For the past two years, we've been living in constant uncertainty. The conditions we're living in these days make it exceptionally difficult to engage with your team in strategic planning and forecasting for the future.
In this episode, we discuss managing the pandemic challenges, setting up successful scenario planning and forecasting, strategic planning, amongst other topics to help you be prepared for the future.
John's Intro and His Current Role at the School of Rock
John has extensive experience building and leading high-performing finance teams in various industries. Currently, John is the CFO at School of Rock, where he oversees the financial activities of the organization but also plans and executes growth initiatives.
School of Rock is a performance-based music education business. The company is a franchisor and operator of music schools with more than 300 locations worldwide and still growing. Students learn from professional musicians in an interactive environment with the ultimate goal of performing live in front of real crowds.
“The CFO is more about being strategic and being a business partner”
Managing the Pandemic Challenges
When the pandemic hit, the School of Rock felt the impact. Working 100% in-person, the company had tough times figuring out a plan to adapt. But the team managed to develop and implement a virtual program in just twelve days. Now, the School of Rock online is part of the company's product offering. It offered opportunities and opened up new markets where people from remote areas could join the classes.
“It's amazing with your back up against the wall what you're able to come up with so quickly”
Setting Up Successful Scenario Planning and Forecasting
When looking to plan for the future, CFOs need to come up with a well-defined strategic plan. Collect data constantly, monitor the numbers, run multiple scenarios, and keep modeling that.
“If we were flying blind and not knowing what was going on, we couldn't make decisions quickly, address certain market conditions, and make investments”
Preparing for the Unknown While Planning and Forecasting
You have to make a decision quickly. Use the data, and make an informed decision based on the best data you have at the time. If the situation changes, you need to adjust.
“You need to adjust based on how your assumptions will change. And if you start something and it's not working out, fail quickly and move on”
Be prepared for the uncertain future with a strong team, learn more about our business solutions here.