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This week I want to continue our discussion about getting the budget and resources you need by linking it back to stakeholders, self, and staff.
Before you listen to this week’s video https://www.youtube.com/watch?v=72haFjLhbtA&feature=youtu.be get a pen and paper, since we are going to do an exercise and draw out a model for you to consider when working to develop your executive presence and show how our discussions of budget and resources fits into this model.
My team is wrapping up our work on the 2020 CAE Survey so you will see those results soon, followed by a more detailed guide on how to move from being a cost center to an investment center in your organization.
Remember to schedule your no-obligation 30-minute call to see if the Chief Audit Executive (CAE) Forum is right for you. Join like-minded CAEs and elevate the status of internal audit in your organization: https://jasonmefford.mykajabi.com/caeforum
I look forward to talking with you.
Transcript
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Jason Mefford: Welcome to another episode of The chief audit executive briefing. Hey, to start off with. This is the 40th episode. So we’ve been doing this, about a year.
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Jason Mefford: Coming to you each week to give you some tips and ways to improve and step more into that executive presence and really elevate
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Jason Mefford: Internal audit in your organization and for your career. So I’m glad to be here with you. Still, if you’ve got any suggestions on how to improve the briefing.
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Jason Mefford: More of what you’d like to see each week just reply back to this email and let me know. Now, today I wanted to continue our discussion about getting budget and resources.
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Jason Mefford: But before we kind of delve into that. I just wanted to let you know that the team. My team right now is actually we’re finalizing the survey.
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Jason Mefford: So many of you gave us feedback on some of those opportunities and challenges and some of the top audit projects that you’re working on.
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Jason Mefford: And so we should have that out to you very soon. So I wanted to just give you an update on that we’re kind of putting some of the finishing touches on that.
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Jason Mefford: Now the second thing is you know down below in the email here for you to be able to schedule your no obligation 30 minute call
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Jason Mefford: Just to see if the chief audit executive forum is right for you. So again, it’s a no obligation call just want to make sure that, you know, the link is down below, just click on that link.
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Jason Mefford: schedule a time when we can talk for 30 minutes and we’ll just see what you’re going through. And if this would be something that would be beneficial for you.
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Jason Mefford: Now to jump into today’s topic, you know, for the last several weeks, we have been talking about getting budget and resources, some of the things that you can think about and
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Jason Mefford: You know, thinking more like an investment center and less like a cost center because again the CFO loves to cut costs, but they love to make good investments. So you want them to see you.
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Jason Mefford: As a good investment, not as a cost. Okay. Now what I want you to do is if you’re if you know
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Jason Mefford: If you’re driving or doing something like that, then don’t worry about this. But what I want you to do is stop and grab a piece of paper.
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Jason Mefford: So if you need to go ahead and pause the video, grab a pen and paper because I want to go through kind of a little exercise with you show you how some of these things fit in.
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Jason Mefford: With the things that we’re talking about here, broader as how you can improve or increase your executive presence in the organization.
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Jason Mefford: Okay, so you’ve got your pen and paper. What I want you to do is think about three circles okay circles. And what I want you to do. I’m going to draw out here on my piece of paper. I’ve got my trusty marker here and I want you to draw on your paper.
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Jason Mefford: Three different circles that end up kind of in a Venn diagram like this. Okay, so go ahead and write that out.
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Jason Mefford: And as you’re doing that, what I want you to do the the the circle at the bottom left. I want you to write the word self.
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Jason Mefford: Okay at the circle in the top. I want you to write stakeholder
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Jason Mefford: I’m doing this with you.
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Jason Mefford: And the circle on the bottom right. I want you to write the word staff.
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Jason Mefford: Okay, so you your picture should look kind of like this now. So you’ve got stakeholders staff and self on this document. Okay.
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Jason Mefford: Because we’re going to use this to talk today about kind of pulling together some of those discussions we’ve been having
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Jason Mefford: These three circles represent kind of the three areas that you need to work on and you have to balance. Well, in order to really be seen as an executive and have that executive presence.
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Jason Mefford: You have to be able to manage yourself. You have to manage stakeholders and you have to manage your staff.
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Jason Mefford: So how the budgeting and resource information ties into this is that is something that you work on in the self and stakeholder
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Jason Mefford: Now a lot of you may be going why self stakeholder I can understand because I’m trying to manage my stakeholders. I’m trying to get budget.
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Jason Mefford: That makes sense. But how come self is in there as well. Well, here’s the reason. And we talked a little bit about this before.
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Jason Mefford: If you see yourself as a cost center and not as an investment center than everyone else in the organization will also see you as a cost center.
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Jason Mefford: So you have to believe it yourself. You have to have that self determination and realize and think of yourself as an investment center.
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Jason Mefford: Because if you don’t see yourself that way no one else will as well. So again, some of the things we’ve talked about are ways in calculating a return on investment.
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Jason Mefford: And trying to think that way. Change the way in which you’re actually having some of those discussions.
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Jason Mefford: Keeping a list of some of the things that you’ve done during the year to be able to show how you’ve had a return on on your budget or your investment that the company’s making in you.
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Jason Mefford: And again, that kind of discussion works in both the self and the stakeholder area. So as I go forward as I as I’m talking to you more about some of these different topics. I’m going to try to help tie it in
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Jason Mefford: To that, because that’s a really valuable model that I’ve developed to be able to help you in thinking about what you need to do, or can do to try to improve your executive presence at your organization.
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Jason Mefford: So with that, I’m going to wrap up this week, my friends go out, have a great week and I’ll see you next week on the chief audit executive briefing.
