Memphis Shines a Spotlight on Unsung Financial Heroes
Welcome to Memphis, where the wheels of industry keep turning and the financial wizards behind the scenes are finally getting their moment in the limelight! On October 22, the Theatre Memphis buzzed with excitement as financial professionals gathered to celebrate the CFO of the Year awards. These awards, which have been honoring the stellar contributions of financial officers since 2010, remind us all that behind every successful business is a dedicated finance team working tirelessly, often without much recognition.
A Journey of Growth
This year, one honoree stood out among the rest: Jay Wiley, the CFO of Centro Inc. Jay’s incredible journey from an entry-level position in the accounting department to overseeing the financial functions of a booming $66 million industrial distributor and manufacturer’s representative is nothing short of inspiring. Thanks to his tireless work, Centro recently celebrated its best year ever in 2023, with sales continuing to soar in 2024. Talk about smashing goals!
Tackling Challenges Head-On
But like any great story, Jay’s success hasn’t come without its challenges. Keeping costs under control while trying to outdo last year’s impressive results is no small feat. “The biggest challenge has been trying to beat last year’s success while keeping spending under budget,” he explained. However, he remains optimistic about the future, eyeing potential opportunities for Centro to accelerate growth in 2025 by upgrading technology, particularly with their ERP and CRM systems.
Defining Success
So, how does one measure success in this high-pressure world? For Jay, it’s all about looking at a variety of KPIs (key performance indicators) and tracking progress throughout the year. “We focused a lot on hitting our sales goals and other KPIs to help meet our budget plan and beat last year’s results,” he said, emphasizing that maintaining a clear vision has been crucial.
The Heart of Centro
At the core of Centro’s success is its incredible team of employees. Jay attributes much of the company’s achievements to their commitment and hard work. “Our biggest business strength is the Centro employees and their commitment to being successful,” he noted proudly. It’s inspiring to see a leader who truly values their team!
Strategic Moves and Turning Points
An investment in the right areas has also played a key role in Centro’s journey. Jay identifies the most strategic moves as investing in their people, enhancing their website, and rolling out a robust digital marketing plan. A pivotal moment for the company came when their president, Michael Gallagher, assembled an executive team that aids in steering the company towards success. With industry-savvy professionals like Shane Maddox, Brandon Scordino, and Jerry Walling at the helm, Centro has a solid foundation to build upon.
Looking Ahead
As Jay aims for the future, he has his sights set on a five-year plan that focuses on growing their legacy business while expanding their online presence. He also hopes to identify strategic partnerships or acquisitions that will help enhance their offerings and investments in technology for better capabilities. “I love analyzing our financials and preparing our budget and sales plan for the next year,” he said, revealing his favorite aspect of the role filled with number crunching.
Recognizing Excellence
The CFO of the Year ceremony was a joyful celebration, with colleagues, coworkers, and peers coming together to applaud the tireless efforts of financial professionals who often work in the shadows. It was robust laughter and camaraderie all around—proof that success can be navigated with not just intellect, but also with good humor.
As we continue to celebrate the unsung heroes of our organizations, remember that behind every thriving business is a team of dedicated individuals making it all happen. Kudos to those who make the financial world go round, and cheers to Jay Wiley and all the honorees who remind us that even the most complex spreadsheets can tell a story filled with passion and energy!
