Title: Finance director
Organisation: Chubb Security Services
Location: Ashfield, NSW
IPA status: FIPA[/fastfacts_content][/fastfacts]How did you progress to your current role?
When I joined Chubb’s NSW division in 2006, double digit negative returns were projected. When I left that position at the end of 2008 we had achieved a return on sales of 10 per cent. To achieve this turnaround, we restructured staffing levels, re-priced our non-profitable customers, maximised our efficiency and kept very close control on our costs. At one stage I took the step of removing authority approval from all the managers and becoming the only manager permitted to incur costs. This wasn’t a popular decision; however, to survive it was necessary to knuckle down and challenge every cost and ask how we could do it cheaper. I think this preparedness to take hard decisions may have got the managing director’s attention.
What are the challenges of your current position?
The greatest challenge in being a finance director is managing expectations. The days of long-term planning are gone. Businesses are much more focused on short-term results and improving stock prices.
As part of a multinational company, Chubb’s five-year plans have been replaced with quarterly cycles. The key here is communication – providing clear information to management in answer to the questions where are we heading and how do we minimise our risks and maximise our opportunities. Information cycles need to be short, concise and accurate. Another significant challenge is finding and retaining quality staff. The accounting industry is very competitive and not all companies can pay top dollar to attract the right people. So it’s important to provide a healthy working environment and ensure there are opportunities for high performers to continue to learn and be challenged. This keeps them engaged and interested.
