Drew Murphy: Find best practices, people that make you work better, and things you enjoy
Sep 12, 2023
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Drew Murphy, an FP&A professional with experience at Procter & Gamble, Vistaprint, Mimecraft, and as a CFO, shares his journey and best practices in finance. Topics include his worst budgeting experience, forecasting with Gillette and Braun, impressing sales executives with sales analysis, best practices for monthly profit forecasts, the importance of relationships in finance, and the wedding-like IPO process.
Building relationships and finding mentors is crucial in FP&A.
Finding joy in your career by focusing on tasks and responsibilities that you genuinely enjoy is essential.
Deep dives
The Importance of Building Relationships and Mentors in FP&A
Building relationships and finding mentors is crucial in FP&A. These connections can introduce you to new opportunities, help you solve problems, and provide valuable guidance and support throughout your career. Networking platforms like LinkedIn can be used to connect with professionals in the field and seek advice and mentorship. Don't be afraid to put yourself out there and reach out to people who inspire you or whose careers you admire.
Finding Joy in Your Career: Focus on What You Enjoy
It is essential to find joy in your career by focusing on tasks and responsibilities that you genuinely enjoy. While there may be challenges and aspects of the job that are less enjoyable, overall job satisfaction is enhanced when you have a passion for the work you do. Identify the areas of the job that align with your interests and skills, and seek opportunities that allow you to leverage those strengths. This will not only make work more fulfilling, but also contribute to your professional growth and success.
Customer Profitability as a Strategic Insight
Analyzing customer profitability can provide strategic insights that drive positive change within an organization. By understanding which customers are profitable and why, businesses can optimize marketing, sales, pricing, and support strategies to maximize revenue, improve profitability, and manage cash flow effectively. This analysis can also help identify areas for improvement and guide decision-making to align with long-term company goals.
The Power of Continuous Learning and Curiosity
Continuous learning and curiosity are essential traits for success in FP&A. Embrace opportunities to expand your knowledge and skills, whether through formal training programs, online resources, or networking with industry professionals. Stay curious and open to new ideas and perspectives, constantly seeking ways to improve and grow. Allocate time each day to learn something new and stay up-to-date with industry trends and developments. By embracing a mindset of continuous learning, you can stay ahead in your career and contribute greater value to your organization.
Drew Murphy nearly became a meteorologist. But he opted for a different type of forecasting, warning of impending storms as an FP&A professional. A fast-paced finance career saw him land a part role at Procter & Gamble (while studying)-his senior year saw him work 30 hours a week as a plant accountant. Following six years of FP&A at Procter & Gamble (including analysis for Gillette and Braun), he took roles at Vistaprint, Mimecraft (where he was central to their IPO) and a CFO gig. Drew then launched community FP&HEY with his co-founder Yarty Kim. The mission of FP&A Hey is to “help time starved FP&A professionals get their free time back, their personal freedom back” offering resources and mentoring for FP&A professionals.
Core to his career approach is a clear mantra: “Find best practices, find people that make you better, work on things you enjoy.”
In this episode he discusses the implications of this approach to upgrading your career and work life balance in a busy finance role.