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How To Save Your Company in a Bad Economy

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Turnarounds are inspiring. The ability to rebound after a poor-performing day or decade shows the power of resilience and the determination to find success even when, at times, it seems unreachable. Every CEO should seek to become a Turnaround CEO.

It’s challenging to know where to turn when a company is declining, but you can get your company back on track by following a turnaround playbook. CEOs are wise to have a turnaround playbook that will help them succeed. That playbook includes a set of strategies that will focus the leader on knowing what decisions must be made and when to make those decisions.

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One such CEO who was able to turn around his company was Chris Lamontagne, who leads TeeSpring (a social commerce platform to create and sell products online.) Chris has had a habit of focusing on growth and has played vital roles in many fast-moving tech companies, even starting his first business at age twenty.

In a short period of time, Chris, following the playbook that he designed, was able to take a company that was losing money and grow it to gain profitability. During that focus, he was also able to enhance the companies social commerce and engage a new audience to build products to create awareness through their platform. Through the use of this playbook, Chris was able to lead his team to recategorize their business and bring clarity to their customers, supporters, and funders. Chris worked to build a new partnerships eco-system (with the likes of YouTube, Amazon, Twitch & eBay) and develop a new fast-growing user base in content creators creating merchandise for their fans.

The 5 Plays That Should Be In Every CEOs Playbook:

1. The Profitability Play:

Many businesses can start bleeding cash when they are launching a new product or idea. It is crucial for a CEO who will lead the charge of changing the direction of an organization that they move the company to profitability and do so as quickly as possible. This play consists of educating the entire organization of the cash standing and helping everyone in the organization take responsibility to get to profitability. The CEO will know that the team takes ownership when the team takes responsibility to watch costs and reduce unnecessary expenses.

Every CEO that wishes to lead a turnaround must focus on the numbers every day. Turnaround CEOs recognized that every penny counts, and every penny must be counted. When a Turn Around CEO focuses on the team on profitability, then the team understands the value of taking care of the customer.

2. The Clarity Play:

I teach every CEO I work with a simple phrase: when the leader is clear, everything becomes clear. CEOs who wish to turn around their company must push for clarity about who they are and what they are trying to accomplish. The leader must help everyone in the organization embrace the organization’s true identity.

One tool that Chris used with his team to push for clarity was going through the exercise of having each person explain the company so that their mom could understand what they do. This simple question is a fantastic exercise for any CEO of any company. Can you and every team member explain your company and what you do so well that your mother could understand it? A company that does not know who they are or what they are about will not succeed in the marketplace.

3. The Awareness Play:

Leaders are visionary. Leaders have the ability to see into the future and develop a company or organization around the possibilities of what could happen or what could make life better for others. However, sometimes, the vision can become blurry. Blurry companies are often buried by their competition.

Chris made an unusual decision when he assumed the CEO role at Teespring. He decided to spend the first three to four months meeting with people in similar businesses to hear what they were doing and what was coming in the future to the industry. When asked about why he would make such a decision, he responded, “I had to find out what success looks like for our company. I knew that the answers were not in Teespring. That was today’s business, not tomorrow’s business.”

“I had to find out what success looks like for our company. I knew that the answers were not in Teespring. That was today’s business, not tomorrow’s business.”

CEOs who wish to turn around their company must lead from their vision. They must look out ahead of the competition and make bold decisions that others in their industry are afraid to make. They must get out ahead if they will get out of being behind.

4. The Team Play:

It takes a team to make a turnaround. After leaders know where they want to go, they must focus on getting a team to go along with them. Part of the team play instills in the team the belief that the company or organization can be successful again. The CEO must embrace the role of Chief Belief Officer. They must inspire and call others to believe in the vision. The CEO must communicate the value of what the company is working to accomplish and that all the hard work is worth the effort.

Turn Around CEOs understand the value of the right people doing the right things in the right ways. People will either bring energy into the company or cost the company to expand energy in ineffective ways. This might be the most crucial play a turnaround CEO makes as they gather people who have high energy that will help to energize the company.

5. The Execution Play

The execution play happens by putting the strategy to work. Companies that are in free-fall mode often have a difficult time making decisions. These companies paralyze themselves because they are afraid that they will make the wrong decision. They analyze numbers and data and never move to work the strategy that will lead to success. When people know what to do and how to do it, they are empowered to execute. The CEO, during a turnaround, must focus on encouraging and inspiring the team to act with intention.

Turnarounds are not easy. However, every business will have periods when they start to decline. When a company does not know how to recover after a setback, it is doomed to continue a downward spiral until it closes. These are the five plays that Chris Lamontagne called to help turn his company around. This turnaround playbook should be embraced by every CEO who wishes to guide their company through a downturn back to an uptick for a positive future.

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Ken Gosnell is the CEO and Servant Leader of CEO Experience (CXP). His company serves Christian CEOs and leaders by helping them to hear the words Well Done. CEO Experience provides great retreat experiences for CEOs that both transform them and their organizations that enable them to go further faster. Ken is the publisher of the CXP CEO Executive Guide that is designed to help leaders learn faster by encouraging them to give themselves a monthly learning retreat. His monthly CEO retreats have helped thousands of CEOs and their leadership teams to enhance strategic, operational, and people accomplishments. He is a keynote speaker, executive coach, and strategic partner with CEOs and successful business leaders. He is also the author of the book Well Done - Biblical Business Principles leaders can use to Grow their business with Kingdom Impact



 
 
 

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Business

Dinesh D’Souza Launching Conservative Business Network to Defund the Left

Why give your money to people who hate you? That’s like tipping your executioner.

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Are you a conservative business person? Then check out the Red Referral Network and partner with Dinesh D’Souza by clicking the banner below:

For years, conservative icon Dinesh D’Souza has told his followers that we need to create “parallel economies” and stop funding the left. It’s true, right? Why give your money to people who hate you? That’s like tipping your executioner.

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It is easy to boycott large companies like Nike, Target and Anhauser-Busch, but what about all of the small businesses and companies who take the profits you give them and fund leftist politicians? Think about it, you spend $30,000 on a new roof and your liberal roofer donates $3000 to leftists politicians and they stand in the public square and call you a racist, homophobic, sexist, transphobic insurrectionist! That make NO sense at all.

That’s about to end once and for all. It is time to cut off ALL leftwing businesses from our money. Introducing the Red Referral Network (RRN).

Dinesh has partnered with Motivational Speaker’s Hall of Fame Member Chris Widener to launch an exclusive business network for conservatives in business. There are three primary reasons to join the RRN:

1. Refer business and be referred business by fellow local conservatives. Don’t refer to lefties anymore – refer to those who share your values and beliefs.

2. Get weekly support and encouragement from other conservatives.

3. Get exclusive content each and every week from Dinesh D’Sousa made just for RRN members.

Registration is free and you can find out more about the Red Referral Network by clicking here.

Top Ten Reasons to Join a Networking Group:

Are you a conservative business person? Then check out the Red Referral Network and partner with Dinesh D’Souza by clicking the banner below:

Participating in a business referral network can offer numerous benefits for business professionals. Here are ten reasons why joining such a network can be advantageous:

Lead Generation: Business referral networks provide a structured environment for exchanging leads and referrals. Members can refer potential clients and customers to one another, fostering new business opportunities.

Increased Visibility: Being part of a referral network enhances your visibility within the local business community. As you actively engage and contribute, your business becomes more recognizable, leading to increased brand awareness.

Building Relationships: Networking is all about building relationships. Joining a referral network allows you to connect with like-minded professionals, fostering relationships that can lead to long-term business partnerships and collaborations.

Trust and Credibility: Referrals from trusted sources carry a higher level of credibility. Being a part of a referral network implies a level of trust among members, making the referrals more reliable and effective.

Diverse Skill Sets: Business referral networks often comprise professionals from various industries and backgrounds. This diversity can be advantageous, as it provides access to a wide range of skills, expertise, and perspectives that can benefit your business.

Professional Development: Engaging with other professionals in a referral network provides opportunities for continuous learning and professional development. You can gain insights into industry trends, best practices, and new technologies.

Resource Sharing: Members of a referral network can share resources, such as tools, software, or even office space. This can lead to cost savings and operational efficiencies for all involved.

Positive Influence: Surrounding yourself with motivated and successful individuals can have a positive impact on your own mindset and business strategies. A referral network can serve as a source of inspiration and motivation.

Feedback and Advice: Business referral networks offer a supportive environment where members can seek feedback and advice from experienced professionals. This can be invaluable for overcoming challenges and making informed business decisions.

Community Involvement: Many referral networks are actively involved in community events and charitable activities. Joining such a network allows you to contribute to the community while also enhancing your business’s social responsibility image.

Remember, the success of a business referral network depends on active participation and genuine efforts to contribute to the network. Building relationships and providing value to others are key principles for maximizing the benefits of such networks.

Are you a conservative business person? Then check out the Red Referral Network and partner with Dinesh D’Souza by clicking the banner below:

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Business

Why Conservative Capitalists Excel in Business

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The world of business is a dynamic and complex arena where success depends on a combination of factors, including strategy, innovation, hard work, and adaptability. While various ideologies shape the landscape of entrepreneurship, conservative capitalists often stand out as exceptionally proficient in the business world. This article explores why conservative capitalists are often more successful in business and highlights the key principles and practices that contribute to their achievements.

I. Strong Embrace of Free Market Principles

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Adam Smith’s “invisible hand” concept: Conservative capitalists firmly believe in the power of a free-market economy, as espoused by the renowned economist Adam Smith. They understand that when individuals are allowed to pursue their self-interest, the overall economy benefits. This principle guides their business decisions, allowing them to capitalize on market forces and competition.

Efficient resource allocation: Conservative capitalists prioritize efficiency in resource allocation, seeking to maximize their assets and investments. This approach enables them to minimize waste, reduce costs, and enhance their competitiveness.

II. Emphasis on Personal Responsibility

Accountability: One of the hallmarks of conservative capitalists is their unwavering commitment to personal responsibility. They believe that individuals, not the government, are responsible for their own success and failures. This mindset encourages prudent decision-making and risk management in business endeavors.

Risk-taking with caution: Conservative capitalists are not averse to taking risks, but they do so cautiously. They thoroughly analyze potential opportunities and pitfalls, ensuring that each risk is calculated and based on sound judgment. This approach minimizes reckless decisions and increases the likelihood of positive outcomes.

III. Limited Government Intervention

Minimal regulatory burden: Conservative capitalists favor minimal government intervention in business affairs. They argue that excessive regulations can stifle innovation and economic growth. By advocating for less government involvement, they create an environment where businesses can thrive and prosper.

Lower taxes: Reduced taxation is a key principle for conservative capitalists. Lower taxes leave more capital in the hands of businesses, enabling them to invest in growth, create jobs, and contribute to economic prosperity.

IV. A Long-term Perspective

Sustainability and stability: Conservative capitalists take a long-term view of their businesses. They prioritize sustainability and stability over short-term gains. This approach allows them to weather economic downturns and build enduring enterprises.

Legacy building: Many conservative capitalists view their businesses as a legacy to be passed down to future generations. This motivates them to make prudent decisions that ensure the longevity and success of their enterprises.

V. Embrace of Traditional Values

Ethical leadership: Conservative capitalists often adhere to strong ethical values in their business practices. This commitment to ethical leadership fosters trust among customers, employees, and partners, which is essential for long-term success.

Respect for traditional institutions: Traditional values, such as family, community, and faith, are highly regarded by conservative capitalists. These values often drive their business decisions, emphasizing the importance of personal relationships and community involvement.

VI. Adaptability and Innovation

Embracing change selectively: While conservative capitalists maintain traditional values, they are not resistant to change. They recognize the importance of adapting to evolving market conditions and technological advancements while staying true to their core principles.

Pragmatic innovation: Innovation is a cornerstone of business success, and conservative capitalists understand this. They invest in research and development and embrace technological advancements when they align with their business goals.

VII. Focus on Frugality

Efficient spending: Conservative capitalists are known for their frugality and conservative financial management. They scrutinize expenses, avoid unnecessary overhead, and prioritize cost-cutting measures, which ultimately leads to higher profitability.

Debt aversion: They tend to be cautious about accumulating debt, preferring to build their businesses on a solid financial foundation. This strategy reduces financial risk and ensures the sustainability of their enterprises.

Conclusion

Conservative capitalists have a strong track record of excelling in the business world due to their adherence to key principles and practices that promote success. Their commitment to free market principles, personal responsibility, limited government intervention, long-term planning, and ethical values sets them apart as formidable entrepreneurs. While every ideology has its merits and drawbacks, the conservative capitalist approach to business has consistently proven effective in achieving profitability, stability, and sustainability.

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