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Luckily, I had a stable job and I was able to keep my position despite the pending Great Recession.This lack of available funds got me curious though.
I decided to read some personal finance books to try and get a better understanding of my disastrous money situation.
There was one phrase that continually stood out to me during my research...
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Some of the links in this post may be from our partners. There are not many people on planet Earth that like to admit they are financially struggling with money problems.
Recently, Tony told me a great Jon Callaghan quote. Every successful company I’ve been involved in had a least one near-death experience.
Most of the successful companies I’ve been involved with have had at least one stall period, where growth slowed dramatically for some time.While the issues often included some members of the leadership team (including occasionally the CEO), in each case, it required focusing on what wasn’t working, where the problems were, and taking aggressive and decisive action to address them.Assuming the people addressing the issues were the right people, and the extended team (management and board) focused on the correct problems, and then the team gave each other enough time to see whether or not what they were doing addressed the issues, more often than not things ended up in a happy place.I’m separating them from companies I was involved in that failed. The solution was not to throw money at the company and hope things at the company got better.Instead, the successful companies had a functional leadership team and board that was able to figure out the problems and solve them.The CEO of that company said that during their stall period: We shared with all employees both income statement and balance sheet (including cash position) to make clear that we needed to better control our expenses so that we could control our own destiny re runway (it was also in context of decelerating growth rate – our rule of 40 was in the teens).We slowed hiring considerably and created programs called “Save to Reinvest” to drive home a sense of fiscal discipline.Its a very simple answer but most people are not rich and have to be poor every day without blowing their brains out, So they say things like money doesn't buy happiness, When in fact it buys happiness on tap.This article contains references to products from one or more of our advertisers.Note that I repeated “successful companies I’ve been involved in” for each sentence.Each of these companies that I’m referring to ultimately were successful.