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Robert Morton has seen and learned a lot from his
time working as a financial officer.
An
accomplished leader in financial, strategic and general management, Toronto’s
Rob Morton has more than two decades of experience in the space, having served as chief financial officer at
Home Capital Group Inc. and Home Trust Company, and, before that, serving for
more than ten years at State Street Corporation, an institutional investment
services bank.
Speaking from
experience and the knowledge he’s gained over the years, Rob shared his views
on starting a new venture, the importance of building a strong workforce and
why every company should embrace new technology.
In your opinion, what are the most
common financial mistakes that entrepreneurs tend to make?
Rob Morton: They go into building a business with the
idea they will turn it around quickly and sell it to the highest bidder. In theory, turning a significant profit
sounds great on paper; however, it takes time to build a successful business,
and so I think the entrepreneur needs to focus on creating a solid product and
caring more about the customer rather than burning through their investment so
quickly. That, and they tend to hire in
advance of revenue. A good rule of
thumb: it’s not revenue until it hits your bank account.
How
important is a value proposition for a new venture? Is it something that’s
easily defined and leveraged?
Rob
Morton: It’s very important, especially in a
competitive marketplace. A new company needs to define what makes it different
from other companies that offer similar services. That’s how you begin to gain
a competitive edge. To get customers or clients to first select you, then
eventually make you their first, then only choice, requires articulating the
value you provide and why that value only exists within your company. It helps,
as you say, to have a proven background and subs… Read More
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