“Partnering & Chill”: Netflix’s first CFO on Blockbuster FP&A
Sep 19, 2023
auto_awesome
Jim Cook, first finance hire at Netflix, shares his front row experience and lessons learned in building the company. Topics discussed include coping with unrealistic budgets at startups, rebirthing the browser market at Mozilla Firefox, lessons from M&A and IPO at Intuit, the power of finance partnership, and strategic finance moments at Intuit and Mozilla.
Being a good storyteller is crucial in FP&A as it helps convey data and insights in a resonating format.
Strong relationships and partnerships are essential for effective collaboration and communication in FP&A.
Embracing fear and using it as a catalyst for action is key in strategic moments for FP&A professionals.
Deep dives
The Importance of Being a Good Storyteller in FP&A
Being a good storyteller is critical in FP&A as it helps to convey data and insights in a visual and verbal format that resonates with the audience. Storytelling allows FP&A professionals to answer the question of why certain things are happening and the potential consequences of those actions. By presenting data in a narrative format, FP&A professionals can connect with their audience on an emotional level and help them understand the implications of their decisions. Being a good storyteller is essential in driving change within an organization and gaining buy-in from stakeholders.
Building Strong Relationships as an FP&A Professional
Strong relationships play a crucial role in the success of FP&A professionals. Developing connections and partnerships with colleagues and stakeholders is essential for effective collaboration and communication. By starting with a listening tour and being genuinely curious about the needs and challenges of others, FP&A professionals can build trust and establish themselves as valuable partners. Building strong relationships empowers FP&A professionals to better understand the needs of their customers and deliver insights and recommendations that align with their goals.
Turning Fear into Opportunity
Strategic moments often come with a sense of fear or uncertainty, but these moments can be transformed into opportunities for growth and success. Embracing fear and using it as a catalyst for action is key. By leaning into challenges and developing strategies to overcome them, FP&A professionals can pivot and adapt to changing circumstances. It's important to have the courage to take risks and drive change during these strategic moments, rather than allowing fear to hold you back.
Designing for Failure and Learning
Designing for failure means anticipating potential setbacks and learning from them. FP&A professionals should aim for around 85% success with their recommendations, acknowledging that there will always be a margin of error. This allows for course correction and continuous improvement. Designing for failure encourages a mindset of learning and creativity, as it frees professionals from the pressure of trying to be perfect. Embrace failure as an opportunity to learn, refine strategies, and strive for constant improvement.
The Role of Connection in FP&A
Connection is the new currency in the world of FP&A. Establishing strong relationships and connections with others, including customers and colleagues, is crucial for success. Being connected allows FP&A professionals to better understand the needs and goals of their customers, and enables them to deliver insights and recommendations that align with those objectives. Building trust and fostering strong connections is essential in becoming a valued partner and driving positive change within an organization.
"I have been at the inception points of three companies-Intuit, Netflix and Mozilla Firefox. And now I’m just trying to give back as many lessons as possible” Jim Cook
Jim Cook shares his front row experience as first finance hire at streaming giant Netflix. He reveals the finance business partnering lessons learned from supporting fellow co-founders Marc Randolph and Reed Hastings building the company from obscurity to one of the biggest brands in the world.
How did finance at Netflix contribute to the design of the first red envelopes? What are his lessons that can transform your FP&A?
In this episode:
Coping with unrealistic budgets experience at fast-growing startups
What it’s like as Finance Hire #1 at Netflix
Rebirthing the browser market at Mozilla Firefox
Lessons from M&A and IPO at Intuit
Lessons to deliver blockbuster FP&A
The FP&A as CEO
The power of a “listening tour and finance partnership”
Using your voice in FP&A
What storytelling really means for a finance professional
Two strategic finance moments that changed the game for Intuit and Mozilla
