Today’s economic environment presents CFOs with more uncertainty than many have ever faced in their careers. This makes it critical to devise a playbook for how your organization will move forward during these uncertain times.
Consero recently hosted a virtual CFO Roundtable in which several CFOs discussed how they are doing this. Participating in the panel were John Araki, CFO for RecoveryOne, a digital health company; Craig Fryar, COO for BankingON, a digital mobile banking firm; and Raj Lakhani, CFO for CORE Business Technologies, a payment solution and revenue management company.
The roundtable was moderated by Tony Esposito, Director, Private Equity and Venture Capital for Consero.
Facing Hurricane Force Winds and a Crucible Moment
Craig Fryar noted the “hurricane force” winds that JPMorgan Chase CEO Jamie Dimon referred to recently as well as recent comments from Sequoia Investments that we’re heading for a “crucible moment that’s unique in the history of modern business.” The companies that fare well in this environment will be those that are adaptive and agile, said Fryar.
“The response I often get from CFOs is that they really aren’t sure because they don’t know how to measure the optimization and utilization of their teams and resources in terms of executing the business objectives.”
Fryar establishes a framework CFOs can use to characterize key measures for efficiency and effectiveness as opposed to financial models” that would bluntly say we need to cut 15% because we’re short on revenue.” he said.
“Instead, I advocate looking at department or business unit metrics that reveal issues in customer support, or we’re not quite making it in converting our funnel. These can show you how efficient and effective you are and help you make progress on digital transformation.”
To learn more about Consero and the benefits of using the Finance as a Service model, you can request an introduction here: https://conseroglobal.com/request-a-consultation/
