In this series, we’re discussing different approaches to leading a company through a recession. Visionaries often differ from the financially driven in that they view a recession as a time to expand market share. If your company has the strength financially, recessions can be a great time to expand. While Blockbuster Video stores still dominated the video market, ...
When I learned the Buffalo Bills and Cincinnati Bengals game had been cancelled due to Damar Hamlin’s injury, I was surprised. When you consider the millions of dollars in salaries, the millions spent by the fans, and the millions of advertising dollars at risk, the financial decision would have been to resume the game. Fortunately, the coaches and the NFL ...
According to a Bank of America survey, 77% of fund managers believe a recession is imminent. When recessions are likely, there are typically two types of leaders: visionaries or the financially driven. The financially driven typically become defensive in their decisions trying to eliminate risk. Visionaries, however, see a coming recession as an opportunity to build customers and market ...
Rick Stephens needed money to launch a new business before the Christmas season passed him by. Rick went to several banks, but the banks kept delaying. Some of Rick’s family members offered to fund him, but Rick adamantly refused to risk their retirement monies. When time began running out, Rick and his wife decided to leave the funding up to ...
Airbnb recently announced a new pricing strategy. Airbnb customers have been complaining about the company’s lack of transparent pricing, so Airbnb decided to embrace a more transparent model. If you review some past pricing studies, this is a risky, although more ethical, move. According to the Wall Street Journal, Stubhub discovered that 13% more people bought tickets when the pricing ...
Billions of dollars have reportedly gone missing from Sam Bankman-Fried’s high profile company, FTX. As the best-known leader in the cryptocurrency world, Sam Bankman-Fried, often called SBF, used other people’s money to gain influence. His so-called Effective Altruism approach deceived people to believe he made lots of money so that he could generously give it away. Instead, SBF illegally used ...
Recently, I met with a new friend who was carrying a burden of concern for his children. My friend’s father had established trusts for each grandchild to be funded from the success of their family business. In the beginning the trust amounts were modest, but as the business flourished, the trusts had grown larger than the family ever imagined. My ...
As I presented our annual budget to our board, I knew this coming year was a big step up for us as a ministry. As a former accountant my focus became too much about covering payroll. Fortunately, my board wisely redirected me to focus on the key to funding. People fund vision, not expense. Nehemiah was a great vision ...
My friend owns a chain of car dealerships. Due to the chip shortage, getting cars to sell has been a challenge. However, the limited supply has caused car prices to skyrocket. My friend’s peers are selling cars far above sticker price. As his team discussed this opportunity, they decided to take a longer-term view. In fairness to their local ...
In this series, we’re discussing preparing for economic storms. We’ve discussed getting closer to your customers and hiring freezes, the third step you might consider is to trim expenses. In 2009, the economy was crumbling. For those who adjusted and weathered the storm, I heard many tell me a similar story. They discovered that during the good times they ...
Equipping Others to Do Work Differently
