Rapid Fire with Joe Connors - Banking
In this segment of Rapid Fire, Joe Connors, a seasoned CFO turned premier banker, tackles 5 questions on funding and banking from Steve.
In this segment of Rapid Fire, Joe Connors, a seasoned CFO turned premier banker, tackles 5 questions on funding and banking from Steve.
Today’s workplace – and the world in general – is all about optimization. We use phone apps to order a cup of coffee, weekly groceries, and more for quick pick-up – sometimes without even having to exit our cars. We try to keep up with the ‘speed of business’ by scheduling back-to-back-to-back meetings with little time to refresh or act upon the outcomes of those meetings. We seek out new tools and technology that can streamline tasks – not to lighten our loads, but to allow us to take on ever more daunting levels of productivity.
And we wonder why burnout is at an all-time high.
Businesses often get tied up in hidden red tape. Staff members develop habits and create processes that over time cause delays and increase costs. Sometimes these unnecessary steps are an unforeseen result of company policy. They may be a holdover from a previous ownership. They could be the result of an imperfect amalgamation of companies, where managers adhere to old procedures while imposing the new. All these process kinks accumulate over time, creating inefficiencies that add nothing to customer value.
There is never a bad time for you to focus on the professional development of your team. Finding the time is another matter. It’s easy to defer the investment until “it’s more convenient” or the “new version is released”. By the time you reach those timelines, it may be too late. Your team has left or isn’t capable of performing to the standards you expect. It’s not on them. It’s on you.
Welcome to the latest episode of “CFO Talk.” In this sequel to Do You Know What the Income Trap Is? Joe expands on the lessons he shared earlier with more examples to emphasize the perils of ignoring the income trap. In the sequel the wisdom of the balance sheet takes center stage and the nightmares of the Income Trap unfold. Host Steve Rosvold and guest Joe Connors, a premier banker on the U.S. West Coast, dive deep into the world where numbers aren’t just numbers—they’re the very lifelines of our businesses.