In this series, we’re discussing how to inflation proof your business. When expenses increase due to inflation, your net profit will be negatively impacted unless you increase revenue. In my experience, small businesses are more reluctant to implement price increases than most large businesses. There is certainly reason for concern, but price increases are usually less traumatic than most realize. ...
In this series, we’re discussing how to inflation proof your business. A friend owns a chain of restaurants. He was concerned when he discovered that people were selling large quantities of ketchup packets on eBay. He realized a shortage of ketchup and increased prices were coming. He called his suppliers and asked for all the ketchup they could find. He ...
In this series, we’re discussing how to inflation proof your business. For most businesses, payroll costs are their largest expense item. Recently, President Biden signed an order requiring all federal contractors, including any subcontractors, to increase their minimum wage from $10.95 an hour to $15 per hour in 2022. This action will drive wages higher and force the private sector ...
According to new research from Bank of America Securities, mentions of inflation by CEOs have exploded 800% year-over-year. With age comes some added responsibility to share experiences. As inflation discussions have increased dramatically, I realized I have some experiences that many leaders have not had. If you are under 50 years old, you have never experienced inflation above 5% in ...
In 1973, America’s dependence upon other nations for oil led to skyrocketing gas prices, gas rationing and international tensions with the Middle East. The oil crisis dramatically impacted our culture and economy. In the 2020s, microchips may become the new oil. Phones, automobiles and computers have made us dependent upon chip manufacturers. On “60 Minutes,” Intel’s CEO claimed that the ...
Mark was a young entrepreneur trying to build a website business. He had very limited monies to fund his core business, let alone a new venture. Then, someone convinced Mark to buy into an unproven technology. He borrowed money to invest in the product only to discover that his customers were not interested in his new product. His impulsive pursuit ...
Our ministry has been doing sizable events for over a decade. These events require advance planning to secure the facility, speakers, etc. We desire to host live events in 2021, but how do you plan when you don’t know the future? We gathered input and information from the venues and our sponsors and selected the dates we thought most ...
A recent article from Harvard Business Review stated, “Under uncertainty, traditional approaches to strategic planning can be downright dangerous.” The danger comes from “underestimating uncertainty.” The nation is more aware than ever of the possibilities of restrictions, shut-downs, shipment delays, quarantined employees and the lingering possibilities of future shutdowns. 2021 may require planning with multiple strategies based on potential outcomes―providing ...
After my son was diagnosed with autism, a group of parents and I decided to start a school for children with special needs. Some professionals told us we could serve learning disabilities or autism, but we couldn’t serve both. As parents we fought that conclusion. It took several months, but eventually we concluded the professionals were right. We developed a ...
An article by Fortune Magazine states, “The implication [of Coronavirus] is that companies will have to rethink, not tweak, their business models.” The pandemic has elevated the need for changes in business models to an extreme level in a short amount of time. Without warning, businesses were shut down, asked to create new ways of doing business without time to ...
Equipping Others to Do Work Differently
