Growth. It's the value most businesses focus on. Growing in numbers, increasing sales, expanding as quickly as possible. Companies set targets on achieving these goals to ultimately drive strategic value for business growth, but to successfully realize that, companies need to leverage their opportunities, manage risks, and focus on all aspects of their business, including finance, resources, innovation, culture, and people.
Tom Fencl is the Chief Financial Officer at Pricefx, a provider of full suite price management and CPQ SaaS solutions. Today, he shares his expertise and insights from Pricefx on how companies can successfully apply specific tools, strategies, and policies to grow and expand their business.
In this episode, we discuss:
How Pricefx grew from 74 to 400 employees
How a company can maintain processes and manage risks
Financial tools and tactics for growing a business
A Journey Into Financing
Tom grew up in communist Czechoslovakia. Back in the day, the change in the political climate opened new doors for him. Being attracted to capitalism and the market economy, Tom decided that he wanted to work in finance. He first moved to London, then to the United States, where he worked in various financial roles. Eventually, he returned to Europe in the Czech Republic and became the CFO at Pricefx.
Pricefx is a SaaS solutions provider for price optimization and management that increases the efficiency and agility of the pricing process. The company was founded in Germany and today is a leader in B2B price optimization and management software.
''For the first time, I realized that what I'm doing for a living is not just working with spreadsheets, numbers, and analysis. It's the driving decisions that affect people's lives. All of a sudden, you realize that you have a lot of responsibility in making your decisions.''
Growing in Numbers and Growing the Numbers - Focusing on Strategic Value to Drive Business Growth
When he joined Pricefx, Tom was employee number seventy-four, and now they have over 400 employees in five locations across North America, Europe, and Asia. This rapid growth comes with specific challenges and opportunities. Tom states that this growth becomes a part of what attracts and retains people. The second thing is the culture in which the company spends time fostering and maintaining openness.
''Growth itself is a part of the things that attract people. As an employee, you realize that there are more opportunities for you to go into a more senior role, change what you're doing, maybe move to a new geographical area, or whatever else kind of attracts you about growth.''
Maintaining the Processes and Managing the Risks
You have to be selective in managing the processes. Pricefx's success depends on its ability to use similar and dynamic software, whether in accounting, sales, operations, or HR. Secondly, you need to offer responsibility and freedom to people at all levels.
Managing the risks comes from two components. Firstly, you need to have some cash reserves. And the second thing is monitoring and understanding the business.
''Before you make any risky decisions, you want to analyze and think about them. But, ultimately, there is nothing like eliminating risk, especially if you wish to grow and expand your business.''
Tools and Technologies to Use to Achieve Business Growth While Adding to Your Strategic Value
Price Fx uses tools like NetSpeed or Salesforce for accounting and sales operations. Their new initiative is using Tableau software as a data analyzer and visualizer platform.
''People should know up to the minute how the business is doing and have the ability to understand how those performance metrics are driven by the underlying drivers.''
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