GrowCFO Show

Alex Triplett, CFO/COO at Appfire, joins the GrowCFO Show to discuss hybrid working and how to make it successful. Alex shares the culture and ways of working at Appfire and how the organisation embraces hybrid working as a core value. Hybrid working for a finance function refers to a work arrangement that combines remote and in-office work for employees within the finance department of an organization. This approach allows employees to work from different locations, such as their homes or satellite offices, while also spending some time working from a central office location. Key aspects of hybrid working for a finance function include: Flexibility: Employees have the flexibility to choose where they work, whether it's at the office, at home, or another suitable location. This flexibility can help individuals balance their work and personal lives, potentially leading to increased job satisfaction and better mental well-being. Remote Work: Employees can perform their finance-related tasks remotely, using digital tools, cloud-based platforms, and communication technologies to collaborate with colleagues, complete financial analyses, prepare reports, and engage in virtual meetings. In-Office Collaboration: While remote work is a significant component of hybrid working, employees are expected to spend some time at the office. This time is usually dedicated to collaborative activities that benefit from face-to-face interactions, such as team meetings, brainstorming sessions, training, and certain complex financial discussions. Technology and Infrastructure: Organizations must provide the necessary technological infrastructure to support remote work for their finance teams. This includes secure access to financial systems, reliable communication tools, cybersecurity measures, and access to required data and documents. Performance Measurement: Managers often focus on measuring employees' performance based on outcomes and deliverables rather than solely on the amount of time spent in the office. This shift towards outcome-based evaluation can promote accountability and results-oriented work. Communication and Collaboration: Hybrid working relies heavily on effective communication and collaboration tools to ensure that remote and in-office employees can work seamlessly together. Video conferencing, instant messaging, and project management tools keep everyone connected and informed. Work-Life Balance: Hybrid working can provide employees with a better work-life balance, as they have more control over their schedules and can avoid lengthy commutes. This can lead to increased job satisfaction and reduced burnout. Employee Preferences: Employee preferences for where and how they work are considered. Some individuals may thrive in a remote environment, while others may prefer the structure and social interactions of working in the office. Challenges and Considerations: Hybrid working also comes with challenges, such as maintaining a sense of team cohesion, managing communication gaps, and ensuring remote employees have equal access to opportunities and information. In the context of the finance function, hybrid working can be particularly beneficial, as much of the work involves data analysis, report preparation, and financial modelling, which can be performed effectively using digital tools. However, it's crucial for organizations to carefully plan and implement the hybrid work model to address potential challenges and ensure that the finance function continues to operate smoothly and efficiently. Summary Alex discussed his role as CFO and COO at AppFire, a fast-growing enterprise software company that provides next-generation apps to enhance platforms like Atlassian, Microsoft, and Salesforce. He emphasized the importance of culture and human connection in the company, which was a key factor in his decision to join. Kevin and Alex discussed the topic of making hybrid working work.

Oliver Deacon is a member of the GrowCFO Mentoring team. He runs the GrowCFO Business Partnering and Finance Transformation Boot Camps and is a former FD at Microsoft. Oil joins Kevin Appleby on the GrowCFO Show to talk about why these boot camps deliver results for the people attending them. Boot camps don't focus on providing training on the theory, they provide pragmatic and useful training for finance teams concentrating on the practical application of tools and techniques that deliver results. Why do boot camps provide pragmatic and useful training for finance teams? Boot camps are known for providing pragmatic and useful training due to several key factors that distinguish them from traditional education formats. Here are some reasons why boot camps tend to offer practical and applicable skills: Focused and Intensive Curriculum: Boot camps are designed with a concentrated curriculum that focuses on teaching specific skills or technologies within a short period. This intensity ensures that students are immersed in the subject matter and learn only what's directly applicable to their goals. Hands-On Learning: Boot camps emphasize hands-on, experiential learning. Students engage in practical exercises, projects, and real-world scenarios that allow them to directly apply what they're learning. This approach reinforces understanding and promotes the development of problem-solving skills. Project-Based Approach: Many boot camps structure their training around case studies that simulate real-world challenges. This approach encourages critical thinking, collaboration, and the application of theoretical knowledge to solve practical problems. Rapid Skill Acquisition: Boot camps condense the learning process, enabling students to acquire practical skills quickly. This is particularly valuable in rapidly evolving fields where professionals need to keep up with the latest tools and technologies. Instructors with practical Experience: Boot camp instructors typically have very relevant experience and practical expertise. This means they can provide real-world insights, share industry best practices, and offer guidance on applying theoretical concepts effectively. Networking Opportunities: Boot camps often foster a sense of community among participants. Students come from diverse backgrounds and industries, providing opportunities to network, collaborate, and learn from their peers' experiences. Summary Oli and Kevin discussed upcoming boot camps, including business partnering and finance transformation. They also discussed the need for pragmatic and useful training to help teams apply their learning. Oli and Kevin discussed the importance of practical training that enables finance teams to take immediate action and make a difference in their work. Oli shared his experience in providing training that empowers participants to apply what they learn and make an impact in their roles. Oli and Kevin discussed their business partnering book camp, which aimed to train finance professionals to become effective business partners. They emphasized the importance of influencing and slimming down information to generate real business impact and described the structure of their two-hour interactive sessions over six weeks. Oli and Kevin discussed the finance transformation boot camp and how it has evolved over time. They highlighted the need for finance teams to undergo major transformations and the lack of knowledge and tools to initiate these changes. Oli and Kevin discussed the need for a course that helps finance teams with finance transformation, including selecting software systems. They couldn't find an existing course, so they built one themselves based on their own experiences and principles. Kevin and Oli discussed the different topics covered in their finance transformation boot camp, including software selection, strategy planning, process optimization, data analytics,

At some point in the next year, the interest rate hikes will likely end. After months in near-constant rate-hike-anticipation mode, CFOs will need to shift their mindset to the new rate environment and the opportunities that will open up. Bill Fink is an expert on this. A commercial banking and credit-risk executive with 30 years of experience, Bill is a frequent commentator on the economy, looking at everything from the impact of inflation and supply chain disruptions to rising unemployment rates and trade wars. His commentary has appeared in publications like MarketWatch, Treasury Today and Financial Advisory magazine, and he’s a guest lecturer at Wharton and other schools. Bill Fink is a CPA and an executive VP at TD Bank. He specialises in the middle market and is highly experienced in facilitating mergers and acquisitions. In this episode Bill joins Kevin Appleby to discuss: Ways to be opportunistic with both capital and debt Why companies need to reassess their capital investment plans While M&A activity has been reduced by increased interest rates and economic uncertainty, the M&A market may now present growth opportunities for CFOs Why this could be an opening for companies to foster a new burst of organic growth by taking a new product deeper into an existing market or even expanding into a new market Summary Bill shared his experience as a CPA and how it has been beneficial in understanding finance and assisting clients with mergers and acquisitions.. Kevin and Bill discussed the impact of interest rates on the economy, noting that the pandemic-induced initiatives and stimulus measures led to inflation in various countries. They also highlighted the significant increase in interest rates over a span of 14-15 months, which hadn't been seen in the US for 22 years. Bill and Kevin discussed the impact of high-interest rates on profit margins and the financing market. They also mentioned that while there are challenges, there are still opportunities for strategic acquisitions and divestitures in the current environment. Bill and Kevin discussed the potential impact of AI on productivity and borrowing costs. They also mentioned that while interest rates have increased, it has created opportunities for strategic acquisitions and growth for well-positioned businesses. Bill and Kevin discussed the banking crisis and its impact on the marketplace. They concluded that while there may be occasional bank acquisitions or convergence due to liquidity issues, overall, banks are better capitalized now compared to the crisis in 2007. They emphasized the importance of liquidity management, asset-liability matching, and contingency planning in the face of changing macroeconomic factors. Kevin and Bill discussed the importance of risk management and risk-adjusted returns in finance. They emphasized the need for constantly evaluating and planning for unexpected events, highlighting the value of skills such as building risk-adjusted models and contingency planning https://youtu.be/wjprnZ4OoXA Links Mentoring at GrowCFO  What's happening? More Insights for 2023 Bill Fink on LinkedIn Kevin Appleby on LinkedIn Timestamps Introducing Bill Fink (0:12) Becoming a CPA and moving into banking. (1:41) How interest rates have impacted profit margins. (6:07) Where is the opportunity for private equity? (10:35) How to look at M&A. (15:37) Borrowing costs will start to come down soon. (21:32) Opportunities that higher rates open up. (26:49) How do they look at the middle market? (30:33) Lessons learned in contingency planning. (36:01)

Ryan Englin is based in Nashville and is the CEO at Core Matters. He also hosts the Talent Tackle Box Podcast. Ryan joins Kevin Appleby on the GrowCFO Show to discuss how to recruit great people by using tools and techniques that normally sit with your marketing team. Kevin and Ryan discussed the importance of having an exemplary process for recruiting and retaining staff. They emphasized the need for companies to implement a system, such as Core Matters' CoreFit Hiring System, to automate and streamline the hiring process, allowing businesses to find and hire good people quickly.  Ryan and Kevin discussed how the COVID-19 pandemic exposed inadequacies in various industries, leading to job seekers realizing they have more control and options. They also discussed the importance of treating recruiting as a marketing activity and implementing an always-on process to attract and recruit the right people for the business.  Kevin and Ryan discussed the concept of creating a bench of potential employees to fill vacancies in a company. They emphasized the importance of nurturing relationships with passive job seekers through marketing funnels so that when they are ready to make a career change, the company is already on their radar.  Kevin and Ryan discussed the importance of building and managing a finance team. They emphasized the need for leaders to constantly look for great talent, spend time on team development, and focus on retention and recruitment to ensure the team's success.  Kevin and Ryan discussed the importance of finding employees who are a good fit for the company's culture and values, as well as the need to present an attractive online presence to potential job seekers. They also emphasized the use of an applicant tracking system to automate communication and stay on top of the hiring process. Ryan and Kevin discussed various topics including onboarding, reviewing and refreshing culture, the impact of inflation on wages, cost reduction strategies, activity analysis, and the importance of delivering on promises to justify price increases. They also emphasized the need to simplify, standardize, and automate processes for efficiency and profitability.  https://youtu.be/D2V2w8UqeYc Links Finance jobs at GrowCFO GrowCFO Future CFO Programme The Talent Tackle Box Podcast Ryan Englin on LinkedIn Kevin Appleby on LinkedIn Timestamps Introducing Ryan Englin. (0:11) How do you teach people how to fish? (2:06) How to recruit better people? (6:44) How do we square the circle? (11:42) Passive job seekers vs. active job seekers. (14:17) Recruiting is part of who we are. (19:37) Have the right bait and the right gear. (24:28) Onboarding is about culture and people. (28:17) How to create opportunities to have a best friend at work? (33:08)

Francesco Zappala was Kevin Appleby's guest on episode 136. Previously he spoke about his journey to CFO and how an Italian ended up setting up a company from scratch in Chile, South America. Francesco is the CFO of a major construction company. He returns to talk about dealing with a construction project that is in distress. Summary Kevin and Francesco discussed the challenges of managing projects in distress, particularly in the construction and infrastructure industry. They highlighted the importance of proactive cash flow management, monitoring warning indicators, and being prepared for unexpected events like the pandemic that can significantly impact project finances. Kevin and Francesco discussed the importance of building trust and strong partnerships with clients, suppliers, and subcontractors in order to navigate financial challenges and mitigate risks. They emphasized the need for transparent communication, fair contracts, and mutual support to ensure successful project outcomes and long-term business relationships.  Francesco and Kevin discussed the importance of considering clients in a global way, managing reputation, and complying with ESG principles in the construction industry. They also highlighted the challenges faced by companies entering new markets and the need for ESG to be ingrained in the DNA of organizations.  Francesco and Kevin discussed the importance of managing risks and maintaining a strong safety culture in a company. They emphasized the potential consequences of not taking responsibility for mistakes, such as financial distress, damaged reputation, and loss of clients.  Francesco and Kevin discussed the importance of prioritizing safety in the workplace and creating a culture of openness and partnership with clients. https://youtu.be/uJA-pftpldY Why might a construction project get into financial distress? A major construction project can end up in financial distress due to a combination of various factors. Construction projects are complex endeavours involving numerous stakeholders, significant investments, and multiple risks. Here are some common reasons why a major construction project might face financial difficulties: Cost Overruns: Unexpected expenses and cost overruns can occur due to changes in project scope, design modifications, price fluctuations in construction materials, and unforeseen site conditions. Failure to manage these costs effectively can strain the project's budget. Delays and Time Overruns: Project delays can lead to increased labour costs, extended rental of equipment, and penalties for not meeting contractual deadlines. Time overruns can also result in lost opportunities and revenue for the project owner. Inadequate Planning and Design: Poor planning and inadequate design can lead to errors, rework, and inefficiencies during the construction process, contributing to increased costs and delays. Contractual Disputes: Disputes between project parties, such as contractors, subcontractors, and owners, can result in litigation or arbitration, leading to legal expenses and delays in project completion. Financing Challenges: Difficulty in securing adequate and timely financing can lead to cash flow issues, hindering progress and causing financial strain on the project. Insufficient Risk Management: Failure to identify and manage potential risks, such as weather-related disruptions, labour shortages, or supply chain issues, can lead to unexpected financial burdens. Inadequate Project Management: Poor project management practices, including inefficient scheduling, lack of communication, and inadequate coordination among stakeholders, can result in project inefficiencies and increased costs. Change Orders and Scope Creep: Frequent changes to project scope can disrupt the construction process, increase costs, and delay completion. Economic Downturns: Economic downturns can impact the demand for construction projects,

Catherine Clark is head of mentoring at GrowCFO. She frequently supports her mentees when they need to have a difficult conversation. Difficult conversations can take place for a variety of reasons, In this episode Kevin and Catherine discuss the challenges of a difficult conversation and why you shouldn't avoid such conversations. They highlighted that a difficult conversation can cause anxiety and stress, but approaching it with curiosity and open questions can lead to better understanding and resolution. It's possible you could be either the instigator or the recipient of the conversation, and Catherine and Kevin explore both positions and provide some great guidance that you can follow in whichever role you find yourself in. Catherine and Kevin discuss the importance of having difficult conversations and how to approach them. They emphasise the need to believe in a positive outcome, understand differing viewpoints, acknowledge emotions, and maintain empathy and open communication. They discuss the need for open communication, avoiding knee-jerk reactions, finding the right time and environment, and being specific in order to prevent misunderstandings and maintain productivity. Kevin and Catherine discuss the importance of providing constructive feedback. They emphasize the need for open communication, timeliness, creating a conducive environment, and being willing to engage in uncomfortable conversations for personal and professional growth. https://youtu.be/ZUqEbx_3N1k Links Mentoring at GrowCFO with Catherine Clark Catherine Clark on LinkedIn Kevin Appleby on LinkedIn Susan Jeffers – Feel The Fear And Do It Anyway: How to Turn Your Fear and Indecision into Confidence and Action on Amazon UK and Amazon US Timestamps What’s a difficult conversation? (0:11) What’s going on in our brains to make difficult conversations feel like difficult things to talk about? (1:46) How to have difficult conversations with people. (4:00) You can choose how you behave and how you show up. (8:37) How do we see ourselves in these difficult conversations? (11:12) What to do if you’re upset about something. (16:17) Avoid written response, make it a spoken response. (18:14) How do we deal with difficult conversations as the recipient? (19:59) If you’re instigating the conversation. (23:26) How do you conduct difficult conversations online? (25:43)

Edmund Zagorin joins Kevin Appleby on the GrowCFO Show. Edmund is CSO of Arkestro. Arkestro helps your team make buying decisions, faster, and at scale using Predictive Procurement Orchestration Kevin and Edmund explore anchor bias and consider how CFOs can help their procurement teams avoid anchor bias and use predictive modelling to make better buying decisions. https://youtu.be/5kV-IWd3fAU Anchor Bias and Predictive Modelling Anchor bias, also known as anchoring bias, is a cognitive bias that refers to the tendency for individuals to rely heavily on an initial piece of information (the "anchor") when making decisions. In the context of procurement, anchor bias can significantly impact the effectiveness of predictive modelling. Predictive modelling in procurement uses historical data and statistical algorithms to forecast future outcomes. However, if the initial data or 'anchor' used in the model is biased or inaccurate, it can skew all subsequent predictions, leading to flawed decision-making and potentially costly mistakes. There are two main types of anchor bias: self-generated and externally provided. Self-generated anchor bias occurs when the individual creates the anchor based on their own knowledge or assumptions. Externally provided anchor bias, on the other hand, is when the anchor is provided by an outside source, such as a vendor's initial price quote. For example, if a procurement professional uses the cost of a previous contract as an anchor when forecasting future costs, they might ignore changes in market conditions, material costs, or supplier capabilities that could lead to higher or lower costs. This could result in budget overruns or missed opportunities for savings. Similarly, if a supplier's initial price quote is used as an anchor, it could influence the procurement professional's perception of what is a reasonable price, potentially leading to overpayment. How to Mitigate Anchor Bias in Predictive Modelling To mitigate anchor bias in predictive modelling, procurement professionals should consider the following strategies: Use Multiple Data Points: Instead of relying on a single piece of information, use multiple data points to create a more accurate prediction. This could include data from different suppliers, contracts, or time periods. Challenge Assumptions: Regularly question and validate the assumptions that underlie your predictive models. This can help identify any potential biases and correct them before they impact your forecasts. Seek Diverse Opinions: Consult with colleagues or industry experts to get different perspectives. They might provide additional insights that can help adjust your anchor. Train and Educate: Provide training and education on cognitive biases for procurement staff. Understanding these biases can help individuals recognize and mitigate them in their own decision-making processes. While anchor bias can pose a significant challenge in predictive modelling for procurement, it can be mitigated through awareness, careful data analysis, and ongoing validation of assumptions. By doing so, procurement professionals can make more accurate predictions and better decisions. Edmund shared his procurement, strategic sourcing, and data science background, and discussed the importance of collaboration with business stakeholders to achieve the best outcomes for all parties involved. Edmund and Kevin discussed anchor bias in procurement negotiations and how the use of predictive models can help avoid it. They also talked about the impact of first offers on price variance and the asymmetry in technology and data between buyers and sellers. Edmund and Kevin discussed how predictive models powered by AI can enable procurement and finance teams to negotiate with suppliers more effectively by using behavioural analysis instead of traditional cost or value frameworks. They also talked about the challenges in the relationship between procurement and financ...

Dr Shan Nair is an entrepreneur and consultant on international expansion. He was the first to spot and develop the niche market of International Expansion Services (IES) which was previously fragmented. In the process, he has worked with many early-stage companies that have since become household names such as Tesla Motors, FaceTime and Sonus Networks. His role is to promote the services offered by Nucleus, a one-stop organization for U.S- based companies who wish to expand globally. Shan has a doctorate in nuclear physics from the University of Oxford. He has received multiple recognitions for his contribution to US, UK and Indian business. During August GrowCFO will be running a quest to help premium members plan the opening of an overseas office. For many, the overseas office is the first step on the ladder to international expansion. Shan and Kevin discussed the reasons for international expansion during difficult market conditions. They highlighted factors such as cost-saving opportunities, availability of skilled labour in certain regions, and the importance of considering government incentives and ease of doing business when choosing a country for expansion. Shan and Kevin discussed the challenges of expanding a fintech company globally, including the need for expert help in navigating legal, accounting, tax, and HR compliance requirements. They emphasized the importance of adequate budget, thorough research, and understanding the specific regulations and liabilities in each target market. Shan and Kevin discussed the expansion of Chinese companies into Europe and the reasons behind their reluctance to expand into the United States. They also touched on the challenges of operating in China, such as poor IP protection. Kevin and Shan discussed their experiences in the energy sector, including the challenges of privatizing nuclear power and the issues with ageing coal-fired power stations. They also touched on the financial and technical aspects of their work, such as calculating liabilities and reducing emissions. https://youtu.be/u73FGRZBQXo Links GrowCFO finance team training GrowCFO Quests Mentoring at GrowCFO  Dr Shan Nair on LinkedIn Kevin Appleby on LinkedIn Timestamps What makes you an expert in international expansion? (0:11) Why is now a good time to expand? (1:43) Why companies are looking at other countries, particularly Eastern Europe, Poland, Czech Republic, and Slovakia? (5:13) Why are you looking at people that might want your services in Spanish elsewhere? (8:42) What’s the main issue with expanding into other countries? (10:06) What are some of the tax compliance requirements that you need to be aware of? (12:58) What are the five things you’re most likely to get wrong when starting a business? (16:40) Common places that companies in the US and Europe want to expand. (20:39) Why are Chinese companies looking to expand in Europe more than in the US? (23:41)

Dan DeGolier joins Kevin Appleby on the GrowCFO Show to discuss the provision of fractional CFO Services. Dan is the founder at Ascent CFO Solutions. He discussed his background and career journey, including his experience in public accounting and working with venture-backed companies. He describes how his firm, Ascent CFO Solutions, has grown to include a team of 38 professionals who provide various financial services to clients, including capital raising and outsourced accounting. Dan and Kevin discussed the challenges faced by companies in terms of fundraising, cash conservation, and revenue growth. They also talked about the impact of automation and artificial intelligence on their work, with Dan expressing cautious optimism about leveraging AI to improve efficiency and effectiveness. Kevin and Dan discussed the implementation of automation in finance, explicitly using tools like Power BI to create customized dashboards for clients. They also emphasized the importance of understanding key performance indicators (KPIs) and cash flow management for businesses of different sizes. Dan and Kevin discussed the importance of planning for a potential business exit and the benefits of working for a CFO firm. They emphasized the need for a thorough understanding of a company during the onboarding process and the ability to provide flexible and varied experiences for professionals. In the conversation, Kevin and Dan discuss the importance of communication and time management skills in client interactions. They also mention the need for a diverse background and the use of screening tools like the CVI to find the right fit for the role of CFO. https://youtu.be/VbslboMHIkk Links GrowCFO finance team training GrowCFO Quests Mentoring at GrowCFO  Dan DeGolier on LinkedIn Kevin Appleby on LinkedIn Timestamps Welcome to the show, Kevin Appleby. (0:12) Fractional CFO vs. full-time CFOs. (2:48) How chatbots are changing the way we write. (8:17) What are some of the biggest trends that Dan is seeing in the industry? (12:03) How do you determine which data bits are the most important? (14:59) Why you need to have investors in your business. (18:37) Working with multiple CFOs and companies. (21:52) How do you onboard people in multiple roles into numerous clients? (26:42) How do you avoid making those mistakes because they could be very expensive? (31:14)

GrowCFO mentor Susana Serrano-Davey joins Kevin Appleby to discuss fear. Fear often holds you back from achieving your potential and can limit your career development. Fear is almost entirely self-generated and is therefore completely within your control. But how do you face your fears and take that control? In this episode, Susana and Kevin discuss facing fears, including common workplace fears such as fear of being fired, fear of making mistakes, and fear of ridicule. Susana shared her personal experience of overcoming her fear of scuba diving and how facing fears can unlock opportunities. Kevin and Susana conclude the episode by providing strategies to help you face your fears. Susana and Kevin discussed the common fears that hold people back in their careers, such as: the fear of ridicule, the fear of making mistakes and the fear of losing one's job. They emphasized the importance of facing and challenging these fears to grow as a leader. You must acknowledge and overcome these fears to reach your full potential. As a finance leader, you may feel the pressure to have all the answers. When you are new to a role you might suffer from a lack of confidence and impostor syndrome. In each case, it is essential you reframe these fears and acknowledge that it's okay to not have all the answers and that failure is a natural part of the learning process. Kevin and Susana concluded by discussing strategies for overcoming fear, including managing internal dialogue and supporting oneself. https://youtu.be/_Y6k0sF__DE Links Susana’s Book “I Wish I Had Known” is available at Amazon UK and Amazon US Find your next role on the GrowCFO job board Mentoring at GrowCFO with Susana Serrano-Davey Susana Serrano-Davey on LinkedIn Kevin Appleby on LinkedIn Timestamps Today’s topic: face your fears. (0:12) What does fear have to do with finance? (3:33) The fear of ridicule and the fear of presenting. (8:06) The fear of losing your job and how to overcome it. (13:02) The fear of making mistakes is a game-changer. (19:18) The more senior you are, the greater the pressure is to have to produce the answer. (26:03) There’s one single strategy that works with fear. (30:54) The fear of ridicule and volunteering. (35:12)