Inflation Eats Cash!
Cash is the main ingredient in the Inflation Cookbook. For every recipe! So as you take time to enjoy time with family and friends throughout the holiday season, give some thought to planning to be ready for 2023. Inflation will be with us for a while, and how successful you are in 2023 depends on you being ready ahead of your competition. You know that cash is King (or Queen) now and that you need to focus on managing cash outflows. In other words “Do More With Less” as I learned from Jack Welch during my time at GE. Here are some simple actions you can take.
- Shore up your business processes to ensure approvals are in place to stem expenses
- Revise your business plan to focus on the highest yields and remove the Muda (waste)
- Leverage low-cost talent to get the “bubble capacity” you need to execute business imperatives
- Feed your superstars so they can thrive in this challenging time
- Take care of your customers who bring you profits and prune those that drain profits
- And last but not least, be digital if you are not already.
But do not take my word for it, check out Ram Charan’s LI post where he has a link to pre-order his latest book Leading Through Inflation.
If you would like help reducing your IT cost, or getting temporary IT Talent at a lower cost, or creating a remote talent pool of your own, schedule a time so we can discuss your needs: https://calendly.com/tim_montgomery/discussion-on-it-talent-with-tim-montgomery