My 3 interesting things for you this month…
1. Not a fan of networking? Collect problems instead!
For many of us, networking often feels awkward, forced and filled with moments of self-doubt: “What am I going to say? How do I approach this? Will I come off as weird/insincere/boring?”
But what if we flipped the script? Instead of ‘networking’, what if we thought about it as collecting problems?
This mindset shift not only makes networking more meaningful but transforms it into a value-driven, curiosity-fuelled activity.
Whether you’re looking for a new job, building a client base, hiring talent or simply expanding your knowledge, collecting problems is a game-changer.
Why Collecting Problems Works
Well, people LOVE talking about themselves and of course, their challenges. So by focusing on uncovering the problems others face, we can also solve a number of our networking hang-ups:
- We shift the focus away from ourselves, relieving the pressure of trying to sound impressive.
- We can build genuine connections and trust by demonstrating curiosity and empathy.
- We can identify opportunities to offer value, which strengthens relationships.
- Instead of seeming sales-y, we stand out as someone who listens, understands and cares.
So how do we go about this?
The 3-Step Framework for Problem Collecting
All we need are 3 simple questions! Figure out what version of these feels most authentic to you and give it a practice.
I’ve watched well-practiced experts do all 3 in under 90 seconds.
Question One: What do you do? – Start with the basics to get context (because you can’t solve a problem without context).
Examples: “What’s your role?” / “That sounds interesting, what does it involve?”
Question Two: What does success look like? – Find out what their goals are, so you can bridge the gap between the ‘what you do’ question and the tricky ‘problems question’.
Examples: “What are you focused on this year?” / “What’s a big opportunity for you?”
Question Three: What’s hard about that? – This is where the real insights emerge.
Examples: “What’s your biggest challenge?” / “What might get in the way?”
Listen carefully. Resist the urge to offer solutions immediately. Instead, take note of their answers and try to follow up later.
Whether it’s sharing ideas, connecting them with someone else in your network or simply continuing the conversation.
You’ve now reframed networking from an awkward obligation to an opportunity to be helpful!
By focusing on problem collecting, you create real value, build trust and open doors to meaningful relationships.
2. Making AI a daily habit
I’m pretty sure all my readers know I believe AI is the future of finance. But here’s the thing: knowing isn’t enough.
The biggest challenge isn’t just understanding AI, it’s using it consistently. Like going to the gym or eating healthier, AI only creates impact when it becomes a habit.
Anyone who starts integrating AI into all aspects of their work will be miles ahead in efficiency, insights and career growth.
I got some feedback on last month’s CustomGPT interesting thing. To quote Marty McFly in Back to The Future “I guess you guys aren’t ready for that yet. But your kids are gonna love it.”
So, if CustomGPTs are a bit advanced for today, how do you make AI a daily habit without it feeling overwhelming?
Start small. Keep it simple. Build momentum.
Step 1: Make AI Your Go-To for Research & Insights
It’s time to skip endless Googling and let AI do the heavy lifting. Next time you need financial insights, ask ChatGPT, Claude AI or Perplexity AI instead. You’ll cut research time in half and get insights instantly.
Some examples:
- “Summarise the latest IFRS 17 updates and their impact on finance teams.”
- “What are the key risks finance leaders are prioritising in 2024?”
AI habit tip: Add an AI folder to your phone’s home screen next to Google. Start your searches with AI.
Step 2: Fix a Broken Finance Process with AI
We’ve all dealt with clunky, manual finance processes that are full of inefficiencies. The problem is, we rarely take the time to fix them – we just keep firefighting.
Try this instead:
- Write down a slow process (for example, expense approvals, month-end close).
- Feed it into AI and ask for an assessment.
- Get AI’s recommendations for automation and better tools.
Example prompts:
- “Here are the steps of our month-end close. What inefficiencies do you see?”
- “How could we automate invoice approvals? Suggest tools.”
AI habit tip: Make it a team exercise – have everyone identify a slow process and test AI’s recommendations together.
Step 3: Get Your Team Talking About AI
AI adoption isn’t just an individual shift – it’s a team mindset. The more your team discusses, tests and integrates AI, the faster it becomes second nature.
It’s in your best interest to create a culture where AI isn’t a scary unknown. It’s a tool everyone actively explores.
Some tips to get your team on board:
- Host a 10-minute AI demo in your finance team meeting.
- “Here’s how I used AI to speed up variance analysis – who else has tried it?”
- Start an AI experiment challenge where everyone tests AI for one task and shares results.
- Start documenting AI use cases in a shared OneNote for your team, so everyone benefits from shared learnings.
AI habit tip: Keep a running list of AI tools and use cases, updating it monthly.
AI isn’t just the future, it’s today’s competitive edge. The sooner you build the habit, the further ahead you’ll be!
3. Building a Simple Business Model Framework
A year ago, I laid out a simple approach to creating a mental model for your business here.
Today, I want to build on that by showing how you can move from that simple formula, through to driving actions.
Here is the approach:
1. Identify Core Variables
Start by defining the 5-6 elements that directly impact your business outcomes. These should be the simplest set of drivers to calculate your key financial outcome.
In this case, the core variables are:
- Leads Generated: The total number of potential customers who express interest.
- Conversion Rate: The percentage of leads that become paying customers.
- Units per Customer: How much each customer purchases.
- Price per Unit: The amount charged for each product or service.
- Cost per Unit: The cost to produce or deliver one unit.
- Fixed Costs: Costs that do not vary with production or sales – but are still in Gross Margin.
These variables together calculate the Gross Margin, the key performance indicator for financial health in this example.
2. Define the Current State
Populate your framework with current data for each variable. This is your baseline and helps you understand your current performance.
3. Establish a Target or Plan
Set realistic yet ambitious targets for each variable to reflect your growth or improvement goals.
For instance:
- Reduce leads to 1,200 (focus on higher-quality leads).
- Increase conversion rate to 4% by improving sales processes.
- Boost units per customer to 200 by bundling products or upselling.
- Reduce price per unit slightly to £420 (to attract price-sensitive customers).
- Lower cost per unit to £210 by improving production efficiency.
- Cut fixed costs to £600k by optimising operations.
Either recalculate the Gross Margin to establish the potential improvements, or work backwards from a known target to understand where you need to (£1.4M in this example).
4. Analyse the Gaps
Determine the gaps between the current state and the target state for each variable.
5. Link Drivers to Each Variable
Work with business leaders to identify the key drivers influencing each variable.
For example:
- Leads Generated: Marketing effectiveness, brand awareness, referral networks.
This breakdown helps clarify what factors need to change to improve performance.
6. Define KPIs to Track Progress
Establish an owner for each variable, and work out measurable KPIs for each one to monitor improvement over time. Use a mixture of leading and lagging indicators.
7. Develop Actionable Steps
For each variable, work with owners to create specific actions to address the gaps and drivers.
For example:
- Leads Generated: Optimise website SEO, enhance social media strategy.
This breakdown helps clarify what factors need to change to improve performance.
8. Visualise the Framework
Finally, organise the variables, gaps, drivers, KPIs and actions into a clear and visually engaging format. Use colour coding to highlight progress (for example, green for positive gaps, red for negative).
A well-designed visual aids understanding and facilitates better decision-making.
Use the framework each month to drive accountability and progress.
Let me know if you’d like to discuss how you can use this in more depth!
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