Earlier this month, I had the pleasure of sitting down with the Tyler Chapman, Director of Finance at Lumosity and Jeff Henley, Oracle’s Executive Vice Chairman, to discuss the challenges that rapidly growing companies face, and what these companies, such as Lumosity, can do to handle these challenges successfully. Our entire conversation will be available as a webinar in the fall. For now, I’d like to share with you the top 3 takeaways from our discussion:
- Address the finance function. When a company is experiencing fast growth, as Lumosity has in recent years, it’s pretty common for the supporting functions, such as finance, to lag behind the rest of the business. To properly address this challenge, leadership must answer these questions:
- When do we start dedicating resources and funds to building out the finance function?
- How do we efficiently build out the finance function so that it is effective in supporting the business now and has the ability to scale with the business in the future?
- Implement an effective technology solution. Companies must choose an enterprise resource planning (ERP) platform and other technology applications that will be able to scale with the growth of the business and be able to handle complex challenges. This technology must be able to work with existing systems for a streamlined approach.
- Prioritize and plan. There are many “make-or-break” decisions to be made throughout the growth process. It is important to logically prioritize foreseeable challenges and have a plan to address each one.
This is only a glimpse of the expertise shared in our discussion. To hear more from these experts, join us for a webinar on August 25 at 10 a.m. PST (1 p.m. EST). To learn more about future events and webinars, subscribe to our IPO Insider newsletter.