Frugal Spend Culture Defined

The Chief Financial Officer is a critical, but often misunderstood role in growing companies. In this episode of the Revenue Builders podcast, John Kaplan and John MacMahon talk shop with four-time CFO Jim Kelliher about the intricacies of the CFO role. With vast experience under his belt, Jim talks about specific strategies that companies can use to scale effectively, and how CFOs can best guide their companies towards financial soundness. 

Additional Resources:

• Connect with Jim Kelliher on LinkedIn: https://www.linkedin.com/in/jim-kelliher-8a3100/
• Donate to the Irish American Partnership | https://www.irishap.org/
• Drive Consistency in Your Sales Planning Process: https://forc.mx/3PuYNOa
• A CFO Perspective on Healthy Revenue Growth: https://forc.mx/3yIMhE6

HIGHLIGHTS

• What keeps CFOs up at night?
• Things to prepare before pitching to a CFO
• What is a frugal spend culture?
• All markets eventually bounce back
• What does a financially-sound company look like?
• Financial forecasting is a critical skill in business
• Cost-justification needs to come from an internal champion

QUOTES

Jim: "Our job is to control the business. We have to make sure we're not doing silly things with our cash, we're not doing things that don't make sense longer term. But our objective is really to grow the business." 

Jim: "When I say frugal, it's usually around an investment you're making in the company or in the infrastructure, or in a person that you expect to be paid back and have thought through. That's what I mean by frugal. Do it in the right way." 

Jim: "Let's do it a bit at a time, so that if it doesn't work, you haven't made  a big bet and you can kind of pull your foot off. If it doesn't work, you understand why it doesn't work and maybe you can self-correct in the middle of that process. That's what I mean by experimenting." 

Jim: "It will probably be volatile for a period of time. But longer term, good companies get the bulk of markets, good companies are successful, good companies are bought. So create a good company, create a good culture, create a scalable model, and you'll be just fine." 

Check out John McMahon’s book here: https://www.amazon.com/Qualified-Sales-Leader-Proven-Lessons/dp/0578895064

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