Over the past few months we’ve seen multiple data points that provide contradictory reports: a) everything is going really well; or b) we are on the precipice of a recession. Here are some headlines that we have seen to this effect.
- America is on the verge of a recession.
- The economy continues to do well despite the central bank raising rates.
- Unemployment rates continue to stay low.
- Employers struggle to find qualified employees.
- Employees continue to work productively in a hybrid work environment.
- Remote work erodes productivity by 4% (NY Fed).
So what gives?
During these tumultuous and chaotic times, it’s important for business owners to have a stable source of information and honest feedback to make good decisions and properly manage their business. Some of the more successful entrepreneurs that we know use the following resources to navigate these challenging financial times:
- Senior Leadership: Whether in a fractional or full-time capacity, there are good reasons to hire seasoned veterans in your finance, marketing, and operational functions. All your trusted advisors share insights and unbiased guidance, providing leadership and strategic solutions during good times as well as bad. If you do not trust or question his or her guidance, you might have internal problems that you need to address first.
- Peer Groups: Most successful entrepreneurs we know have a peer group or informal “Board of Directors” that give unbiased and honest feedback. On the whole, entrepreneurs face similar experiences and obstacles — this is primarily why these groups are so useful. Member insights come from experience — experience is often our best teacher. One of the most successful groups in this genre is Vistage, and both Scott and Brian have been members of this prestigious group for several years (for more information on the NYC-based team, click here).
- Mentors: When entrepreneurs start to blaze their trails, they usually follow the path of one or two people whom they admire. Mentors come from multiple sources, from family and friends to business coaches and hired advisors. Personal conversations with these individuals, for us at AcceleratingCFO, have resulted in out-of-the-box ways of looking at situations that arise. Conversations push us to think outside of our comfort zone. In our focus and line of work, we usually rank working with mentors, who have macro-level and well-considered opinions, as the best possible resource.
In this age of click-bait advertising and sensationalist headlines, it’s easy to be overly optimistic or pessimistic on any given day. Although it is easy to be swayed by these headlines and articles, your team of top-notch advisors will help you maintain a steady hand as a business leader.
Take-away: If you lack the senior leadership or mentorship that you and your company needs in order to reach its fullest potential, reach out to Brian or Scott at email@example.com.
Co-founders & Managing Partners