#246: THE WASHUP: Key Takeaways from Virtual Finance World Summit 2020

with LANCE RUBIN & CHRIS ARGENT

Over the last two weeks there has been a Virtual Finance World Summit 2020 run by the Outperformer taking place to over 1000 finance leaders across the globe, whilst also facing into the challenges that come with keeping businesses open and essential services running during the Covid-19 pandemic. In this week’s episode we are joined on #sitn by two speakers from the summit and former guest mentors, Lance Rubin & Chris Argent to wash-up some of our key takeaways:

The importance of the yin-yang in Finance.

Using financial modelling as opposed to Data Analytics to get ahead of ahead of a post Covid-19 world.

The opportunity to reconnect with knowledge and embracing new tools like Loom, Zoom, Slack, Trello, etc.

On how to take the right actions during and after Covid-19.

How to build a community and the importance of sharing ideas.

Our Guest Mentors:

LANCE RUBIN is founder and CEO of Model Citizn and over the last two decades has built a strong reputation throughout the industry of being a highly accomplished and lateral thinking financial modeler. Lance was even referred to by one of the global industry leaders in financial modelling as one of the most tech savvy financial modellers. Lance qualified as a chartered accountant in South Africa & Australia, is an ex-Investment Banker, ex-CFO of a fintech start-up, currently Group CTO of SequelCFO, partner of the accounting & finance careers platform The Outperformer, as well as the Director of BGC Consultants.

Lance is currently based out of Melbourne, Australia although is a regular traveller working with clients and conducting data analytics visualisation and financial modelling training worldwide. He is also an approved trainer with the Financial Modeling Institute.

CHRIS ARGENT is a “Future of Finance” thought leader and Founder of Generation CFO which is one of the more active, ‘must-go-to’ peer groups for accountants and finance professionals on LinkedIn with 70,000 members all over the world. It examines new trends in finance transformation, digital transformation, CFO role revolution and the growth of the modern strategic business partner. Chris has an impeccable résumé delivering highly valuable Finance transformation projects for blue chips like Vodafone; BAT; Amazon; John Lewis to name a few. Nowadays Chris is a highly rated independent Finance transformation consultant & speaker. Although he started his Finance career as an entry-level accountant in finance operations he soon began leading finance teams and ascending to the Divisional CFO level. Chris is based in the Surrey Hills near London, England

Key Quotes From the Episode: 

“[Our biggest challenge in Finance] We’re so used to Black & White and Modelling is a lot of grey.”[16:27]

“[On the importance of so what] The thing that people need to stop and think about is “so what?”. So what I’m behind plan, the next question is “now what?”.” [22:18]

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Key Points From the Episode: 

– The importance of the yin-yang in Finance.

Using financial modelling as opposed to Data Analytics to get ahead of ahead of a post Covid-19 world.

The opportunity to reconnect with knowledge and embracing new tools like Loom, Zoom, Slack, Trello, etc.

– On how to take the right actions during and after Covid-19.

How to build a community and the importance of sharing ideas.

Time Stamped Show Notes 

[02:20] – Lance & Chris introduce their backgrounds. The importance of focussing of value in making decisions. The importance of digital finance now.

[06:50] – Key takeaways from the Virtual World Finance Summit. The opposites in Finance and the importance of having a yin-yang in Finance. The key message of being purposeful and deliberate

[09:35] – There’s still a lot of learning to be done and educating people to take action. To add value we need to do more on the digital and analytics side.

[14:20] – Using financial modelling as opposed to Data Analytics to get ahead of ahead of a post Covid-19 world.

[18:30] – The opportunity to reconnect with knowledge and embracing new tools like Loom, Zoom, Slack, Trello, etc.

[20:10] – The value in managing risk rather than solving problems and presenting variance analysis.

[22:10] – The importance of so what and now what.

[24:50] – On how to take the right actions during and after Covid-19.

[30:50] – The danger of habits and the importance of purposefully thinking of our next steps.

[32:30] – How to build a community and the importance of sharing ideas.

[37:50] – Looking at things with a critical eye.

[42:50] – Lance & Chris give their closing thoughts.

 

Resources Mentioned: 

Books:

Hardcover

Daring Greatly: How the Courage to Be Vulnerable Transforms the Way We Live, Love,

Parent, and Lead by Brené Brown

https://www.amazon.com/Daring-Greatly-Courage-Vulnerable-Transforms/dp/1592407331/ref=tmm_hrd_swatch_0?_encoding=UTF8&qid=&sr=

Online

TED Talk: The next outbreak we’re not ready : https://www.ted.com/talks/bill_gates_the_next_outbreak_we_re_not_ready?language=en

Excel is Dead Debate: https://soundcloud.com/sitnshow/047-the-debate-is-excel-dead-lance-vs-chris

Model Citizn: https://www.modelcitizn.com/

Generation CFO: https://generationcfo.com/

Apps: 1 way cash flow model app https://mc-1-way.glideapp.io/

Apps: Financial modelling knowledge Hub https://fmwiki.glideapp.io/

Models: https://www.eloquens.com/channel/lance-rubin

Connect with today’s guests:

LinkedIn Profiles:

Chris: https://www.linkedin.com/in/christopherargent/

Lance: https://www.linkedin.com/in/financial-modelling/

 


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