The Billion Dollar Leadership Journey
For Michelle Herlihy, CEO of Speirs Finance Group, leadership begins and ends with people. Michelle runs a near $1 billion lending business that supports thousands of New Zealand companies, yet when she describes her role, the financial metrics come second. The real work, she says, is human.
“I would sum it up as always 80 percent people,” she says. “It’s either supporting people, speaking with people, motivating people, or checking in with people – whether that’s our customers, our investors and funders, our brokers, or our own employees.” Under Michelle’s leadership, the company has expanded dramatically, growing from a $300 million lending book to nearly $1 billion in just four years while doubling its workforce. Yet she is quick to dispel the idea that the success comes purely from some complex strategic formula. “It’s not rocket science,” she says. “But sometimes, it takes a bit of courage to take the steps you need to take.”
Speirs Finance Group has been part of the New Zealand business landscape for more than 60 years, originally founded in the Manawatu by Nelson Speirs. The company carved out its own niche by focusing on asset-based lending rather than relying on property security in the way traditional banks often do. Today, its lending spans everything from transport fleets to infrastructure and primary industries.
Michelle’s role as CEO spans a broad operational spectrum. On any given day, she may be discussing strategy with the board, reviewing technology investments, overseeing capital funding structures, or working with teams on new product development, but the core focus is about alignment and execution. “The breadth of my role expands across everything we do,” she explains. “From setting strategy and then executing on that strategy, and getting everyone aligned and brought into the vision.”
Execution, she says, is where many organisations fall short. “Something I remembered from early in my career was a saying that ‘execution eats strategy for breakfast,’” she says. “It’s about setting that vision, but not putting it in a cupboard. It’s making sure every team understands it and getting things done.” That focus on execution has translated into disciplined growth. Clear objectives, active accountability, and strong leadership structures underpin the organisation’s progress. “The best advice I got from a mentor was to get the leadership team right,” Michelle says. “If your leadership team isn’t right, you’re not going to be able to do anything.” Strong leadership, however, is only part of the equation. Sales capability also matters. “Without salespeople, none of us have jobs,” she says bluntly. “You’ve got to have people who can deliver value to customers and who are authentic. If you don’t believe the person you’re buying from, they’re probably not the right person.”
But even with the right strategy and the right people, culture ultimately determines whether a business can sustain growth. “It’s a huge responsibility and privilege to lead a group of people,” Michelle says. “If we can’t build a culture where people are excited to come to work and enjoy what they’re doing, then we wouldn’t be able to do anything.” Inside Speirs Finance, culture is not a corporate buzzword. It is something the team deliberately built together. “We set our values from the ground up,” she explains. “We asked our employees what was important to them and literally took their language. One of our favourites is ‘we keep it real’. That means we’re honest with each other, always with respect, but there’s no wandering around wondering what someone thinks.”
Celebrating success is another key part of that culture. In fast-growing companies, the pressure to keep moving forward can mean achievements are quickly forgotten. Michelle believes recognising wins is essential to sustaining energy. “When you’re in growth mode, sometimes you’ve got to stop and smell the roses and say, ‘Actually, that was really awesome. Look what we’ve achieved.’” That philosophy translates into team events, annual conferences and regular celebrations designed to maintain connection and momentum. Running a financial services business inevitably involves hard metrics and KPIs. Yet Michelle believes leaders must ensure employees understand the broader impact of their work. “One of the things the team said was that we were talking about the numbers too much,” she recalls. “They wanted to understand more about the impact they were having.” It was a wake-up call that reshaped how the company communicated its purpose. “We started talking about the impact we have in the community,” she says. “How many businesses we support, how many families that helps, how many vehicles we have out there supporting vulnerable New Zealanders.”
Michelle’s leadership style has also been shaped by decades in financial services, an industry that remains heavily male-dominated. “I would say my entire career, I’ve often been one of very few women in the room,” she says. Yet rather than adapting herself to fit traditional expectations, she chose a different approach. “I learned early on to be who you are,” she says. “If you’re not authentically yourself, people sniff that out immediately.” Authenticity, she believes, is a leader’s greatest differentiator. “You might be the best lawyer or the best accountant, but others will have those same skills,” Michelle says. “What makes you stand out is you being you.” Her own style reflects that philosophy. She jokes easily, sometimes swears unexpectedly, and prefers to keep leadership grounded rather than formal. “I don’t see myself as ‘the CEO’,” she says. “I’m Michelle, and I’m leading a business.”
If she could give one piece of advice to her younger self, Michelle says it would not be about strategy or ambition. “Be kinder to yourself,” she says. For much of her early career, she says she was far harder on herself than anyone else. “I would spiral internally if I thought I’d made a mistake,” she admits. “Things that other people wouldn’t even notice, I would be thinking about for days.” Learning to manage that internal pressure took years, but the lesson has shaped how she mentors others. “We all make mistakes. That’s actually where the greatest learning comes from.” Despite the extraordinary growth already achieved, Michelle believes Speirs Finance is only getting started. “We’re not done here,” she says. “Every time you think we could get complacent, we come up with the next big thing.” The company is embarking on a multi-year transformation that includes new products, further technological development and a bold ambition to become the country’s leading specialist B2B lender. “We want to be number one.”
Yet for all the ambition, Michelle’s priorities remain grounded. Beyond the boardroom, she is a mother to two teenage boys and fiercely protective of the time she spends with family and friends. “Sometimes, we make life more complicated than it needs to be,” she says. “And it’s always good to remember how lucky we are to be here.”