Last month, Monday.com reached $1bn in annual recurring revenue, three years after the management software company first went public.
Since listing on the New York Stock Exchange in June 2021, it has become one of the most successful Israeli companies on Wall Street and counts BMW, Uber and Coca-Cola among its roster of customers. Its market value now stands at over $13bn.
Eliran Glazer was hired as Monday.com CFO while the company was in the process of filing for its IPO, meaning he had to quickly adapt to his new role. Three years later, he shares how he has navigated the ups and downs of being the CFO of a public company during a tough macroeconomic climate.
Becoming a people person
The role of a finance chief undergoes many changes when a company goes public. They must disclose financial statements to the public, meet the demands of shareholders and are subject to new regulatory constraints. For Glazer, the biggest change has been stepping into the the role of storyteller and communicator.
Around one-third of Glazer’s time is now spent managing Monday.com’s investor relations. Becoming that critical touchpoint, he explains, requires excellent people skills and a deep understanding of the business and the wider market it operates in.
“I’ve moved from being the person in the back room to suddenly becoming the person that investors are looking at to tell our post-IPO story,” Glazer adds. “I have to be compelling and I have to be able to articulate what our competitive advantages are in a way that is technical, but also anecdotal.”
In order to do this, Glazer says he needs to balance being both professional and personable.
Many people see finance chief as the party pooper
For the Israeli-born Glazer, this has involved improving his English. “I had to study the jargon,” he says. “Not many Israelis know how to say things like ‘we are in the first innings of our journey’ or ‘out of the gate’. This is something I had to take into consideration.”
Deciding what communication style resonates best with investors will change depending on their areas of expertise. They could be highly involved in a specific industry, such as technology, and will respond more favourably to a CFO who can speak to their area of expertise, Glazer continues. “You’ve got to quickly assess what that person wants. The ability to get inside the minds of those around you is an incredibly useful skill and one that is constantly overlooked in the CFO profession.”
He adds: “Many people see finance chief as the party pooper – the person that focuses solely on cutting costs or finding a return – but when you step into other people’s shoes and understand their rationale, you get more out of a conversation. It opens more doors.”
Growing in a difficult environment
The past three years have been challenging for Monday.com. Tel-Aviv-based business has had to navigate conflict in the Middle East and has implemented a hybrid working arrangement for its Israeli employees to ensure their safety and business continuity. The company has also faced volatility in the tech sector.
Despite these challenges, the firm has had to deliver on the promises it made when it went public. Glazer highlights the increased importance of relationship-building during this time, stating: “I’ve always aimed to be as transparent as possible with our investors and I’ve worked hard to build a high level of trust by only promising what I know we could achieve. We committed to improving the top line and generating cash, and we followed through.”
Despite an unpredictable market, Monday.com has expanded into over 200 regions and has achieved a growth rate of over 30%, according to its latest financial reports.
Glazer says this has been achieved by focusing on sustainable growth. The strategy has been to “deliver a good product and a strong culture”, he says. “We work to protect both of those things – even as we grow.”
Keep calm and carry on
“With everything that has happened in the market over the past three years, CFOs need to know how to manage pressure,” says Glazer. “This job requires a lot of you. There are many crises and people that need your time and advice. I’ve learnt not to make snap decisions under pressure because this is when you make mistakes,” he says. “There are going to be ups and downs but you have to park your ego and keep a clear head.”
CFOs need to know how to manage pressure
Glazer describes his work schedule as “crazy” and spends the majority of his time attending investor roadshows, board meetings and on earnings calls. “If you don’t find a healthy work/life balance you are going to burn out and lose passion for the job,” he says.
Working in such a high-pressure role can often lead to burnout, which is prevalent in the finance the profession. Only 27% of CFOs achieve a satisfactory work/life balance, 87% deal with stress and 83% report regular burnout, according to a survey by Sage.
Glazer has found meditation to be a useful tool when it comes to managing the high pressures of the job. “I’m a big fan of the Wim Hof breathing technique. It’s a bit like meditation and I do it every morning before work.”
His philosophy is that no matter how important your job is or how much you might relish the challenges that it brings, it’s important to take a step back and detach yourself from work. He says: “This is the only way you can be fully prepared for whatever the next day brings.”
