GrowCFO Show

As finance leaders, we are always looking for ways to help our businesses grow. But in order to grow, we need to have a clear strategy in place. Without a strategy, it’s difficult to set goals and measure progress. And without communication, it’s impossible to get everyone on the same page. That’s where strategy software comes in. Strategy software helps you document your strategy and communicate it effectively to everyone involved. In this episode Tom Ricca-McCarthy, Co-Founder at Lucidity joins Kevin Appleby. We talk about how to build an effective strategy and how the Lucidity software app can support you in documenting and communicating the strategy. There are many benefits of using strategy software. Perhaps the most important benefit is that it helps you document your strategy. This is crucial because a documented strategy gives you a roadmap to follow as you execute your growth plans. It also allows you to track your progress and make changes as needed. Another important benefit of strategy software is that it helps you communicate your strategy effectively. This is essential because, without communication, it’s impossible to get everyone on the same page. Strategy software makes it easy to share your strategy with your team or stakeholders and get their feedback. This way, you can ensure that everyone is on board with your growth plans. Tom relates the story of needing to present the strategy for his own business and everything he needed was scattered across a whole collection of slide decks, spreadsheets and word documents. Lucidity was born out of the need to have a single place to document and then communicate everything to do with the strategic plan. GrowCFO is running quarterly strategy bootcamps. In a series of workshops over the course of a week we help you get to grips with building a strategy for your business and documenting it using Lucidity. There’s a link below if you want to find out more. Links Tom Ricca-McCarthy on LinkedIn Kevin Appleby on LinkedIn Find out more about Lucidity strategy software The GrowCFO Strategy Programme Join a GrowCFO Strategy Bootcamp Timestamps 01:23 About Tom Ricca-McCarthy 02:50 Putting a turnaround strategy in place in one of his former companies 04:12 The idea for Lucidity 05:44 Strategy is a broad activity using lots of different tools 08:30 Why you need everything in one place 10:18 SWOT, PESTLE, 5 Forces scattered across multiple documents 14:07 Its not just the analysis, it’s about executing the plan too 14:31 Tracking the KPIs and milestones 16:30 Scenario planning 17:45 GrowCFO strategy bootcamp 23:17 The CFO strategy survey 25:30 The communication challenge 28:23 Stop Start Continue 30:06 A single source of the truth 34:21 What’s next for Tom and Lucidity? 38:30 A balanced set of objectives and OKRs 44:48 The strategy execution gap

How Can CFOs Use the P = Potential – Interference Formula to Boost Team Performance? CFO Julian O’Neill uses the principle of Performance = Potential – Interference (P = P – I) to unlock greater productivity and mindset shifts in his finance team. By identifying and reducing internal and external interference — from negative thoughts to environmental distractions — finance leaders can help teams perform at their highest potential. This episode explores how to apply the formula in real-world leadership and personal development. In order to achieve success, you must remove any interference that stands in the way of your potential. This is the principle of performance = potential – interference, or P=P-I for short. This equation is a simple but powerful way to think about success and how to achieve it. In this episode, Kevin Appleby is joined by Julian O’Neill and we look at how Julian uses P=P-I every day to get the best out of his finance team and others that work with him. We discuss the factors that contribute to interference and how you can eliminate them to reach your full potential. Interference can come from many sources. It can be external, such as the people and environment around you, or it can be internal, such as your own thoughts and emotions. Both types of interference can prevent you from reaching your potential and achieving success. External interference is often beyond your control. You may not be able to change the people or circumstances around you, but you can control how you react to them. Internal interference is entirely within your control. Your thoughts and emotions are yours to choose from, so make sure they are positive and supportive of your goals. Whenever you find yourself facing interference, remember the P=P-I equation. Performance = Potential – Interference. Eliminate the interference and reach your full potential. You are capable of great things. Go out and achieve them. Julian O’Neill is CFO of Ardent Hire Solutions and previously appeared on episode 81 of The GrowCFO Show where he described his career path to his current CFO role. Links Julian O’Neill on LinkedIn Kevin Appleby on LinkedIn Episode 81 My journey to CFO with Julian O’Neill 168 Hours: You Have More Time Than You Think by Laura Vanderkam on Amazon UK and Amazon USA Timestamps 01:02 What is P=P-I 04:35 Examples of things that cause interference 08:45 Start Stop Continue 10:10 The importance of “Stop” and making space for new things 11:12 168 Hours by Laura Vanderkam – Do an audit of how you use your time 11:40 Getting rid of unnecessary tasks and meetings 16:00 Long hours at work are counterproductive 19:11 The need to be flexible with time 22:12 Finding space to think 26:00 What defines potential? 28:41 Most people dont show up to do a poor job 30:30 Sensing when somebody isn’t quite right 32:28 The complication of working remotely

Do you have a strategy? If so, congratulations – you’re ahead of the curve. Many businesses don’t take the time to develop a strategy, and as a result, they struggle to achieve their goals. But having a strategy is only half the battle; the other half is making sure that your strategy is executed properly. In this blog post, we’ll talk about how to close the strategy execution gap and turn your plans into results! Benjamin Wann is an expert at closing the strategy execution gap. He is a CPA and has written several books, including Getting Shit Done: The No-Nonsense Framework for Closing the Strategy Execution Gap which is the subject of this episode of The GrowCFO Show. The strategy execution gap is the difference between where a company wants to be and where it actually is. This gap can be caused by a number of factors, including unclear goals, inadequate resources, and poor communication. But regardless of the cause, the result is always the same: Your company isn’t achieving its full potential. So how can you close the strategy execution gap? Here are a few tips: Define your goals clearly. If your employees don’t know what they’re supposed to be working towards, they can’t possibly achieve it. Make sure your goals are specific, measurable, attainable, relevant, and time-bound (SMART). Allocate the necessary resources. Your strategy won’t get very far if you don’t have the people, money, and time to make it happen. Communicate, communicate, communicate. Make sure everyone involved in your strategy knows what their role is and what they’re supposed to be doing. regular check-ins will help keep everyone on track. Be flexible. Things will inevitably change as you’re trying to execute your strategy. Be prepared to make adjustments along the way. Closing the strategy execution gap can be a challenge, but it’s worth it. By taking the time to implement a solid strategy, you’ll ensure that your business is able to achieve its full potential. Listen to the full episode. We dive deep into these points and many more. Links How GrowCFO can help you build and execute your strategy Getting Shit Done: The No-Nonsense Framework for Closing the Strategy Execution Gap on Amazon UK and Amazon US Benjamin Wann’s other books on Amazon UK and Amazon US 168 Hours: You Have More Time Than You Think by Laura Vanderkam on Amazon UK and Amazon USA Benjamin Wann on LinkedIn Kevin Appleby on LinkedIn Timestamps 01:02 Introducing Benjamin Wann 02:46 Everything in life is a project! 03:15 Ben’s books 06:22 Getting Shit Done 08:15 You have designed the strategy. What comes next? 08:42 Many organisations don’t actually have a strategy 10:57 In its most basic form, what is a business strategy? 12:09 The strategy execution gap 13:57 Who does what and by when? 16:39 Time is limited. How do you prioritise? 17:16 168 Hours by Laura Vanderkam 19:47 Mindset for achieving the milestones you need to reach 23:10 Napoleon’s army and empowerment 23:47 Strategy lessons from the US Civil War 24:54 The need for flexibility in the plan 26:48 What gets measured gets done 28:00 Rats in Hanoi: Why linking measurement to reward can be very dangerous 31:44 It’s all about communicating effectively 35:00 Use e-mail properly 36:19 Create the right culture 40:00 The role of the CFO in strategy execution

Strategy is the backbone of any successful business. Without a strategy in place, it can be difficult to make decisions and achieve your goals. Many CEOs try to implement the strategy on their own, but this can be difficult if you don’t have the right tools and resources. In this episode, we will discuss how to embed strategy in your business and make sure that it is a part of everything that you do! The strategy should be embedded in every facet of your business, from the way you set goals to the way you communicate with customers. By embedding strategy into your business, you will be able to make better decisions, achieve your goals, and improve your overall performance. There are a few key steps that you can take to embed strategy in your business: Define what strategy means for your business Without a clear understanding of what strategy is, it can be difficult to implement it effectively. Take some time to sit down and define what strategy means for your company. What are your goals? What are the most important things that you want to achieve? Once you have a good understanding of what strategy is and what it means for your business, you will be able to start embedding it into your operations. Make strategy a part of your decision-making process One of the most important ways to embed strategy in your business is to make it a part of your decision-making process. Whenever you are faced with a decision, big or small, take some time to think about how it will impact your strategy. What are the risks and opportunities associated with this decision? By taking the time to consider these things, you will be able to make better decisions that align with your strategy. Communicate your strategy to everyone in your company It is important that everyone in your company is aware of your strategy and knows how it affects their day-to-day work. Hold strategy meetings, send out regular emails or memos, and post your strategy on your company’s intranet. The more people that are aware of your strategy, the more likely they are to help you achieve it. These are just a few of the ways that you can embed strategy in your business. We talk about much more in the episode, so listen in and find out more. Susana Serrano-Davey is an experienced CFO and a member of the GrowCFO professional mentoring team. If you are interested in having Susana as a mentor then please get in touch using the link below. Kevin Appleby is GrowCFO’s business strategy mentor and runs the GrowCFO Strategy Programme. Links How GrowCFO can help you build and execute your strategy Mentoring at GrowCFO with Susana Serrano-Davey Susana Serrano-Davey on LinkedIn Kevin Appleby on LinkedIn Timestamps 01:30 What is strategy? 03:55 How do you go about building and deploying a strategy? 04:01 Three typical scenarios 05:28 What about the business that’s in trouble and needs a turnaround strategy? 08:04 What does the CFO need from the strategy? 08:59 The objectives are clear, but how do we achieve them? 09:50 The power of a simple SWOT analysis 12:32 Achieving a balance between growing revenue and cutting cost 13:42 The role of the Zero-Based Budget 17:24 The need to be constantly aware of new challenges and adapt the strategy 19:34 The danger of not implementing change in the good times 21:53 The difficulty of restructuring when the business is losing money 24:34 Strategy and the high growth business 26:38 The CFO as the challenger of strategy 28:07 Measuring the right things and understanding cause and effect 30:02 What are the 3 or 4 most useful tools to use?

How Did Jimmy Vassilas Go from Big 4 Auditor to CFO of SantéVet? Jimmy Vassilas’ journey from audit to CFO is anything but linear. In this episode of The GrowCFO Show, he shares how strategic horizontal moves, international assignments, and a deep focus on tech shaped his career. From qualifying as a Canadian Chartered Accountant at Deloitte to rising through Autodesk into CFO roles at Receipt Bank, Zappi, and now SantéVet — Jimmy’s story shows that agility, openness to change, and strong FP&A skills are essential ingredients for modern CFO leadership. Jimmy Vassilas started his career in Montreal, Canada. He qualified as a Canadian Chartered Accountant with Deloitte majoring in high tech and telecoms. High tech has remained the focus of his career ever since. Jimmy’s CFO roles include Receipt Bank; Zappi; and most recently SantéVet. Jimmy joined Autodesk and then moved to Europe temporarily to cover maternity leave. The person on maternity leave never returned to work and Jimmy never returned to Canada. In the episode, we reflect on how unexpected things like this often have the biggest impact on your career path. His journey takes him from external audit to internal audit. Subsequent job changes take him into FP&A and several senior management roles. Jimmy achieved many of these by moving horizontally rather than vertically within Autodesk, eventually becoming Autodesk’s finance director. Links Jimmy Vassilas on LinkedIn Kevin Appleby on LinkedIn GrowCFO CFO Competency Framework Find out more about becoming a CFO Timestamps 01:21 Jimmy’s early career in audit 05:35 Internal audit to FP&A and 17 years in Autodesk 07:35 Are horizontal moves worth taking? 08:49 The 9 competencies of a CFO 09:29 The number one complaint CEOs have about CFOs 11:26 Is 17 years too long in a single organisation? 14:00 So why leave after 17 years? 16:07 Becoming CFO in an organisation funded by venture capital. 19:04 SantéVet and a move to France 20:46 The challenges of being CFO in a high growth tech company 21:49 The importance of shared values within the business 23:11 The importance of being a business partner 25:00 What’s the best advice you would give somebody at the start of their journey? 29:00 The importance of networking and maintaining connections

Richard Haywood left school at 18 and started work as a trainee accountant in a manufacturing business. He studied for the ACCA qualification on day-release. His route to qualification took 5 years and he moved to become a financial controller in the record industry at a time of huge change from vinyl to CD. His challenge, keep his manufacturing unit viable and one of the last vinyl production facilities operating. Polydor Records gave way to the Mecca Organisation. Richard became responsible for the finances of nightclubs; bingo halls and restaurants. It introduced him to the world of mergers and acquisitions. A move to CFO soon followed. Richard took a job in the Bahamas at a leisure park and Zoo. Not many people can say they have been CFO of a Zoo. Richard Haywood can! Back in London, Richard continued his career as a divisional CFO in several business units in BT Global Services before moving on to become CFO in a much smaller communications company. In the episode, we talk about the skills you need to deal with people. Those people range from trade unions to investors and board members. We talk about managing change and the advice Richard would give to a mentee or to a younger version of himself. Links Richard Haywood on LinkedIn Kevin Appleby on LinkedIn Find out more about becoming a CFO Timestamps 00:57 Starting accountancy training at 18, straight from school 01:57 The first job change 05:18 Changing the business model to survive; learning to manage conflict and deal with trade unions 08:42 Richard’s goal to become a CFO 10:00 Bingo Halls, Nightclubs and Restaurants; learning about M&A 12:48 How to move from manufacturing to entertainment 14:52 What makes a good CFO? 16:49 The skills needed to deal with investors and board members 20:31 Richard’s first CFO role. A Zoo in the Bahamas 27:05 Moving back to a Telco in London 26:17 Cost review of a Zoo 29:36 What advice would you give a mentee about managing change? 34:05 What’s in it for me? 37:07 What advice would you give a younger version of yourself?

Many people gain experience by changing jobs and moving between organisations. Tony Fossey took the opposite approach and forged his early career rising through the ranks in a single company. He joined Halliburton, part of civil engineering giant KBR when he left school in 1976 and remained in KBR for the next 29 years. Tony took advantage of the size of the organisation he joined to get a wide range of experience in both finance and commercial roles. He worked internationally in several different roles with increasing seniority. Tony is highly experienced and has operated at the CFO level for well over 20 years. He shares some great insights into what makes a good CFO and the type of experience a prospective CFO should seek out as their career progresses. Listen to the full episode to find out more Links Tony Fossey on LinkedIn Kevin Appleby on LinkedIn Find out more about becoming a CFO Timestamps 01:08 Leaving school and joining a finance team 03:02 Tony’s first commercial role 06:30 FD, CFO, and VP of Finance. Is there a difference? 07:56 The importance of a professional qualification 10:08 Length of time between qualifying and taking on a number one finance role 13:10 What makes a good CFO? 16:48 Working with the board and non-executive directors 19:30 Get away from your desk and out into the organisation 21:33 Developing a reliable number two 22:18 How often should you change jobs? 25:35 Where does Tony Fossey work these days? 28:54 The importance of having fun and enjoying what you do

Manu Gupta has acted as CFO of several high growth businesses including MyDrive Solutions, GridDuck, and Brisk. He shares his unusual journey to his first CFO role and becoming a board advisor. Manu isn’t from a traditional accountancy background. He started his career in sales. A finance-based MBA then took Manu into a career in management consulting. He chose to leave consulting and move to a startup. The startup needed a finance team ahead of a Series A investment. Manu’s job was to create that team. Manu regards himself as a generalist and really enjoys the variety of challenges the CFO role offers him. We talk about how to become sufficiently rounded to do all the things a generalist CFO needs to do well. We also examine Manu’s skills as a management consultant and understand how he applied those to be a dynamic finance leader. Manu talks about the attitudes and skills a modern CFO needs to bring to the role. He has much to share. Listen to the full episode to find out more, including passions and lessons learned that come straight from the cricket field!  Links Manu Gupta on LinkedIn Kevin Appleby on LinkedIn Find out more about becoming a CFO The CFO as co-pilot to the CEO Timestamps 00:59 How did you become a CFO? 02:35 From sales to finance 03:35 Manu’s mantra: “I find myself in places I’ve not been before” 04:36 Becoming a well-rounded generalist 05:00 An MBA in finance leads to a career in consultancy 06:10 Opportunity to work in a startup and create a finance team ahead of a Series A fundraise 07:16 Advantages & disadvantages of an accountancy qualification and background 09:22 Leveraging skills learned as a consultant 11:06 What attitudes and skills do modern CFOs need? 11:45 Being a business partner and helping others make decisions 13:36 How to engage with others 16:04 Managing your energy 17:13 Managing situations with customers 20:40 Working with the SLT beyond just finance 22:21 Acting as a non-exec alongside being an operational CFO 25:27 Having an impact 25:51 Ben Stokes – lessons from the cricket field 28:45 What are you passionate about? 31:31 The Godfather and the CFO

What Can You Learn from Julian O’Neill’s Journey from IT Director to CFO? Julian O’Neill’s unconventional route to CFO — via IT leadership and a brief stint as CEO — offers a powerful reminder that finance careers aren’t always linear. In this episode of The GrowCFO Show, Julian shares the pivotal decisions, career shifts, and lessons that shaped his path to CFO at Ardent Hire Solutions. His story shows how commercial experience outside of finance can set you apart and prepare you for executive leadership. It’s a very small world. As guest Julian O’Neill and host, Kevin Appleby discovered in the first few minutes of the episode. 20 years ago they both worked for PwC Consulting and were on the same client project in the Ministry of Defence. Before that, they were both accountants in manufacturing businesses. But since that brief spell working together their careers have been very different. Julian has operated at the board level for a number of big-name brands before taking up the role of CFO at a high growth start-up. Julian qualified as an accountant in industry. He then briefly worked as a management consultant. Next, his journey took him to IT Director and a number of CFO roles in divisions of large corporations. Julian joined Arcadia Group and ended up doing a commercial role. He stepped away from big brands and joined a startup as CFO, taking over as CEO when the original founder was forced to step down. After the sale of that business, he took on his current CFO role, preferring that to another challenge as CEO. Julian O’Neill reflects on his experience, sharing lessons he learned at each stage of his career. He adds that his time outside finance, in commercial roles has been invaluable. Listen to the full episode and hear Julian’s full, and extremely fascinating, story. Links Julian O’Neill on LinkedIn Kevin Appleby on LinkedIn Find out more about becoming a CFO The CFO as co-pilot to the CEO Timestamps 01:48 Accountancy and finance open a lot of doors 03:40 Early career in telecoms; qualifying as an accountant in Cable & Wireless 06:18 Spicing things up at General Motors 11:30 Doing an MBA at Warwick Business School 12:10 First role outside finance at Siemens 13:25 Joining PwC Consulting 15:42 The decision to leave the big 4 17:00 Pizza Hut 17:30 First director role 18:20 The challenge of being an IT director 26:25 Arcadia, as a divisional CFO 30:50 CFO of an airline 32:20 Moving from a big brand to CFO at a £2m turnover high growth business 34:50 Taking over from the CEO 37:30 Finding a new job while selling the business 38:28 Back to a CFO role in a small business 39:00 Small startup vs big corporate 40:54 The importance of getting experience in commercial roles outside the finance function

Conflict is a natural and unavoidable part of life. It can arise in our personal lives, with friends and family, or in our professional lives, with co-workers. No matter where it happens, it’s important to learn how to manage conflict effectively. If not handled properly, conflict can lead to hurt feelings, damaged relationships, and even lawsuits. In this podcast, Susana Serrano-Davey and Kevin Appleby discuss some tips for managing conflict in both your personal and professional life. One of the most important things to remember when managing conflict is to stay calm. This can be difficult, especially if you feel like you’re being attacked or accused of something. It’s important to remember that getting defensive will only make the situation worse. Take a deep breath and try to see the situation from the other person’s perspective. Only then can you start to find a resolution. Beyond this though, Susana has four great lessons for us, and she goes through each of these in turn. Listen to the podcast to find out more. Susana Serrano-Davey is an experienced CFO and a member of the GrowCFO professional mentoring team. If you are interested in having Susana as a mentor then please get in touch using the link below. Links Mentoring at GrowCFO with Susana Serrano-Davey Susana Serrano-Davey on LinkedIn Kevin Appleby on LinkedIn Timestamps 00:57 What is conflict? 03:15 The danger of unresolved conflict 05:34 Step 1: Take precautions, don’t respond in the heat of the moment 06:50 Write the reply email but delete it before sending 09:02 Don’t feel pressured into an immediate reply 12:16 Step 2: Some basic assumptions – nobody comes to work to intentionally create conflict 14:22 Don’t jump to conclusions 14:37 Step 3: Take some time to think 18:09 It’s rarely a case of one person is right and the other is wrong 18:30 Step 4: Listen to the other person 22:30 Choose a relaxing, neutral environment for a conversation 28:30 What do you do about a historic conflict that still gets in the way? 31:00 Make the other person feel it’s their solution, not yours