Eric and David delve into the evolving nature of work and its impact on individuals and businesses.

Work dynamics are changing and the Bureau of Labor Statistics’ jobs report doesn’t fully pick up everything you need to know. We discuss the entry of young people into the workforce, choices of baby boomers to stay in the workforce of exit, the impacts of part-time employment and the paradox of business owners not able to find workers while employees can’t find work. If your growth opportunity requires increasing your team size, you’ll want to listen.

We reference several data sources all listed here:

https://www.bls.gov/news.release/empsit.t08.htm

https://mises.org/mises-wire/march-report-recession-full-time-jobs-here

https://fred.stlouisfed.org/series/LNS12500000#0

https://www.bls.gov/news.release/empsit.a.htm

https://fred.stlouisfed.org/series/LNU01000000

https://fred.stlouisfed.org/series/POPTHM

https://fred.stlouisfed.org/series/CIVPART

https://www.forbes.com/sites/forbescoachescouncil/2018/11/20/why-does-culture-eat-strategy-for-breakfast/?sh=1d5c1841e098

https://www.thealternativeboard.com/blog/culture-eats-strategy#:~:text=The%20culture%20eats%20strategy%20for,that%20make%20all%20the%20difference

In this episode, We discuss the popular slogan, “culture eats strategy for breakfast”. Our current event topic is the jobs report. It doesn’t always tell you what you think it is telling you. The labor force does not seem to be growing. It underscores the need to have a culture built upon a purpose.

Eric & David discuss how AI is rapidly becoming the norm. Artificial Intelligence is different than automation. How disruptive will AI be to white collar jobs?

( our tracks are a bit out of sync so our responses to each others comments don’t always sound timed correctly – we’re working on our internet signal to fix this)

Eric and David discuss some current events including what might be happening with interest rates.

Check out Episodes 36 and 59 where we discuss CPI in more depth:

https://emergedynamicspodcast.com/episode-59-how-to-forecast-seasonality-and-does-shadowstats-com-give-a-better-view-of-inflation-than-the-cpi/

The current CPI can always be found here: https://www.bls.gov/

We discuss the CME Fed Watch tool and what it might able to tell us about where the market thinks rates might be going: https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html

Too many businesses are hanging on to life just hoping that interest rates will come down so that they start making money again. If that is true of your business than you aren’t creating the economic value you should our could. Learn more from our strategic planning series:

We then get into a discussion on Work/Life balance and if that is a good framework for evaluating if we are spending the correct amount of time on our work.

David and Eric discuss that the myriad of external risks that business owners face and how to balance insurance and cash reserves with risks the business takes.

They look through the lens of the preparedness chapter of Q Source which is the leadership book of F3 Nation. https://f3nation.com/q/

There are expected circumstances we need to prepare for, but there are always unexpected external shocks that we know will come but we don’t know when or what they will be. How do we prepare for those?

In today’s podcast episode, we’re going deep into the complex world of corporate finance and budgeting as we face the economic uncertainties of 2024. We’ll explore the various challenges and considerations that business owners and managers must contend with in this volatile economic landscape. The recent announcement from FedEx about an expected slowdown really caught our attention—it’s a potential red flag for the broader economy that we just can’t ignore.

Last year’s industry shake-ups have taught us that sticking to outdated annual planning models is like trying to navigate a storm with an old map. It’s better to have a flexible approach to budgeting, such as a rolling forecast with quarterly updates. This could really align companies’ strategies with the actual pace of the market, which is crucial for survival and success.

Traditional compensation structures are no longer serving us. They often encourage employees to game the system, which is counterproductive. Proposing alternative incentive models that adapt to market conditions is something to be really passionate about. It’s about creating a system that’s robust enough to handle the economic ebb and flow.

The importance of diverse perspectives in planning is another thing to keep in mind in 2024. Treating external analyses as helpful suggestions, not gospel, is vital. It’s about fostering a culture of agility and regular reassessment of plans, ensuring that our strategies are as dynamic as the market itself.

This year, more than ever, we need to be strategic and agile in our financial planning. Business leaders need to not just weather the economic storm, but to emerge stronger and more resilient.

Eric and David wrap up a mini series on sales by discussing non-manipulative selling and concepts from the book Find Your Six: Stop Lead Generating, Start Building Influence by Patrick Kilner.

They discuss the importance of authentic relationship and of creating value for clients. They also discuss how this factors into the valuation of your business.

“Here’s the bottom line: if your business is dependent on a lead gen model, you are fast becoming dispensable when it comes to actually generating business.” – Patrick Kilner

Learn more here:

https://www.findyoursix.com/

In this episode, David and Eric discuss the current drop in consumer sales across the country. They remind us to focus on not just selling “widgets”, but to go deeper and to demonstrate to customers how your business or product can improve their lives. David and Eric also share tips for monitoring monthly sales goals in a more effective and targeted way.

In this episode, David and Eric discuss how to incorporate seasonality into your revenue forecast. They give reasons why you should do this and a practical guide on how to do it. They also discuss the September CPI and question its accuracy in tracking how expensive American life has become. They look at www.shadowstats.com as a possible alternative picture.

https://data.bls.gov/timeseries/CUSR0000SA0&output_view=pct_1mth

https://www.fool.com/investing/2023/08/10/warren-buffett-is-sitting-on-a-147-billion-pile-of/