GrowCFO Show

James Bannon and Suraj Tirupati from Startup Blueprint join Kevin Appleby on the GrowCFO Show and discuss the problems of finding funding for fast-growing startups. James and Suraj both work in the fundraising area and are podcasters at Startup Blueprint. They share insights for founders and finance leaders looking for start-up funding. They connect businesses looking for an investment with an investor network. On top of that, they create materials that help founders create pitch decks to help them fundraise. Finding funding for fast growing startups can be a challenging task. However, there are several options available to entrepreneurs. Traditional fundraising methods such as venture capital and bank loans are common sources of capital, but more creative options are also gaining popularity. Crowdfunding is becoming increasingly popular with startups looking for an alternative way to raise money, and angel investing is providing entrepreneurs with access to capital that would otherwise not be available. Additionally, government grants and competitions offer a potential source of funding. As the startup sector continues to grow, more resources will become available for entrepreneurs seeking financial support. In the episode we look at what the finance leader can do to support the fundraising efforts of the business; what a good pitch deck might contain; and why you need to know your numbers inside out. https://youtu.be/1qVutfVduos Links Suraj Tirupati on LinkedIn James Bannon on LinkedIn Kevin Appleby on LinkedIn CFO Competency Framework GrowCFO Fundraising Transaction Simulator Find out more about Startup Blueprint Timestamps 00:11 Introducing James and Suraj 01:03 How James ended up at venture capital firm. 03:46 The push and pull between what you enjoy doing and what you can get paid for in the moment. 09:47 What does a good pitch deck look like? 14:11 You need to ask why do you want fundraising? 15:39 Be clear about your projections 21:50 The importance of having a business plan for startups. 25:05 What’s the importance of having a vision and being adaptable. 27:22 Building a forecast of cash flow based on historical cash flow. 33:46 The rise of the fractional CFO and the future of the role. 38:33 Was it the business leadership’s fault? No.

Andy Cristin is a fractional CFO and author of the book "The Profit Mindset: Know your numbers, plan ahead, grow your business". Andy started his career in Booker, an organisation famous as a cash and carry and for the Booker Prize. Subsequently, he honed his skills with involvement in a number of startups and smaller businesses. He now operates as a "virtual finance director". The Profit Mindset was shortlisted for the Business Book Awards 2020 and is an Amazon No. 1 bestseller. In The Profit Mindset, Andy Cristin asks: Is your business delivering everything you want it to achieve? Does it have predictable sales growth and a healthy profit margin? Does it provide you with sufficient leisure time and the prospect of a valuable exit? If not, it may be due to a lack of expertise on the finance side of your business. This is a common problem in small and medium-sized businesses. The book is intended to help business owners develop a profit mindset. It gives you the tools to improve your financial performance. In this episode, we talk about the 4 step methodology Andy introduces in the book; some of his practical experience in applying each of the 4 steps; and talk about how being a published author helps his business. https://youtu.be/lGyyenecvsM Links Andy Cristin on LinkedIn Kevin Appleby on LinkedIn CFO Competency Framework Buy The Profit Mindset on Amazon UK and USA Fractional CFO Services by Andy Cristin Timestamps 00:11 Introducing Andy Cristin and The Profit Mindset 05:20 Step 1 - Build a simple financial mode 07:35 Step #2 - Break down your business into its components. 10:45 What happened when a business went from a £20m annual profit to a £20m million pound loss? 14:27 Step 3: Know the business and where the profit comes from. 19:40 The five 10% improvements and the compounding effect. 23:03 Step 4 - Get a CFO to keep you accountable. 27:50 The importance of having a CFO. 32:01 The average book only sells 200 copies, but it’s the calling card.

David B Horne joins Kevin Appleby on this week’s #growcfoshow to discuss his book Funded Female Founders: How to traverse the uneven playing field and secure funding to grow your business. The share of funding secured by female founders is unfairly and disproportionately low. A state of affairs that has remained unchanged for many years despite advances made in other areas of gender equality in business. The truth is that there is clear and consistent bias against female founders. We discuss the extent of the problem of all female teams being rejected for funding and examine the root causes. David explains that the problem isn't restricted to women founders but also applies to ethnic minorities. David goes on to explain how women can approach the problem and get results and talks about his new fund that is expressly purposed to help female founders and founders from minority groups. https://youtu.be/FKGq-gKC-d0 Links David B Horne on LinkedIn Kevin Appleby on LinkedIn CFO Competency Framework GrowCFO Fundraising Transaction Simulator Episode 9 Add then Multiply with David B Horne Buy the book on Amazon UK and USA Timestamps 00:11 Introducing David B Horne. 03:50 David’s new book, Funded Female Founders. 08:11 Why is the investment world dominated by white male investors? 13:24 What’s going to change in the world in the long term. 18:49 David’s pitch deck and how it’s different for men and women. 22:44 Why you need to know who else is doing what you’re doing. 26:33 The best way to raise funds -. 29:39 Crowdfunding is a very interesting thing. 34:54 David’s vision for the future of startups.

How well does your profile stand out on LinkedIn? In today’s competitive job market, it’s important to stand out from the crowd in order to make an impact and find new opportunities. LinkedIn is a great platform for professionals to showcase their skills, experiences, and goals - but with millions of users, how do you make sure your profile stands out? Anita Baldwin and Anna Geary founders at the Get Savvy Club are expert LinkedIn trainers and they have lots of helpful advice for you in this episode. Anna and Anita tell you how to: Create a killer headline that summarizes who you are in one sentence. Craft a comprehensive summary that captures your professional story and sets you apart from the competition. Share relevant articles, blogs, or insights about your career field or interests. Highlight any unique experiences such as awards received, projects completed, or volunteer work done. Ensure all relevant information is included such as contact details and educational background. Engage with others by liking posts, highlighting colleagues' achievements or commenting valuable insights to discussions. https://youtu.be/17cjT35TL5I Links Anita Baldwin on LinkedIn Anna Geary on LinkedIn Kevin Appleby on LinkedIn Find your next role on the GrowCFO job board Future CFO programme Timestamps 0:12 Introducing Anna and Anita. 3:36 How to stand out from the crowd on LinkedIn. 8:24 Kevin’s experience with graduate recruitment programmes. 12:37 What’s the outcome that your employer wants? 17:48 How to use LinkedIn to find the right person. 19:36 How to add flesh to the bones to your LinkedIn profile and get a feel for your business. 25:10 Why do you want to work with us? What do you like about us? 29:37 How to determine what your own brand is. 34:40 Make sure your recommendations on LinkedIn are recent.

Jim Simpson is this week’s guest on the #growcfo show. He is the founder and CEO of Ziptech services, a company that specialises in supporting CEOs and CFOs to help them understand and make use of the latest advances in technology.Jim and Kevin chat about some of the latest developments in the technology field, focussing in particular on automation and AI. CFOs in charge of IT have a real challenge when it comes to keeping up with the latest innovations. Jim and Kevin look at practical ways to take advantage of the latest developments and make sure your organisation doesn’t get left behind. As a CFO, you will often need to make strategic choices in areas where you have little or no expertise.  This makes it difficult to reach informed decisions. Some of the common questions Jim finds CFOs ask include: Business process automation – How could it improve my business and how do we get started? Governance and financial controls – How do I know when I am getting ROI from my IT spending? Security and compliance – How do I know if my network and remote workers are secure? Future-proofing your investment – How can I build an infrastructure today that will see me through tomorrow? https://youtu.be/1A1M6HxNp_Q Links Jim Simpson on LinkedIn Kevin Appleby on LinkedIn GrowCFO 2023 Predictions Ziptech Services Directors Briefings Timestamps 00:11 Kevin introduces Jim Simpson, a technologist. 04:59 What’s going on in the world around automation and artificial intelligence? 10:30 How do business leaders keep themselves up to date with technological changes? 14:30 How do you make sure you’re getting the right people along? 19:25 How to write a blog post with Otter. 24:21 Software that can look for errors and patterns. 29:31 How do we get our heads around some of this? 32:01 What sort of person or people would you be looking at for this role?

Yoana Land is inspirational. Originally from Transylvania, which is part of Romania, she moved to the United States and has risen to become CFO Transformation at L'Oreal North America. She tells Kevin Appleby all about the challenges that her journey has given her and how she overcame them. We talk about taking on a role in China during the pandemic. Not the best time to attempt a move to the far east! Yoana goes on to explain her current role and tells us what a CFO Transformation actually does. This role is another big challenge as it's a brand new role and Yoana has nobody to learn it from. Yoana Land is a dynamic, hyper-growth-driving CFO offering 20+ years of financial and business acumen developed in Fortune 500 companies. She has an MBA in strategy and finance from Duke University and an MS in Finance from Harvard. Yoana is a strategic financial advisor to the CEO, and her background includes financial planning and restructuring, M&A deals, digital transformation, operational controllership, global change management, strategic planning and analysis, vendor negotiation, emerging and developed market growth strategies, organizational turnaround initiatives and IT implementation. https://youtu.be/JaZ_vncfLWE Links Yoana Land on LinkedIn Kevin Appleby on LinkedIn Overcome Imposter Syndrome: A Guide to Building Confidence for Finance Leaders CFO Competency Framework GrowCFO Future CFO Programme Free Course: New Role – Your first 100 days Timestamps 0:11 Today’s guest: Yoana Land 2:33 How good was your education in Romania? 7:01 Why she started a master’s in psychology at Harvard. 9:31 How much FPA experience did you have from American Airlines before you took the CFO role? 15:12 What did you have to do in that role? 17:27 You don’t have to be a subject matter expert to be successful in business. 22:33 What went wrong and what did you do about it? 24:59 The story of getting Yoana to Shanghai. 30:04 What does the CFO Transformation do? 31:30 What are the challenges of being in a brand new role?

Victoria Topham is the commercial director at Profit Impact. Profit Impact helps accountants get to grips with ESG and sustainability. She comes from a finance background, and we discuss the role of finance teams in ESG and sustainability. The finance team plays a critical role in Environmental, Social and Governance (ESG) and sustainability reporting. This reporting is intended to provide stakeholders with an understanding of the company’s current performance in areas such as climate change, social equity, and corporate governance. The finance team should ensure that ESG and sustainability reporting includes accurate data for all relevant metrics used to measure organizational performance. They should also be responsible for managing the process of collecting data from various sources, ensuring its accuracy and timeliness. Furthermore, they should help interpret the results of the reports to identify any trends or unmet goals that can be addressed with proposed solutions or adjustments. Finally, they should lead the effort in developing strategies designed to improve the organization’s ESG profile over time. Some finance teams are playing a critical role in developing reporting for B Corps. A B Corporation (or B Corp) is a for-profit company that has been certified by a third-party organization with regard to its social and environmental performance, accountability, and transparency. B Corps are committed to meeting higher standards of social and environmental performance, transparency, and accountability -- as outlined in the B Corporation Declaration of Interdependence. These companies strive to create a positive impact on society, workers, the community and the environment in addition to pursuing profitability goals. This certification process requires businesses to meet and provide evidence of both their social and environmental performance. By becoming certified as a B Corporation, companies demonstrate their commitment to making decisions that serve the greater good, rather than just maximize profits for shareholders Links Victoria Topham on LinkedIn Kevin Appleby on LinkedIn GrowCFO Finance Predictions 2023 GrowCFO Finance Team Training Timestamps 0:11 Introducing Victoria Topham 2:20 Sustainability and finance in the real estate industry. 7:04 Is the pressure coming down the supply chain around sustainability? 9:18 What does Profit Impact do? 13:37 Why should the finance person be taking a lead in sustainability? 17:46 What’s a B Corporation? 20:39 Female founders vs male founders in B Corporations. 24:38 What’s the impact of ESG on the environment? 29:40 Is the need for consistency and discipline around reporting going to be a major factor in the future?

Hannah Munro returns as this week's guest on the GrowCFO Show. Last time we discussed managing change, this time we looked specifically at the month-end close. Hannah Munro is the Managing Director at ITAS and host of the CFO 4.0 podcast. Hannah’s company ITAS are often involved in helping clients implement new accounting solutions, so she has lots of practical experience in using software solutions to speed things up and improve reporting. Kevin and Hannah take time to consider how technology can help you improve your close. Hannah believes that technology isn’t really the issue. The normal cause of a long close is a poor process. You need to sort your processes out before you use technology, otherwise, all you do is automate inefficiency. Real-time reporting is one of the key GrowCFO predictions for 2023. You need to have great processes before you can make the step away from the traditional month-end. To run a successful business, you need accurate and up-to-date financial information to make important decisions that affect the future of your company. Each department needs self-service access to this information on a real-time basis in a flexible format. However, most companies still rely upon month-end reporting, which is based on past data and is less user-friendly by nature. The increased adoption of real-time financial software will continue to revolutionize the way organizations view their finances. By accessing live data, companies will make decisions much faster and smarter than ever before. In turn, this will streamline the month-end reporting process and lead to the eventual phasing out of the monthly close process altogether. Listen to the full episode and find out more https://youtu.be/5A7nsg-o0kw Links Hannah Munro on LinkedIn Kevin Appleby on LinkedIn GrowCFO Finance Predictions 2023 Future of Finance Functions GrowCFO Show Episode 13 with Hannah Munro Timestamps 1:09 Is shortening the close process something you see as a task quite often with your client? 5:54 What is the difference between a key performance indicator and a result indicator? 12:27 Is it important to be accurate to the last penny? 16:06 How long do you spend in a business meeting where you have multiple versions of the truth? 21:07 The importance of using numbers in finance. 25:44 What AI can do for reconciliations and checks. 29:41 The importance of getting data right the first time is the first step towards the continuous close. 33:07 How technology needs to fit into your automation process.

Amy Spurling is Founder and CEO at Compt. She is a seasoned executive with over 20 years experience in leadership roles at venture-backed companies ranging from early start-up phase through high growth and ultimately exit. Amy's backgound is finance and her resume includes CFO roles at Jana; Backupify and EXOS and COO at Bedrock Data. She has completed successful fundraising rounds at each of these organisations, including a $57m series C. Now Amy Spurling is running her own company. Compt helps companies build, streamline, and scale employee perk stipends that delight teams and give companies a more productive and engaged workforce. Everyone has different needs, and she beleives that when perks take this into account the value to the employee goes beyond just beer or catered lunches and becomes so much more. We talk about the concept behind Compt, and look at how you can retain people and improve employee engagement very effectively without breaking the bank to do so. Something thats very welcome when you have budget constraints. Links Amy Spurling on LinkedIn Kevin Appleby on LinkedIn Find out more about Compt Flexible training at Learnerbly CFO Competency Framework New free resources: The GrowCFO CFO Competency Framework eBook and Career Routes to CFO report Future CFO programme Timestamps 0:11 What role do you have in Compt? 4:12 What’s the current state of employee perks in the US? 9:06 Sustaining employee engagement is part of a multivariable puzzle. 14:03 The company gets to customise what they want employees to be able to focus on. 19:19 What is the difference between a benefits system that is personalised to company culture and one that is aligned with the company culture? 22:47 The learnerbly allowance 28:25 Why is all of this on a budget? 33:30 How do you approach that particular conundrum at the moment if you want to reduce the number of people you’ve hired?

Timothée Clément, Country Manager in UK and Ireland at Agicap joins Kevin Appleby to discuss How to Implement a cashflow forecasting system. Cashflow forecasting is one of the most important aspects of financial planning for any business. Unfortunately, it can also be one of the most difficult things to get right. Many businesses choose to use Excel to create their cashflow forecast, but this can often lead to mistakes and inaccurate data. In this episode, we discuss the benefits of using a cash flow forecasting app instead of Excel. Having an accurate cashflow forecast is essential for any business, whether they are just starting out or have been running for years. Fortunately, new technology has made it easier than ever to create accurate forecasts. One major benefit of using a cash flow forecasting app is that it eliminates user error when inputting data into spreadsheets. Excel spreadsheets require manual entry which leaves room for mistakes such as incorrect formulas or typos which can lead to inaccurate results. Cash flow forecasting apps automate much of this process so you don’t have to worry about making errors while entering data into your spreadsheet. This helps ensure that your projections are always accurate and up-to-date. Agicap is one such system, and Kevin and Timothy discuss how you might go about switching from Excel, the change process you might go through, and the benefits to your business. Links Timothee Clement on LinkedIn Kevin Appleby on LinkedIn Agicap cash flow management software CFO Competency Framework Timestamps 00:11 What is Agicap? 04:26 How to update the cash flow model in real-time 06:12 What’s the difference between a cash flow model and accounting software? 09:57 The first step of transformation is confidence, then implementation. 14:24 What is the success of this system? What constitutes success? 18:47 What are some of the new product lines that you’re offering? 22:58 How can you be sure your data is still secure in the cloud? 27:42 What are some of the biggest changes you need to make in the business when you implement this? 32:09 What are the benefits of having a system like this?