Insights

Worried about the economy?

Looking to increase efficiencies/productivity?

Make sure everyone is contributing to the bottom line?

If so, consider actions that affect both success AND satisfaction …

Why?

You can achieve either success or satisfaction alone.

Focusing on one, though, is not a good idea. Very few businesses can survive and thrive long-term that way. Or even short-term if you must take major actions to weather economic storms.

Unfortunately, research indicates focusing on both isn’t common. 90%+ of leaders have a strong inclination toward success or satisfaction … not both.

• Success is results like better efficiency, productivity, competence, and profitability.
• Satisfaction is more oriented toward enjoyment, relationship strengthening, and increasing commitment. This is usually reflected in higher morale, engagement, dedication, loyalty and passion.

The key is to recognize the preference and work toward high performance in both.

We have an assessment to help you with this.

It describes your your current ability to consistently achieve both success and satisfaction, along with suggestions for any improvements.

If you are a leader, contact us to try the assessment for free.

 

Are you concerned about the economy and your company’s prospects?

A 3Q24 survey by AICPA & CIMA indicates you are not alone. Financial executive outlooks are worse than the quarter before, for:

• The U.S. economy
• The global economy
• Their organization’s prospects, including for growth
• Revenue and profit expectations … average profit projections for the next 12 months at an almost invisible 0.2% growth

Survey numbers indicate the big picture and averages.

However, business results are NOT evenly distributed at the average.

Typically:

• 20% of businesses will achieve 80% of the $ and success
• 4% will achieve 64% of the $
• And just 0.8% will achieve 51% of the $

This means about 1 in every 100 businesses will accrue HALF of revenues. The middle will muddle along, treading water at best. 1 in 5 will suffer potentially crushing losses.

… and that is in NORMAL economic times.

During a softening economy or in down times, the stakes are even higher.

The market pie may be temporarily smaller. The bottom 80% of businesses scrambling for crumbs will face economic hurricanes. Those who stay in – or move into – the top 20% will feast during the famine.

Where is your business in that pecking order?

Regardless of where you are, you don’t have to take current results as your future results. You can take action to improve your prospects.

The starting point is assessing your organization’s capability to change and adapt … regardless of conditions.

This complimentary resource below will help you do that. It has 5 pages of assessment questions to help you get started plus some suggestions on how to proceed.

How to Recession-Proof Your Business

 

Link to survey source

… plus, news about OpenAI’s new Strawberry AI release.

Welcome to this week’s AI-Insights podcast! Link below:

 

Join Steven Bowman and me for a look at the current state of AI hype, along with the significant change in how humans interact with technology: