Lynk CEO Peggy Choi was invited to the CPA Canada Hong Kong Business Forum, joined by Brinc co-founder Bay McLaughlin as panelists on ‘Dialogues With Start-Ups’ about corporate transformation and innovation. The moderator was Director of Emerging Technology at PWC Hong Kong Akihiko Katayama
Each individual shared their inside story about how to ensure you maintain innovation across your company, especially in relation to budgeting and the role that can play in allowing for transformation.
“I think you see a lot of CFO’s changing their attitudes to thinking small and trying to be more bold in their decisions, to allow for innovation and change”
“For us the CFO is heavily involved in our company operations, strategic discussions and decision making in terms of what to pursue and prioritise. For us budgeting is more of an ongoing project rather than set yearly or quarterly procedures
An interesting fact that happen to us a couple of months ago was that we have a new senior executive that joined our management team and the first question he asked was, “what is the budget for my team”. We couldn’t answer! This is because we are a start up and because of that we have to be more goal oriented and simply get the best ROI possible on what spending we do make. Often a budget set at the beginning of the year may not be relevant 3 months down the line if things are on a project basis you may have to make reactionary changes. What effect will this have on budgeting, expanse controls and policies.”
“From my experience the incentive structure needs to be structured in a way that allows them to be innovative, and give them the chance to try things in an environment where they can actually try things outside the bounds of the day to day norms, their budget or even their monthly goals. For CFO’s you are either actively trying to change the structure to allow people to try new things, or you are looking at things as usual from quarter to quarter.”