Our Guest Mentor:
Stan Besko after an accomplished career in IT Sales, Operations and Finance co-founded the finance consulting house B Inspired Finance Group. Stan brings 20+ years of experience and best practices to organizations that need help in one of our three focused areas: Leadership and Development for Finance; Finance Transformation Engagements; Virtual CFO services for Start-ups and SMB.
Stan also holds an MBA in Financial Management from York University and lives in Toronto, Canada with his family.
Key Quotes From the Episode:
“[On the advantage of Commercial Finance.” We had a great purview of the organisations top to bottom because we were the feet on the street in terms of getting business done but we also had a great connection into the strategic and profitability directives for the company.” [03:10]
“[On why sales get more investment] In general a sales organisation gets a little more focus, a bit more spending in terms of training budgets from the perspective of the company because it ahs a quantifiable measure of the return that they get on their investment in training. Put another way a sales person has plan they have to attain and a company can clearly see if there is growth on that plan, whether they are achieving that plan or coming in under and they’ve got ways to invest in terms of getting them negotiating training, product knowledge training, so that they can see a return on investment that they put into a sales organisation, where in contrast a finance organisation is less tangible, it’s got a close cycle, and you’ve got your day to day activities it’s not really as quantifiable that if I give this finance person a little more training I’m going to see these X results.” [04:41]
“[On how to invest in yourself] Just disconnect from your job from one or two minute window and that would be investing in yourself” [13:12]
“[On the importance of strategic awareness] Get yourself involved with the sales organisation, sit across form a customer with your account team, understand what they are facing, because the more you understand your product, and your market and the customer, and what the sales person is facing you become almost like a business partner, an adviser, because now you can straddle ensuring that there is compliance and looking after the company’s best interests from a profitability standpoint, from an exposure standpoint, a revenue recognition standpoint but you understand more what the account team is facing and you add value from that perspective because now you can speak their language, you can relate to some of the challenges they face, and you become much more of an adviser than this walled in finance organisation, that when we through something over we hope it is understood but we don’t always get what we want” [24:30]
(Other resources and how to connect with Stan below).
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Key Points From the Episode:
- We deconstruct Stan’s “Invest In Yourself” and the simple step we as individuals and leaders can take.
- Why perhaps organisations invest less in the development of their finance staff than say other departments or executives.
- Great practical advice on how to become a catalyst and the trap of falling back on the status quo.
Time Stamped Show Notes
[02:36] – Stan shares his 20+ year career journey within commercial finance for Fortune 500 companies from public accounting, his CMA designation, jumping into HP, Cisco Systems in Finance and as a partner sales & business development lead, to now helping finance professionals in their careers with B-inspired.
[04:17] – Why Sales team’s tend to get a great share of training budgets.
[08:18] – The challenges being in non-Corporate/HQ Finance.
[09:46] – We deconstruct Stan’s “Invest In Yourself” and the simple step we as individuals and leaders can take.
[11:33] – Why perhaps organisations invest less in the development of their finance staff than say other departments or executives.
[13:23] – Stan gives a background behind ME2 (Mentoring; Exposure, Experience & Education)
[16:11] – The necessary elements we can leverage on how to demonstrate a return on investing in ourselves.
[17:25] – The importance of specialising and generalising in finance.
[17:50] – Some ideas on developing your network.
[18:40] – How to become a catalyst and the trap of falling back on the status quo.
[20:50] – How to show that you’re making the company more effective.
[22:32] – What’s exciting Stan about his current work at the moment and why strategic awareness is important and avoiding going native.
[26:31] – The best bit of advice Stan has ever received particularly knowing what you don’t know and avoiding micro-management.
[27:58] – The resources Stan recommends finance professionals check out and why we need to avoid being .
[29:12] – How best to connect with Stan.
[29:38] – Stan’s parting thoughts and why we shouldn’t climb Everest on our own.
Connect with today’s guest:
- Twitter: binspiredFG
- Youtube: https://www.youtube.com/channel/BInspired
About B Inspired:
We help finance teams develop into inspired leaders.
We help finance organizations transform into valuable, efficient and highly productive advisors.
We inspire businesses by implementing profitable growth initiatives.