Techenomics have put together a ‘Leaders Series’ which is a range of interviews with Techenomics many leaders in Condition Monitoring. We hope you enjoy reading the interviews and they help you gain a greater in depth understanding of condition monitoring and you get to know our staff better.
The next interview in the ‘Leader Series’ is with Mr John Booth.
Interview with: Mr. John Booth, Acting CFO for Techenomics Group
Q: How long have you worked with Techenomics and do you enjoy working with the Techenomics group?
I have been engaged with Techenomics twice. The first period was 6 years ago when Techenomics International had an office in Singleton and I worked in that office. The second period began in August last year. It is enjoyable working with Techenomics. I meet a lot of people from different cultures, which is very satisfying.
Q: What are your responsibilities as Acting CFO?
My main responsibilities are to prepare the board report, monitor cash and liquidity, advise on accounting matters, assist group and management in accounting practices, help in special projects and assist staff. I also prepare accounts and reports to meet legislative, investors and (any) lenders as required.
Q: What are the differences between the roles and responsibilities of a controller and CFO?
For me there might be no difference or they might have plenty of differences. The difference arises due the needs of Techenomics as it grows. The company will need competent CFOs to meet the requirements of subsidiaries in different countries. A controller would then marry each subsidiary into a single corporate entity.
Q: How important for you is it to control costs?
It is vital to control costs, because businesses and trade are becoming changeable and more competitive nowadays. Therefore minimizing costs and increasing efficiency is very important.
Q: How are variable costs handled?
We need to first identify them and identify how each affects your business. Different businesses will react considerably to others depending on the type of activity, elements such as sudden downturns, and things like seasonal factors. In Techenomics case, where demand for services can be up and down, the need to control variable costs on top of a lean fixed costs is most important. In conclusion, and all things being equal, the more variability, the more variable costs become.
Q:As a CFO for Techenomics group, you are facing the multicurrency situation. How do you handle that?
I constantly monitor the foreign exchange rate because with the board report that I produce, a significant currency variability can dramatically change results. FX variability also impacts on costs and is a big factor in where investment takes place.
Q: How many costs centre are there in the Techenomics group?
There are four subsidiaries in the Techenomics group, with approximately a total of 18 cost centres.
Q: Do you face many difficulties handling the financing for the Techenomics Group?
Like every private company, Techenomics has a limited choice in raising finance. The way to ease difficulties is to achieve growth, produce reliable and increasing profit, and meet all financing arrangements now in place. Lenders like to finance companies that know what they are doing, and meet their requirements. Having a good credit reputation is very, very important.
Q: You travel a lot in your position visiting Techenomics subsidiaries. How do you achieve the work, life balance?
I’m a person who enjoys travelling. And it is not difficult to manage the time. I just need to have a plan in place before I travel and make sure it does not clash with my family plans, (grandfathers have many calls on them) and I am a volunteer at a large museum with a pre planned roster. Despite all this, I am very comfortably able to juggle needs, defer them or skit around them.
Q: Please share with us your tips on how to become a successful CFO?
From my experience, to become a successful CFO you must have:
- Very solid accounting based knowledge
- A lot of hands on accounting experience
- Ensure that all entries into your ledger are documented and or supported
- Ensure that all ledgers are safe and simple
- Aim to provide accounts that are accurate and timely and meet the needs of all stakeholders. Those who are responsible for preparing ledgers should able to allow the ledger alone tell the story.
That’s a few tips from me. I hope it can be useful for whoever reads this interview.
Thanks for reading this interview with Mr. John Booth as a part of our leadership interview session.
Our next interview will be with, Ms. Ita Saronika Bulang, Lab BPN Manager for PT. Tekenomiks
Indonesia. I hope you enjoyed your reading and see you next Interview!!
-ENDS-
To enquire about Condition Monitoring please email Sam Kurup: sreejith.b@techenomics.com or visit www.techenomics.net.
To contact John Booth please email siti@techenomics.com
For media enquiries please contact Brooke Tolar, DragonFly Public Relations on T: 0411 553 246 or E-mail: brooke@dragonflypr.com.au
ABOUT TECHENOMICS
Techenomics has distributed specialty lubricants to the mining industry throughout Australia and Indonesia for more than 20 years with the business steadily growing into other parts of the world. In 1988, Techenomics introduced proactive condition monitoring and fluid management services.
Today, Techenomics focuses on its Total Fluid Management Services (TFMS), operating ISO 9001 accredited laboratories and consulting services. These laboratories all conduct lubricant analysis on used oils and greases, and analysis of wear debris. TFMS is operated by site-based teams who establish and maintain condition monitoring programs, and manage the total lubricant cycle at the clients’ facilities.
Techenomics’ consulting services focus on tribology; lubrication practices, product application, component wear, lubrication management and training programs. Its engineers design and builds unique solutions to improve component life. Its training programs are not generic programs, they are custom developed for clients and aim to eliminate customers’ specific problems and are always results-orientated. These consulting services are often used in continuous improvement programs.
Techenomics’ lubrication and fuel services reduce maintenance costs for mobile and fixed plant equipment, irrespective of the industry.