1 00:00:05,880 --> 00:00:07,140 Welcome back to Count Me In, 2 00:00:07,410 --> 00:00:10,890 IMA's podcast about all things affecting the accounting and finance world. 3 00:00:11,610 --> 00:00:12,750 This is your host Mitch Roshong. 4 00:00:13,230 --> 00:00:16,980 And today you will be listening to episode 155 of our series. 5 00:00:18,090 --> 00:00:20,550 The speaker on today's podcast is Jennifer Wolfenbarger. 6 00:00:21,810 --> 00:00:25,020 Jennifer is the vice president of finance at Owens Corning. 7 00:00:25,890 --> 00:00:27,450 She is a success driven, 8 00:00:27,480 --> 00:00:31,560 high impact and commercially astute executive that has a history of driving 9 00:00:31,561 --> 00:00:36,210 value creation, excelling in dynamic, fast paced and demanding environments, 10 00:00:36,720 --> 00:00:39,840 and one who has a passion for driving continuous improvement. 11 00:00:40,800 --> 00:00:44,970 So it is only appropriate that her focus for today's episode is on business 12 00:00:44,971 --> 00:00:47,460 transformation. Specifically, 13 00:00:47,670 --> 00:00:51,180 Jennifer addresses the role the finance function plays in enabling 14 00:00:51,181 --> 00:00:54,660 transformation and the need for effective change management. 15 00:00:55,470 --> 00:00:58,860 Keep listening to hear more as we jump over to the conversation now. 16 00:01:05,370 --> 00:01:08,340 So today we're talking about business transformation and it's a term we're 17 00:01:08,341 --> 00:01:12,240 hearing a lot in finance and accounting and to get started. 18 00:01:12,241 --> 00:01:16,020 I just wanted to take, get your take on why is it so important now, especially? 19 00:01:16,590 --> 00:01:20,130 Yeah, I think, is a great question and, you know, 20 00:01:20,131 --> 00:01:22,950 no matter what industry you operate in and I've, 21 00:01:22,951 --> 00:01:26,820 I've had the opportunity to operate in, you know, heavy equipment, 22 00:01:26,821 --> 00:01:30,630 building construction products, automotive med tech, 23 00:01:30,900 --> 00:01:33,810 and now, and building construction products. 24 00:01:33,811 --> 00:01:37,470 And no matter what industry you operate in, it's likely competitive. 25 00:01:37,471 --> 00:01:42,270 And the question is how do you differentiate yourself financially from your 26 00:01:42,300 --> 00:01:42,961 competitors? 27 00:01:42,961 --> 00:01:47,640 And what I've found over the course of my experiences at margin expansion is 28 00:01:47,641 --> 00:01:49,110 super, super critical. 29 00:01:49,111 --> 00:01:53,220 And business transformation is a key enabler to, 30 00:01:53,221 --> 00:01:55,710 to margin expansion, process improvement, 31 00:01:55,711 --> 00:02:00,060 like LEAN have been around for decades and typically 32 00:02:00,061 --> 00:02:03,810 drive incremental gains, which is important, 33 00:02:04,110 --> 00:02:07,950 but transformation is really key to moving the needle on margin expansion 34 00:02:07,951 --> 00:02:12,720 significantly to the point where, you know, you're, you're looking at revaluing, 35 00:02:12,721 --> 00:02:16,470 potentially the, the value of your company, 36 00:02:16,471 --> 00:02:20,730 business transformation is also critical to, you know, to a business culture, 37 00:02:20,731 --> 00:02:24,630 to be readily adaptable, to capitalize on opportunities to improve, 38 00:02:24,631 --> 00:02:28,860 whether it be through business growth or cost transformation, supply chain, 39 00:02:28,861 --> 00:02:30,990 transformation, et cetera, you know, 40 00:02:30,991 --> 00:02:34,200 having a culture of business transformation where it's, 41 00:02:34,201 --> 00:02:39,120 it's feels as natural as it possibly can is 42 00:02:39,330 --> 00:02:42,990 a game changer for a company and really a differentiator. 43 00:02:46,620 --> 00:02:49,680 So when we're looking at the finance function specifically, 44 00:02:49,980 --> 00:02:52,800 they're going to play a role in completing the, that transformation. 45 00:02:52,801 --> 00:02:56,880 So how does the finance function play a role and then what are some of its top 46 00:02:56,881 --> 00:02:57,714 enablers? 47 00:02:57,780 --> 00:02:59,410 Sure, sure. You know, 48 00:02:59,500 --> 00:03:04,450 I see the finance function playing a number of key roles and oftentimes may 49 00:03:04,451 --> 00:03:07,300 not even feel like they're really finance roles, 50 00:03:07,900 --> 00:03:12,220 not only in just completing the transformation, but also really kind of, 51 00:03:12,221 --> 00:03:16,900 even before you, you set the set, forward on, on, 52 00:03:16,960 --> 00:03:19,960 transformation itself, a key key role. 53 00:03:19,961 --> 00:03:24,760 They play finance plays is an identifying opportunities for transformation. And, 54 00:03:25,360 --> 00:03:28,510 you know, no matter from my experience, 55 00:03:28,511 --> 00:03:30,460 no matter where you are in, 56 00:03:30,461 --> 00:03:34,090 in terms of organizational capability and so forth, 57 00:03:34,091 --> 00:03:34,811 there are always opportunities. 58 00:03:34,811 --> 00:03:39,640 And sometimes prioritizing those opportunities is, is half is, 59 00:03:39,720 --> 00:03:41,380 is a battle in and of itself. 60 00:03:41,381 --> 00:03:45,760 So that's where finance plays a unique role in identifying and also 61 00:03:45,790 --> 00:03:49,750 helping prioritize what are what's going to make, you know, 62 00:03:49,751 --> 00:03:52,330 give us the biggest bang for our buck, the biggest return on investment, 63 00:03:52,331 --> 00:03:57,160 and be key to really moving the needle from an enterprise perspective. 64 00:04:03,671 --> 00:04:06,520 Then once the transformation opportunities identified, 65 00:04:06,760 --> 00:04:11,710 finance plays another key role in establishing governments, 66 00:04:11,711 --> 00:04:15,340 governance structures around how we measure progress, how we stay on track, 67 00:04:15,341 --> 00:04:19,360 how we stay on scope, through our goals, 68 00:04:19,361 --> 00:04:24,070 scope creep is, is, is quite common, particularly in transformation initiatives. 69 00:04:24,071 --> 00:04:26,200 And so it's important that we stay, 70 00:04:26,350 --> 00:04:31,180 that we have guard rails and governance systems to keep 71 00:04:31,270 --> 00:04:36,250 us on track. And these structures may not necessarily be financial. 72 00:04:36,251 --> 00:04:38,740 Oftentimes they're not financial guardrails, 73 00:04:38,750 --> 00:04:43,090 many times they could be operational or timeline-based, 74 00:04:43,091 --> 00:04:47,260 what have you, but finance plays a huge role in, 75 00:04:47,320 --> 00:04:50,290 in establishing governance structures. These, 76 00:04:50,320 --> 00:04:53,890 these structures are really critical in terms of ensuring how, 77 00:04:53,891 --> 00:04:55,330 how we hold, 78 00:04:55,331 --> 00:04:59,440 the necessary and applicable leaders that are driving the transformation, 79 00:04:59,441 --> 00:05:04,300 how we hold them accountable and also highlight early and often where we might 80 00:05:04,301 --> 00:05:06,430 need to course correct, which is, 81 00:05:06,490 --> 00:05:10,330 which is super important to enabling the success of a transformation. 82 00:05:11,171 --> 00:05:15,640 Some of the top enablers for 83 00:05:16,300 --> 00:05:16,511 completing transformation. 84 00:05:16,511 --> 00:05:21,130 I would say data can't be underscored data often plays 85 00:05:21,131 --> 00:05:22,990 a big role in, 86 00:05:22,991 --> 00:05:26,980 something that I'll likely talk about as we get into the podcasts a little 87 00:05:26,981 --> 00:05:27,730 further, 88 00:05:27,730 --> 00:05:32,470 but change management is super important in any transformation. 89 00:05:32,471 --> 00:05:36,790 And oftentimes that really what that means is influencing. And, 90 00:05:36,820 --> 00:05:40,720 it might mean getting, getting key stakeholders on board, 91 00:05:41,140 --> 00:05:43,240 but this is not only what we need to do, 92 00:05:43,241 --> 00:05:47,680 but how we need to do it from a transformation perspective. And then I'd say, 93 00:05:47,740 --> 00:05:51,340 lastly, enterprise focus is a key enabler. 94 00:05:51,370 --> 00:05:53,830 This isn't about hitting an isolated goal. 95 00:05:53,831 --> 00:05:55,780 When we're talking about transformation, 96 00:05:56,170 --> 00:06:00,770 this is about really shifting the needle on our enterprise 97 00:06:00,800 --> 00:06:05,720 performance. And I mentioned change management that is so easily 98 00:06:05,990 --> 00:06:09,200 overlooked in, in transformation. 99 00:06:09,800 --> 00:06:11,840 And what I've found from my experience, 100 00:06:11,990 --> 00:06:15,710 you need to ensure that you properly invest in train change management, 101 00:06:16,040 --> 00:06:20,720 because what you're going to find is that no matter how much data you put out 102 00:06:20,721 --> 00:06:25,160 there and how convincing it is that we need to take action. And, 103 00:06:25,590 --> 00:06:27,140 and this is how we need to take action, 104 00:06:27,170 --> 00:06:29,600 not everyone in the business is going to be on board. 105 00:06:30,080 --> 00:06:33,500 And that could be day one day, two days, day 30. 106 00:06:33,920 --> 00:06:38,210 So it's important that we go through that we take the time to invest in, 107 00:06:38,660 --> 00:06:43,550 in change management and ensure that we have everyone that's involved in the 108 00:06:43,551 --> 00:06:47,030 transformation marching in the same direction. 109 00:06:47,600 --> 00:06:48,111 Of course. 110 00:06:48,111 --> 00:06:52,070 So it's like you're steering a massive ship and you gotta make sure everybody's 111 00:06:52,071 --> 00:06:55,730 doing all their parts to get where you're going in a sense. Right. 112 00:06:56,390 --> 00:07:00,980 Exactly. Exactly. I was just going to add to that, you know, I think, 113 00:07:01,430 --> 00:07:03,860 you know, choosing the folks, 114 00:07:03,930 --> 00:07:07,070 the team members that are part of the transformation are super important. 115 00:07:07,071 --> 00:07:10,880 You kind of touched on that a little bit, 116 00:07:10,881 --> 00:07:12,500 made me think of that, 117 00:07:13,010 --> 00:07:17,450 about this is that diversity in terms of an address diversity in 118 00:07:17,870 --> 00:07:21,530 terms of gender ethnicity, it's diversity of thought is super important as we, 119 00:07:21,531 --> 00:07:26,510 you know, we think about who we want on, the, the, 120 00:07:26,840 --> 00:07:29,720 the stakeholder, the leadership team of the transformation is super important, 121 00:07:29,721 --> 00:07:32,540 so that we do challenge one another. And, 122 00:07:32,630 --> 00:07:34,850 and where that change management plays a big role, 123 00:07:35,090 --> 00:07:39,980 as we all agree that this is the goal that we have in mind and how we 124 00:07:39,981 --> 00:07:43,610 get there might vary along the way as we kind of challenge one another. 125 00:07:43,611 --> 00:07:45,410 I think that's, that's super important too. 126 00:07:46,190 --> 00:07:50,120 So we've talked like it's this massive ship, it's a big thing. 127 00:07:50,121 --> 00:07:53,060 Like transformation is, is big and it affects everybody. 128 00:07:53,480 --> 00:07:58,220 And so there's gotta be key benchmarks and milestones that you have to be aware 129 00:07:58,221 --> 00:08:00,440 of. Can you talk us through some of those that you, 130 00:08:00,620 --> 00:08:02,960 cause obviously you've gone through transformation many times. 131 00:08:03,470 --> 00:08:06,740 Sure, sure. You know what I've seen oftentimes, 132 00:08:06,741 --> 00:08:11,270 and I'm going to start with a little bit of what I think it is 133 00:08:11,271 --> 00:08:15,320 not an acceptable benchmark. What I've seen is, is, 134 00:08:15,620 --> 00:08:19,250 and not to name names of, I've seen actually in previous employers, 135 00:08:19,251 --> 00:08:21,020 previous companies I've worked for that. 136 00:08:21,470 --> 00:08:25,340 We're really keen to benchmark against themselves. In other words, 137 00:08:25,341 --> 00:08:29,300 picking a previous period and saying, we want to improve 10%, you know, 138 00:08:29,301 --> 00:08:33,740 based upon our last five-year Kager or whatever. 139 00:08:33,741 --> 00:08:38,030 And they set targets based on internal benchmarks and what I 140 00:08:38,031 --> 00:08:40,190 really encourage, and I've encouraged. 141 00:08:40,191 --> 00:08:42,590 The last few transformations I've been through is, 142 00:08:43,130 --> 00:08:47,630 is encourage the business that think like an investor in what an investor is 143 00:08:47,631 --> 00:08:51,140 thinking about when they're looking at a company is, you know, 144 00:08:51,141 --> 00:08:54,410 what is the best look like for this particular industry? 145 00:08:54,650 --> 00:08:58,200 And it may even include other industries as well. You know, I, 146 00:08:58,230 --> 00:09:03,000 I picked on LEAN and the automotive industry is historically been, you know, 147 00:09:03,090 --> 00:09:07,110 the, the benchmark for manufacturing, automation, 148 00:09:07,410 --> 00:09:11,400 operational improvement, and you could easily find yourself in a space to say, 149 00:09:11,401 --> 00:09:15,900 well, we're not automotive, so that's not a realistic target, 150 00:09:16,200 --> 00:09:19,290 but it's a good starting point to say, well, who's the best at this. 151 00:09:19,291 --> 00:09:23,700 And it may not even be within our industry and then establishing your targets 152 00:09:23,701 --> 00:09:24,660 based on what you, 153 00:09:24,930 --> 00:09:29,880 what would shift an investor to value your business higher than it 154 00:09:29,881 --> 00:09:34,020 is today. What's going to be a key differentiator that they're going to look at. 155 00:09:34,021 --> 00:09:36,600 So it really is stepping back and thinking, 156 00:09:37,020 --> 00:09:40,260 putting yourself in the shoes of an investor and saying, what is it, 157 00:09:40,530 --> 00:09:44,820 what are the, and you may even be talking to some of your, your key, 158 00:09:45,150 --> 00:09:48,330 key invest investor stakeholders to say, what, 159 00:09:48,810 --> 00:09:50,670 what is it that you are looking for? 160 00:09:51,661 --> 00:09:54,930 I think that's a good starting point. 161 00:09:54,931 --> 00:09:59,580 This tactic also helps with change management because it's really hard to argue, 162 00:09:59,760 --> 00:10:03,750 you know, with wanting to shift the overall value of the company moving forward. 163 00:10:03,751 --> 00:10:08,400 We're all at the end of the day - and I use this 164 00:10:08,730 --> 00:10:13,080 often - we're all, stakeholders stockholders in the company. 165 00:10:13,081 --> 00:10:16,440 Oftentimes particularly if it's a public company, we're all stakeholders. 166 00:10:16,441 --> 00:10:19,650 So we all value. We all benefit by, 167 00:10:19,651 --> 00:10:24,450 the company value shifting in the upward trajectory. So, 168 00:10:24,480 --> 00:10:28,320 that's, that's, that's where, where I focus, you know, 169 00:10:28,321 --> 00:10:32,490 from a benchmark perspective is shy away from those internal benchmarks. 170 00:10:32,730 --> 00:10:37,110 Those can be very easy. It's so easy to get into the trap of, well, 171 00:10:37,111 --> 00:10:41,790 we're so different. And we don't line up perfectly to our competition. 172 00:10:42,060 --> 00:10:44,430 It doesn't really matter at the end of the day. 173 00:10:45,150 --> 00:10:49,290 So, you know, you mentioned that at the end of the day, everybody is kind of, 174 00:10:49,350 --> 00:10:52,740 you know, we're all stakeholders in the organization that we're in. 175 00:10:53,010 --> 00:10:56,700 And you've mentioned also that change management is very important and investing 176 00:10:56,701 --> 00:10:57,270 in that, 177 00:10:57,270 --> 00:11:02,010 how do you get the people who are supposed to be invested the everyday 178 00:11:02,011 --> 00:11:05,040 employees involved to get on board with that change management? 179 00:11:05,130 --> 00:11:08,280 What are some methods that you've done to help people along the way? 180 00:11:08,430 --> 00:11:10,740 Because that's a big part of the transformation. 181 00:11:11,220 --> 00:11:14,430 It is. And that's, 182 00:11:14,431 --> 00:11:17,130 that's where investing in spending the time in, 183 00:11:17,131 --> 00:11:20,610 in change management is so important because oftentimes it's, 184 00:11:20,611 --> 00:11:25,380 it's individual in nature and one leader can't talk to all 185 00:11:25,381 --> 00:11:29,130 the individuals that are, gonna play a part. So it, 186 00:11:29,131 --> 00:11:33,660 oftentimes I find is it's top-down and what I've found 187 00:11:33,661 --> 00:11:36,540 works the best is, 188 00:11:36,541 --> 00:11:39,360 is helping individuals that are going to be key in moving the, 189 00:11:39,361 --> 00:11:44,100 moving the ball forward, helping them find the connection themselves. 190 00:11:44,340 --> 00:11:47,730 And, it's all about, I read a book and I'm going to butcher the title, 191 00:11:47,880 --> 00:11:51,930 but it's around purpose. And I think that's important, 192 00:11:51,931 --> 00:11:55,750 not only in the book was written more about vision and mission statements, 193 00:11:56,110 --> 00:12:00,760 but it's also the key to any transformation is finding the purpose. 194 00:12:00,761 --> 00:12:03,340 And that's very individual for, you know, 195 00:12:03,341 --> 00:12:07,510 depending upon what function you're playing and what role you're playing in a 196 00:12:07,960 --> 00:12:12,160 transformation, finding your true north, your purpose in, 197 00:12:12,161 --> 00:12:16,390 in that transformation is it goes a long way. It's, it's super critical. 198 00:12:16,420 --> 00:12:19,720 It's it's table stakes in terms of, of change management. 199 00:12:19,721 --> 00:12:23,290 And when you get there, now you have advocates that are, 200 00:12:23,291 --> 00:12:27,700 are going to be peer advocates to others, 201 00:12:27,730 --> 00:12:31,750 in the transformation journey, they're going to be the salespeople that, 202 00:12:31,780 --> 00:12:33,070 that help, you know, 203 00:12:33,460 --> 00:12:38,080 solve a benefit and the importance of the transformation. So, yeah. 204 00:12:38,890 --> 00:12:42,340 It's finding your "why" in a sense, the purpose, finding your "why", 205 00:12:42,760 --> 00:12:44,500 and that gets everybody kind of, 206 00:12:44,800 --> 00:12:48,070 it helps them find their inspiration to keep going in a sense. Right? 207 00:12:48,940 --> 00:12:50,590 Absolutely. Absolutely. 208 00:12:51,370 --> 00:12:54,970 I'm sure as you go through transformation, the team faces new situations, 209 00:12:54,971 --> 00:12:58,510 and we just talked about change management and helping people find their "why", 210 00:12:58,810 --> 00:13:02,380 but also there's new skills that sometimes we get required. 211 00:13:02,650 --> 00:13:05,830 How do you encourage members of your team to take on jobs they weren't 212 00:13:05,831 --> 00:13:07,390 necessarily trained or equipped to do? 213 00:13:08,050 --> 00:13:12,040 Absolutely. I, you know, I think this is the key here is, 214 00:13:12,130 --> 00:13:16,540 and I've been super privileged to work for a few different companies that 215 00:13:16,780 --> 00:13:19,840 really valued development. And, you know, 216 00:13:19,841 --> 00:13:24,160 these opportunities to participate in business transformation are huge from a 217 00:13:24,161 --> 00:13:28,630 development perspective. And I found in certain circumstances, you know, 218 00:13:28,690 --> 00:13:30,610 if you come into a company that's not, 219 00:13:31,420 --> 00:13:33,250 had a lot of history in business transformation, 220 00:13:33,251 --> 00:13:37,150 there's not a lot of people that have that experience. And so finding, 221 00:13:37,151 --> 00:13:39,940 giving folks the opportunity to, 222 00:13:39,941 --> 00:13:43,840 to step up and along with, you know, 223 00:13:44,170 --> 00:13:46,570 it's important to give them a safety net, 224 00:13:46,571 --> 00:13:51,220 and that might be in the form of a mentor or, you know, 225 00:13:51,550 --> 00:13:52,151 might be formal training. 226 00:13:52,151 --> 00:13:57,040 It might be a regular forum to talk about where they need help or where 227 00:13:57,070 --> 00:13:57,491 they're hitting roadblocks. 228 00:13:57,491 --> 00:14:01,420 I think it's super critical not to throw team members into the deep end, 229 00:14:01,421 --> 00:14:03,190 without a life preserver, so to speak, 230 00:14:03,191 --> 00:14:08,050 but these opportunities are huge from a development opportunity and really the 231 00:14:08,051 --> 00:14:13,000 folks that have had the opportunity to be a part of business transformation. 232 00:14:14,291 --> 00:14:16,270 And that could be, that could be as, 233 00:14:16,271 --> 00:14:21,040 as simple as implementing a new data analytics package, 234 00:14:21,041 --> 00:14:24,340 or it could be as big as, you know, 235 00:14:24,610 --> 00:14:28,780 strategic business transformation where we're taking the business to a new 236 00:14:28,781 --> 00:14:33,760 level, whether it be cost transformation or growth into a new 237 00:14:34,150 --> 00:14:39,070 segment, and these types of opportunities don't come around all that 238 00:14:39,130 --> 00:14:40,420 often and it's, 239 00:14:40,421 --> 00:14:44,980 but when you've had the opportunity to experience it, it's just, 240 00:14:44,981 --> 00:14:46,900 it's huge. From a leadership perspective, 241 00:14:46,901 --> 00:14:50,470 I look back on my own personal experience. And, you know, when I, 242 00:14:50,471 --> 00:14:54,410 when I was part of my first business transformation, 243 00:14:54,411 --> 00:14:58,430 I had no experience, you know, I came in pretty raw, 244 00:14:58,431 --> 00:15:03,080 but what I learned looking back has really propelled, 245 00:15:03,890 --> 00:15:04,071 where I, 246 00:15:04,071 --> 00:15:09,020 I went in my career from that point forward and it equipped me with so much 247 00:15:09,021 --> 00:15:13,670 knowledge and lessons learned and not everything went right. 248 00:15:14,691 --> 00:15:16,610 And, you know, reflecting back on, 249 00:15:16,611 --> 00:15:19,940 on that super important from a transformation perspective. 250 00:15:19,941 --> 00:15:24,830 But what I learned from those opportunities was a game changer in my 251 00:15:24,831 --> 00:15:29,390 career and really helped shape where I've been able to get to in my 252 00:15:29,391 --> 00:15:33,680 current position. So huge, huge development opportunity, and, 253 00:15:34,010 --> 00:15:36,230 you know, not every, 254 00:15:36,231 --> 00:15:40,160 every individual is going to be is maybe cut out for business transformation. 255 00:15:40,161 --> 00:15:44,240 It does take some pretty thick skin, depending upon the, 256 00:15:44,241 --> 00:15:48,050 the lift, but what a huge opportunity. And, 257 00:15:48,080 --> 00:15:49,940 if there's that ambition, 258 00:15:50,090 --> 00:15:53,090 oftentimes the other pieces are very, 259 00:15:53,091 --> 00:15:57,890 very trainable and that individual is going to be in a very different spot at 260 00:15:57,891 --> 00:16:00,020 the end of the transformation. So, yeah. 261 00:16:01,340 --> 00:16:05,120 So I would be remiss in talking about business transformation and not discuss 262 00:16:05,150 --> 00:16:08,510 strategic decision-making because that's a big part of this. 263 00:16:08,750 --> 00:16:10,640 And so as we kind of wrap up our conversation, 264 00:16:10,820 --> 00:16:13,700 what's your approach to strategic decision-making. 265 00:16:14,360 --> 00:16:18,200 Yeah. So it's a big, 266 00:16:18,201 --> 00:16:19,850 that's a pretty big question. 267 00:16:19,851 --> 00:16:24,440 And so where I would kind of start in terms of strategic decision-making 268 00:16:25,190 --> 00:16:28,400 is, is really properly understanding and making sure that we, 269 00:16:28,401 --> 00:16:33,260 have a good grip on our strategy here at the company that I'm 270 00:16:33,261 --> 00:16:36,680 currently part of. We refresh our strategy every year, 271 00:16:36,681 --> 00:16:40,190 and it may not be a complete revamp, but being very, 272 00:16:40,191 --> 00:16:42,080 very familiar with your strategy and, 273 00:16:42,081 --> 00:16:46,610 and really leveraging this as a beacon in terms of decision-making 274 00:16:46,611 --> 00:16:49,010 is super important. And that could be, you know, 275 00:16:49,011 --> 00:16:53,450 whether it's determining whether or not we invest in a particular growth 276 00:16:53,451 --> 00:16:56,630 initiative, it starts with strategic fit. 277 00:16:56,930 --> 00:16:59,960 And we much like many other companies, it's not rocket science. 278 00:17:00,020 --> 00:17:04,130 We do a SWOT analysis and, you know, strength, weakness, opportunities, 279 00:17:04,460 --> 00:17:07,880 and threats, and understanding that for your company is super important. 280 00:17:07,970 --> 00:17:10,670 And then how, how did that, 281 00:17:10,671 --> 00:17:15,410 educate or inform the strategy that you set out is super 282 00:17:15,530 --> 00:17:20,360 important, as a guidepost for strategic decision-making. And, 283 00:17:20,361 --> 00:17:22,850 you know, I'd say in addition to that, 284 00:17:22,851 --> 00:17:27,500 so that's really kind of the starting point doing a really good job of 285 00:17:27,530 --> 00:17:31,750 identifying the risks and opportunities of that particular opportunity is, 286 00:17:31,760 --> 00:17:35,780 is really important as well. And I recommend, 287 00:17:35,810 --> 00:17:39,110 involving various, I talked about diversity and, 288 00:17:39,111 --> 00:17:42,140 and when I talk about diversity, I'm thinking diversity of thought, 289 00:17:42,320 --> 00:17:46,460 getting a few folks in the room that are going to bring different perspectives 290 00:17:46,490 --> 00:17:51,090 is super important as you're insuring the decision that you're embarking on 291 00:17:51,420 --> 00:17:56,250 and the direction that you're headed is a good strategic fit and we've captured 292 00:17:56,340 --> 00:17:57,091 properly. 293 00:17:57,091 --> 00:18:01,500 And we're well-informed on the risks and opportunities before heading into that 294 00:18:01,680 --> 00:18:05,940 different industries or move at a different pace as well. So all of that, 295 00:18:05,941 --> 00:18:10,380 that I said sounds like it takes an awful lot of time and building a 296 00:18:10,381 --> 00:18:15,090 nimbleness around this is super important because many industries are fast-paced 297 00:18:15,391 --> 00:18:19,890 moving. And if, if we're not able to make agile decisions, 298 00:18:19,891 --> 00:18:22,590 we could potentially miss the boat. And, you know, that plays, 299 00:18:22,710 --> 00:18:24,450 I've seen that play heavily into, 300 00:18:24,690 --> 00:18:27,360 let's just say merger and acquisition decisions. You know, 301 00:18:27,361 --> 00:18:30,320 you find a great gem of a, 302 00:18:30,321 --> 00:18:34,560 an opportunity likely there are five other 303 00:18:34,620 --> 00:18:38,370 organizations that have also lasered in on that opportunity. 304 00:18:38,371 --> 00:18:43,110 So being agile and really having a good grip on 305 00:18:43,620 --> 00:18:47,100 a strategic fit and what that means for your organization, 306 00:18:47,490 --> 00:18:51,750 as well as being able to quickly move through the risks and 307 00:18:51,751 --> 00:18:55,890 opportunities and, and kind of stay quarterly holder alignment is, 308 00:18:55,950 --> 00:18:56,880 is super critical. 309 00:18:57,360 --> 00:19:00,690 It's almost like you need the right people in the right room all the time. 310 00:19:00,691 --> 00:19:03,990 And that kind of goes back to what you were saying about change management and 311 00:19:03,991 --> 00:19:07,410 making sure that when you're getting to these points of these decisions, 312 00:19:07,560 --> 00:19:08,250 there's okay. 313 00:19:08,250 --> 00:19:11,040 I need to make sure I have the right people here to have that diversity of 314 00:19:11,041 --> 00:19:11,910 thought that you were talking about. 315 00:19:12,060 --> 00:19:14,460 Cause everybody's had the same life decisions, same work, 316 00:19:14,670 --> 00:19:18,360 just work experiences to make sure that they can bring the right things to the 317 00:19:18,361 --> 00:19:20,910 table, not be afraid to bring up saying, Hey, Hey, 318 00:19:20,911 --> 00:19:23,280 I went through that same thing here, and this is my experience, 319 00:19:23,610 --> 00:19:26,520 as opposed to everybody just kind of being yes, Yes People, 320 00:19:26,670 --> 00:19:28,500 which isn't what you want in that room, right? 321 00:19:29,160 --> 00:19:33,630 Not at all, not at all. you know, it's, it's we always say a good, good, 322 00:19:34,020 --> 00:19:35,460 a bit of healthy debate. 323 00:19:35,461 --> 00:19:40,110 And then walking out of the room unified in terms of the direction that we're 324 00:19:40,111 --> 00:19:44,640 headed is, is our, our goal throughout, you know, these big decisions. 325 00:19:47,700 --> 00:19:49,200 This has been Count Me In, 326 00:19:49,290 --> 00:19:53,580 IMA's podcast providing you with the latest perspectives of thought leaders from 327 00:19:53,581 --> 00:19:55,230 the accounting and finance profession. 328 00:19:55,350 --> 00:19:58,680 If you like what you heard and you'd like to be counted in for more relevant 329 00:19:58,681 --> 00:20:00,210 accounting and finance education, 330 00:20:00,360 --> 00:20:04,620 visit IMA's website at www.imanet.org.