Building a Strong Finance Function from Scratch: A Simple Guide for Finance and Business Leaders.

Day 4/30

#Accounting and #Finance with #Iwelabi

The conversation between Consultant Iwelabi and his client continues:

Iwelabi: (Enthusiastic) Good morning, Sir!

Client: Good morning, my brother.

Iwelabi: It’s great to see you back. How was your trip to the US? I can tell you enjoyed it from the look on your face (chuckling).

Client: I did, o! The 2 weeks in the US were fantastic. I meant to come in last week for our session, but I got caught up with some client visits.

Iwelabi: Client visits?

Client: Yes! After returning from the US, I decided to put your advice into practice by talking to some of the firm’s existing and potential clients.

Iwelabi: (Smiling and nodding affirmatively)

Client: I’ve only been here for a month, but it feels like I've been part of the team for much longer, especially with the amount of impact I’ve made. Each time I make an impact and it’s recognized, it motivates me to do even more.

Client: I’m starting to appreciate the CFO role a lot more. Visiting some of our clients showed me that our products are doing great, and they love them. In fact, one client mentioned something that got me thinking, and I eventually got the senior management to approve a forward integration for acquiring a specific InfoTech firm. After a quick analysis, we found out the acquisition would not only reduce costs but also make our product more “sticky” for clients/users. By acquiring this firm, we could potentially add $500 million in revenue beyond what the Group CEO, CMO, and other senior members had anticipated.

Iwelabi: Wow! That’s impressive! I’m thrilled to see you making every session count.

Client: Thanks! I want to keep making an impact. At first, I was nervous, but the more I learn and apply the lessons from our sessions, the more confident I become.?

Client: Can we extend our sessions to 2 hours instead of 30 minutes? I mean, I want to learn more daily.?

Iwelabi: I’d love to, but honestly, it’s better this way. Learning in small chunks makes it easier to apply, and we won’t miss important details.?

Client: OK, I see your point. You mentioned the next step is gaining industry knowledge. How do I go about that?

Iwelabi: To better understand your industry and build on your success, I’d recommend you do the following:

Connect with professionals in the industry: Build relationships with others who work in the same space, especially other CFOs and finance leaders within the industry. You can join professional platforms that will give you valuable insights and help you build a strong network. When building a finance function from scratch, challenges beyond your professional expertise are expected, thus, you need people within the space you can always trust to share their experiences with you.

Take industry-related courses: For example, when I joined an asset management firm during the early stage of my career, I took the CFA Investment Foundation program to deepen my knowledge of the industry. It helped me greatly. Away from your current professional expertise, you might need to invest in acquiring industry-specific knowledge/skills to continue to be on top of your game.

Set up Google Alerts: This is pretty uncommon to many, but you can set Google Alerts to receive news, blog posts, and reports on your industry. For example, set alerts for terms like "FinTech industry news,” "EdTech updates," “Cybersecurity regulations.” Also, you can include your location, "Nigeria" or any relevant regions. Lastly, you can set how often you want the alerts, once a daily, weekly or as you deem fit. This will keep you informed about the latest trends and developments within the industry.

Attend industry events: For instance, attending conferences organized by ICAN, ACCA, CFA, CIBN, etc? can be valuable. It helps you stay ahead, and people in the firm will see you as a reliable finance leader they can trust.

Read Industry Reports and White Papers: Many industries publish detailed reports, white papers, and research studies that provide insights into trends, challenges, and future projections. Regularly reading these reports will help you stay updated on the latest data and innovations in your sector.?

Iwelabi: With this approach, you’ll become the trusted advisor for the entire senior management team, and they will consistently rely on your leadership and judgment as the top finance leader in the firm.

Client: Wow! Thanks, Iwelabi.

Client: Has there ever been a time when knowing your industry really benefited you or your previous firms?

Iwelabi: Many times. For example, when I worked with an Ed-Tech company, my knowledge of industry regulations helped me lead the finance team to secure a 3-year tax holiday. This saved the company millions of Naira. If I didn’t know that the firm played in an industry that qualifies for this, we wouldn’t have saved that money.

Client: Wow! Consultant Iwelabi, you were born for this accounting and finance world.

Client: One last question. If I succeed in applying these insights, what should I focus on next?

Iwelabi: Once you’ve settled these foundational steps, you’ll be ready to tackle the technical work.

Client: Interesting! And what would that involve?

Iwelabi: (Smiling) Let’s save that for our next session.

Cheers,

#Iwelabi