The data component is often the missing link to accelerating growth and profit. And the hacky system of spreadsheets and manual updates hardly scratches the surface. Go Fig solved the data skills gap so leadership teams can effortlessly build automated scorecards. With Fig AI, anyone can get value from their data.
The #yieldcurve inversion continuing to re-invert and the threat of broad tariffs are mounting an increasing amount of uncertainty for companies across virtually every industry. During a similarly uncertain time at Capital One in 2015, we were so prepared for a potential recession that we had a strong confidence a recession would make us better off in the long run, by capturing a larger market share from competitors that were clearly over-leveraged. Here are three essential goals that leaders of growing companies should focus on to turn this uncertainty into an opportunity: ⚖️ Optimize operations to bolster up margins 💲 Prioritize the P&L for financial health 📈 Define a strategic growth plan Lets break this down-- ⚖️ "𝐸𝑓𝑓𝑖𝑐𝑖𝑒𝑛𝑐𝑦 𝑖𝑠 𝑑𝑜𝑖𝑛𝑔 𝑡ℎ𝑖𝑛𝑔𝑠 𝑟𝑖𝑔ℎ𝑡; 𝑒𝑓𝑓𝑒𝑐𝑡𝑖𝑣𝑒𝑛𝑒𝑠𝑠 𝑖𝑠 𝑑𝑜𝑖𝑛𝑔 𝑡ℎ𝑒 𝑟𝑖𝑔ℎ𝑡 𝑡ℎ𝑖𝑛𝑔𝑠" This should always be a top priority for any organization. With smooth operations that produce strong margins, a company gets traction fast, and stands out as a winner when the money stops flowing in the economy. 𝗦𝗠𝗔𝗥𝗧 𝗴𝗼𝗮𝗹𝘀: 1️⃣ Read Traction by Gino Wickman 2️⃣ Build a scorecard and select KPIs that are strongly tied to the P&L 3️⃣ Set goals for each KPI and keep responsible teams accountable for them 4️⃣ Each week, dig into the root cause of key performance and take away one action item for the following week to slowly iterate towards operational excellence 💲 "𝐶𝑎𝑠ℎ 𝑖𝑠 𝑘𝑖𝑛𝑔" This is especially true when there's less cash flowing through local economies. Also, a recession tends to be followed with lower interest rates and stricter lending policies, so now would be a good time to pay down debt and improve credit worthiness. 𝗦𝗠𝗔𝗥𝗧 𝗴𝗼𝗮𝗹𝘀: 1️⃣ Optimize operations as a pre-requisite 2️⃣ Build a cash reserve of 6-12 months of operating expenses 3️⃣ Identify loans with the highest interest rates and increase payments 4️⃣ Create a cashflow plan and stress test it against best case and worst case scenarios 3. "Adversity is the chisel that carves out excellence". With the first two goals in place, growth companies would be in a good position to expand. In a best case scenario, there is a strong financial position to invest in new product lines or double down on marketing. In a worst case scenario, there is a strong financial position to acquire struggling competitors or capture their market. 𝗦𝗠𝗔𝗥𝗧 𝗴𝗼𝗮𝗹𝘀: 1️⃣ Have the leadership team formulate a strategic growth plan under best and worst case scenarios 2️⃣ Identify a few leading indicators of how a slow down affects your industry. Automate measurement of these indicators with proactive alerts so you can respond quickly. You may have noticed these goals weren't just about survival. They are about taking advantage of an opportunity. Whether a business leader or employee, which of these three goals would you want your company to tackle first?