ukraine – FP&A Expertise

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LESSONS FROM A UKRAINIAN NON-PROFIT #7

Featuredby Laryssa Reifel: FP&A Expertise

WE ARE ALL MORE THAN OUR RESUMES

At a recent conference a speaker suggested that resumes typically describe work experience but fall far short of capturing a complete picture of our skills. Executives are often engaged in much more than their paid jobs.

This has been the case for me too. For the last several years, in addition to launching a consulting business and holding a full-time corporate position, I have been the President of the Ukrainian Culture Center of Los Angeles (UCCLA). I am the first female President of this 80 year old organization and have seen the organization through 2 crises now – COVID-19 and the russian invasion of Ukraine.

Along the way I have learned a great deal. Today’s post is the FINAL post of a multi-part series of posts in which I will share the key lessons I have learned, the mistakes I made and where my financial planning and analysis skillset served me in responding to russia’s invasion of a sovereign country. In the spirit of “making my mess my message” I hope these you find these insights useful.

LESSON 7: Crisis management has an expiration date for everyone

Each crisis has a phase much like the different company stages 1-5 (See The Five Stages of Small-Business Growth (hbr.org)). From the initial onset through the arc to a war of attrition to nearing the end, the Ukrainian Culture Center of Los Angeles will transit many phases of a unique situation. After four years of crisis management at the Ukrainian Culture Center of Los Angeles, I am seeing that the initial phase of the war is passing. The onset and windstorm of the russian invasion is transitioning into the management the Center in an ongoing war. Much is out of the hands of the Center yet there is still a role to play.

As an FP&A leader I have had the privilege to be part of almost all phases of a company’s growth. That experience gave me the confidence to launch my own FP&A Consulting Firm – FP&A Expertise – Financial Planning and Analysis (fpa-expertise.com). From a strictly FP&A perspective (in contrast to accounting and general financial leadership), most companies are not ready for FP&A at Stage 1. It tends to matter how the organization is capitalized. If there are high investor demands, then the case can be made for an FP&A team as the reporting requirements can be demanding. But typically, an early-stage company is not ready for FP&A as the organization is usually still trying to figure out how to close the books. Once there is a cadence of accounting close processes with a high degree of integrity in the data, then and only then is an organization truly ready for FP&A. Fast moving start ups sometimes do this in parallel – implementing systems and FP&A processes while the close process is still being ironed out. I have found that the volume of change that is still likely in the chart of accounts and posting processes, makes for a bumpy road in setting up reporting systems and internal FP&A processes. The re-work that often ensues may not be worth it depending on the situation. Stage 2 and stage 3 companies are usually the prime entrance point for an FP&A team and this is where I have built many greenfield FP&A teams. From talent selection to system implementation and cross organizational process development, I have had the joy of going from nothing to an effective team for offering the leadership team key insights into the progress of the business and where efficiencies can be tapped. Building the bridge between strategic planning, executive decision making and organizational execution is the true sweet spot of FP&A.

Of the five stages, I had the least amount of experience at Stage 1. Not anymore. Leading the Ukrainian Culture Center of Los Angeles through crisis has taught me a tremendous amount about what it is like to be at Stage 1. The volume of blocking and tackling demanded by both the COVID situation and the russian invasion made each day different, stressful and functioned as a muse for creative thinking and problem solving. As I reflect on this experience, one of my initial regrets was that we did not first have a strategy – a lens through which all decisions would be made.

What I learned is that Stage 1 situations are not the place for strategic plans. There is no bandwidth. There are too many moving pieces and any formal strategic plan would be in the trash within minutes of having designed something.

As we approach 1000 days of russian aggression in Ukraine, I can say that the Ukrainian Culture Center of Los Angeles is well past Stage 1. Though not yet a well-oiled machine in the context of the war, we have garnered internal expertise in terms of political advocacy, media management, and operational execution for humanitarian relief and financial processes. Much like building out an FP&A organization, you see pockets of expertise aligned with natural abilities bubble up to the top. Then the organization naturally aligns around those experts as problems arise.

Not matter what stage you are in, if you think you need FP&A in your organization or just want to talk about it, this is where I can help.

#financialplanningandanalysis #fpa #finance #companystages #budeting #planning #strategy #process #systems #leadership #management #annualplanning #financialconsulting #executive

General

LESSONS FROM A UKRAINIAN NON-PROFIT #5

Featuredby Laryssa Reifel: FP&A Expertise

WE ARE ALL MORE THAN OUR RESUMES

Along the way I have learned a great deal. Today’s post is the fifth of a multi-part series of posts in which I will share the key lessons I have learned, the mistakes I made and where my financial planning and analysis skillset served me in responding to russia’s invasion of a sovereign country. In the spirit of “making my mess my message” I hope these you find these insights useful.

LESSON 5: GET MEDIA TRAINING BEFORE YOU NEED IT

Within the 1^st three weeks of the war the Vice President of the Ukrainian Culture Center of Los Angeles and myself conducted more than 75 interviews. This included radio, television, on-line journalists and print journalists. One of the key features of working with the media is the urgency of their demands. I found working with media personnel difficult as planning anything and reacting to everything seems to be their modus operandi. For those of us who are more planning oriented this can be anathema. At the same time and even without any media experience, we were highly cognizant of needing to respond to every opportunity to be interviewed. It was about keeping Ukraine at the forefront of the conversation. It was about raising money and support for the war. In the end, it was about keeping people alive.

So, it was with this backdrop of “baptism by fire” that we executed numerous interviews. In general, I think that the conversations went well. If I had a choice, I would have been prepared with the following:

A list of talking points that were curated and approved the either the Office of the President of Ukraine or some other Ukrainian Organization that operates on a national or international level.
A selection of sound bites that might be proposed by someone with television interview expertise. Having an understanding of how to construct and then utilize these sound bites in an interview during a crisis would have been helpful.
Coaching around how to engage with television in general and then specifically about what information should be shared when you are on screen. Examples include: placing your organization’s phone number or website on the banner at the bottoms, recommendations on how to route people to websites (how many times to mention, how to work it in), and how to construct a pre-meeting with your interviewing to achieve alignment on what the questions might be and how long you have to respond.
Training on the differences between engaging with print, radio, television and social media. Each medium has unique demands in terms of communication style.

As I stepped up to give my 1^st speech at the Center just after the invasion, there we so many people at the Ukrainian Culture Center of Los Angeles that we exceeded capacity and there were people out the door and lining the sidewalk. The entire left side of the great hall was lined with television cameras. As I approached the podium, I was unexpectedly greeted by 7 different news outlet microphones. Each had their logo and a number for their channel– ABC, NBC, CNN, CBS, NPR, etc. There was no place for my speech notes. What I learned was that “in the moment” is NOT the time to learn how to give speeches and engage with the media. If you are the leader of any organization whether it is for profit or not for profit, communication skills are not enough. Knowing how to be eloquent, share a consistent message, be inspiring and answer questions from the media on the spot is a next level skill set. Having the training before the situation hits you is very beneficial.

The concept of talking points and messaging is not unlike preparing for investor communications, board of director communications or earnings call communications. In financial planning and analysis, we tell the story of the business through the numbers. That’s where I can help.

#financialplanningandanalysis #communication #leadership #FPAExpertise

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LESSONS FROM A UKRAINIAN NON-PROFIT #4

Featuredby Laryssa Reifel: FP&A Expertise

WE ARE ALL MORE THAN OUR RESUMES

Along the way I have learned a great deal. Today’s post is the fourth of a multi-part series of posts in which I will share the key lessons I have learned, the mistakes I made and where my financial planning and analysis skillset served me in responding to russia’s invasion of a sovereign country. In the spirit of “making my mess my message” I hope these you find these insights useful.

LESSON 4: GATEKEEPERS AND EXPERTS ARE EVERYTHING

In order to fully take advantage of Lesson 3, ”Never Say No to Anyone (Almost)”, I found that having solid gatekeepers and experts has been indispensable.

One of the key features of a crisis is the volume of issues presented to you. The volume is not just characterized by quantity but also by variety. Fielding the volume of issues coming at you is one thing but when the issues span a broad spectrum you quickly find yourself treading water in areas where you may not personally have experience. Here is a sample list of the range of issues that came before us:

Official meeting requests from political representatives both local, national and international
Speaking engagement requests from various organizations
Interview requests from television, print and radio media outlets
Emergency projects for the build out of medical kits
Management of a mass influx of donations
Operational needs in terms of international shipping and chartering of airplanes
Requests for assistance joining Ukraine’s foreign legion
Offers of significant donations for support of the war
Requests for refugee assistance and offers of significant funds for refugee housing
Information requests and needs for policy expertise around new government programs assisting Ukrainian refugees
Needs for purchasing expertise – drones, generators, medical supplies such as tourniquets
Border and front line expertise for deliveries in Ukraine
Legal expertise in terms of the limitations of what a 501c3/4 can do
Changes to how security is handled at the Ukrainian Culture Center

As executives we are taught early about the importance of teamwork and the humility needed to surround yourself with people who know more than you, are better than you in certain areas and who can guide you much more successfully than you can yourself. For profit organizational leaders have the luxury of selecting experts. When you have an organization that is staffed entirely with volunteers, the situation is a little bit different.

At the Ukrainian Culture Center of Los Angeles we turned out to be very lucky. The talent of our board spanned the majority of the issues listed above. One of the greatest gifts I was given to navigate the role at UCCLA after the invasion was a set of individuals who each brought a certain expertise to the table. From legal counsel to financial expertise to media talent to operational execution, I had in the team my own army for surviving this crisis. In particular, they excelled at the blocking and tackling that I needed in order to stay focused on the top priorities. What these individuals also had was an amazing Ukrainian network. The ability to leverage that network all around the world created opportunities for us to execute on projects that may not have been as successful otherwise. One example of that was the ability to fund and locate much needed 4WD trucks for the defense of Bakhmut. Through our board members and the associated local and international Ukrainian network, we were able to efficiently handle such a delivery.

Successful for-profit leadership teams who have a high level of trust in one another are truly unstoppable. To experience this in a non-profit setting was especially gratifying. The trust itself becomes a self-motivating factor in propelling everyone forward. Most people talk about executive staff needing to row in the same direction but what is not discussed as often is how the machine becomes self-rowing when every colleague believes in and trusts the other while simultaneously being aligned with the mission.

In Financial Planning and Analysis, this is the type of trust that is built with the executive team and its business leaders/general managers. Building effective partnerships for developing your strategy and managing your financial models is where I can help. Please feel free to contact me.

Contact Me, General, Process

Lessons from a Ukrainian Non-Profit #3

Featuredby Laryssa Reifel: FP&A Expertise1 Comment

WE ARE ALL MORE THAN OUR RESUMES

Along the way I have learned a great deal. Today’s post is the third of a multi-part series of posts in which I will share the key lessons I have learned, the mistakes I made and where my financial planning and analysis skillset served me in responding to russia’s invasion of a sovereign country. In the spirit of “making my mess my message” I hope these you find these insights useful.

LESSON 3: NEVER SAY NO TO ANYONE (ALMOST)

While leveraging Lesson 2, Listening for Intent, I tried to answer every call, answer every email and take every meeting. In the first weeks after the outbreak there were more phone calls than our volunteer team could handle. When you add to that the volume of messages coming in over email and our social media accounts, the situation quickly became overwhelming.

The solution of course was to design a process for handling all of the messaging. The process required soliciting more volunteers and breaking down each phone call, email or social media message into categories. Some sample categories included:

Requests for assistance filling out paperwork to volunteer for the foreign legion
Requests for refugee assistance
Offers to make financial contributions to the center
Offers of medical supplies, medications and military equipment such as drones
Interview requests from print, radio and television

Once categorized, we were able to rack and stack who to respond to and in what order. Every response had to be curated in such a way that we could understand what additional work we would be taking on once the connection was made. Carefully understanding what we could and more importantly what we could not do, saved a lot of disappointment on both sides of the opportunity. To be sure, we had to walk away from certain things. Ultimately, we pushed all items through a single lens – how does responding to this opportunity align with helping Ukraine win the war?

Unfortunately, anything that did not pass through that filter had to be left behind. This led to some very difficult conversations especially when it came to refugee assistance. The mission of the Ukrainian Culture Center had never been about war and we knew were not a relief agency. As such, we thought we could pivot to a war footing but we knew we were not able to focus on refugees. Moreover, we had to take the perspective that people that made it here were safe. Certainly, they were not in an ideal situation, but forced to choose between our new mission and helping refugees in need, we chose the former. But there was ultimately a silver lining….

In the spirit of not saying no to anyone (almost), I accepted an invitation to give a speech about the invasion by the mayor of a small town. I did not really see the point given the small size of the audience and its likely limited reach. As a result of that speech, I met a Congressman who was in attendance. The speech was also televised and seen by some wealthy individuals in southern California who wanted to help. The Congressman called me and introduced me to individuals who wanted to assist refugees specifically and had significant financial backing. So, in a sense, by focusing on our new mission, I was able to solve for other problems that we thought we had to walk away from. Had I not gone and given that speech, I would have not only lost the opportunity to share information outside the Ukrainian community about the russian invasion but I would have also lost the chance to help some families get settled.

Opportunities can come from just about anywhere. Almost never saying no while staying aligned with our mission to help Ukraine win the war was a philosophy that served me well time and time again and continues to open doors to this day.

When it comes to FP&A, being attuned to a company’s mission and aligning financial strategies to achieve corporate objectives is the bread and butter of financial planning and analysis. I have seen this put into practice with positive results in multiple organizations be they large or small, public or private. If the implementation of this type of alignment is what you need That’s where I can help.

#fpaexpertise #financialplanningandanalysis #process #opportunties #mission #financialoutcomes

General

Lessons From A Ukrainian Non-Profit #2

Featuredby Laryssa Reifel: FP&A Expertise1 Comment

WE ARE ALL MORE THAN OUR RESUMES

Along the way I have learned a great deal. Today’s post is the second of a multi-part series of posts in which I will share the key lessons I have learned, the mistakes I made and where my financial planning and analysis skillset served me in responding to russia’s invasion of a sovereign country. In the spirit of “making my mess my message” I hope these you find these insights useful.

LESSON 2: HOW TO LISTEN

Most executives who have had leadership coaching are attuned to the idea that listening is often more important than speaking. When russia invaded Ukraine, I had to take my listening skills to a new level. This means that I had to not only listen but start listening for INTENT.

Once a crisis breaks people (mostly strangers) start coming at you from all directions. In this particular crisis I was talking to hundreds of new people in a matter of about 10 days. These individuals spanned the spectrum from government leadership to the press to distraught families desperately trying to reach loved ones. There was also a group of people who fall into the general category of “wanting to help Ukraine”. Pushing the strangers I met through the filter of intent (which invariably means building a lot of skepticism into your thought process) allowed me to make better choices about who to engage with and more importantly, who not to.

Here are some examples:

Offers to Deliver Arms to Ukraine: I personally received several phone calls from people I did not know who passionately expressed their desire to support Ukraine. One person in particular was offering to deliver ammunition to Ukrainian soldiers. The concept was that the ammunition would be accessed through key Israeli military contacts who were positioned to get these desperately needed munitions to the front. The Intent: Clearly this was an offer to engage in illegal arms sales. Though the opportunity to help Ukraine in this way had some merit, clearly the intention here was not in a sphere that the Ukrainian Culture Center or I should be operating in.
Marketing of Generator Sales: As the bombing of Ukraine increased, russia began targeting key elements of Ukraine’s infrastructure including power generation. UCCLA received many phone calls offering generator sales and shipment to Ukraine. Again, this was under the guise of “wanting to help”. The Intent: After thorough questioning and analysis I was able to determine that this was an inventory problem that the company was trying to correct. Helping Ukraine was not the primary driver.
Donations of Personal Goods: There were a lot of well-meaning people who wanted to do something, anything to help Ukraine. UCCLA often had offers from individuals to donate clothing. The challenge we had was to distinguish between people who were cleaning out their closets versus those who were genuinely targeting the needs of the front-line military personnel. Ukraine is a developed country and for the most part the people there are not in need of used clothing. Moreover, the shipping costs from the United States made it unreasonable to send the items. When you add to that, that there is nothing we have here which cannot be accessed in Europe, we had to turn a lot of these gifts away. The Intent: Thoroughly listening for the intention of the donation (cleaning house versus buying/bringing need appropriate items) allowed us to make sure the front was truly getting items they needed – insoles for their boots, water resistant socks, and warm outer and inner clothing for the winter defense.
“Fundraisers”: The invasion of Ukraine let to an explosion of non-profits around the world. Almost none of them had any infrastructure like that of the Ukrainian Culture Center of Los Angeles. Because of that, we had an extraordinarily high volume of requests for use of the center for fundraising. This led to the development of a very strict vetting process of who these organizations were and most importantly whether they were truly aligned with the war effort or whether it was a means to an end for the non-profit’s existence. The Intent: By designing a careful questioning process and leveraging the Ukrainian network (which was LinkedIn before there was a LinkedIn), we were able to identify people who were actually russian as well as people who were trying to make a career out of the war.

These are but a few examples of how not only listening but listening for intent made a tremendous difference in UCCLA’s decision making. I am not saying we didn’t make mistakes sometimes, but this orientation led to better outcomes.

When it comes to FP&A, listening and listening for intent is probably as important a skill as navigating your way around the financial statements. It comes into play especially when listening to your leaders discuss how they want to tell the story of their business on a road show for investors on Wall Street or the board of directors. With this type of attuned listening skill, FP&A professionals can really align with how the leadership team wants to grow. That’s where I can help.

#FP&A #financialplanningandanalysis #executivepartner #listening #Ukraine

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Lessons From A Ukrainian Non-Profit

Featuredby Laryssa Reifel: FP&A Expertise

WE ARE ALL MORE THAN OUR RESUMES

Along the way I have learned a great deal. Today’s post is the first of a multi-part series of posts in which I will share the key lessons I have learned, the mistakes I made and where my financial planning and analysis skillset served me in responding to russia’s invasion of a sovereign country. In the spirit of “making my mess my message” I hope these you find these insights useful.

LESSON 1: SCENARIO ANALYSIS WITH TRIGGER POINTS MATTERS.

For three weeks I watched the russian army build up its forces and drive toward the Ukrainian border. It was all over the news. The Sunday morning journalists talked about it in depth. The Ukrainian diaspora was also talking about it – amongst ourselves and with family and friends in Ukraine. The prevailing thought was “Putin wouldn’t dare”. Well, he did and I lost an opportunity to prepare for it.

For UCCLA, there should have been multiple scenarios run including but not limited to:

How will the role of UCCLA change in the event of a full scale invasion?

How will the role of UCCLA change in the event of a partial invasion?

How will the role of UCCLA change in the event of a persistent border threat from russia?

And even now, how will the role of UCCLA change in the event of a stalemate?

In each scenario, there are a several of items to consider:

1. Does the scenario in any way imply a fundamental shift in core values or mission?

2. What skillsets will we need to adapt?

3. How will the needs of our customer base change?

4. What new stakeholders will be created as a result of the scenario? Which ones will fall away?

5. How does the financial structure change in each situation? Has each scenario been modeled across your financial statements?

The trigger points were there – one only need reference the invasion of 2014, President Zelenskyy’s election, putin’s failure to contain Ukrainian democracy, tanks rolling up to the border, etc. Any of these should have led to analysis across the scenarios listed above.

As we look out into the near future there are a number of macro trigger points that will likely impact your business. Among them are the continued evolution of the use of AI, macroeconomic conditions such as interest rates, the growth of foreign conflict and the upcoming Presidential election.

Not going through scenario analysis for your organization results in a significant loss of opportunity to be prepared. That’s where I can help.

#fp&a #financialplanningandanalysis #scenarioanalysis #fp&aexpertise #ukraine #russianinvasion #financialmodeling