2min snip

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“Partnering & Chill”: Netflix’s first CFO on Blockbuster FP&A

FP&A Today

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Bad Budgeting

  • One bad budgeting practice expects a single person to produce all the numbers.
  • This creates a culture where departments don't own their numbers.
  • A common scenario is where finance is blamed for problems because department heads say they didn't sign up for the budget numbers.
  • The speaker learned to partner deeply with department heads, becoming their right-hand partner in finance rather than a 'corporate policeman'.
  • This helps department heads own their numbers, and the budgets flow more naturally.
  • Another takeaway was the 'aha moment' of realizing that many department heads lack financial knowledge and want finance to do everything for them, which is detrimental to everyone.
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