Business

Customers will remember the experience they have with a brand longer than they remember the price they paid. – Tiffani Bova, The Experience Mindset

People don’t simply buy products or services. They “hire” them to make progress in specific circumstances. – Pascal Finette

Lessons from Lehman Brothers’ Collapse – Richard Handler

1. There is no such thing as a “slight liquidity crisis”
2. Everything in life is fragile
3. Sometimes bad things happen to good people
4. Never take anything or anyone for granted
5. Leverage can’t distinguish between good or bad, but it will happily (magnify) both
6. You never have as much time as you may think
7. Character is determined during tough times
8. Arrogance always kills
9. If your debt holders are at risk, your shareholders will probably be wiped out
10. If you stay positive through the storm, the sun always eventually rises, and life will go on.

5 C’s for Surviving a Downturn in Business – Verne Harnish

1. Communicate Daily – Airbnb went into a daily huddle 7 days a week when they lost $1 billion in bookings during the pandemic. The key is looking at data and making decisions DAILY.
2. Customer Contact – double down on connecting with clients and finding out how to help them – they might be struggling as well. “Hidden Champion” firms have twice the number of employees directly supporting customers than other firms. Give to receive.
3. Clean Up and Catch Up – a downturn is a good time to clean up sloppy processes, eliminate needless activities, and play catch up with systems. Simplify, simplify, simplify.
4. Cash, Cash, Cash – review ALL recurring expenses that may have creeped into costs; ask all employees to find ways to reduce their expenditures; seek lower cost solutions; and tighten up billing and collections.
5. Calm and Considerate – above all, take a few deep breathes, only risk money (not your health), and remain calm and considerate. “Leaders absorb fear and exude hope” – it’s your job.

Do business with people who want to do business with you and let go of those who refuse to accept any better. – Dad