In this episode of The CFO Playbook, David McClelland explores how financial management should be embedded into company culture with Richard Dana, co-founder and CEO at Tembo Money. With a background in corporate finance, Richard shares how he leveraged his interest in travel to co-found the budget-boutique hotel booking platform Doris and Dickie, and the lessons learned from being thrifty in balancing the books from day one with a small team, managing by cost. Reflecting on his role as CFO at Founders Factory, a unique platform matching leading corporate brands with industry expertise with innovative start-ups to solve specific pain points within their sector. Richard affirms his mantra that founders should focus on being thrifty and making every pound work hard, whilst having a path to profitability and a clear understanding of the financials. Now on a mission to address the housing affordability crisis, Richard co-founded family lending platform Tembo Money, with the aim of closing the generational wealth gap by broadening access to homeownership. With no CFO currently in place, the focus since its launch in 2020 has been on becoming profitable with a lean team and outsourced accountancy. Richard highlights that despite the crossovers between the CFO and CEO roles, there is a much greater focus on "selling the business" as a CEO, whilst keeping an eye on the money during the early days of growing a new business. Finally, against the backdrop of the current economic landscape, Richard gives his view on starting a business in a recession; although it's challenging, partnering with established companies and focusing on a product with a real customer need can help mitigate risks. Extending cash runway is crucial for startups, and involves monitoring cash flow, cutting costs, and exploring non-investment funding options. Chapters - (0:00:01) - Inside the World of Finance Leaders (0:13:29) - Building a Finance Startup (0:22:45) - Funding and Recruitment for Startups (0:33:57) - Startup Strategies and Acquisition Considerations (0:43:39) - Liberating Finance for Families Entries for the Global CFO 100 Awards in partnership with HotTopics are now open - https://hottopics.ht/global-cfo-100-awards-nominations. Entries close 31st August 2024. About Soldo: Soldo provides company cards connected to a powerful management platform. Employees use Soldo cards to buy what they need for work without being out of pocket or going over budget. Finance teams use Soldo to distribute money instantly, while staying in control of who spends, how much, where, and on what. Thousands of businesses, from small to large corporations including Mercedes-Benz, Sony, and Get Your Guide use Soldo to make their business spending simple and efficient. To find out more or to book a demo, visit Soldo. Learn more about your ad choices. Visit megaphone.fm/adchoices
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Oct 31 202444 mins