In this episode of the "Becoming Unleashed" show, Richard Shaull is joined by seasoned fractional CFO, Robert Lee. Together, they explore the challenges faced by business owners in the current economic climate, discussing declining revenues, rising expenses, and the need for strategic adaptation. Robert shares insights from his three decades of experience, emphasizing the importance of a customized approach and highlighting key steps for business resilience.

KEY TAKEAWAYS

• Profitable Growth vs. Unprofitable Growth: Prioritize profitable growth over mere expansion. Evaluate revenue streams, update pricing strategies, and avoid the race to the bottom.
• Margin Attention: Focus on maintaining healthy profit margins. Exit lower-margin segments and explore new revenue streams that align with market demands.
• Expense Review: Conduct a meticulous review of expenses. Differentiate between must-haves, needs, and wants. Build a leaner, more agile operation to navigate economic challenges.
• Team Investment: Redirect investment towards team development, culture building, and leveraging AI for automation. Enhance engagement and readiness for future productivity.
• Opportunistic Marketing: In times of crisis, monitor advertising metrics closely. Adapt marketing strategies based on customer feedback and seize opportunities when advertising costs are on the decline.

QUOTES

• "Should you be planning for growth with the headwinds that exist right now, or are you better just to be a bit more reserved in your growth plans?" - Robert Lee
• "The conversation we're into today is how do I adapt and get prepared for this new economy I'm finding myself in?" - Richard Shaull
• "Don't plan for never within a year. 6 months is a 50 percent savings. If you can survive without it." - Robert Lee
• "Invest in the team, invest in the culture, invest in their development, their learning, in their engagement." - Robert Lee

Connect and learn more about Robert Lee.
LinkedIn: https://www.linkedin.com/in/robert-lee-/

Connect and learn more about Richard Shaull.
LinkedIn: https://www.linkedin.com/in/richard-shaull/
Website: https://www.unleashed.ceo/