August 17, 2022
Our question to TV lovers everywhere: more bummed about the finale of “Better Call Saul” or more excited about the premiere of “House of the Dragon”?
In this week’s edition:
SWORD AND SHIELD
To recession or not to recession?
That is the question. The predictions are mixed: The GDP drop in the past two quarters points to a recession on the horizon. On the other hand, the rate of inflation dropped last month, the job market is strong, consumer demand for goods is high — so maybe we’re safe?
This “will they, won’t they” is too much.
Many SMBs feel that way — business leaders are torn between fear of recession and hope for growth opportunities after all the pandemic-fueled setbacks.
But you can ease your anxieties by preparing your business for a recession — whether it happens or not. So, here are three tips for recession-proofing your business:
Figure out your cash flow.
Unfortunately, 82% of businesses fail because of cash flow mismanagement. And cash flow will be harder to track during a recession. So, create a profit plan where you can prepare for scenarios that might require you to cut costs.
Invest in your relationships.
With both your partners and your customers. Speak with your suppliers about setting up long-term contracts to save some money. Then, convince your customers that your business is worth what they pay, even during a recession. Try offering loyalty discounts or freemium packages.
SOCK IT TO ME
Raise your hand if you’ve come across a Bombas sock ad on your social feeds. (Everyone’s hands up? That’s what we thought.)
Yeah — Bombas is owning the sock game. But it took a few years to get there. What started off as a cozy eight-person operation grew to 190 people in less than eight years. The question is… how?
Scaling processes, baby.
David Heath, Bombas CEO and Playbook 2021 speaker, is a great example of how leadership can help employees learn to love processes.
Bombas' processes are focused on giving their people autonomy and power. And the company has had low turnover. David attributes that retention to the fact that Bombas gives their employees enough space to make their own decisions so that they feel truly empowered.
At Playbook 2021, we had the chance to talk to David about his company's success with getting their employees involved with their processes. Here's his advice for rethinking your current processes and how to change them to scale your business:
💡 And don’t miss our jaw-dropping roster of speakers at Playbook 2022! Register here.
THAT DON'T IMPRESS ME MUCH
They probably just want a raise.
Actually, no. Turns out what they really, really want is the ability to work from the office and remotely, wellness and mental health initiatives, meaningful work, career development, and a positive culture.
In other words, they care most about being treated as people. And they’d sacrifice a paycheck for the promise of flexibility, work-life integration, and a career path.
But that’s just one generation.
True. But the Gen Z population will make up nearly one-third of the workforce by 2030. And they’ll ultimately require this kind of work environment. After all, they know it’s out there, and they’ll bounce around until they find it.
Sounds easier said than done.
We can help with that. Here’s how to find and retain top Gen Z talent:
🔥Tip: Need a quick read that’ll help you do these things remotely? Learn how to seamlessly and cost-effectively build successful business processes from the original remote work pioneers themselves — Rob Rawson and Liam Martin — in their new book “Running Remote.” Bonus: Ronzio bros Chris and Jonathan share their framework for achieving hypergrowth through process documentation. Snag your copy today.