Andrew Lynch -the SMB Finance Guy-on Mentors, Skill Stacking, and why getting Fired Saved my Career
Feb 13, 2024
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Andrew Lynch, the Head of FP&A at Blue Light Card, discusses the power of mentors, the challenges of building an FP&A team, negotiation tactics, and skill stacking in his finance career. He also shares his experience of being fired by a bestselling author and being one of the few FP&A leaders on the comedy circuit.
Skill stacking allows individuals to excel by being proficient in multiple related skills rather than trying to be the best in the world at just one.
Creating a culture of accountability within a company starts with clean and accurate financial data and regular finance review meetings.
Focusing on the basics, such as clean financial reporting and accurate budgets, as well as driving a culture of accountability, can transform a company's financial results.
Deep dives
The Power of Skill Stacking
Skill stacking refers to the idea that it's often easier and more effective to be proficient in multiple related skills rather than trying to be the best in the world at just one. By combining skills such as Excel proficiency, communication skills, and writing abilities, individuals can create a unique set of talents that sets them apart and opens up various opportunities for success.
Creating a Culture of Accountability
Creating a culture of accountability within a company starts with having clean and accurate financial data. By setting challenging budgets, holding regular finance review meetings, and fostering a culture where individuals take ownership of their performance, companies can drive better financial results and improve overall performance.
Lessons from Increasing Revenue and Profit
Lessons learned from helping a company increase revenue and profit include getting the basics right, such as clean financial reporting and accurate budgets. Regular finance review meetings and driving a culture of accountability are key to driving performance. By focusing on the fundamentals and continually improving financial processes, companies can transform their results.
Why Billionaires Keep Working
Billionaires like Warren Buffett and Elon Musk continue working not solely for financial gain, but because they genuinely love what they do. They have passion and a sense of purpose that drives them to keep pushing forward and making a difference in their respective fields. Money is not their sole motivation, but rather a means to support their ongoing work and mission.
Business Insider Experience
Having an article picked up by Business Insider was a unique and exciting experience. It provided exposure and recognition for the writing, as well as an opportunity to reach a wider audience. It was satisfying to see one's work acknowledged and shared on a reputable platform.
Andrew Lynch, Head of FP&A at UK card discount scheme for public service employees, Blue LIght Card, is known to his nearly 11,000 Twitter followers as The SMB Finance Guy.
The FP&A leader also runs the highly popular Net Income newsletter regularly posts small business opportunities, scaling companies, systems, strategy, “with a few shitposts thrown in for good measure” (His writing has also been picked up by Business Insider).
In this episode Andrew reveals:
The power of mentors in transforming his finance career from a “struggle to find someone who would take me” to high-profile roles at Anabas, Capital One, and Blue LIght Card.
Starting a new budget from scratch and building an FP&A team at Blue Light Card
Negotiation and sandbagging with sales and how FP&A can deal with the challenges
How FP&A best practice saw Andrew deliver one SMB £10 million a year in revenue and from £8k in profit to £23 million
Being Fired by Four times Bestselling New York Times author Tucker Max the day before Xmas Eve
Skill stacking – getting to be the top 25% in the world at four or five different related things – rather than trying to be the best
Being one of the few FP&A leaders on the comedy circuit
Subscribe to Net Income at https://www.netincome.co/
Follow Andrew at https://www.linkedin.com/in/andrewglynch/
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