Moving well beyond mere cost control, the Menulog Australia and New Zealand Finance Director, Morten Belling, has overseen a major investment in both people and technology. This has included the growth of the team as well as a complete overhaul of company culture.
Since mid 2015, Menulog has invested millions of dollars towards innovation. In particular, it paid plenty of attention to the automation of processes and the subsequent offering of a seamless solution to customers.
In the highly dynamic and fast-paced food industry, Morten remained aware of the risks of losing financial and operational control amid such fast change.
We've been through a massive transition over the past three years. We've doubled our team. We've been moving offices. We've been shifting the culture. I can stand here today and say accepting this award is massive.
To overcome this, he worked relentlessly with key stakeholders to ensure Menulog captured the financial impact of any initiative carried out across every department.
By setting detailed metrics ahead of any activity, monitoring it throughout and providing an in-depth review, Morten ensured Menulog was operating in the most efficient and controlled manner.
Morten also finely balanced fiscal discipline with identifying and implementing ‘big ticket’ initiatives that could deliver the largest growth.
He did this by engaging with staff at all levels to identify business opportunities, build investment cases and perform scenario modelling to ultimately turn them into mid- to long-term financial plans.
The results speak for themselves. In 2016, Menulog’s revenue grew more than 64% to A$68 million and EBITDA grew an amazing 181 per cent to A$16 million.
It is through such results that Morten is The CEO Magazine’s CFO of the Year, sponsored by Sunsuper.
Morten says the award means a lot, not just for him personally but for the entire Menulog team.
“We've been through a massive transition over the past three years,” he said after being announced as CFO of the Year at the awards ceremony.
“We've doubled our team. We've been moving offices. We've been shifting the culture. I can stand here today and say accepting this award is massive.
“Tonight, I'm going to celebrate this for myself but tomorrow I've got to head back to Sydney and we're going to celebrate this as a team. It's been a massive journey.”
Runner-Up in the CFO of the Year category was Magdalena Kosior-Molloy, CFO of Holman Webb Lawyers.