What do you need to know to be a successful CFO?
Marble Myrna in conversation with scale-up queen Ilse de Graaff, Director of Accounting & Tax at Rituals.
If scalability is important anywhere, it’s at Rituals.
With sales in nearly 100 countries and more than 1000 stores. We’re eager to learn from that. These are Ilse’s lessons for the scale-up CFO series.
Lesson 1. Don’t wait too long to hire good people
Think a year ahead. ???? Ensure that these are individuals who can adapt to the new phases of the company. These are people who look forward and are capable of leading the team through this transition. Bring in experience—people who have already encountered these processes in larger scale-ups or corporates. You don’t necessarily adopt these processes, but this knowledge is crucial for your next step.
“Stay focused! This also means saying NO to initiatives that ultimately don’t work out. You can only invest your and your team’s time once.”
Lesson 2. Keep your hands free
The value of your time as a scale-up CFO is too great to be bogged down by operational tasks. These can be easily outsourced. Focus on looking ahead, your next hires, and staying alert to optimizations in ‘standard’ processes. For example, sit alongside your accounts receivable team member and observe the daily operations.
Additionally, stay focused! This means saying NO to initiatives that ultimately don’t work out or sales channels that have no future. You can only invest your and your team’s time once.
Lesson 3. Think in processes and keep it scalable
Ensure that your team and other departments understand how process steps flow within the company. The impact of an action in one team can significantly affect the data quality or time allocation for another team.
For example, a deal with various types of discounts and volume agreements from the sales team can trigger a series of (potentially unnecessary) process steps in the finance team.
“Think from the perspective of the company’s best interests, as if it were your own business.”
Lesson 4. Think like an entrepreneur
To remain successful as a scale-up CFO, think in terms of the company’s best interests, as if it were your own business. The more you instill this mindset in your team, the further you’ll go!
About Ilse de Graaff
Ilse began her career in the audit field at KPMG, where she advanced to the role of partner before moving into the business world with Rituals. She has been a key player in this global innovator’s journey for nearly 9 years as Finance Director. Rituals has become a beloved presence in countless bathrooms, and their journey is far from over.
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