DiY CFO - Thinking like a bigger business

TL;DR In this panel discussion intended for startup founders, we’ll look at “CFO thinking” and how you can think about your runway with more nuance than just how much investor capital you have left. See panelist bios and more info below... hope to see you soon!

Many of the decisions we make in startups are financial, but founders don’t often think of themselves as finance leaders or Chief Financial Officers. 

Bookkeeping and tax can be outsourced easily, and that’s all there is to it - right? Well not breaking the law is important, but there are questions you probably consider to be more crucial like:

We’re running out of cash! How do we extend our runway?

• Raise more? Seek angel or VC funding? Crowdfunding? How about grants or ‘free money’?
• Spend less? Are you budgeting? Can you cut back on software licences or lavish offices?
• Spend differently? Can you lease instead of buy? Buy in instalments instead of upfront?
• Make more? Can you add or change a revenue stream? Change your pricing strategy? 

^ There are so many more ways to extend your runway... these are just examples!

Bookkeepers, tax agents and accountants can’t always help you with these questions. Or in any great detail. These important decisions go to the very heart of your business model and how you create value for customers in every sense. They need constant experimentation and tweaking.

We’ll hear from 3 business owners on how they create value and extend their ‘runways’ in very different businesses: car park sharing, designer dress rentals and a satellite inspection service! Brilliant as they are, they don’t come from accounting and finance backgrounds - they’ve had to outsource, learn and DIY along the way.

This isn’t about building an in-house finance function or hiring better accountants - it’s about slight improvements at any stage and gradually building financial disciplines that will help your business scale.

About our panelists:

LISA QI, COFOUNDER

Lisa cofounded Share with Oscar, Australia's first and largest community-based platform for booking and sharing car spaces. Having launched in Bondi Beach in 2017 with 100 residents sharing their driveways with beachgoers, Share with Oscar now has thousands of residential and commercial parking spaces across NSW, Victoria and Queensland. Prior to founding Share with Oscar, Lisa was a Strategy Consultant with Deloitte and Macquarie Bank. Lisa holds a BCom/BSci (Hons) and a Master of Psychology from the University of New South Wales.

ROXY LEHMANN, FOUNDER

Roxy founded Dress for a Night in 2015, enabling customers to rent designer dresses for all occasions by browsing an extensive online collection or visiting their North Sydney boutique. Having started small and solo, Roxy’s a big believer in learning every aspect of the business and growing organically with a strong customer focus. Prior to Dress for a Night, Roxy worked in HR in the insurance industry and holds a BPsych/BBus and a Master of Human Resources Management from Griffith University.

WILLIAM CROWE, COFOUNDER

Will cofounded High Earth Orbit Robotics in 2016 with the mission of building the world’s first in-orbit satellite inspection service. HEO Robotics enables satellite operators to visually inspect their valuable assets, while they travel at enormous speeds in Low Earth orbit, by using space-based cameras and proprietary software.Their bleeding edge R&D activities make them an emerging leader in the global SpaceTech race. Will holds a BEng (Hons 1) and a PhD in Space Flight Dynamics from the University of New South Wales.

About our host and moderator:

MARK COPSEY, PARTNER 

Mark Copsey from Allworths is a chartered accountant, investment manager and recently turned angel investor who has advised and studied businesses of all sizes over 30 years in the profession. He loves spending time with exciting business owners like our panelists and understanding what makes their businesses tick. He’s passionate about helping startups de-risk as much as possible by laying strong financial foundations and building disciplines common in more established businesses, while balancing all the other demands of startup life.

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This event is part of Spark Festival and upholds the Spark Code of Conduct.