254. First 100 Days as a CFO: From Diagnosis to Direction with Nicolas Raynaud FCCA

In this episode of the CFO 4.0 Podcast, recorded in partnership with ACCA, Hannah Munro is joined by Nicolas Raynaud FCCA, CFO at the Science Museum Group. Nicolas shares a frank and practical view of what it really takes to settle into a new CFO role and why those early months demand clarity, curiosity and steady judgement.

In this episode, Nicolas covers

•  Why the first 100 days start with understanding the organisation you’re joining, not diving into delivery
•  How to diagnose whether you’re entering a growth phase, a turnaround or a realignment
•  The importance of preparing before day one and validating the brief you were given
•  How to balance early stakeholder engagement with the pressure to act
•  What to do when your findings don’t match expectations, and how to handle difficult course correction
•  Why staying open minded, curious and willing to learn will set the tone for long term success

Links mentioned

• Nicolas' Linkedin 
• Learn more about the Science Museum Group

• Explore other CFO 4.0 Podcast episodes here.
• Subscribe to our Podcast!

Chapters

• 0:00 Setting Up The CFO 100-Day Theme
• 1:14 Nontraditional Path To CFO
• 3:47 Business Lens Over Accounting Lens
• 4:32 Three First-100-Day Archetypes
• 7:20 Tailoring Approach: Growth vs Turnaround vs Realignment
• 10:12 Preparing Before Day One
• 12:19 Stakeholder Interviews: Past, Present, Future
• 14:29 Validating The Brief And Course Correcting
• 16:10 Managing A Potential Board Bombshell
• 18:30 Sponsor Support And Exec Alignment
• 19:53 First 30 Days: Vertical And Horizontal Relationships
• 22:03 Calibrating Checkpoints With The CEO
• 24:00 Resourcing And Structuring The Function
• 26:04 Acting On Toxic Culture Early
• 28:05 Pace, Patience, And The 90-Day Myth
• 30:15 From Discovery To Implementation
• 32:10 Communicating Priorities Without Alienating Teams
• 35:18 Vision, Anchors, And Half-Year Checkpoints
• 38:04 Reading The External Environment And Peers
• 40:16 Mentors, Recruiters, And Trustee Insight
• 43:05 Building Board Relationships And Expectations
• 45:13 Top Tips For New And Seasoned CFOs
• 46:58 Science Museum Group Invitation And Wrap
• 48:39 ITAS Client Story And CTA

Transcript

SPEAKER_01: 0:00

Welcome to CFO 4.0, the future of finance. The CFO role is changing rapidly. Moving from cost controller to strategic visionary. And with every change comes opportunity. We are here to help you take advantage of this transition, to win at work, drive your career forward, and lead with confidence. Join Hannah Monroe, Managing Director of iTest, a financial transformation consultancy, and she interviews key experts to give you real-world advice and guidance on how to transform your processes, people and data. Welcome to CFO 4.0, the future of finance.

SPEAKER_03: 0:49

So hello everybody and welcome to this episode of CFO 4.0. With me today, I'm very excited to talk about our series in partnership with the ACCA, all about, I guess, not just the journey into CFO, but more about what you do once you get it. What does that first a hundred days look like? Whether you're a new CFO or whether you're a CFO starting a new role. So with me today is Nicholas Reynardt. So lovely to meet you, Nicholas. And yeah, it'd be great to understand about a bit about your journey into the role of CFO.

SPEAKER_04: 1:26

Right. Thank you, Hannah, for for having me. I must say the yeah, the topic of first 100 days really resonated with me. So I'm delighted to join your podcast. My journey is, I would say perhaps the less traditional journey into CFO, in that time I'm not um an auditor by background. I've started from an analyst, uh, FPNA's financial planning analysis uh background. Um and um I also um decided relatively early on to move in, let's say, small, medium-sized organizations, which means that I realized uh that in order to get to the CFO role, I would have to move um jobs um perhaps every three, four, five years, um, just because of the nature of the organizations as uh I was in. So um I would say I started as um uh as I said, you know, in in analysis roles, then uh moved to um line management had head off uh roles and tried to uh cover you know more than finance, so finance plus IT, finance plus various projects that were non-finance y. Uh and then got into um in my first finance director role about 10 years ago uh now, and um uh which was at WaterAid, and since then uh I've had one uh exact role at BBC Media Action and one um my current drawing at the Science Museum World.

SPEAKER_03: 3:10

And and I guess you know, you've come in to that CFO role through a slightly different route than normal. And what do you feel like that's giving you, perhaps, that somebody from maybe a more technical accounting background would have? Or what are the key differences that you you feel like you've you've got by maybe exploring slightly roles slightly outside of the norm?

SPEAKER_04: 3:33

Yeah, I think for me it's it's it's really about um taking a business lens angle first and an accounting angle second. Um so if I take an example from way way back when in my um housing days, so as in social housing, housing associations uh uh in England, I remember what started off as a technical uh discussion. It was around the the time of fallout of the great financial uh crisis. So it was all about uh you know your tangible fixed assets and very, very tacky discussions. But then I I realized in fact what was underlying that was you know the business decisions that had been made around the time of the great financial crisis and the fact that we we had unfortunately some um uh some housing projects that uh would lead you know to impairment and could lead further on to real uh losses to the companies.

SPEAKER_03: 4:32

So, given obviously you've done a number of different roles, not just CFO, what do you think is really important in that first hundred days when you're at that leadership level?

SPEAKER_04: 4:44

I think what's truly important first is to understand uh what is the role you're getting in and the organization you're you're getting in. So in my case, you know, if I think of first 100 days at finance director or CFO equivalent level, um, I've had three extremely different uh experiences. I had you know way back 10 years ago, uh my first role as finance director, uh WaterAid, um a growth challenge, you know, a really successful uh organization, and here um a challenge of how can we be even better? How can we move from good to great? Um BBC Media Action, which was the international uh and still is the international charity development of BBC in 2019, this was a real turnaround situation, a sort of make or break troubleshooter role. Um and here at the Science Museum Group, this this was very much more uh a realignment uh situation of you know balancing ambitions and resources of a very ambitious, very um successful group of museums. So I would say the first thing that's really important to understand what what is the your priority as a finance director or CFO uh and have this initial high-level diagnosis of the organization because you know how you act in turn around situations very different from where I've acted now in my current role, where it's about realigning.

SPEAKER_03: 6:19

I think that's a great point. So understanding, I guess, why they've brought you specifically in, what is it that they're looking for you to achieve, and I guess almost that analysis of where the business is at. Um and and you said something interesting that obviously that that first hundred days might look very different depending on I guess where both where the organization is at and what it needs you to achieve. So, like if you think about water aid and obviously BBC Media Action versus Science Museum Group, like how did they differ? What did you do differently because of the need of the business?

SPEAKER_04: 6:52

You need in any case, in your first hundred days to learn this kind of organization and start making your your imprint and set your your priorities. But how in practice the that initial diagnosis really influences how you behave, you know, I I can illustrate because for for Waterway, where you have uh an already thriving uh international NGO in that case, then there is no time pressure on you know on acting. So I spent really a lot of time uh networking, which is particularly important in a in a global um organization, um, and and thinking about how it could build on the good work um left by my princesses, as opposed to let's say BBC Media Action when I joined, where uh you know view leaders were refusing to sign accounts, it was an absolute crisis, uh that there had been an issue uh with previous um uh postholder. So here this was a question of you know networking had to be sacrificed, unfortunately, and and uh uh the the doing had to to take priority. So let's get those accounts uh signed, unqualified, and uh let's by doing this um build you know my my credibility in the uh the exact team. And with Science Museum Group, I think very, very uh interesting uh situation where the um the ambitions are super high, the the level of energy dynamism is actually you know quite surprising for museum group and and uh absolutely amazing. Uh but the external environment is very difficult, the operating environment, the resources constraints are real, and how you uh how you express that tension uh in our CFO, so in terms of raising um alarm bells when when need to be was was then my my priority of saying actually you know we we need to better align ambitions and resources.

SPEAKER_03: 9:01

Yeah, and and so like obviously um water aid was quite a nice entry point, it sounds like whereas with BBC Media is you're you're going straight into not crisis situations, but dealing with some very challenging situations, I guess, without the the knowledge of maybe the deep knowledge of the organization that you would have after a few years. So, you know, and how did you handle that? Because obviously you've got new stakeholders that perhaps you haven't worked with before, you've not necessarily got the depth of knowledge of the organization yet. So, like, how do you approach that? Because that's a really almost like the first hundred days in crisis is a type of organization.

SPEAKER_04: 9:42

Well, I think it in my view, uh it's about realizing that the only thing you can truly control is your own time. And and so there is a lot that you can prep in advance. So in that case, you know, even if uh you know there's very little time between roles, uh, there's a lot you can do in your spare time to project yourself into the new role and start mapping out this this beginning. So um, you know, it's gathering facts about the organization or the sector, it's uh really understanding the people, so your your stakeholders, the the team that you're going to, departments you're going to manage, and then um start wondering about your priorities, and not just wondering, but actually proactively going to your new boss. So in my case, you know, the the then CEO of of Media Action and saying, okay, let's let's agree even before day one, what are my likely um uh priorities? So that's you you sort of minimize the the shock of day one in that situation, that makes sense.

SPEAKER_03: 10:53

Yeah, no, and I think that's a great piece, and obviously three very different scenarios, but were there similarities in what you prepped for each?

SPEAKER_04: 11:01

Yeah, I I guess so, I guess so, because what I found out is that you know you you have a um sort of unique opportunity in those first hundred days or so to go around the organization, ask questions, and um say you don't know, uh, and and that way unearth a lot of um of hidden truths uh about the organization. So uh I what I found is that the the first one or two conversations with stakeholders are super important, and I I've tried to um over time you know to standardize them and say, well, let's you know, in my mind, let's be very, very simple, has a simple framework of past, present, future. So you're coming in, you're new, CFO, saying, okay, tell me about the next sorry, the last three years or so. Uh, what about the performance of the organization, of your department, and what what do you think are the root causes for good or bad performance? So you cover that. Then you move to today. Um, you know, tell me about your team, your your current priorities, um, tell me about your you know any system or process issues or people issues, so you you start building a uh your your an opinion and and then um maybe not at the same conversation, but next one you you talk about the future. You know, how how do you see opportunities not just for your department but for the whole organization? And do you think there are any barriers? And if you do that in a in a sort of systematic way with all your stakeholders, um uh you you in fact start after just a few weeks to to build a pretty coherent picture. Uh that that's what I I found out.

SPEAKER_03: 12:50

Yeah, and so so and I guess and and this is taking place in your first say 30 days or is this prior to actually starting?

SPEAKER_04: 12:59

So I think you can you can start um prepping those questions prior to starting, but yes, the the the uh actual uh questioning in the first 30 days or so and uh and then you the important thing is to play back your um your impressions to um to your boss uh because that that's the only the other thing sorry I found out uh is we check mutual expectations. You know, you're you're obviously uh brought into a role with certain uh priorities in mind, and following that initial uh discovery phase, actually, that could be in a full alignment or or not quite. So this is where you need to uh to sometimes course correct, and actually media action being a good example in mind where the past financial troubles had been very well identified, were still a little bit in motion, but that there was a belief when I joined that the future was more or less okay. Uh but through the discovery phase, my conclusions were not at all. But in fact, the the the future was um uh a bit threatening and some some radical action was taken. So uh this was in fact um a good example of having to make up your mind relatively quickly, you know, as you join to whether the the brief you've been given upon joining is one that you're ready to go on with and fly with, or whether you want to have a conversation about course correction, which was the case then. And it's of course a lot a lot harder than the confirmation correction of uh that that I had say my current roles.

SPEAKER_03: 14:54

Yeah, I can imagine. And and that's a really good point. So that first 30 days as a new CFO is your you've got to validate what you've been told and make sure the priorities that you've been given align with what the business needs for in your CFO right now.

SPEAKER_04: 15:10

Yeah. Yeah, and and the real danger as well, but I found out is that it is very easy to to be swayed one way or another uh by the uh stakeholders you you talk to. You know, uh so typically I would uh in all three cases I I tried to connect with um the previous postholders, um obviously um direct reports, uh other um colleagues in the departments, you know, you go to your boss, go to your peers in the exec. Um and it it can be difficult to absorb all of information you receive in a short period of time and remain relatively open and neutral yourself. You know, uh jumping to conclusions is is very, very easy. So for instance, I remember in my current role having had a brief on one certain team that uh you know sitting under my my remit, um which was a pretty negative one. And I went into the intro meeting with that in mind, and I realized halfway through the meeting that in fact I disagreed with uh the opinion that had been given and that the steer had been given. I I felt um actually there was a lot of potential in this team, but probably uh it hadn't been uh fostered well enough. So here's an example where I completely crashed uh an intro meeting, to be honest. Uh and it was a good lesson for me to really um keep an open mind, uh, certainly in these first 90 days, and and actually not just in the first 90 days.

SPEAKER_03: 16:54

So let's talk about the scenario because it, like you say, it's a lot easier if there's a confirmation of something, because you're they already believe that that's the case. How did you deal and how you know um with the situation where what you were seeing didn't reflect the brief that you were given and you were concerned? Talk to us about that, and because that must have been incredibly hard to come into as a new CFO.

SPEAKER_04: 17:19

Yeah, yeah. Uh told to defense committee and board was uh actually uh built on on sand. And once you you adjust it uh for for what was then known at the time, a completely different picture emerged. So I was quite aware of the potential uh for a bombshell uh situation, and so I I did my best to manage it very, very tightly. So um uh starting just with um uh closed shop conversations with the uh CEO to uh explain my findings, see if if there was uh support there, and you know, I I was um uh very very lucky to have an extremely uh open-minded and supportive uh CEO who realized uh that uh the you know the facts I was laying in in in front of her at the time added up to that uh that completely different assessment. So I was able then to work with the CEO on uh how we would uh break the news to finance community on board and then how we would um engage the the the exec team in in what was needed, which unfortunately meant um um you know drastic uh cost reductions and uh restructured program. So uh very, very difficult, but um uh I think what's super important is to have the right uh level of support and uh remember you know as a CFO it's not it's of course your your boss, so CEO, deputy CEO, etc., but it's also uh your keers.

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SPEAKER_03: 19:50

Sorry, so we've talked a lot about, you know, dealing with challenging situations, and I really love the fact that we're prioritizing validation of the goals and where we go in those first 30 days. Um, I guess how do you think about and approach the other senior stakeholders within the organization? What does that look like in the first 30 days?

SPEAKER_04: 20:14

It's a really good question because ultimately uh SCFO, you're responsible for one slice of the organization. So as you come in, um as I came in, uh I realized by default my time was spent very much um uh vertically, I would say. Virtually so with you know my uh my boss, my my direct reports, um and it can be difficult to find time to work horizontally as well. So, okay, well, who who are your your keys on on the exec team? What do you do? Uh do you know their direct reports? Um and I think one of the the challenges to create time for this, uh, for conversations that at the beginning may not seem directly relevant to your area, because you know, you've been in my control, for instance, I'm in charge of finance IT, um, fulfillment and legal, but uh you know might say why why would you spend time with a commercial director um in your first 30 or or 90 days? Well, it's because again, that that overall understanding of the business is so important to how uh as a sport function you you should uh prioritize what you do. So um I think having this balance between the vertical um time and the horizontal time is uh super important to just tell and when you think about I guess the those that relationship as well with the CEO in that first 30 days, what what does that look like for you?

SPEAKER_03: 21:54

How do you approach, I guess, trying to accelerate that relationship through so that you you have that that support, I guess, for your findings at the end of that that initial period?

SPEAKER_04: 22:07

Yeah, well, I think it's it's um another balance to to strike because at the end of the day, you know, you I don't want to be knocking at the door of say deputy CEO, my current boss, or CEO previous boss, uh every every day of the week, uh, especially at the start. You know, you if you've been uh brought in at um exact level, it's to uh it's to be um independent and autonomous. So for me it's uh it's a question of um really calibrating the conversations, so having um what I would call maybe um a checkpoint conversations. Uh the first one is what what are the expectations of me the first 30 days? Okay, can we agree? Well uh I will we will have then a debrief conversations after the first 30 days. Uh and then um at that point agree how we'll use the next month or two. And at the right point in the next month or two, talk about uh resources. Because once you're in two months two or three, it should be pretty clear to you whether you have the resources to deliver or not. So uh in my case, in my current role, I think the priority was very much um uh finance at the start. Uh we had the I would say the right number of roles, but uh in terms of the quality and structuring of uh the function, we were not there. So one of the first uh difficult conversations was to say, well, given uh natural nutrition, I think it would be good to keep a few roles vacant until we we reach a stage where there are enough vacant roles to effect profound change without the trauma of a restructure. And so it's very easy to say, I've just said it in a sentence, but it's very difficult to do in practice because of course you you have to hold your nerves over time, you know, way beyond your initial 90 days, and say, okay, I will not replace this bacon position. Uh I will work, uh you know, like it's I worked with uh the then deputy defense directors on what the right structure is, I would get that approved, and at the time when we have enough uh vacancies, then we'll do that great musical chair game and hire uh into new roles, and that should not cause too much disruption because no colleague will um lose his or her job as a result of that.

SPEAKER_03: 24:50

And that's the ideal situation in terms of where you end up, but if you've got a while before you get to that magic number and that magic goal, that can be a bit challenging when you when the organization's wanting to move at pace as well. So that's true.

SPEAKER_04: 25:06

And and and what you've just mentioned is the my story at Media Action where you know not only was there a uh an organizational-wide issue, there was very much uh an issue in my patch, which at the time was finance, IT and facilities. Uh, and and you know, there that there were some pretty uh say negative, disturbing behaviors in the senior leadership team. And I quickly realized I had to to act also during the first three months to to put a stop to um what was in part in one part of the senior leadership team some some toxic uh culture in place. So here you're absolutely right. Um it it's uh it can be destabilizing because you know problems are known, and as the new incumbent, you know, your first decision is actually to remove one of the uh senior leaders.

SPEAKER_03: 25:59

So that's that's an incredibly challenging situation. And I guess you know, because your first decisions do tend to get noted, don't they? The first couple that you do are more heavily evaluated, maybe, than the ones once you've been there a while.

SPEAKER_04: 26:14

Yeah, but I guess it's really uh weighing the consequences of your actions. In that example, you know, addressing a toxic culture was number one in my priority, and uh you know, a lot of it was due to misunderstandings, miscommunication. It was not about anyone uh being uh nasty in any way, but uh an environment had led some you know good people to behave in a completely unacceptable way. So I did I remember at the time um a lot of work on um uh team building, uh team values. Uh I I had I remember um planned actually in my first month uh sessions uh that had called the rules of a game, you know, which is all about uh how as senior leaders we should uh deal with difficult circumstances, uh what was acceptable and wasn't, etc. etc. And it it sounds extremely patronizing as I as I say it in this way, but you know, when when you land in a in a situation where people are really at at ten almost at each other's throats for because of a sudden climate that haven't created, I think actually it had a soothing effect on everyone to understand okay what what exactly was expected behaviour-wise.

SPEAKER_03: 27:42

Um I think it's always always hard to have a conversation about something if you haven't set out your expectations in the beginning. So I guess by being clear on this is how we are going to engage, if somebody doesn't, then you can say, well, what didn't you understand about that piece? Um and obviously you mentioned that all organise you know, those three organizations all had moved were moving at different paces. So when you came into that really ambitious organization, you know, were they comfortable with you having the time and the space to really get under the hood? Was there like um a pressure to move faster initially than you were climbing up?

SPEAKER_04: 28:23

I was extremely lucky in my first uh finance director role, so 10 years ago, because you know my my then boss um started, I remember on day one telling me, you know, there's no such thing as the first 90 days. You know, don't it it's an artificial construct. Uh so give yourself the the time and space to breathe and get around. And I think you know, just these simple words at the start had a fantastic uh liberating uh effect on me in terms of thinking, okay, well, it's not all about doing then. I I will have time to pause and reflect. Uh I'm not expected to um to change everything in the first three months, which is impossible anyway. But uh I I felt uh I took that home really in my next roles um to to set expectation and pace at the right uh level.

SPEAKER_03: 29:18

And did you set those expectation and pace before you started or once you were in role? How did that look?

SPEAKER_04: 29:24

An example of um of misalignment perhaps is my current role where there was a I would say generic feeling, but perhaps uh as an organization we were an overheated engine and uh we might want to slow down. But that overall feeling and perception had not translated into um into action. So uh my my first three months were very much in my control around um explaining your the uh financial uh implications. Of the Venn uh ways of working, uh breadth uh activities, uh and uh uh and try to get agreement on uh very, very swift uh course correction, which you know happened um eventually, but um I would say way beyond the the 90 days.

SPEAKER_03: 30:23

Yeah, and I think that's good to kind of talk about, isn't it? Because we like you say, this like 90, 100 days, we always talk it because it's night. I think I don't know whether it's the the shiny 100 day number, but it feels like a good one. Like this whole podcast is about the first hundred days. But um I I think it's interesting and really great that you had that support in your first, or not your first role, but your first senior year old or trade to have somebody that would give you the space and time to maybe take a bit longer because you needed it. And it and I guess is that something maybe newer CFOs need to think about because I guess they don't have the level of experience of somebody that's done the role before to kind of find yeah.

SPEAKER_04: 31:04

Yeah, and I would say it it a lot of it is uh can be done at recruitment stage, you know, because you need to remember that you're in a sort of courtship slash honeymoon period for day one. Uh from day one onwards, you know, you're you're part of a gang, you're the I would say a transplant in the organization, and things can turn sour very, very quickly if you're not careful. So I think to me there's something about um not jumping to accept your role, but uh discussing a bit more in depth with um uh the the right uh exec what exactly will be expected and document that before day one. Uh but that way I I found your void uh many surprises.

SPEAKER_03: 31:58

Absolutely. Um and we've talked a lot about the sort of that initial phase, that sort of artificial 30 days point. What then? So you you've got your feet under the table, right? You've spent your first month or so getting to know the organization as far as you can in that day. You've validated the priorities that you're you've been given, potentially change them. What's next?

SPEAKER_04: 32:25

I think next it's it's about stating your uh your intentions and uh moving to implementation. So um in a sense it's a bit easier if it's a turnaround situation because you know uh in the situation I described where you you need to get the the accounts um signed by the auditors without qualification, that's a very easy uh target to get to. The challenge is to say, okay, in the breadth uh of uh you know departments that you cover, which ones do you want to really focus on and and why? So in microcontrol, for instance, I spent almost all of the first year focusing on finance because you know we had to deal with um long-term financial issues. So I started to use the language um uh financial sustainability pathway again and again and again. Um talking about um short-term measures and medium-term measures, you know, getting everyone used to the fact that there was a tactical aspect, strategic aspect, then um working with then um deputy finance directors on how the functions could be reorganized. Um and the difficulty as you do that is that then the you know the the rest of your portfolio can feel neglected, which uh I must say is probably something I that happened to me, and that in retrospect I didn't do uh well enough in my first year. I I um possibly gave the impression that the only thing that mattered to me was uh finance, whereas it was absolutely not the case, but it was a case of business um uh priority. So that there's something about um explaining as um transparently as you can what your choices are. You know, in that uh example I felt that you know I didn't want to be too overt about this prioritization. Um but in retrospect I think probably I I should have been and and say at the start, look, I'm I'm not going to uh to spend a lot of time on the other three departments. Here are the reasons why. Um please bear with me. Um so good lesson learned is is you're being um um as overt as you can helps in the long run.

SPEAKER_03: 35:01

Yeah, because I guess if you've got an immediate um area that needs focus, the others might feel like you're not like you say, they're not you're not interested and actually you'd love to spend time there, but you have to prioritize that particular area.

SPEAKER_04: 35:16

Absolutely. I and you know, and I I I sort of realized that the hard way in in year two when at some point I realized that you know the the the windmill in in the Razakin was that I was not interested in IT, for instance, I didn't want to invest, etc. And I thought, oh my goodness, nothing could be further from the truth. I'm um very, very passionate about how uh tech can um uh make a difference uh in uh business performance. But it is true that my actions in in the first year were so focused on um you know budget pressures, uh short-term measures, then agreeing medium-term measures that I my own behavior had led to this perception. So I think what's what's difficult here is uh, and it's a constant, I think, in exec flow is that you you can operate in uh in a bubble pretty quickly, uh, because you know you're going to be with um uh deputy CEO or CEO, you're going to be with other execs most of the time, then just with your direct reports, and that could be a nice echo chamber in which you you operate and you lose touch with what um colleagues feel and think. Um and that I think is um something you you need to bear in mind um constantly and have other ways of getting the the pulse.

SPEAKER_03: 36:41

And is there something to be said for I guess balancing the short-term need and and being clear about your vision not just for the and prior not just your priorities, but also your vision for what you want your your area to be longer term so that there's a there's a spark of hope at the end of the channel.

SPEAKER_04: 37:00

The thing I've tried to do in my current role, you know, I've I'm I'm just at the three-year point, actually, past the three-year point. Uh I've tried right to you, Leon to say, look, we we're on a three-year journey, and uh, our objectives are support functions, uh ultimately you know, delivery of uh business strategy. Uh let's map our high-level priorities against these um strategic priorities on the business. And uh I came up with you know uh service improvement, engagement improvement, and efficiencies and innovations, people uh management. So four four key anchors. And I said on the staff, look, we're on a three-year journey on each of these four anchors, but what they mean each year will vary. And this is what um I think now uh colleagues have have grown used to, but you know, you you get this sense of continuity by saying, Look, um uh we had four areas to focus on, and you get the the short-term priorities through uh you know annual um objectives, and I'm trying to do also uh half-year uh checkpoints with uh in small groups and in larger groups.

SPEAKER_03: 38:16

So I really like it. So tell us more about I guess those those checkpoints. What does that that look like?

SPEAKER_04: 38:21

That's a great that sounds like a really I mean very, very um simple is it is just um saying uh what what do we think we we have achieved in the first half of the year and what went well, what didn't go so well. So what do we need to adjust for the second half uh in order to be successful? So it it's think of it maybe as um a more thoughtful um one-to-one and but not focused on the immediate task ahead, which is on trying to avoid. It's not you know what have you been doing last week and and next week, what are your plans? It's really trying to remember that the the annual uh objectives have to be broken down into quarterly objectives, and so the half-year point can be a really nice point to uh look back at achievements and look forward to um next uh success instance.

SPEAKER_03: 39:21

And we've talked a lot about obviously um the internal organization, if I say it like that. You know, when you when you're in your first sort of hundred days, you know, how much does I guess the external environment factor into what you do?

SPEAKER_04: 39:40

Yeah. I think um a qu qu quite a lot, obviously, because I think as a finance director or CFO, it's really important to uh not just understand what's happening in your organization, but how the sector is behaving, what are the main trends. So having uh a peer group in your sector is super important. You know, when I worked in uh international development, I was part of a couple of networking groups, uh same thing um here in my control, so this time it's specific to museums or uh or charities more widely, and um I I think it has um both a really strong importance on the fact-finding and uh checking your own understanding of what the external environment is all about, and also it can be uh invaluable in terms of um uh advice. Uh, because obviously, if you're in a in a peer group, uh you know, with a right peer group, you can speak your mind truly, and you quickly realize that problems that may seem insurmountable to you or unique are in fact not unique at all. Uh and um chances are that someone somewhere else has faced the same problems and uh resolved them. So uh more often than not you realize that uh you you know, as an exact you don't need to reinvent the wheel, you you need perhaps be more aware of the broader environment uh in your sector, of course, but also outside your your sector.

SPEAKER_03: 41:25

Yeah, and and I guess that's even more important for a newer CFO because perhaps they don't have as much experience with the different scenarios that might crop up. So having that that person to talk to becomes even more critical when when you're in your first one.

SPEAKER_04: 41:41

Yeah, that that's right. Um I remember uh having a sort of realization uh in my first one 10 years ago, it was for the first time I was working for an international NGO. Brand new jargon, um new operating model for me. I was thinking, oh my goodness, you know, it's it's going to be quite quite something. And so um I mean sure to sort of turn my uh my then predecessor into a kind of mentor, you know, uh way beyond the the 90 days, but someone you know that you know um you could um go to in your hours of uh uh of doubt and uh and get some um nuggets of wisdom from.

SPEAKER_03: 42:30

Yeah, and I think we we underestimate the importance of mentors and and coaches. And sometimes it's not the people you expect that end up doing that role for you, which I find fascinating. Um you know, I find that in my role.

SPEAKER_04: 42:44

Yeah, that's right. It doesn't have to be someone who has done the the exact same role in the same sector. It's um I have found, for instance, a bit strangely perhaps, but that that the right conversations with some um senior recruiters can be at least as insightful as the right conversations with uh a peer in a in another organization.

SPEAKER_03: 43:11

That's really good because I guess they're getting the download from the scene the people that are doing the recruiting as to what are the challenges, where did the last person not do well, what are they looking for?

SPEAKER_04: 43:23

So and of course I would add there's another uh crucial source of uh feedback and information that sometimes is untapped. It is uh all the great people that sit on committees and uh boards, so the committee member trustees uh have uh more often than not a a wealth and breadth of experience that uh is not always coming through at meetings. So you you really need to reach out and uh and then you you find that the right 30-minute conversation will bring you more than maybe a week of you on your own or even with your peers pondering about an issue.

SPEAKER_03: 44:10

That's no, and because we haven't talked a lot about we've talked about the external, we've not thought and talked a lot about that sort of that board relationship. So what does that look like, you know, for you in those first 90 days, 9200 days?

SPEAKER_04: 44:24

Well, I think what what I've described as uh you know the key conversations that need to be had with deputy CEO or CEO uh also apply to um to the board or at least um chair uh andor committee chairs. So in a role like mine, you will usually have a finance committee or two if it's split between audit and finance, but um you you have then that expectation setting that's so important, and also um extract the the view from um outside about the organization because uh I've talked of Echo Chambers before, you know, the trustees committee members will um have sometimes a longer uh view of the organization. They will um they will have expectations that you need to check against um exact expectations, and it's part of that that alignment that's uh so difficult. And uh I I found that uh prepping committee meetings and and board meetings was really uh important, you know, down to um QAs, really. So it's it's a bit harder to do with um uh trustees or uh or committee chairs, but uh you know you can do that certainly with WTCO CEO.

SPEAKER_03: 45:52

Amazing. And and I'm very aware that we're rapidly running out of time because this has been a brilliant conversation. Thank you so much, Nicholas. But you know, if you had to give your top tips to um perhaps somebody that has been a CFO before but moving into another role, what would be your top tips for the first 90 to 100 days?

SPEAKER_04: 46:12

I would say just be humble, open your mind, be inquisitive, don't jump to conclusions.

SPEAKER_03: 46:22

And perhaps for somebody that's brand new into a new CFO, would that advice be any different?

SPEAKER_04: 46:29

Uh possibly, yeah. I would say um use your first 90 days as a learning springboard, and then remember that learning doesn't stop after the first 90 days, it's uh it's a journey.

SPEAKER_03: 46:43

Amazing. Well, thank you so much, Nicholas. It's been genuinely fantastic to talk to you and thank you for sharing not just your advice but also your experiences. It's great to learn from other people's stories and and on ways they've worked. So um obviously, if our our listeners want to learn more about your current organization, the Science Museum Group, or to learn more about you, where is the best place to find you?

SPEAKER_04: 47:10

So LinkedIn, uh I'm very much uh there. Um I think you will share the Science Museum Group's website. And uh, of course, nothing beats coming to our museums. Uh in London, you can see a wonderful electric cab from uh 1897 that I've put in the background. Uh, but in um in Manchester, in York, Bradford, uh, Shilden near Durham, you have uh amazing uh objects and events, and even at our National Collection Centre in in Shilden, you can also book uh a guided tour to uh an absolutely uh amazing um uh collection centre.

SPEAKER_03: 47:47

Yeah, I know I must admit I'm a massive fan of your London Museum. It was one of my favourites when I was younger. So um I'm I think I'm overdue for a trip back there. So thank you so much for that.

SPEAKER_04: 47:58

The new space gallery is absolutely amazing. So please visit this one.

SPEAKER_03: 48:03

I definitely I'll add it to the list um next time I'm in London. So thank you to Nicholas and thank you to our listeners all. I hope you've enjoyed um this podcast. And of course, a big thank you to the team at ACTA for supporting us through this. We're really excited to be sharing not just these podcasts, but also our our guide based on the content that's been shared with um with us by all of these amazing CFOs. So thank you, Nicholas. Thank you for listening. I will see you next time on the CFO 4.0 podcast.

SPEAKER_04: 48:35

Thank you, hello. Thank you for having me.

SPEAKER_03: 48:37

So, for those of you that don't know what we do here at ITAS, so we are a financial transformation consultancy that specialises in safe technologies. Whether that is looking at a new solution, evaluating your current solution, or just helping you to get the most out of your current setup, we can help. But rather than me tell you all the reasons that you should consider working with us as a stage partner or a transformation consultancy partner, I'm gonna let our customers do the talking for us.

SPEAKER_02: 49:09

ITAS were there from the sort of get-go, helping us, you know, talking through what the process was going to involve, setting expectations, you know, making it clear that how much work we were gonna have to put in to make sure that the project was a success at the at the end, um, and then talking us through all our different options, looking through our current processes, making us re-evaluate what was important, which elements we wanted to um move across to the new system, how we wanted to configure our new system, and also kind of making us sit back and really think about what is the success of this project when we get to the other end, when we finish the implementation and we're in the system, what's success going to look like? And actually, you know, putting that question back to us and really making us sit down and think about what is it that we but that we are looking to gain from this whole process was was really useful internally, making us really think about the key objectives and which areas to maybe prioritize over others. Um, it was also really helpful sitting down and thinking about it rather than one big huge project, actually splitting it down into different phases, um, sort of smaller bite-sized chunks, which made it seem a little bit more achievable within the time. Um, and then thankfully, ITAS had been super flexible with us during this process because it all it happened to coincide our implementation with our first ever financial audit, which just took up huge amounts of our time that we didn't expect. So we did have to um slightly push back some of our go live dates, and and thankfully ITAS were accommodating and actually helped us navigate through through that process. So we'd like to say that thankfully we're out the other side of our first days of go live and uh yeah, loving the move to intact.