In this session, Timothy Schott, a seasoned Chief Financial Officer with over thirty years of leadership in the financial services industry, shares his expertise on navigating the complex journey of scaling a business.
The conversation covers various aspects of scaling a business, including the importance of strategic planning, aligning the leadership team, and using both financial and non-financial metrics to track progress. The speakers also discuss fundraising strategies, managing cash flow and financial stability, and the evolution of the finance function as a company grows. They emphasize the need for finance leaders to have a seat at the table when key decisions are made, as well as the importance of recruiting the right people and fostering a culture of innovation and continuous improvement.
Highlights:
– Develop a written strategic plan with clear goals, vision, and alignment across the leadership team
– Consider both financial metrics (revenue, margins, leverage) and non-financial metrics (customer satisfaction, go-to-market timing) when evaluating growth
– Empower direct reports to make decisions around people management and provide advice
– Understand the language of finance and think like a banker, not just an accountant, to become a successful CFO
– Manage T&E and spend efficiently, leveraging technology solutions, to free up time for strategic priorities
– Seek out partnerships when expanding internationally to avoid costly mistakes
– Balance inorganic and organic growth strategies to avoid competition
– Evaluate people, processes, and technology in the first 30-60 days when joining a new company
