“The two words ‘information’ and ‘communication’ are often used interchangeably, but they signify quite different things. Information is giving out; communication is getting through.”

This quote from the late newspaper columnist Sydney J. Harris highlights the challenge facing CFMs: Despite advancements in construction accounting technology, construction managers and field leaders are challenged by a lack of accurate, timely, and relevant financial performance feedback.

This article provides eight tips to effectively collect and communicate this critical financial information to key operations personnel, including project management and field employees.

Tip #1: Understand Your Internal Customers

While external customer value can be defined as “what your external customers are willing to pay for,” internal customer value is a little trickier. However, it can be viewed in a similar light: What key financial information helps operations personnel – your internal customers – deliver value?

One way to evaluate your internal customers’ financial information needs is to assemble a cross-functional team and develop a list of internal 
customer groups.

Since some internal customers may lack financial management experience, it’s important to ask such exploratory questions as:

• What type of financial information will help you perform your job more effectively?
• How will you use that information?
• How frequently do you require that information?
• What format (e.g., electronic, hard copy,charts, graphs, trend lines) works best for you?

Exhibit 1 illustrates results from an internal customer value brainstorming session.