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@P2Binvestor
P2Binvestor
How to become a strategic financial leaderMay 18, 2017
1P2Binvestor |
@P2Binvestor
The death of traditional finance
14%
41%
45% Traditional
finance
Specialty finance
Other
2
Areas where CFOs spent the most time in the last 12 months
• Strategicleadership• Organizational
transformation• Performance
management• Capitalallocation• Bigdata&analytics• Financecapabilities• Technologytrends
(e.g.,digital,cybersecurity,IT)
• Otherfunctions(e.g.,riskmanagement,procurement)
Data from: http://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/are-todays-cfos-ready-for-tomorrows-demands-on-finance
@P2Binvestor
Presenter
3
AlyshaN.Cooke,CPAVPofFinanceP2Binvestor
Alysha finds she is teased about being a "numbers nerd", which she admits is marginally true. While she never dreamed of being a CPA as a child (as so many children do...), she has found a career in accounting and finance to be continually challenging and rewarding. She believes that accounting and finance are truly the language of business, and she enjoys the opportunity it provides to learn about all facets of business.
In her roles as VP of Finance and Board of Directors Secretary/Treasurer at P2Binvestor, Inc., a Denver-based marketplace lender, Alysha works not only to ensure the numbers are accurate, but also to ensure they form the basis for making informed business decisions. Her previous experience at Deloitte & Touche, LLP and the Governmental Accounting Standard Board helped shape the way she views financial information for organizations in various stages of business and across multiple industries. Her key areas of expertise include: derivatives and hedging, revenue recognition, debt vs. equity, forecasting, and—like any true numbers guru—Microsoft Excel.
Outside of work, Alysha enjoys hiking (only 13 more Colorado 14ers to go for her to climb all 58), playing with her Golden Retriever named Summit, skiing, and continually learning about various spiritual topics.
https://www.linkedin.com/in/alyshacooke
@P2Binvestor
The (not-so-secret) secrets of becoming a strategic finance leader
4
Youmaybeworkingharderthanyou
should
KnowwhentobeaLincolnandwhento
beaChurchill
ThelessonswecanlearnfromCurious
George
ButwhatifpigsDIDfly?
BeyourownMVP
Delegateyourworkload
Fine-tuneyourcommunication
skillsBroadenyour
scopeHaveaplanB(and
C)readyThinklikea
strategicadviser
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You may be working harder than you should
5
what
• Recurring,repeatableprocesses,potentially:
• Financialreportingschedules
• KPIcalculations• Payrollprocessing• Ifyouwereona
desertisland,whatdoyoucriticallyneedtoknow
why
• Freeupyourtimetomakeroomformorestrategicactivities
how
• DelegateandElevate*• ConsultantstowriteSOPs• Deepdiveonfinancial
systems
*EOSWorldwide
@P2Binvestor
Tool: Delegate and Elevate*
6
Step1: Defineyour100%________________________________________________________________________________________________________________________________________________________________________________________________
Step2:Determineifyou’reovercapacity________________________________________________________________________________________________________________________________________________________________
Maximumnumberofhoursyouwanttoworkandremain
balanced
Timeitwilltakeyoutodoeverythingyou
needtodowell
Step3:TimeinventoryDay Activity Amountoftime
5/1 Month-endclose 5
Accounting policyresearch/updates 2
1:1meetingwithstaffmember 1
5/2 Month-endclose 5
Debtcovenantreporting 2
Budgetanalysis 2
5/3 Taxcompliance/reporting 4
Modelnewpricing 2
Budgetanalysis 3
5/4 Project:transition 5
Assessnew contract 2
APprocessing 1
5/5 BODprep 3
Debtcovenantreporting 2
*https://blog.eosworldwide.com/blog/789/eos/business-leadership-steps-help-you-delegate-and-elevate/
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Tool: Delegate and Elevate*
7
Step4:FillintemplateLove/great
______________________________________________________________________________________________________
Like/good______________________________________________________________________________________________________
Don’tlike/good______________________________________________________________________________________________________
Don’tlike/notgood______________________________________________________________________________________________________
Step5:Delegateandelevate________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*https://blog.eosworldwide.com/blog/789/eos/business-leadership-steps-help-you-delegate-and-elevate/
Identifywhatactuallycanbe
delegated
Identifyifthereareanysuperfluous
activities
Determineplanfordelegating
@P2Binvestor
Know when to be a Lincoln and when to be a Churchill
8
what
• Knowyouraudience• Backgroundwith
thetopic• Whattheyactually
needtoknow• Top20%• Practice
why
• Criticaltobeabletocommunicatethefinancialhealthofyourcompanyinaclear,conciseway
how
• Executivepresencecoaches
• Bothpublicspeakingandconversationalspeakingworkshops
• Yoursmartphone• Makepeopleawareofthe
thingsyouareworkingonandaskforfeedback
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The lessons we can learn from Curious George
9
what
• Knowotherdepartmentswithinyourbusiness
• Whataretheirstruggles?
• Whatproblemsaretheytryingtosolve?
• Canyouhelpsolvethoseproblemswithfinancialdata/analysis?
why
• Catapulttheentire businessforward
how
• Networkingplan• Knowyourteam’s
strengthsanddesires
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Tool: Networking plan
10
Step1:Interestinventory Step2:Peoplefinder Step3:Actions____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Interest Priority
Salesfunnel 1
Spread/pricing 2
FinTech charter 3
R&D 4
PPCadvertising 5
Interest Potentialcontact Connection
Salesfunnel
KimJones,VPofSales
1st
TedFrank,VPofMarketing
2nd (throughKimJones)
NickO’Connor,CROatABC
Sawapresentation,need intro
Identifywhatactivitiesyouwanttotake,for
example:• Onelunchpermonth
withsomeonenew• Onehourperweek
sendingemailstostayintouchwithcurrentcontacts
• Attendoneneworganizationgroupmeetingaquarter
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But what if pigs DID fly?
11
what
• Alternativescenarios• Triggers
why
• Giveyoutheabilitytomovequickly
how
1. MultiplescenariosagainstplanA
2. Createbandsofpossibleinputsforvariouskeydriversandassumptions
3. Determinewhichdrivers/assumptionsarecontrollable
4. Assess“pointofnoreturn”andwhichmetricsareindicatorsofthatpoint
@P2Binvestor
Know and be your own MVP
12
what
• Spendtimethinkingaboutthebusinessasawhole–notjustthefinancedepartment
• Solicitfeedback• Holdyourselfaccountable,
notjusttothenumbers,buttotheperformance
why
• Matchothers’perceptionstotherealitythatyouareastrategicleader
how
• Setasidetimeonyourcalendar• Examplesofhowyoucanbe
impactfultootherdepartments:• Marketanalysisandrisk
reduction(customeracquisition)
• Channelanalysisandstrategy
• Pricinganalysisbycustomercohort
• Salesincentiveplans