Mario started his career in the FP&A (Financial Planning and Analysis) track. It provided great insight into all aspects of business and was instrumental in creating budgets and strategies to achieve success. You could say that he had a front row seat to the core fundamentals of companies and was able to see what worked and what did not. Mario found that strategies which focused on the core KPI (Key Performance Indicator) of an industry were the most successful. He also discovered that companies that perpetually chase the new initiatives for the sake of saying they are innovating are often not successful in the long term. Typically, they neglect the core to focus solely on new initiatives, and in the end, do everything poorly.
“I believe that having a sense of the business landscape, your customer, and industry trends helps a senior leader determine where to focus both their time and efforts. Achieving the balance of maximizing core business, innovation, and funding new initiatives makes an organization successful for the long term,” Centola said.
Mario Centola,
Executive Leadership, Operating, and Finance Professional
Mario shared some thoughts about companies selling everything from beverages to cereal to toothpaste as a great example. “Many of these companies have been around for a long time and have remained contemporary. They have done so by focusing on core business and innovating at the same time. By contrast, looking at retail and companies that confined themselves to four walls are disappearing.”
As Mario took on bigger roles such managing the accounting organization of a multibillion-dollar company and later driving day-to-day operations, a good strategy was important. For the accounting organization, it was a function of innovating to support a changing marketing focus. Pay-as-you-go plans, reoccurring payments, all-you-can-dine programs became the norm.
“Having a strategy to evolve the business internally is just as important. Backoffice functions support the core business. Innovation related to online sales channels and the accounting methods to go along with it was something I have always worked on to help the businesses I’ve managed to succeed.”
Mario took his cue from the tactics and initiatives on the marketing front to prioritize his part of the organization. These would not have been a natural focus for an accounting and finance team, but they evolved and supported the business to become successful.
“On the operations front, I’ve found that listening is critical. The customer says so much, and today, with the vast amount of information that is collected on people consuming products or services, there are great insights available to meet or exceed customer expectations. Acting on these insights is a way to formulate or enhance a strategy.”
Based on Mario’s prior experience, he used this information to change operating hours and added upcharge attractions to generate incremental revenue. People were willing to pay more for a premium service. This, again, goes back to the point of driving the core business while innovating. Packaging offers, bundling multiple items, and providing exclusive use drove up incremental sales revenue, and ultimately, profit.
Watch full video interview below.
Contact Mario Centola via LinkedIn or his Career WebFolio.
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