Uniting CFOs at our annual Finance Roundtable
This morning, Danielle Ward and Domagoj Landher, hosted a CFO roundtable at Up’s London offices. The event brought together Chief Financial Officers from companies such as Monzo, Global Fashion Group, Huel, NewDay, Oodle, ComplyAdvantage, dunnhumby, Soldo, Typeform, Invenia Labs, Soundwide and allplants.
During this session, participants explored a myriad of topics facing CFOs across the growth curve, including the evolution of the finance function and finance strategy in today's dynamic macroeconomic climate. Our attendees, who are at the coalface of the financial pressures that the tech ecosystem is currently experiencing, collectively examined the objectives that sit behind the wholesale shift from hypergrowth to profitability in the last 12-24 months. Attendees identified that increasingly investors are focused on profitability as a key component of the valuation equation, creating noted changes in Board direction, discussion, and management. They also observed that the profitability metric closely correlates with the longevity and sustainability of a business, creating a platform for the businesses who will prove successful in the long term and be able to capitalise on the inorganic growth opportunities the market is producing.
“Finding the right relationship between a CEO and CFO can be one of the most powerful things for a business”.
This discussion also saw individuals sharing personal anecdotes about the evolving role of CFOs within high-performing executive teams and when their roles have expanded beyond finance remits. A consensus was reached that, as financial leaders, CFOs are one of the few individuals who has access to all facets of the business and as such, it is imperative that they can think strategically and operate outside of what may have typically been seen as a narrower finance purview. Additionally, key to the success of a CFO is the ability to simplify and articulate key messages around strategy and business decisions to all stakeholders across an organisation at all levels, providing stability and clarity through both good and more challenging periods in a company’s journey.
Finally, the roundtable addressed the role that technology and Generative AI can and should play in the future and how it is likely to boost productivity in the financial function - and the broader business – far beyond the next 12 months.
“When hiring for a CFO, companies need to focus on the ability of the individual to jump in right away and understand the business from the get-go, more so than them just hitting all the experience tick boxes”.
One of the core objectives of our roundtables is fostering knowledge exchange and collaboration among a select cohort of senior executives. These gatherings are designed to serve as a platform for insightful discussions, where influential decision-makers come together to tackle pressing industry challenges and promote transformative solutions. We would like to express our gratitude to all participating CFOs - their invaluable insights and engagement have undoubtedly enriched our collective understanding of the ever-evolving financial landscape. We eagerly await future roundtables that will continue to drive impactful dialogue and foster innovation among industry leaders!