Cole Dixon: How Cotopaxi uses FP&A in its Mission

You may not have heard of Cotopaxi. But you have likely heard of similar companies doing something different- Ben & Jerry’s, Allbird, Patagonia, and BrewDog.

What these companies have in common is B Corp certification. This is awarded to businesses for meeting the highest standards of accountability when it comes to social and environmental impact. Last year Cotopaxi also gave away $1.3million in donations as part of its pledges.

But how does an FP&A team work to advance this mission? How can FP&A work to achieve goals which are ultimately not about maximizing shareholder wealth.

Cole Dixon is FP&A Director at outdoor sports company Cotopaxi which has a tagline of Gear for Good on its high performance and eye-catching gear. For Dixon, the FP&A function at the company is central to “upholding a mission of our founders Davis Smith and Stephan [Jacob] that Cotopaxi can get us exploring and make a positive impact on other people’s lives. So we’re really truly committed that all of our products can be repurposed and that we prioritize human rights.” 

Every FP&A metric – units per transaction, average order value, average store volume, the inventory returns for stores – also incorporates the company-wide mission.

Listen to the fascinating story from Cole Dixon in this week’s FP&A with Cole Dixon and Paul Barnhurst.

In this episode Cole reveals:

• The Ecommerce metrics and FP&A role that helped Cotopaxi to open stores during the pandemic
• How FP&A partners with marketing to succeed in new ventures, such as the outdoor gatherings (Questival)
• How Cotopaxi handled scenario planning and cash flow planning as stores closed during the pandemic
• How he dealt with his biggest failure at Skullcandy, the lifestyle audio brand where he managed FP&A prior to Cotopaxi
• How to build an FP&A team from scratch as he did at Cotopaxi
• The importance of constantly “looking forward” to finding new values for in FP&A

Watch the full show on YouTube.

Read the full transcript and blog

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