LAST WORD
What Bosses Really Want
Becoming a trusted advisor to your unit head can be critical to the business’s success, as well as your own. BY HANK PRICE
T
hirty years ago, when I first became must also be thought of in terms of severI was deadly serious about that speech a television station general manag- ance, potential legal exposure, recruitment and followed it up with as much one-on-one er, I was steeped in the idea that of a new employee and training. time as the financial person needed. Because only two things really mattered in I could go on, but by now I’m sure you I expected so much, I tried to give much, business: product and sales. Everything else have observed the common financial theme supporting her or him in achieving their was a support system. It didn’t take long to in each of these examples. A wise old general career goals. realize just how wrong I was. manager once told me “You can always fix If you are a controller, business manager Media companies, like most or other financial manager and other businesses, are complex don’t have this kind of relationoperations with competing inship with your unit head, there ternal goals. I believe a general are some ways to build it. manager’s primary responsiFirst, always tell it straight. bility is to align all employees, Don’t sugarcoat bad news or starting with department heads, over-celebrate good. You need to toward achievement of a few be the steady hand who is frank, common objectives. This can composed and willing to tell the be incredibly difficult because truth when others don’t. departments also compete for Second, when bringing up scarce resources. problems, always lay out options For instance, during political to move forward. Options are season, the sales department not necessarily solutions. They wants to temporarily increase are the best possible courses inventory to take advantage of A wise old general manager once told me, “You given the present circumstances. newfound candidate and issue can always fix news or sales, but if you get the Third, learn to listen to emmoney. This can be at odds ployees and other department with the key news department wrong financial person, you can be ruined.” heads. You have access to the goal of generating an audience staff in ways your boss does large enough to make inventory valuable. news or sales, but if you get the wrong finan- not. You need to be able to help your boss Extended breaks reduce audience retention. cial person, you can be ruined.” He was right. understand internal issues. As you gain a The same is true for digital platforms. Over As I gained experience, and managed ever reputation as a listener who does not tattle commercialization hurts the user experi- larger stations, I came to see the financial on individuals, more and more people who ence, resulting in fewer engagements, yet manager as my trusted confidant, advisor might not want to talk to their department too little commercialization means revenue and right arm. The financial manager was head will come to you. goals will not be met. the only other person in the station who Doing these three things – telling it straight, A severe weather event might cause tech- knew the full inside workings – from sal- offering options and keeping your finger on nical and news overtime to soar to the point aries to vender contracts to the cost of elec- the organization’s pulse – will be invaluable where profit is affected. This means the tricity. The best financial managers were to your boss. Over technical department must find ways to part of every major decision I made, acting time they will cause reduce expenses in following months while as in independent voice, sometimes with you to become a truststill serving the news department’s needs. contrarian ideas. ed advisor to your genThis same competition for resources Over time, I developed a little speech that eral manager or CEO. shows up throughout an organization, often I gave to each new financial manager: “Your They will also lead to in unexpected ways. The cost of a new syn- job is to keep me out of jail. That means achievement of your dicated program must be balanced by other no one breaks the rules or plays with the personal career goals. factors, including existing contracts, the numbers, including me. Your second job is Hank Price is a media consultant and lead-in value of the new program and lost to work with me to solve problems, so you leadership coach. He is the author of the revenue from the program being preempted. need to understand how the various departguidebook Leading Local Television. He can be reached at hank@hankprice.com. The termination of an employee for cause ments work as well as I do.”
30 The Financial Manager • January/February 2021
