Do you need a CFO? | Issue #256
Decoding the CFO Conundrum: Unpacking When and Why Your Firm Needs a Financial Guru
The question is often raised within the walls of growing firms: Do we need a CFO yet? On the face of it, it seems like a straightforward question, but the answer is far from simple. The decision to onboard a Chief Financial Officer (CFO) hinges on various factors – your firm’s financial complexities, growth objectives, and the financial literacy of your existing team. Let’s dive deeply into these variables and get to the core of the CFO conundrum.
E262 | Scaling Founders’ Leadership From Startup to Grown Up with Rachel Turner
Does this sound familiar? As a founder or CEO of a venture-backed startup, you’ve likely been told that you need to work harder and longer hours to scale your business. But despite your relentless efforts, you’re still facing challenges and not seeing the desired results. The pain of pouring your heart and soul into your business, only to be met with roadblocks and frustrations, is all too real. It’s time to break free from this ineffective action and discover the strategies that truly empower you to overcome scaling challenges and maximise your potential for success.
This week on The Melting Pot, we learned from Rachel Turner, a seasoned founder coach with over two decades of immersion in the entrepreneurial realm. An early adopter of executive coaching since the ’90s, Rachel’s journey takes a unique path as she leans into applied psychology to optimise business success. Author of the Founder Survival Guide, she translates years of personal experiences and insights to help fellow founders overcome their own hurdles during the transition from startup to scale-up. Once an entrepreneur herself, Rachel’s understanding of founder psychology is unparalleled, making her coaching approach as engaging as it is enlightening.
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Learn from history’s greatest entrepreneurs. Every week David Senra reads a biography of an entrepreneur and finds ideas you can use in your work.
What global companies require are leaders who understand the need for distributed responsibility and locally anchored ownership. It’s those qualities that bring better results and greater employee satisfaction.
The average engagement level among the 57 organisations achieving the 2023 Gallup Exceptional Workplace Award (GEWA) is 72% — more than three times the global average. What do they do differently? They all ensure that engagement is an integral part of how they conduct business.
In this article, the author outlines five steps to take if you’re in the uncomfortable position of not trusting one of your employees: 1) Separate facts from assumptions and focus on specific problematic behaviors. Which component of trust is lacking here? What exactly did this person do or not do that has led to your distrust? 2) Identify the specific situations or assignments where you are willing to trust them. 3) Provide feedback on the specific behaviors that are leading to your distrust. 4) Reflect on what you might be doing (or not doing) to contribute to the situation. 5) Ask yourself whether the breach of trust is irreparable
The founder path is isolating, stressful and overwhelming, and few founders survive the scale-up journey unscathed. If you don’t scale your leadership as you scale your company, you’re unlikely to survive. Rachel Turner has spent over twenty years helping founders of growing businesses to survive and thrive, so they can lead successful and healthy businesses. The Founder’s Survival Guide shows you how to do the same. It shows you how to adapt your leadership style and shift from brave warrior, to considered architect, to wise monarch as your business grows. It addresses some of the most common challenges scale-up founders face, and provides an extensive toolbox to help you manage your team, your energy and your mind.
Quote of the week
“We must see people in terms of their future potential, not their past performance.”Sir John Whitmore
Dominic offers business coaching and management development, strategy planning and organisational change, using tried and tested methods to launch your organisation onto an unparalleled growth trajectory. His programme is a function of his broad experience, his deep expertise and a proven process used by over 2,700 firms worldwide.