Read this blog to discover the 5 CFO secrets to successful business pivoting
Change is the only constant – how many times have you heard that one? They were even trotting it out before the pandemic. If only they knew what was about to land…
It’s safe to say that the need to digitally transform business backends has gone from mission possibly to mission critical. So at risk of stating the obvious, CFOs have really had a year to remember, and if you can get three in a room to tell their stories about business pivoting you could write a book. Or at least a very useful white paper. More of that later.
I was privileged to join such a gathering with Rakesh Thakrar, Chitra Balasubramanian and Shawn Duffy, CFOs respectively of Phoenix Group, CircleCI and Viasat, aided and abetted by Financial Times Technology News Editor Malcolm Moore. Here in outline are 3 of their 5 timely secrets to business pivoting.
1. Top-line and bottom-line management
Shawn Duffy: “You always have to be mindful that successful businesses need top-line growth. You can’t just have a successful business because you cut costs.”
2. Employee enablement
Chitra Balasubramanian: “At CircleCI, we already had some element of remote work before COVID-19, but the circumstances led us to re-evaluate the people and communications infrastructure across the entire organization. We had to ensure that even though the model is shifting for the short-term — and maybe even the long-term — and even from a hybrid perspective, it’s critical to examine the tools that enable employees to connect and do their work.”
3. Rapid decision making
Duffy again: “We had to pretty quickly understand through data where our businesses were going to go, make shifts in KPIs, the way we look across the customer set, where do we need to put our resources and bandwidth? Fortunately for us, with the diversity of our business, we were able to move our resources from inflight WIFI to our fixed broadband business. We had to be really agile.”
For lessons 4 and 5 and all the granularity on 1, 2 and 3 above, download the white paper "5 CFO Secrets to Successful Business Pivoting – From Covid 19 and Beyond".