The Bottom Line: Want to leave a legacy?
What's in store for you this week? Well, I'm kicking this newsletter off with a great piece from Deloitte's CFO Insights about what you can do to leave a great legacy at your company. After that, I broke down the latest CFO Thought Leaders podcast.
The Hit List also has a really interesting quiz about workstyle personas.
Let's get to it.
Leaving a legacy—for your company, your team, and yourself
Deloitte's CFO Insights just dropped this one, and they had to know it was going to catch my eye. Legacy is something that nearly every leader at every level of a company thinks about at some point in their career.
In this piece, Deloitte asked a handful of CFOs what they hoped to leave behind when they leave their companies. They offered some practical advice to help guide finance leaders as they build their legacies. Let's jump into it...
Deloitte found that CFOs don't typically think about their personal legacies, but rather, they want to leave their companies "in a better position financially and operationally" and "set the company on a path for continuous improvement and growth."
Notice something about those two quotes? They match up really well with many CEOs goals. With that in mind, the first big takeaway is that, as a CFO, you need to be fully aligned with your CEO.
Another important point that I pulled out of this is that "many CFOs surveyed want to leave behind a finance organization that is regarded as best in class." So what does that mean? CFOs should focus on talent management.
If you don't think you have the team to succeed in the future, figure out what you need to do to get there. That could require new training for your employees or hiring different skill sets.
As always, there's more to read in this one.
Guidance for your C-Suite Ascent from CFO Emma Reeve
Looking for a new podcast? I was too when I stumbled across CFO Thought Leader. Turns out this podcast has been around for a while. They're on their 473rd episode (how have I missed this?).
Anyway, today's episode features Emma Reeve, the CFO of Constellation Pharmaceuticals (shoutout to a local company). Emma has been in the business for 20 years and has a ton of insights about her role. You're gonna want to tune in. Here are my timestamps and show notes:
- (04:27) The experience that most prepared Emma to be a CFO? There isn't one. You just have to trust that you can handle it and dive in head first.
- (07:05) Emma spent 8 years at finance positions within Bristol-Myers Squibb. She credits that job with giving her tons of different experiences that eventually helped her when she became a CFO.
- (14:06) Emma came on board to take the company public - which she did successfully.
- (15:20) Constellation went from a round of funding right into an IPO, which might be slightly unusual but it worked really well.
- (16:02) Their IPO took 4 months start to finish, and went as well as expected.
- (18:54) On a day-to-day basis, Emma focuses on cash. They're a company that doesn't have revenue so she's always focused on cash-flow.
There is truly a TON to learn from Emma in this one. Bookmark it to listen on your commute to work tomorrow morning.
The Hit List
Here's a few things that caught my eye this week...
1) Uber has a business blog (who knew?). Their latest post explains how you can future proof your travel policy.
2) Microsoft put together a Workstyle Persona Quiz to help you work smarter, not harder. What's your workstyle?
3) Zillow has made some savvy business moves to become "the Netflix of homes."
Pick of the Week
From an MIT (another shout out to a local institution) study: The Cumulative Change in Real Weekly Earnings of Working-Age Adults, 1963-2017