Lessons learned Featured

8:00pm EDT June 25, 2009
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When asked what other career he might have chosen, Scott Riley says he would have been a teacher. In fact, he values education so much that he encouraged both his children to enter the teaching field.

While Riley now serves as CEO of fintech.net, a provider of e-commerce solutions to buyers and sellers of regulated goods and services, he still carries the passion for teaching through his company. Employees are cross-trained in various aspects of the business, allowing them to learn a multitude of skills.

Riley also turns to teaching when mistakes are made. He believes that a perfectionist corporate culture does not leave room for error, and in that type of culture, mistakes are made and then hidden to avoid punishment, rather than embraced as an opportunity to teach and to learn.

To Riley, the benefit of admitting mistakes is twofold. First, the company has a chance to correct the problem and retain a customer. Second, it provides an opportunity for employees to learn from the mistake.

As much as Riley wants to teach when things go wrong, he also wants to reward a job well done. Rewards include bonuses that are tied into company profit, referral bonuses for new hires, 100 percent company-paid insurance coverage for all employees and their children, and a dollar-for-dollar 401(k) match program for the first 10 percent of the employee’s contributions. The company also has six “Employee of the Quarter” cash awards and offers flexible work hours.

Riley’s leadership has set the company up for success. The proof is in the numbers, with fintech.net’s revenue and EBITDA growing by 17 percent and 22 percent in 2008, respectively. And the company expects to triple its results over the next five years.

How to reach: fintech.net, (813) 288-1980 or www.fintech.net