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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.

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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And Then There Were Three: A Look at the Three VP Finalists

Here are the pros and cons of each…

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**The Red Report: A Conservative Perspective on Potential VP Picks for Donald Trump in 2024**

Check out Chris Widener’s new video looking at the three VP finalists. A deeper look in print below the video!

As the 2024 election approaches, the political landscape is abuzz with speculation regarding who Donald Trump will choose as his running mate. Three names frequently mentioned are JD Vance, Doug Burgum, and Marco Rubio. Each of these potential vice-presidential candidates brings unique strengths and a conservative vision that aligns with Trump’s agenda. Let’s delve into the qualifications and appeal of each candidate from a conservative viewpoint.

**JD Vance: The Outsider with a Powerful Narrative**

JD Vance, author of the best-selling memoir “Hillbilly Elegy,” has emerged as a potent force in conservative politics. His life story, rising from poverty in Appalachia to becoming a successful venture capitalist, resonates deeply with many Americans who feel left behind by the political elite. Vance’s candidacy embodies the American Dream, making him an inspirational figure for a broad swath of the electorate.

Vance’s conservative credentials are robust. He is a staunch advocate for economic policies that prioritize American workers, a critical issue in the Trump agenda. His focus on revitalizing manufacturing and curbing the influence of globalist policies appeals directly to the heartland voters who were instrumental in Trump’s 2016 victory. Additionally, Vance’s critique of Big Tech aligns with the increasing conservative sentiment against Silicon Valley’s unchecked power and perceived biases.

In the Senate, Vance has proven to be a strong voice for conservative values, consistently advocating for pro-life policies, Second Amendment rights, and a strong national defense. His ability to articulate these positions with clarity and passion makes him a formidable candidate. Vance’s outsider status, combined with his eloquent advocacy for the working class, would complement Trump’s message and broaden his appeal.

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**Doug Burgum: The Businessman and Problem-Solver**

Doug Burgum, the Governor of North Dakota, is another compelling choice for Trump’s running mate. Burgum’s background as a successful businessman before entering politics mirrors Trump’s own journey, suggesting a natural synergy between the two. His experience in leading a state with a strong economy and low unemployment rates demonstrates his capability as an effective administrator and problem-solver.

Burgum’s governance style emphasizes fiscal responsibility, limited government, and economic growth—core tenets of conservative ideology. Under his leadership, North Dakota has seen significant advancements in technology and energy, particularly in oil production. Burgum’s expertise in energy policy would be invaluable in an administration committed to achieving energy independence and reducing reliance on foreign oil.

Moreover, Burgum’s pragmatic approach to governance, coupled with his ability to implement conservative policies effectively, showcases his potential to appeal to a broader electorate. His calm demeanor and focus on results over rhetoric could provide a stabilizing influence, balancing Trump’s more combative style. This blend of business acumen and political effectiveness makes Burgum a strong contender for the vice-presidential slot.

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**Marco Rubio: The Experienced Statesman**

Marco Rubio, the Senator from Florida, offers a wealth of experience and a deep understanding of both domestic and international issues. As a former presidential candidate and a prominent figure in the Senate, Rubio’s extensive political background would bring a seasoned perspective to the ticket.

Rubio’s conservative stance on key issues aligns closely with Trump’s platform. He is a vocal advocate for tax cuts, deregulation, and strengthening the military. His expertise in foreign policy, particularly in relation to Latin America and China, would be an asset in addressing complex global challenges. Rubio’s Cuban heritage and his consistent support for freedom and democracy resonate with many Hispanic voters, potentially broadening the Republican base.

Rubio’s communication skills and ability to articulate a clear, conservative vision make him an effective campaigner. His youthful energy and commitment to conservative principles would appeal to both the Republican base and independent voters. Moreover, Rubio’s legislative accomplishments and his work on bipartisan issues demonstrate his ability to navigate the complexities of Washington, D.C.

In conclusion, JD Vance, Doug Burgum, and Marco Rubio each bring distinct strengths as potential vice-presidential picks for Donald Trump in the 2024 election. Vance’s compelling personal story and advocacy for the working class, Burgum’s business background and effective governance, and Rubio’s extensive experience and foreign policy expertise each offer unique advantages. From a conservative perspective, any of these candidates would complement Trump’s vision and enhance his chances of securing a victory in 2024. The choice will ultimately reflect Trump’s strategic priorities and the direction he wishes to take his campaign and administration.

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Bite-Sized Motivation

The insights or wisdom we need to get us going often don’t have to be more than a few words

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I’ve spoken to 1075 audiences at conventions, conferences, and meetings, and have had the opportunity to hear probably 800 other speakers as well.

The insights, perspectives, or wisdom we need, to get us going often don’t have to be more than a few words. Here are 52 of my own six word “speeches,” drawn from my keynotes and breakout session on the topic of work-life balance. Some of these likely will resonate with you:

Choose from what you already have.
Everyone needs breathing space, especially you.
Information overload obscures meaning and relevance.
Deep breathes are essential for well-being.

Make every day an organized day.
Allow your natural rhythms to rule.
Stay confident and in control daily.
Manage your time, manage your life.

Slow down to plot your course.
Look for the best in others.
Make yourself indispensable on the job.
Compete with yourself, not with others.

Learn to take control of today.
Manage your time to make time.
Take control of your desk clutter.
You’re the best when you’re fresh.

Do something to take control now.
Major projects often require a jumpstart.
Methodically pare down your paper piles.
Don’t attempt too much at once.

Evaluate your situation and what’s important.
Narrow your priorities to stay focused.
Avoid making promises you can’t keep.
Learn to embrace your many talents.

Take the time to become organized.
Become aware of how you react.
Arrange your space; help isn’t coming.
Manage the flat surfaces in life.

Periodically challenge yourself to perform better.
Take long, deep breaths as needed.
Reclaim your places, spaces, and graces.
Start big projects well in advance.

Don’t rush the truly important things.
Make the best use of today.
Schedule accordingly: plan for your future.
Be kind, cut yourself some slack.

Opportunity knocks, but are you answering?
Conventional wisdom has diminishing value.
When practical, substitute time for money.
The market for top talent lives.

The self-reliant survive and thrive.
Leadership requires forethought and super-vision.
Learn from and capitalize on mistakes.
Firmly face the future with confidence.

“Now” holds a lot of opportunity.
Control but don’t curb your enthusiasm.
Treading water won’t propel you forward.
Have you ever really tested yourself?

Life goes on; do your best.
Continually seek out the higher ground.
Luck is distributed evenly, but disguised.
You must be doing something right.

 


 

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