Finance Growth Hacks: Financial strategies for start-ups and scale-ups

Insights from Tanja Fischer, Head of Finance at Lindus Health
Insights from Tanja Fischer, Head of Finance at Lindus Health
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Finance Growth Hacks: Financial strategies for start-ups and scale-ups
Share this post

Key takeaways: 

1. For a fast-growing scale-up, focus on building a strong foundation with basic financial processes. 
2. Trust and empower your finance team to work both independently and collaboratively for increased efficiency
3. Communicating with teams in a way they understand is essential for positioning finance as a strategic partner
4. When integrated properly, automation and AI can help finance teams focus on strategic work

Welcome back to For the Love of Finance, the series where we decode insights from finance leaders and turn them into practical insights for your career.

In this episode, we’re diving into practical financial strategies to set you up for scaling, the characteristics of effective finance functions, how to improve collaboration between finance and the rest of the business, and advice for overcoming common finance challenges faced by start-ups and scale-ups.

Our guest for this episode is Tanja Fischer, Head of Finance at Lindus Health, a biotech startup revolutionizing clinical trials. They were featured on Sifted's B2B SaaS Rising Stars list (alongside Vertice!) and are scaling rapidly, with funding coming from Spotify-backer Creandum and PayPal co-founder Peter Thiel. 

Read on (or watch the video above) for insights to help develop your finance function and scale your business. 

For a fast-growing scale-up, focus on building a strong foundation with basic financial processes. 

For scale-ups, setting up basic financial processes early is crucial. This includes having systems for payments, expenses, and data collection. 

In earlier stages, prioritize tracking key metrics like cash burn rate and runway. This allows leadership to make informed decisions.

Another essential strategy is scenario modeling. Having tools to model different scenarios helps high-growth businesses plan for the future and make strategic choices.

Financial data needs to be readily available, even if systems aren't fully integrated yet. Transparency is essential for fully informed decision-making. 

Trust and empower your finance team to work both independently and collaboratively for increased efficiency

No-one likes micromanagement. It slows down both leaders and team members.

The finance team should feel trusted to complete tasks in a productive and positive work environment, so prioritize building a culture of trust and reliance within the team. Everyone should be able to support each other and work together to achieve goals.

When growing your finance team, look for people with traits of adaptability and flexibility. The fast-paced nature of startups demands a team that can handle both change and uncertainty.

Also, clear communication is essential – within the finance team and with other departments across the company. Make sure to establish effective communication channels, especially in remote or hybrid work environments.

Communicating with teams in a language they understand is essential for positioning finance as a strategic partner 

Finance leaders need to shift the perception of finance from gatekeepers to collaborators. Proactive involvement in departmental planning ensures financial considerations are embedded early on.

Building trust and relationships: Collaboration thrives on trust. Focus on building strong relationships with other departments to establish finance as a reliable partner.

Clear and concise communication: Not everyone is a financial expert. Tailor communication to the audience. Use visuals and simple language to present financial information in an understandable way.

Empathy and understanding: Consider the other departments' perspectives. Find out what information they need and how they prefer to receive it.

Integrated systems (bonus): Once you have positioned finance as a strategic partner, use technology for easier collaboration. Integrated systems allow other departments to access relevant financial data on-demand, fostering self-service, better decision-making, and faster scaling. 

When integrated properly, automation and AI can help finance teams focus on strategic work

Finance teams are increasingly challenged to move beyond basic reporting and provide strategic financial insights that add value to the business. The rise of AI has created exciting opportunities for finance teams in automating tasks, forecasting trends, and generating financial documents. 

However, finance leaders should focus on making sure whatever tools they decide to use are carefully considered and effectively integrated. 

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