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Hey there fellow Product Leaders!
I've been in your shoes. Huddled in a conference room, staring at a list longer than Santa's, wondering how on earth I'm going to juggle all these products and projects with the little resources I have. Sound familiar? You're not alone. And you can do more than just say, No.
Every day, Product Leaders face the daunting task of delivering high-quality products with limited resources. And when outcomes fall short, guess who's at the front of the firing line? Yep, us. But here’s the thing: we're not powerless in this equation. With the right approach, we can partner with those holding the financial keys, notably the CFOs, and make a convincing case for the resources we so desperately need.
Below, we have laid out a roadmap of strategies that have proven effective for us, and for our clients, in securing those critical additional resources. This guide will be particularly insightful if you're looking to champion the cause of a Fractional Product Manager.
Let’s deep dive into the maze:
Before marching into the lion’s den, rally your allies. The Sales and customer support team, who are in the trenches daily, are your secret weapon. Their insights into customer needs and feedback on product improvements can provide the ammo you need to justify resource allocation. Plus, imagine the impact when both Product, Sales and Customer Support stand united, advocating for a shared cause!
Let’s face it, as Product Leaders, we're not exactly fluent in finance. But when courting CFOs, you've got to speak their language. It's time to befriend those acronyms: MRR, Churn Rate, CAC, LTV. Translate your product plans into financial and business outcomes. Show them the money, or at least, the potential for it! Collaborate with your Finance team to model forecasts and genuinely grasp the financial implications of your proposals.
You wouldn’t only talk to your best friend once a year, would you? So, why limit your chats with the CFO to budget season? Establish a regular line of communication. Know the company's financial pulse, and when pitching, ensure your plans align with the company’s broader financial goals.
Sure, CFOs love their quarterly results. But our role as Product Leaders is to also illuminate the path ahead. Advocate for future-focused investments, and don't shy away from discussing the risks of neglecting long-term product health, like the lurking monster of technical debt.
In a world where budgets are tight but expectations remain sky-high, enter the Fractional Product Manager. They're like your favorite freelancer but for product management. Their expertise can accelerate product launches, enhance user experience, and potentially unlock new revenue avenues, all without the long-term commitment of a full-time position. Team up with Sales to show real-life scenarios where a Fractional Product Manager can make a financial difference.
Wrapping It Up
Being a Product Leader isn’t for the faint of heart. Every day we face challenges, tight resources being a major one. But equipped with understanding, strategy, and a sprinkle of persistence, we can navigate the financial maze and ensure our teams have the backing they need. It's not just about fighting for resources; it's about championing value at every opportunity. Stay resilient, stay informed, and remember – you've got this!
Image by LoggaWiggler from Pixabay
