The journey to becoming an effective leader and financial expert in the business world is a marathon, not a sprint. I’ve been fortunate enough to run this marathon for over 30 years, serving as a corporate controller for various firms, and I want to share some insights into business success that I’ve gained along the way.
Navigating the Waters of Leadership
My leadership journey began on the water, as a successful yacht racer. On the sea, you need to understand the rules, create tactics, and navigate strategically. These principles translate perfectly into the business world.
In a corporate setting, understanding the ‘rules’ refers to the regulations and laws that govern business activities. Being a ‘tactician’ involves devising effective strategies and making sound decisions, which often means considering multiple perspectives and dealing with ambiguity.
This strategic thinking comes in handy when you need to drive your team towards a shared goal, just as you would guide a yacht towards the finish line.
Building Strength and Resilience
Like maintaining physical strength in your 60s through consistent weightlifting, a successful business requires building and maintaining its financial strength through consistency and adaptability.
Much like weightlifting, it’s crucial to follow a balanced ‘training routine’ for your business. Regularly review and adjust your business plans and financial forecasts to keep them aligned with changing market conditions.
Moreover, just as weightlifting requires adequate rest and recovery, businesses need to allow for periods of consolidation after periods of aggressive growth or investment.
Maintaining Financial Health: The Role of a Corporate Controller
As a corporate controller, my primary job has been to maintain the financial health of the businesses I work for. There are several key areas I focus on:
- Budgeting and Financial Planning: It’s not just about keeping costs low; it’s also about strategically allocating resources to the areas that yield the greatest returns.
- Cash Flow Management: This involves balancing the inflows and outflows of cash to keep the business running smoothly, even during periods of uncertainty.
- Risk Management: Every business decision carries some risk. The goal is to accurately assess these risks and find ways to mitigate them.
- Cost Control: This is about more than just pinching pennies. It’s about understanding where the money is going and making sure it’s being spent wisely.
- Investment and Growth Strategies: Making money in business isn’t just about making sales. It also involves knowing when and where to invest for future growth.
Parting Words of Wisdom
Like sailing, leadership and financial management require both technical knowledge and the ability to adapt to changing conditions. Through my experiences on the water, in the gym, and in the boardroom, I’ve learned that the key to success in any area is a willingness to keep learning and adjusting your strategy as you go.
Whether you’re a budding entrepreneur, an aspiring corporate leader, or a seasoned executive, I hope my experiences and insights inspire you to navigate your own course to success with confidence and resilience.