Expand Your Business Acumen
In 2015, Ben Steele joined REI Co-op as its first chief creative officer. Headquartered in Seattle, the specialty outdoor retailer is the nation's largest consumer co-op. Today, Steele leads the company's marketing, communications, and brand teams along with creative and brand expression. During a conversation on leadership development, Steele's CEO recommended that he attend the Finance for Senior Executives (FSE) program. With no background in finance, he was understandably apprehensive, but soon realized it was the ideal opportunity.
What particular objectives did you have in mind when you applied to the program?
I come from the creative side of business—advertising and brand design—with no finance training, and now I work at a retail business. At the senior level, it's very easy to get stuck in the day-to-day. I had some concerns about whether I could get more comfortable and more confident with the core concepts of business. It was the classic, drop yourself in an environment you’re uncomfortable with and see what happens.
And what happened?
Before I arrived on campus, I emailed the faculty chair and said, "I'm concerned that I don't have the right background for this. Am I going to be able to do the work?" And he replied, "Look, you're in the same boat as everyone else. If you knew how to do it, you wouldn't be coming." The faculty understands the mindset we’re all coming in with, and through the program they help us build the confidence to engage and do that active learning, which is so core. I came away feeling impressed not only with the program, but also with my ability to develop so many of the skills that I set out to do.
What surprised you most about the program?
Two things stand out. First, meeting the other participants and hearing their unique experiences and perspectives wasn’t a part of the program that I had thought much about—but I came away with so many new perspectives and connections. Second, it's easy to see why Harvard Business School has the best learning model in the business. I knew Harvard by reputation—but when I actually experienced the program, that took it to a whole new level. I was blown away by the quality of the professors—how they skillfully worked through the cases, led the discussion to the right outcome, and allowed us to bring our individual perspective to the conversation.
How can someone in your position or industry benefit from a program like this?
At the senior level, it's hard to make time to get square on the mechanics of finance. You can work on something with day-to-day knowledge, but never really push beyond the concepts and develop the expertise. Being able to look critically at something and see it through a different set of eyes is essential. I'll never be mistaken for a finance professional, but now I can bring new insights to the conversation and ask the right set of questions. Through the Finance for Senior Executives program, I have the confidence to step comfortably into any new environment.
Do you have any advice on how to disconnect from home or work in order to focus on the program?
It would be impossible to succeed in the program if you try to balance it with home or work. When you're here, you have to be here 100 percent and get the full support of other people in your living group and cohort. If you can commit to that, the benefits are huge. But if you try to do both, you won't take away as much from the program.
How did the living groups contribute to the learning environment?
Being able to test the case out in a safe environment, develop a deeper understanding around the ideas, and see the cases from different perspectives was huge. Everybody comes from a different business with a different expertise. Your living group is your home base where you connect with people. Beginning each day and ending each night in conversation with my living group was invaluable. We helped each other by sharing what we'd heard, what we'd seen, what worried us, and what we did or didn't understand.
How would you describe the value of the program to someone who’s considering it?
I came in with no finance experience, and came out with a different set of skills, a new set of insights, and the desire to know more. The amount that we covered in a week was astounding, and the amount that I feel is going to stick is also surprising. For someone considering the program, I think it's important to ask yourself: Why am I doing this? What's my goal? Am I going to commit to the program? If you come in with that mindset, you’ll leave with so much more than you put into it.