#104: How to bridge the gap between Finance & Strategy

Richard E. Reinderhoff

Our Guest Mentor:

Richard E. Reinderhoff is an experienced Board Advisor or Head of Finance & Strategy helping the management of corporations with their strategic planning & execution, in effect bridging the gap between Finance & Strategy.

Richard is a regular contributor to 10+ Finance publications leveraging his many career experiences gained across 3 continents, ranging from Finance & Operations departments in Brazil, to Consultancy in the Netherlands, leading MBOs, setting up Risk Management Functions, redesigning FP&A processes as well as leading finance teams as a CFO.

Richard holds an MBA from RSM Erasmus and lives in Rotterdam, Netherlands with his family.

Key Quotes From the Episode:

“[On using the language of the business to introduce financial planning] It’s important to have a grip on your wallet … they’re very used to survival so you talk their language, which is cash, and money and from there you get into the rolling forecasts, into supply chain management, into production planning, so the businesses there (in Brazil] grew into the area of financial planning .” [07:18]

“[On how to bridge the gap between Finance & Strategy] Avoid telling them what to do … instead of being the guy who always says No! just be the guy who always asks why?.” [12:07]

“[On career advice Richard received] Expect anything.” [22:19]

“[On why we need to know management better] All the numbers that appear are the result of a decision, a somebody makes a decision, and then action happens, and then it appears in the books, so let’s say your financial numbers are the reality after the fact, so if you want to understand the fact you have to understand management and they thing differently.” [27:12]

  (Other resources and how to connect with Richard below).

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Key Points From the Episode:

  • the opportunity to split Finance into operations (Chief Accounting Officer) and strategy (Chief Value Officer) and why FP&A is the unsuspecting change agent in this process.
  • Simple and practical advice on how to close the gap between Strategy & Finance.
  • How to ensure your skills are evolving in the right way to ensure Finance is seen as relevant.

Time Stamped Show Notes

[02:12] – Richard shares his journey from finance operations, to covering most finance functions, the importance of planning in a hyper-inflationary economy, consulting and international controllership.

[06:23] – How to get stakeholders in the business planning when they’ve not been used to planning before.

[08:47] – The two ways Richard identifies where the value drivers are with marketing.

[10:55] – Why Richard uses ‘projects’ to budget with as opposed to a chart of accounts and how to capture quick wins.

[12:04] – Simple and practical advice on how to close the gap between Strategy & Finance.

[13:20] – What’s exciting Richard most about his current work and the opportunity to split Finance into operations (Chief Accounting Officer) and strategy (Chief Value Officer) and why FP&A is the unsuspecting change agent in this process.

[19:42] – How to ensure your skills are evolving in the right way to ensure Finance is seen as relevant.

[20:49] – The importance of following up and asking questions of management on their concerns.

[22:19] – The best bit of advice Richard has ever received.

[21:37] – How best to connect with Richard.

[24:15] – The resources Richard recommends finance professionals check out and why.

[28:34] – How best to connect with Richard.

[30:00] – Richard’s parting thoughts.

 

Resources Mentioned:

Connect with today’s guest:

 

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