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How To Save Your Company in a Bad Economy

Published

1 year ago

February 18, 2022

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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This Three Pronged Plan to Overthrow America is Nearly Complete

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The left has long worked to overthrow America and all that it stands for. They have been working at it since early in the 1900’s and it took up more speed in the late 60’s and early 70’s with the rise of the radical left. PolitiCrossing founder Chris Widener explains the three-pronged attack and how it is almost complete, as well as the only things we can do to save ourselves and this country we love.

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SAVE YOURSELF: Is This The Surefire Way to Protect Your Money in the Inevitable Financial Meltdown?

Decentralized finance (DeFi) has emerged as a revolutionary technology.

Published

3 weeks ago

May 9, 2023

Chris Widener

Don’t miss Rich Dad Poor Dad’s Robert Kiyosaki in this absolutely free webinar: The Coming Financial Tsunami. Learn how to protect yourself and your loved ones. Click here NOW to register!

CAN DECENTRALIZED FINANCE BE THE WAY TO SAVE YOURSELF AND YOUR FAMILY FROM MELTDOWNS AND TYRANNY?

Decentralized finance (DeFi) is built on the blockchain, which offers a wide range of financial services without the need for intermediaries such as banks or other financial institutions. DeFi has emerged as a popular alternative to traditional finance, offering a more open, transparent, and decentralized financial system. In this article, we will explore why DeFi can protect you from a coming financial meltdown and from tyrannical governments.

DeFi is built on the blockchain, which means that it is inherently decentralized. This means that there is no central authority controlling the system, and all transactions are verified and validated by a distributed network of nodes. This makes the system more resilient and less vulnerable to attack or manipulation. Unlike traditional financial systems, where central authorities have the power to manipulate the system, DeFi is designed to be transparent and immutable.

One of the main advantages of DeFi is that it offers greater financial freedom and control to users. DeFi allows users to access a wide range of financial services without the need for intermediaries. This means that users can transact directly with each other, without having to go through banks or other financial institutions. This gives users greater control over their finances and reduces the risks associated with centralized financial systems.

Another advantage of DeFi is that it is highly transparent. All transactions on the blockchain are public and can be verified by anyone. This means that there is no room for fraud or manipulation, as all transactions are visible to all participants in the network. This level of transparency is not possible in traditional financial systems, where transactions are often opaque and difficult to track.

DeFi also offers greater security to users. Transactions on the blockchain are secured using cryptography, making them virtually impossible to hack or manipulate. This means that users can trust the system, knowing that their funds are secure. Traditional financial systems, on the other hand, are often vulnerable to cyberattacks and fraud, which can result in significant financial losses.

Don’t miss Rich Dad Poor Dad’s Robert Kiyosaki in this absolutely free webinar: The Coming Financial Tsunami. Learn how to protect yourself and your loved ones. Click here NOW to register!

Furthermore, DeFi is designed to be more inclusive and accessible to everyone. Unlike traditional financial systems, which often have high barriers to entry, DeFi is open to anyone with an internet connection. This means that people who are unbanked or underbanked can access financial services that were previously unavailable to them. This inclusivity is important because it helps to reduce financial inequality and promotes greater financial inclusion.

Finally, DeFi is more resilient than traditional financial systems. DeFi is built on a decentralized network of nodes, which means that there is no single point of failure. This makes the system more resilient to attacks and more resistant to financial meltdowns. In traditional financial systems, a single point of failure can have catastrophic consequences, as we saw in the 2008 financial crisis.

DeFi is a new and exciting financial system that offers a wide range of benefits over traditional finance. It is transparent, secure, accessible, and resilient, making it an attractive option for people who are looking to protect themselves from a coming financial meltdown. While DeFi is still in its early stages, it has the potential to transform the world of finance, offering a more open, transparent, and decentralized financial system for everyone.

SEVEN BENEFITS OF DECENTRALIZED FINANCE

Decentralized finance (DeFi) has emerged as a revolutionary technology that enables individuals to conduct financial transactions without the need for intermediaries such as banks or financial institutions. DeFi uses blockchain technology, which provides a transparent and secure way of conducting financial transactions. In this article, we will discuss the benefits of decentralized finance, along with a brief overview of crypto and blockchain.

Overview of Crypto and Blockchain

Crypto refers to digital currencies that use cryptography to secure financial transactions and control the creation of new units. Bitcoin, which was created in 2009, is the most well-known cryptocurrency. It is based on blockchain technology, which is a decentralized ledger that records transactions in a transparent and secure manner. Blockchain technology provides a secure and tamper-proof way of recording transactions, making it ideal for use in financial transactions.

Benefits of Decentralized Finance

Lower Transaction Costs

Decentralized finance provides a cost-effective way of conducting financial transactions. Traditional financial systems are often plagued by high transaction costs, which are passed on to customers. DeFi eliminates the need for intermediaries, which means that transaction costs are significantly lower. This makes it easier for individuals to access financial services and reduces the barriers to entry for new players in the market.

Greater Accessibility

DeFi provides greater accessibility to financial services, particularly for individuals who are unbanked or underbanked. In many parts of the world, people do not have access to traditional banking services due to various factors such as lack of documentation, poor credit history, or living in remote areas. DeFi provides a way for these individuals to access financial services using only a smartphone and an internet connection. This has the potential to increase financial inclusion and reduce poverty.

Increased Transparency

One of the main benefits of blockchain technology is its transparency. Transactions recorded on the blockchain are publicly visible, making it easier to trace the flow of funds. This provides a level of transparency that is not possible with traditional financial systems. Decentralized finance leverages this transparency to provide greater accountability and reduce the risk of fraud. This makes DeFi a more secure and trustworthy way of conducting financial transactions.

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More Control Over Personal Data

Traditional financial systems often require individuals to provide personal data such as name, address, and social security number. This data is stored by banks and financial institutions, making it vulnerable to hacks and breaches. DeFi provides individuals with more control over their personal data by using self-sovereign identity solutions. These solutions enable individuals to control their own data and share it only with the parties they trust.

Greater Flexibility

Decentralized finance provides greater flexibility in terms of financial products and services. Traditional financial systems are often rigid, with limited options for customers. DeFi provides a range of financial products and services, including loans, savings accounts, insurance, and investment products. This gives individuals greater flexibility to choose the financial products and services that meet their specific needs.

Faster Settlement Times

Blockchain technology enables faster settlement times for financial transactions. Traditional financial systems often require several intermediaries to process transactions, which can take several days. With DeFi, transactions are processed directly on the blockchain, which means that settlement times can be as fast as a few seconds. This provides greater convenience for customers and reduces the risk of errors and delays.

Reduced Counterparty Risk

Traditional financial systems often involve counterparty risk, which is the risk that one party will fail to fulfill its obligations in a financial transaction. DeFi eliminates counterparty risk by using smart contracts, which are self-executing contracts that automatically execute when certain conditions are met. This provides greater security and reduces the risk of fraud and default.

Conclusion

Decentralized finance is a revolutionary technology that has the potential to transform the financial industry. By eliminating intermediaries, increasing accessibility, increasing transparency, providing more control over personal data, offering greater flexibility, enabling faster settlement times, and reducing counterparty risk, DeFi provides numerous benefits that traditional financial systems cannot match. As DeFi continues to evolve, it has the potential to create a more equitable and inclusive financial system that benefits individuals and communities around the world.

The information provided in this article is for educational purposes only and should not be construed as financial or investment advice. Investing in decentralized finance (DeFi) and cryptocurrencies involves risk and may result in significant financial losses. Readers are advised to conduct their own research and seek the advice of a financial professional before investing in DeFi or cryptocurrencies. The author and publisher of this article are not responsible for any losses incurred as a result of investing in DeFi or cryptocurrencies.