenges, Maister et al. (2001) suggest a 5-step process:
Engage
: Get involved and show interest.
Listen
: Pay attention to what others are saying.
Frame
: Put the info into context.
Envision
: Think about the future possibilities.
Commit
: Dedicate yourself to improving communication
CUSTODIAN OF INFO
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MAs ensures that the info used for decision-making is accurate, relevant, and timely. This role involves:
Ensuring Data Quality
: Making sure that the data collected is accurate and reliable.
Aligning Technology
: Ensuring that the technology used for business processes creates the necessary accounting and performance management info.
Recruiting and Developing Staff
: Hiring and training high-performing accounting staff who understand the organization's strategy and provide quality info.