GrowCFO Show

https://youtu.be/ZqK7OdaLnE8 Isaac Strulowitz is the CFO of CoVenture. Isaac joins Kevin Appleby on this episode of the GrowCFO Show to talk about how Isaac and his team at CoVenture were affected by the recent banking crisis and the things they put in place to manage the financial risks they were presented with. Their approach to risk management in general has changed as a result, and Isaac provides some great advice on managing risk for other finance leaders to take note of. Summary Isaac talked about his career path and how he became a CFO. He also discussed the challenges he faced in his new role and how he learned along the way. Isaac discussed the rapid growth of CoVenture from its early stages to a team of 28 full-time equivalents. He emphasized the importance of competence, humility, and empathy in his leadership style and acknowledged the need to bring on individuals with complementary skill sets as the team grows. Isaac discussed how CoVenture was well-prepared for the banking crisis in mid-March and how they have since focused on risk management and diversification. He advised other CFOs to identify vulnerabilities in their business models and devise plans to mitigate them, while also being mindful of the impact of AI and the current credit crunch. Kevin and Isaac discussed the impact of the current crisis on the FinTech industry, the importance of cash flow, and the skills needed to become a successful CFO, including a strong foundation in accounting and the ability to weave together a narrative backed by numbers. They also discussed the need for operational conservatism and the importance of striking a balance between inhibiting growth and preparing for the worst. Kevin and Isaac discussed how working remotely during COVID initially allowed for more productivity, but as the team grew, it became harder to maintain that level of productivity and communication. Isaac shared how he found quiet pockets of time during the day to do his best work and how CoVenture is trying to figure out the best hybrid model for their team. Links GrowCFO finance team training GrowCFO Quests Mentoring at GrowCFO  Isaac Strulowitz on LinkedIn Kevin Appleby on LinkedIn Timestamps Introducing Isaac Strulowitz, co-founder of Co Venture. (0:11) The culture shock of becoming a CFO of a startup. (2:56) How did you get started in venture capital? (5:27) How he’s picked up the leadership skills to manage a rapidly growing team. (7:57) What’s going on in the banking sector right now. (11:13) Diversification and risk management as a lesson learned. (13:26) How often do you think you should be reviewing the risk register? (16:35) Cash is king more than ever before. (19:03) What would you be advising to aspiring CFOs? (21:16) How have you managed to maintain your thinking time? (23:53)

Kevin Appleby chats with GrowCFO mentor Susana Serrano-Davey and finds out how to win your next finance job. Susana provides 5 great strategies to help you win at your next finance job interview. Finance job interviews can be difficult for a number of reasons. Here are some factors that can make a finance job interview challenging: Technical Knowledge: Finance is a complex and technical field, and many finance job interviews will require candidates to demonstrate their knowledge of financial concepts, tools, and techniques. This can be challenging for candidates who don’t have a strong background in finance or who haven’t kept up with the latest industry developments. Problem-Solving Skills: Many finance jobs require candidates to be able to solve complex problems under pressure. During an interview, candidates may be asked to work through hypothetical scenarios or case studies that test their ability to analyze data and develop solutions. Communication Skills: Finance professionals often need to communicate complex financial information to others, including colleagues, clients, and stakeholders. Interviews may include questions about how candidates would communicate financial information to non-financial stakeholders and how they would handle difficult conversations. Behavioral Questions: Increasingly, finance job interviews include behavioral questions that ask candidates to describe how they have handled specific situations in the past. These questions can be difficult because they require candidates to reflect on their experiences and provide examples of how they have demonstrated key skills and competencies. Susana has 5 great strategies to take with you to your next finance job interview. Listen to the full episode to find out what they are. https://youtu.be/0nCKTk0MuEA 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 Introduction to today’s show. (0:11) What happens if you don’t show the right side of yourself during the interview? (3:21) How to prepare for an interview with a CFO. (5:44) Why every interview has to be dealt with differently. (10:13) How do you know if you’re the right person for the job? (12:15) How to ask the right questions at the interview. (16:39) What does the interviewer think was the reason why the person failed? (20:19) Kevin’s examples of where he has led teams outside of work. (23:41) The most successful people will own the failure, not blame. (27:53)

Author, speaker and leadership coach Myles Downey joins Kevin Appleby on the GrowCFO Show. Kevin and Myles discuss how to empower your finance team. Myles is a thought leader and entrepreneur in the world of performance, learning and coaching. He is recognised as one of Europe’s leading business performance coaches with extensive experience spanning over twenty-five years. Myles is a global authority on performance, coaching and leadership. He is the author of several coaching books such as Effective Modern Coaching. A lifelong tennis player, Myles says tennis has been instrumental in shaping his view of people and how they learn. Myles’ work was initially inspired by reading The Inner Game of Tennis. The Inner Game of Tennis is a book written by W. Timothy Gallwey that explores the mental aspect of playing tennis and how it affects performance. The book suggests that one’s inner game, or mindset, is just as important as their physical skills when it comes to success in tennis (and other areas of life). Gallwey argues that the conscious mind (which focuses on outcomes and judgments) often interferes with the subconscious mind (which controls muscle memory and fluidity of movement) in a way that hinders performance. He introduces techniques such as “non-judgmental awareness” and “letting go of self 1,”. These allow players to quiet their conscious minds and let their subconscious minds take over. The book draws parallels between the mental struggles of tennis and those in other aspects of life, such as business and relationships. It has become a popular read in not only the tennis world but in the broader field of personal development as well. Leader Performance is now Myles’ major focus. He has developed the Enabling Genius model This model is the subject of his book Enabling Genius – A Mindset for Success in the 21st Century. Kevin asks Myles what genius is. Myles argues that there is genius in everyone. They go on to talk about getting the best out of your team. Myles asserts that the world of work and the needs of people in the workplace have changed. Old models no longer work. Today’s managers cannot rely on ‘command-and-control’ and a culture of compliance to get their job done. What is the answer? Listen in and find out, Myles shares some great insights. https://youtu.be/0LJ6CCl5_gs Links Myles Downey on LinkedIn Kevin Appleby on LinkedIn GrowCFO  Finance Team Training Find out more about Myles Downey Myles Downey’s books on Amazon UK and USA Timestamps 00:11 Introduction to Myles Downey and his work. 01:03 The inner game of tennis and the importance of awareness. 05:21 The importance of flow. 10:35 How do I help people explore their potential safely? 15:11 What is genius? What is the meaning of genius? 18:57 If people know why their work is important, how it fits in, and makes a difference in the organisation in which they work. 22:24 When you’ve got the most junior member of the team trying to develop them and you are trying to teach them new stuff. 26:15 Managing by walking about is here to stay. 30:28 What’s the one piece of advice that you would see as fitting to give to most finance leaders that would like to be better at doing this?

How well documented are your finance processes? In many companies, the answer is not particularly well and there is far too much reliance on knowledge in the heads of key members of the team. This leads to all sorts of problems when it comes to improving the process or bringing in new team members. Kevin Appleby chats to Alexis Kingsbury, co-founder of AirManual. Alexis founded AirManual to solve exactly this sort of problem and it forms a simple cloud-based solution that can be implemented quickly and simply. Documenting your finance processes is important for several reasons: Streamlining Operations: By documenting your finance processes, you can identify inefficiencies and areas for improvement. This allows you to streamline your operations, improve productivity, and reduce the amount of time and resources spent on finance-related tasks. Compliance: Well-documented financial processes can help you stay compliant with applicable laws, regulations, and financial reporting requirements. This can help you avoid penalties, fines, and legal issues down the line. Better Decision Making: With clear documentation of your finance processes, you can make informed decisions based on accurate and up-to-date financial information. This improves your ability to forecast future revenue, manage expenses, and make strategic business decisions. Training and Knowledge Transfer: Documenting your finance processes ensures that your team members are appropriately trained and knowledgeable about how your financial system operates. This reduces the risk of errors, omissions, and misunderstandings, and helps ensure consistency and accuracy in financial reporting. Overall, documenting your finance processes is essential for ensuring the financial health and long-term success of your business. https://youtu.be/G72x8AAQ2YY Links Alexis Kingsbury on LinkedIn Kevin Appleby on LinkedIn GrowCFO 2023 Predictions Find out more about Airmanual Timestamps 00:11 Introducing Alexis Kingsbury. 02:35 The importance of learning from your mistakes. 08:24 Firing yourself from tasks is a healthy attitude. 14:08 What would you do if you were working with a client to improve a process? 18:21 How do you make it possible to zoom out and see at a high level? 23:18 How to use checklists in your business to automate your processes. 28:58 The three big process systems issues in finance right now. 34:20 The cost of errors and how it affects cash flow. 38:29 What are the rules around creating realistic expectations? 42:48 The power of a well-documented process. 47:42 Why you need a purpose-built system.

Richard Nugent is the founder and MD of TwentyOne Leadership. Over the past 15 years, he has worked with some of the world’s biggest and best-known organisations. He helps fast-paced organisations build their capability and capacity for change. His typical clients are executive teams in the FTSE Top 250 type businesses that are about to grow or change their strategic direction. Richard’s research and experience have led him to create unique and practical approaches to organisational and cultural change. He is particularly passionate about challenging clients to align their strategy, culture and brand. The CFO is a key member of the leadership team. Richard Nugent believes that the leadership capability of your organisation directly shapes the culture of your organisation, shapes how innovative your products and services are and shapes the experience your customers have. We explore the role of culture and your role as a finance leader in creating the right culture in depth in this episode. Richard’s latest book “The Alignment Advantage” explores the alignment of strategy, culture and customers. These are the key elements of any business. But to truly succeed, they need to be effectively built, refined and aligned. Studies show that organizations which are highly aligned are 72% more profitable than their competition. The Alignment Advantage shows how you can achieve this through a practical and proven framework which can be adapted to all businesses whether it’s a small start-up, multinational organization or somewhere in between. https://youtu.be/wwZUTfaNsjQ Links How GrowCFO can help you with tools to build and execute your strategy Mentoring at GrowCFO  Richard Nugent on LinkedIn Kevin Appleby on LinkedIn Richard Nugent’s books on Amazon UK and USA Timestamps 00:11 Introducing Richard Nugent 01:07 What’s happening with leadership teams that aren’t aligned in their thinking? 09:11 KPI scorecards should be the responsibility of the finance team. 10:40 How the strategic process actually comes about. 14:55 The difference between leading and managing a business and a culture. 20:24 The starting point for culture change has to be a strategy. 25:20 What sort of culture do you need to change? 30:51 What’s most important to you as a person? 37:19 The impact of culture on deliverables. 41:17 You’re the person that should own the measurement

Ashley Vukovits, the newest member of the GrowCFO mentoring team, joins Kevin Appleby on the GrowCFO Show to discuss her career and her passion for mentoring the next generation of Finance Leaders. Ashley is based in Indianapolis, Indiana. Besides mentoring, Ashley Vukovits is currently managing director of Liftbridge CXO. Liftbridge CXO specialises in placing fractional CFOs in start-up to scale-up stage technology companies helping them to the next level of growth. Ashley is a board and advisory board member, consultant and angel investor. She utilises her expertise in financial matters, strategic initiatives, acquisitions, mentoring young professionals and high-growth SaaS company success. Ashley was the Chief Financial Officer of a global public technology company and has 25 years of experience in accounting, finance and strategic leadership. She recently co-led a successful process to sell the company for $1.4 billion in a bid to go private. Prior to the sale, she led the financial transformation of the company moving from a premise-based sales model to the cloud. Ashley had over 200 employees worldwide in finance, human resources, facilities, information technology, information security and product distribution. https://youtu.be/mLg9IlP1i_o Links Mentoring at GrowCFO  Ashley Vukovits on LinkedIn Kevin Appleby on LinkedIn Timestamps 00:11 Ashley Vukovits’ background in finance. 04:49 The challenges of coming to terms with being a CFO. 9:11 What sparks Ashley’s life outside the office? 12:55 What would your ideal mentor-mentee look like? 17:10 How to break down your goals into bite-sized pieces. 21:31 Do you feel you’re drawn more to mentor women than men? 25:18 The challenge of making jobs available to people from different backgrounds. 27:50 What would a typical mentoring relationship look like?

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.