Guest Commentator: Cyndi Stains, Chief Financial Officer, Navigate @navigatecorp
How can middle market executives benefit from the social capital built by convening with their peers?
Earlier this year, I attended a Middle Market Executive Roundtable at the Chamber, focused on how technology and improvements to financial operations can help transform an organization. While I walked away with some new ideas and a deeper understanding of data-driven business intelligence, what I most valued was the opportunity to sit at a table with a small group of executives in similar roles at similar companies to discuss and learn from their insights and experiences.
As our days only seem to get busier, it’s become more challenging to take time out to attend a face-to-face event. LinkedIn groups and other online resources try to offer a space where peers can interact and learn from each other. This can be very useful when looking for a quick answer or recommendation, such as who is your payroll vendor, or for sharing digital tools.
However, we all know (and there is certainly endless research available) about the benefits of in-person interactions, whether in our personal or professional life. What starts out as one quick question can expand into a meaningful discussion of how to approach a business challenge, introduce new technology, or improve our industry knowledge.
In my position as CFO, it’s helpful to speak with others in the same role who face the same challenges and can share what has worked (and not worked) in their companies. Similarly, connecting with a fellow executive who may not be a CFO but who works in the same industry or with an organization of similar size is also a great opportunity to share and learn. Somestimes discussing a particular issue provides ideas for problem solving in my organization – and sometimes it simply helps to share some frustration or comic relief with a peer who “gets it”!
What I found really unique about the Chamber event was that our small group put down their phones and took the time to meet each other and listen to each other’s challenges and successes, enabling an enjoyable, free-flowing conversation. Such truly engaged interaction is so valuable in developing professional relationships and building a network of peers you can bounce ideas off and trust to provide you with honest feedback. This type of social capital is often undervalued or deemed not worthy of our stretched time. However, learning from and supporting others fosters stronger professionals, stronger companies, and a stronger business community in Greater Philadelphia.
Navigate is a member of the Chamber’s Middle Market Action Team, a consortium of leaders driving rapid growth in companies with annual revenues between $10M & $1B through targeted programs and strategies. #MidMarketPHL
