GrowCFO Show

Goal setting is something that should be very personal. As you move to senior finance roles you need to take charge of your own destiny. You set your own goals, independently. We believe that goal setting starts with understanding your why? Only once you understand your why can you move to the what? The specific goals you want to achieve. Setting the goal is all very well, but you also need to address the how? How exactly will you achieve your intention? Do you plan for a whole year? Both Kevin and Catherine agree that a year is much too long to plan. A year looks too far into the distance and there are too many unknowns. Catherine plans monthly. Goal setting for Kevin is the next 90 or 100 days, but then he breaks this down into months. What is your why? Both Kevin and Catherine believe you need to understand your purpose, your own particular why? Only when yo have this can you naturally start goal setting. Do you understand what motivates you? What excites you? Kevin has a single motivating purpose. A single motivating purpose isn't a destination its a state of being. Its expressed as "I wake up in the morning to do xxxxx in order to xxxxxx" A number of resources to help: If you are looking to better understand your own why? The following books will help: Strengthsfinder 2.0 https://amzn.to/3hiOHjF Unique Ability https://amzn.to/37Kdhqq Goal setting: around your strengths or your weaknesses? Kevin believes you should focus your objectives around your strengths. Strengths are things you can develop to mastery, while weaknesses are things you are likely only ever to be mediocre in. Catherine points out that to really develop you need to get out of your comfort zone, so don't interpret strengths as just things you are comfortable doing. Think about new skills you might need to develop. Goal setting. The what? Once you understand your personal why? articulating the goals you want to achieve becomes easier. Catherine has two or three big goals. She breaks these down into intentions. The goal describes the outcome you want Catherine writes down 10 intentions each month, written as if they already happened. The intention breaks down the goal Affirming the goal is very important. You need to enjoy the journey to achieve your goals and intentions. If you believe in what you want to achieve you will achieve it Goal setting. The How? Think of goals as projects. Organise your tasks and activities as you would a project. Think also about people. Who are the people I need to engage? Make your goal setting smarter: SpecificMeasurableAchievableRealisticTimeboundExcitingRelevant Focus on one or two key things: Whats the most important thing to do today / this week? Don't have too many goals. Less is more. You can go an inch in a hundred directions or a mile in a single direction. Further Reading: Essentialism - Greg Mckeown https://amzn.to/3nQpgsg Dream bigger Most of us don't think big enough, we limit what we can achieve simply by thinking small. You need to dream big and have a great vision, the vision needs to capture your attention. Where attention goes energy flows. How do I want to feel? Who do I want around me? State your intentions to others, this puts accountability in place. The power of your vision Catherine shared her recent blog post: The power of your vision is in seeing yourself doing the thing you want to achieve. Be the leader, the director, the owner of a successful business, the person who helps others. If you can see who you want to become and why, you can be that person. You can step into their shoes and and stride purposefully forward.Never lose sight of what you want to achieve, It is the glue that holds every small step together. It is the light that you keep moving towards, that stays lit even when your motivation fades. Your vision is what drives you but you must never forget that you are the driver of the ...

At the end of 2020 you may well find yourself reviewing your finance team. Its been a very unusual year. A test of character. Some of your team may have struggled while others have flourished. The team has adapted and survived, but the start of 2021 might be the time to make some more long term changes. Andrew Waters joins the GrowCFO Show to help us navigate our way through the review. What do you intend to do long term Our finance teams have been operating under unusual circumstances since March 2020. By and large we've adapted and survived. The next 6 months lare likely to be very similar. Beyond that we might be returning to a more normal situation. But what lies beyond? Are you now a remote team? How likely is it you go back to exactly how it was? Your high fliers have had a taste of alternative way of working which they may have loved. There are risks to bringing them back into the office 5 days a week. We've been ducking and diving, muddling through with the current team. There have been few opportunities for CFO to take control of situation. Now is the time for that to change. What should the team look like in 6 or 9 months time. Is your finance team still motivated by the same things? Dont assume you know what works best, ask the team, involve them in designing the future Motivations may well have changed. Are individuals still quite so motivated by career progression and money as before. Is Friday afternoon off to play tennis much more important than it used to be. How do you deal with individual finance team member's performance? Top performers need to be rewarded. Some people will have flourished during the pandemic. They will have thrived in the new conditions and will have gone the extra mile. Your 9 and 10s need to be recognised. Is it time to stretch these people further. Are there any new responsibilities you can pass their way that might help the next step in their development? Likewise solid performers at 7 or 8 will be doing great things to hold the team together. What can you do to make sure this continues? Can you better support these individuals? What about poor performance? Poor performers, 6 and below are more difficult. Who has done much worse than expected, or worse than previous years? Nobody shows up at work to do a bad job. Its been a tough year and some folk have been in a difficult situation. You need to understand what's going on under the surface. You need to avoid similar conversations in 6 months time, so look to see how you can help. A sudden drop in performance will have a story behind it. You need to know that story and investigate how to change its ending. Ongoing poor performance is a different matter. If somebody has performed consistently badly you may need to take more drastic action. Its likely that the pandemic is more excuse than reason for the current year grading. How do you reward people? Saying thank you is sometimes enough. Don't forget the simple recognition. Think about giving your best performers more challenges and opportunities. Make sure you take money off the table. Pay sufficient to make sure your folk are well rewarded, but beyond that remember that money isn't always the best motivator. Lack of money or lack of parity with friends may well de motivate so make sure that doesn't happen. We discussed the effectiveness of bonuses in a recent GrowCFO members Situation Room. One of our members referred us to this excellent video from Dan Pink. Take a look before you conclude that bonuses work. Dan argues otherwise. https://youtu.be/u6XAPnuFjJc Think about benefits as well as bonuses. Gym memberships; mental health wellbeing coaching. Make sure people working remotely aren't disadvantaged by the geography of supplying the benefit. How do we need to evolve? Take time to reflect on 2020. What have you learned about your team? Are there things you could have done differently?

On this week's podcast we talk about investor communications. Investor communications are an ever more demanding responsibility for the CFO. We take a look your responsibilities, how these can become a major distraction from other key business tasks, and how tools built specifically for the CFO can help you. Aside from accounting software there aren't many tools made specifically for the CFO. Andrew Seski's company NthRound make one of them. It focusses on investor communications, and gives both investor and CFO a portal that can both save time and improve investor relations. CFO as the public face of finance Your CFO role means that you are often the main point of contact between the outside world and your business. Rather than just head up the finance function you now need to represent finance to other people in the wider world. This can include customers, suppliers, and investors. This communication role gives you lots of new challenges and takes you further towards the edge of your comfort zone. You need lots of new skills. These will often be things that you didn't learn to pass exams or you didn't need in a head of finance role. Investor communications is a skill in itself, and one you will need. Addressing shareholder needs is more and more a CFO responsibility As CFO it's likely that in a fast growing company investor communications will be your responsibility. As the company grows need to interact with investors grows too. The company may initially deal with one or two angel investors. As time goes on it is possible that more investors become involved. It may be that the company gets involved in raising equity finance in a whole range of different ways. Each time the role of the CFO becomes more complex with more people to communicate to. The needs of investors become more complex too. There will be different types of investor, each needing different information. The equity fund will need quite different information to the employee shareholder. Information you will need to supply will be quite diverse. You will need to communicate company results and forecasts, but these days many more things are called for too. Investors also need access to legal documents about their shareholding, and it can be a time consuming activity top provide copies of these on demand. Communicating important investor updates and sharing documents via email can quickly become an administrative burden as your cap table grows. Investor communications is not necessarily the CFO's core skill Investor communications falls on the CFO. But have you ever been trained?We think its quite unlikely. This makes the whole area quite challenging. Giving the right information at the right time and in the right way is quite demanding. Investor relations isn't necessarily the first thing you worry about as CFO. But it is very important. Any help in this area is incredibly useful. Nth Round gives the CFO a solution for investor communications Andrew Seski's company nthround provides a tailored and bespoke solution for investor communications through an investor portal. A modern investor portal provides a new way to share reports, updates, and private documents all in one place: one that matches people's communication expectations today. With the ability to post your latest information online, you’ll save paper and time while making sure your investors can access the information they need at any time on any device. New NASDAQ Requirements and investor communications New NASDAQ regulations require companies to demonstrate diversity and inclusion. When you engage with investors cognitive bias will often kick in, and your communications may emphasise one group of investors over another. When you engage a diverse audience you must avoid any bias. An Investor portal ensures that you give a consistent message to everyone. We looked in detail at the issues of ethnic minorities and all female business teams...

Catherine Clark joins the GrowCFO to talk about imposter syndrome. Its a problem that Catherine encounters with lots of her mentees. Its something quite common amongst first time CFOs and its something she suffered from herself in her first role as a CFO. In this podcast Catherine gives you some great strategies for coping with imposter syndrome. What is Imposter Syndrome? You are in the role that you always wanted, so why do you feel like you don’t deserve it? What are you thinking right now in relation to your intelligence, skills, or competence? If you’re feeling unworthy in some way, consumed with self-doubt. You may be thinking, ‘I got here by luck’, ‘I just work harder’, ‘I am not really good enough to be here in this role’. The chances are you are feeling like an imposter, and doubting your ability to repeat past successes. Imposter syndrome is a problem worth sharing And one worth solving. Because it takes so much emotional energy to deal with the feelings of not being good enough. Lower emotional energy will drain your ability to show up in the way you wish to. It will affect your confidence, productivity, motivation, and influence and ultimately stem your potential to be the best you can be in work and in life. When you feel like an imposter, there is a gap between how others see you and how you feel inside. You attribute your success to external factors outside of yourself, rather than learning to feel like you have worked hard to deserve your role or the praise and recognition by others. Do you have an underlying fear of being found out? ‘I am not the person others think I am’, I don’t deserve this!’. Imposter syndrome can arise from social conditioning, self-critical thinking, and family patterning. You may have been brought up to doubt your own self-worth in some way or be in a work environment that promotes self-doubt. It’s normal to feel this way. You are not alone if you have these thoughts. Research shows that the majority of people feel like an imposter at some point in their life. The feelings can be there all the time, or they can come and go. Self-awareness is the first step to combat imposter syndrome The thoughts we are having in life affect our emotions, our bodily sensations, and our behaviours. I’m going to get straight to the answer, you can change how you think. Despite having around 60,000 thoughts a day, we are not our thoughts! Meditation is one practice that is very helpful in allowing us to sit in the present moment and objectively observe our thoughts without reacting to them. In the case of imposter syndrome, you may be in a big important meeting and a thought, ‘I am not as good as my colleagues’ emerges. You are likely to feel anxious or worried. Your heart may beat faster. You may feel butterflies in your stomach. You may blush if asked a direct question. As a result, you may withdraw inwards and not speak up with your insight or concern. You may be afraid to ask the questions you would like an answer to. It is often the emotion we notice first, and it is the strength of the emotion that can determine how much you believe the thought. But imagine if these automatic negative thoughts, often arising from our underlying core beliefs and assumptions and attitudes did not emerge, or if they do you would be able to reframe them? Think how much better you would feel. We can catch our thoughts and choose to react to them in a different way. It will take effort however we can break lifelong habits, and we can change our own belief system to something new. Confidence comes from courage. The courage to be imperfect, to take positive actions, one step at a time to retrain our brains and change and create new neural networks that work for us not against us. Creating new unconscious habits takes time. It will be a daily practice to train the mind ‘muscle’ to perform better and stronger, but it will be worth it to see an improvement in your mental...

You are a newly appointed CFO. You need to take a view of whether your finance function and the finances systems you use are appropriate. Matt Benaron joins the GrowCFO Show to show you how to create a finance function blueprint during your first 100 days in post. About Matt Benaron As Director and Co-founder, Matt Benaron leads the VantagePoint consulting team by drawing upon his extensive experience implementing finance solutions across multiple sectors. He is a CIMA-qualified chartered accountant with comprehensive experience across varying finance systems as a solutions architect. How do you start to create a finance function blueprint? Once you have secured your first CFO role you will need to act quickly. The first 100 days in your new role are critical. During that time you will need to assess your finance function and determine what needs to change. You need to have a finance function blueprint that you can use with your team and the rest of the business to signpost the way forward. Its likely you will need to implement change, and the finance function blueprint will set out the vision, the indicative solution, the roadmap, and the funds needed to change. You will need to go through several steps in those first 100 days. Matt takes us through those one by one. We cover two key modules from GrowCFO's Future CFO programme: Module 8 Take over the finance function, and create a blueprint for your own teamModule 9 Create your identity, The first 100 days Be clear on business strategy Your finance vision must align to the overall strategic objective of the business. So start with CEO, the rest of the c-suite and the board, There may be a written strategy and objectives for the business. But its not unusual for that not to exist. Even where a strategy exists then the interpretation of it may not be universal across the whole top team. Find out what the real objectives are, and make sure you have alignment. Often the objectives aren't clear, or incomplete, so work with the board to understand what the objectives really are. You need everyone bought in from the start. Translate business strategy into a vision for finance Take a view on what the strategy means for finance. What do growth targets or geographic expansion targets mean for finance? How big is the company going to be? Will transaction volumes change significantly? How many currencies will you deal with? Is there a move to different channels? Will finance need to integrate with new things? Get your team on board with the finance function objectives Engaging with your team early on is extremely important. You need them to be bought into the solution. Communicate often. Think about catch phrases and themes, make sure they start using the language you do. They need to understand their role in the change. Listen and engage with your entire finance team. Ideally one on one. Surveys and interviews work well. Find out what works well and what doesn't. They will be able to give you a lot of the detail that will help you formulate the finance function blueprint. There will be other key pieces of information easily to hand. Look at past audit reports and similar documents, they will give you clues about some of the issues you will need to address. Engage with the rest of the business Ask the rest of the business about finance. These people are your customers and will give you a great perspective of how well you serve them. A significant part of your job is raising the perception of finance in the business, so understanding what they need from you will start this process. The customer of finance will tell you about issues your own team won't. lots of issues for finance start in other departments, and finance causes issues for the rest of the business. You will need the whole of the business bought into your finance function blueprint, not just your own finance team. But remember to put the customer first.

Hannah Munro is managing director of Itassolutions and host of CFO 4.0 Podcast. Hannah has over 10 years experience helping CFOs drive finance transformation and reshape finance functions. We look at what you need to do as a CFO to lead a successful finance transformation There are three elements to finance transformation: People, Process & Systems Hannah Munro has a background in analytics and process design and not in technology She believes that the key to a successful transformation is to make sure you don't concentrate solely on the technology. You can have the best technology in world, but if you don't have good processes and motivated people then your project won't get anywhere. Finance transformation is driven with a good change process If you want to deliver a successful finance transformation then you need to understand how to lead change. John P Kotter outlines an 8 step process in his book leading change. The 8-Step Process for Leading Change was cultivated from over four decades of Dr. Kotter’s observations of countless leaders and organizations as they were trying to transform or execute their strategies. He identified and extracted the success factors and combined them into a methodology, the award-winning 8-Step Process for Leading Change. Create a sense of urgencyBuild a guiding coalitionForm a strategic visionEnlist a volunteer armyEnable action by removing barriersGenerate short term winsSustain winsInstitute change If you want to find out more about Kotter here's a great article Create a sense of urgency for finance transformation A sense of urgency or a burning platform needs to underpin all change. If you don't have a burning platform for making your finance transformation then its unlikely to happen. Recently we've seen remote working mean on premise accounting solutions are no longer viable. This has given an urgency to adopt cloud based systems. If you want to transform then something needs to motivate change. Ask yourself whats driving the urgency? If you have no urgency you will have no motivation. Sometimes that lack of urgency means necessary change doesn't happen. In the podcast Kevin recalls his employer growing by acquisition but failing to consolidate the back office. Once the need to consolidate became urgent it was too late to do it. The business was already losing too much money and collapsing fast. Build a Guiding Coalition that extends beyond finance You might be transforming finance, but you need to look further. The problem often sits outside finance. Make sure there is representation from across the business, not just from the finance team. You will likely have to change processes that significantly impact on the way your finance team operates. Many of those processes won't be owned by finance and will be driven by the rest of the business. You can start by identifying capable, influential, and critical allies from across your business. These people are your change oversight team. Make sure finance transformation aligns with a strategic vision Build a picture of what the future looks like after the finance transformation is implemented. Your picture of what the organisation can become is both a future that looks appealing and sensible. If it isn’t, then it will be hard for the leaders to sustain commitment to the change effort. In this step, you must maintain a balance between setting organisational direction independently and collaborating with the guiding coalition. A strategic case for change is a key element of any business case. Poor finance solutions can hinder the wider business strategy. The system you choose for finance needs to enable wider business processes so you need to ensure the technology is a strategic fit with other business systems. Enlist a volunteer army Can you communicate your vision effectively? You must capture the hearts and minds of the employees and managers who are necessary to imple...

Today I explore the CFO mindset with Tony Shafar. Tony is an executive coach. He coaches business leaders and in particular people in senior finance roles. Tony believes that for most the technical abilities needed to do the job are taken for granted, but these only account for a small part of what makes a successful leader. The rest is mindset. We explore how the wrong mindset can undermine you, and how to address the problem. About Tony Shafar After studying Accountancy and Business at Strathyclyde University, Tony qualified as a Chartered Accountant working for Grant Thornton in Glasgow. Upon qualification, he moved to the London office specialising in Corporate Finance. Tony's career progressed through senior finance roles at Morrisons and Virgin Media. He then spent 10 years working as a Finance Director for Ogilvy where he was a key member of the senior management team, managing the P&L, negotiating with clients, and working alongside the CEO managing staff and other key stakeholders. Tony realised being a finance director with a large corporate was no longer fuelling his passion, and he changed direction to become a coach alongside a role as a portfolio CFO for a number of smaller organisations including owner managed businesses and technology start ups. He enjoyed taking on a broader role, not only including managing the finances and helping with fund raising but also having operational responsibilities in helping manage the business. Whats the issue with CFO mindset? The technical aspects of the job are taken for granted, you have a good no2 producing numbers for you. The mechanics are 15% of the job. The rest is mindset. Its such a big part of the role you have to get it right. Most of the time Tony's role is to help people get clarity on what's holding them back. Discover what this is and you have the key to creating the right mindset for success. Mentoring and coaching can really help you. An experienced mentor can help you navigate the diverse challenges your role gives you. If mentoring interests you then GrowCFO can help, and you can find out more here. Uncertainty is the biggest problem Do you ever say to yourself: “ I’m not experienced enough to get that promotion” “I can’t let people know that I’m struggling with this as they will see me as incapable and not up to the job” “ I would like to take on that assignment but I’m worried that I might fail” These negative, fearful thoughts are not uncommon and come from limiting beliefs, embedded in your mind. They have been built up throughout your life. They are determined by many factors including experiences of the past and what people said you could or couldn’t do. Is this common amongst finance leaders? Lots of Tony's clients talk about uncertainty and fearful thoughts when making key decisions. This uncertainty stops them taking the next step, even when that step is something they really want. You might be a financial controller wanting to progress to CFO. You don't know whether you can do the role. This is because you have never done it before. Uncertainty leads to doubt about whether to apply for role and inaction or procrastination. Procrastination leads to unhappiness as you aren't getting fulfilment.The more senior the role the bigger the problem, so CFO mindset is vital. how do you encourage someone to push through? You must identify the real underlying fear thats holding you back. What's stopping you taking the next step or making the key decision? Its usually uncertainty and your natural tendency to avoid risk. By accepting a limiting belief, it will become your reality, so once you hear the negative critic in your head, call it out, and ask yourself something which may question your limiting belief and help move you towards your solution as opposed to focusing on the problem. Good questions to ask yourself include: “Do I really know this to be the case or am I assuming it?

Your first CFO role will involve a big step change in responsibility and take you right to the edge of your comfort zone and beyond. You need to stay resilient in order to survive. Dr Russell Thackeray is a psychologist and psychotherapist who specialises in resilience and frequently coaches c-suite executives. He shares his expertise on the GrowCFO Show Dr Russell Thackeray started his career as a professional musician before a career in sales and marketing. he has been CEO of a law firm and founded a major training business. These days he operates an organisational development consultancy and coaching business. He has worked with a diverse range of organisations including Central and Local Government, the National Health Service, Mercedes Benz, GKN, The Guardian, Hyundai, QinetiQ and Asda as well as for Private Equity and Venture Capitalists. As an entrepreneur, he has grown a number of organisations and has worked in the investment space with a number of UK Private Equity companies, including some major UK universities, to help them build the best people to ‘ramp up’ their investments. He is also a non-executive director of a number of digital businesses including lifestyle transformation and cruise travel companies. Is it difficult to stay resilient in your first CFO role? Russell believes there are many challenges faced by the first time CFO that will call upon the new CFO's resilience. As a new CFO you have been working hard to land your first chance to do the top job. You have aspired to the role for a long time, but its a massive step up. The fight to win the job was tough, but it's only the start. Now the really hard work starts, so yes its going to take all the resilience you have in order to survive and then thrive. Russell identifies two possible scenarios Scenario 1: You rise to the new challenge, and perform well. but find it really stretches you and overwhelm comes from the volume and variety of work you need to undertake and the need to operate at a whole new level Scenario 2: You perform poorly, you struggle with the huge range of new skills needed to do the top job. You were comfortable as head of the finance function, but the new role is a million miles from your comfort zone. You struggle to deal with your new senior colleagues, and overwhelm gets the better of you. How do you stay resilient in Scenario 1? A major issue in scenario 1 is that your personal time gets squeezed. You have little time to do personal development and your own training goes out the window. Your wellbeing is at risk from the overwhelm of your new responsibilities. To stay resilient you must: Learn to leave behind the job you did before, you can't afford to hang on to the safety security & comfort of the finance functionIf your new job is in the same company then make sure you have replaced yourself with a great number 2If your new job is in a different company then make sure the team around you is strong and capable to support youYou can't be the outward face of the company while still looking inward, so you must be ruthless and jettison what you brought with you.Avoid the familiar, throw yourself into the stuff you aren't good at. You will become good at it in time.You need a good mentor. We discussed mentoring in episode 5 of the GrowCFO Show Don't be afraid to ask for help. Asking for help isn't a sign of weaknessFind the natural rhythm of your job. The regular requirements of the job won't be apparent at first, you need time to settle in.Let your team do the technical stuff, you don't need to be the expert in everything How do you stay resilient in Scenario 2? The issue is you have bitten off way more than you can chew. You are drowning. You don't have all the skills to do the CFO role. Maybe you have been over promoted and shouldn't be doing the job. There's actually no harm in admitting this if it is the case. Not admitting it can be more dangerous,

There are many different ways to become a CFO. In this episode of the GrowCFO Show Kevin Appleby explores the seven main routes to that top job with GrowCFO founder Dan Wells. We discuss which route is best. We look at the advantages and disadvantages of each. Then we conclude by looking at what help and support you might need depending on which route you take. The road to becoming a CFO isn't a straightforward one. Generally when recruitment agencies are engaged to find a CFO they are looking for experience. Most of the time their ideal candidate will already be a CFO. So if that is the case then how do you get that elusive first CFO opportunity? Fortunately using a recruitment agency isn't the only way to secure a CFO role. You have  a few other options. Dan Wells talks us through 7 different routes to the top job. We look at the pros and cons of each. 1) Become a CFO through internal promotion In our survey earlier the year 52% of GrowCFO members who replied felt that an internal promotion is the best route to securing your first CFO role. This allows you to build your knowledge of the company’s industry and products. You can develop your relationships with key internal stakeholders and grow into the role. There are downsides to this route. You may be typecast into your previous role and some people may not truly recognise you as the CFO. Its also possible to get held back by still having to perform your old role. If you choose this route its vital that you recruit a good number 2 to support you and backfill your old job. 2) Take a role as CFO in a start up Joining an early stage company as their new CFO is one of the most effective routes for landing your first CFO role.  24% of our survey responses suggested this was the best way. This involves leveraging your experience of working in a more complex scaled up business in order to become an attractive CFO candidate at a smaller company. The fast growing start up will certainly challenge you. It will stretch you right to the edge of your comfort zone and beyond. You may feel very lonely with little support as you are likely to be the only qualified accountant in the business. If you find yourself as a first time CFO in a startup then some of the best advice is to find a good support network. A mentor who is an older much more experienced CFO might be essential to your success. 3) A startup financial controller will often grow into a CFO A good number of people suggest joining a start-up company as their Financial Controller. The FC will lead the finance team and can grow into the CFO role as the business scales.  Many finance leaders have taken this approach. It provides you with the opportunity to take on more responsibility, learn new skills and impress your employers. However you take a risk. The company may fail to achieve its growth target and your role doesn't evolve.  You might not be first choice for CFO. The business recruits another candidate into a future CFO role ahead of you. 4) Become a CFO via a divisional FD role A divisional FD role can carry a huge amount of responsibility and expose you to many of the skills a future CFO will need to demonstrate. It's likely that this role can give you board experience, and you will be required to support the overall CFO of the organisation. The divisional FD role at a larger company to be a good progression towards a future entrepreneurial business CFO role.  Divisional FDs typically develop a range of relevant skills. These might include data analysis, operational activities and strategic initiatives. Chances are you will need to change employer to progress to CFO, so the downside is you will be up against some very experienced candidates in the job market. 5) Be a part time of portfolio CFO You might consider becoming a part-time FD for smaller companies. This way you can gain the necessary skills and experience to progress into a future CFO role.  Historically the portfolio role has been the preserve of CFOs ...

David B Horne is a CFO who has written a best selling business book, "Add then Multiply". The book describes his FACE methodology for growing and exiting a business, and is great reading for CEOs and CFOs alike. He trained as a chartered accountant with PWC in Canada. Because he can speak fluent German, he wanted to work in a German-speaking office and so he went to Switzerland. From there, he got offered a job by his biggest clients and then transferred with them to London. These days he works as a portfolio CFO advising clients undertaking major transactions. Add then Multiply David B Horne is a CFO who has written a best selling business book. His book "Add then Multiply" was published in July 2019 and went to no. 1 on Amazon. In March 2020 Add then Multiply won the business self development category at the  business book awards. You can buy Add then Multiply on Amazon Who is Add then Multiply for? CEO's and CFO's who want to fundraise and grow quickly through acquisition. Are you frustrated by the challenges of growing your business organically? Have you ever wondered if there was a way to grow exponentially? Fast? There is a better way but you’ll need to break a few rules in your thinking about business. This book shows you how. What Add then Multiply all about? Add then Multiply describes David's FACE methodology: Fund Acquire Consolidate Exit The FACE methodology is about getting step-by-step exponential growth in your business. It's about selling and buying businesses for growth and development. F is for Fund This is all about the process by which you raise money. How do you go about doing that? What do you have to prepare and what are the different types of investors (family and friends for early stage, angels, and then more institutional means like venture capital). A is for Acquire Acquire within David's framework is for more established businesses who want to scale up. The fastest way is through acquisition. David wrote many case studies for this in his book. The key point is that, if you've never done this before, don't try do it on your own. There are minefields out there. You need professional people who know what they're talking about there with you. C is for Consolidate Putting two businesses together. The key challenges are values and culture. The value destruction that comes after a small company and big company are acquired and merged is almost like night follows day for some. But, David does have some examples where it worked. E is for Exit Realising your dreams. Begin with the end in mind. A lot of entrepreneurs start off because they've never really though about their 'why' and the drive that pushes you in your endeavours. David shares his advice for first time CFOs David's first CFO role was in a very acquisitive PR group. He learned a huge amount about fast growth through acquisition in. a cash rich company. He learned many other lessons in a big step up from a no2 role Listen to advice from peers or coaches and mentors. We explored the importance of this on a previous episode of the GrowCFO Show The need to form strong relationships with the rest of the c-suite. David found he needed to change his attitude to many people. He learned to say sorry and apologise for behaving badly. This leads to gaining trust and the ability to work collaboratively. Some of these relationships can last through an entire career, and usually they are the relationships you might thin are the least important at the time. The importance of networking. People can introduce you to people. Relationships are really important. David & Kevin first met via LinkedIn to record an episode of "The Next 100 Days Podcast" Fundraising during Covid-19 David is fundraising right now. There's money still there, but it's a little harder to access. Funders are looking closely at valuations, and looking at risks of recession. Some funds couldn't invest early in 2020, so to some extent deals that weren't done are now bei...