#290: How the Best Teams are Dealing with the Latest Paradigm Shift with Phil Thorne

Our Guest Mentor:                                                        

Phil Thorne is MD North America and CFO at Quorso a tech scale up which digitalizes and streamlines the weekly performance management process in enterprises. A member of the founding team, Phil is an ex-VP at J.P. Morgan. There, he advised and executed on corporate finance – including capital raisings, mergers, acquisitions, and public takeovers – across all corporate sectors.

Phil also holds an Economics & Management degree from Oxford University and has recently gone State-side to head up our New York office.

 Key Quotes From the Episode:

[On being a CFO at a scale-up] “Everything moves so quickly. You don’t have the ability to look back and reflect … expect the unexpected.” [06:09]

[On communication] ” many people in business in general are terrible communicators. And I’m sorry to say this about finance, but I think with some of the worst.” [13:20]

[On the role of Finance] “Finance is there to support the business improve and be better.” [14:44]

[On relevance] “If we continue to see ourselves as just number crunchers, we are no different from computers and those computers will replace the nature of finance. You’re already seeing it in a lot of the compliance activities.” [19:22]

[On decision making] ” Decision making isn’t just points in time. It’s continuous.” [23:07]

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

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Key Points From the Episode:

· The growing paradigm shift Phil sees emerging in society and finance & accountings role

· How we can break out from our old mechanistic ways and move more towards being more like an evolving organism

· What successful finance teams are doing to help operations really simplify and actually be of more value with them to the business

· The three laws of Agile

Time Stamped Show Notes

[03:08] – Phil shares his experiences of his interest in rugby and how he ended up in finance, working as a VP at a bulge bracket investment bank, the to why he joined the founding team at Quorso as CFO and COO taking it from a position of just being a few people in the room to across three geographies, working with big firms in retail and QSR today.

[05:17] – How you get comfortable with such a big leap, and a complete change in environment from established business and role to a start-up.

[07:37] – The growing paradigm shift Phil sees emerging in society and finance & accountings role.

[09:43] – How we can break out from our old mechanistic ways and move more towards being more like an evolving organism.

[13:00] – How we can better advertise our successes.

[14:44] – On the role of accounting & finance and the importance of asking what does it mean?

[17:21] – Why it’s important for finance to interact with the rest of the business.

[19:03] – The sorts of things successful finance teams are doing to keep adding more value within their organisations.

[20:55] – Where we can add value to financial and operational data.

[22:09] – Helping operations really simplify and actually being of more value with them to the business

[25:43] – The three laws of Agile:

· The customer

· The small team

· The network.

[26:07] – Lessons from those businesses and finance teams with an organism vs. mechanistic approach.

[29:16] – Best advice Phil ever received and it came from his wife.

[31:14] – Best resources our audience to check-out .

[33:03] – Phil’s parting thoughts on optimizing ourselves .

Resources Mentioned:

Books:

Paperback

Team of Teams: New Rules of Engagement for a Complex World Paperback – 26 Nov. 2015

by General Stanley McChrystal https://www.amazon.co.uk/dp/0241250838

Paperback

The Age of Agile: How Smart Companies Are Transforming the Way Work Gets Done

Paperback – 1 Mar. 2018 by Stephen Denning https://www.amazon.co.uk/dp/9387383180

Connect with today’s guest:

LinkedIn : https://www.linkedin.com/in/phil-thorne/

Email : phil.thorne@quorso.com

https://share.descript.com/view/20018d76-7ea3-419d-aa63-b031edc64ef3

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