Your team’s greatest skill

Telling stories with data will empower your business

If you've stepped into a library or a bookshop lately, you'll realise the power of the story can keep you engaged for hours. Or if you're not a reader, the stories you see on Netflix and other streaming services can have the same effect.

Storytelling has the power to communicate complex ideas in an impactful way. Little wonder the most in-demand workshop the Global CFO Network runs is entitled "Telling stories with data".

While CFOs appreciate the value of storytelling in engaging their business partners in critical data, many struggle to develop these skills in their teams. Studies have shown that data storytelling can improve the quality of decision making by up to 85%. If Finance teams aren't using these techniques effectively, they're losing impact, and ultimately will struggle to influence the business.

One approach to enhance your team's data storytelling skills is to utilise story arcs. A story arc is a narrative structure that helps to organize and present information in a way that is easy to follow and understand. Some commonly-used story arcs include:

  • The hero's journey: a story arc that follows a protagonist's journey from an initial state of normality to a transformative experience and eventual return to normality. The classic story of the hero's journey can be found in many myths and stories throughout history, including Homer's Odyssey and JRR Tolkein's Lord of the Rings.

  • The problem-solution arc: a story arc that presents a problem, and then shows how it is solved. This story arc was widely utilised by detective writers including Agatha Christie and Arthur Conan Doyle.

  • The before-and-after arc: a story arc that compares and contrasts a situation before and after a specific event or change.This story arc is often used in memoirs and biographies.

  • The cause-and-effect arc: a story arc that illustrates the relationship between an event (the cause) and a resulting effect. This story arc is common in historical fiction.

It's essential to establish a clear beginning, middle, and end of your story. The beginning should provide an overview of the data and the problem or issue at hand. The middle should present the data in a clear and concise manner, and the end should draw conclusions and provide recommendations.

By structuring financial data within a clear story arc, you can help your stakeholders understand the context, significance, and implications of the data. It is worth noting that many stories can be composed of multiple story arcs and can be interpreted in different ways. These arcs are not rigid, but are tools to help you organize and structure your story. To make them more engaging, ensure they're relevant to the cultural and social context of your audience.

Key storytelling tips:

  1. Understand the audience: It's important to understand the audience. Identify their needs, concerns, and level of financial knowledge. This will help to tailor the presentation to their level of understanding and make it more engaging.

  2. Identify the key message: Determine the key message or insight that you want to convey through the data. This will serve as the foundation for the story you will tell.

  3. Develop a clear story arc: Create a clear and logical story arc that follows a beginning, middle, and end. This will help to organise and present the data in a way that is easy to follow and understand.

  4. Use visual aids: Use visual aids such as charts, graphs, and images to help communicate the data. These can help to simplify complex information and make it more engaging for the audience.

  5. Practice and rehearse: Practice and rehearse the presentation so that it flows smoothly and naturally. This will help to build confidence and reduce anxiety when delivering the presentation.

  6. Use examples: Use real-life examples to illustrate key points and bring the data to life. This can help to make the information more relatable to the audience.

  7. Get feedback: After the presentation, seek feedback from the audience. This can help to identify areas for improvement and make future presentations more effective.

  8. Use data visualization effectively: Tools such as PowerBI and Tableau have a wide range of advanced data visualisation elements that can be used to effectively communicate complex data.