Kathy and I met a young couple recently who had moved to our area from Oregon. They both work in information technology for different employers located in Oregon. They desire to start a family and decided that the Midwest was a better location for them. When I asked about their employer’s willingness to allow them to live out-of-state, they said […]

In this series, we’re discussing how to inflation proof your business. With interest rates at all-time lows, company debt has surged. If inflation begins to rise, your debt could begin costing you significantly more when the Federal Reserve begins fighting inflation with higher interest rates. My very first, and last, small business loan was at 18% interest. That experience taught […]

In this series, we’re discussing how to inflation proof your business. When expenses increase due to inflation, your net profit will be negatively impacted unless you increase revenue. In my experience, small businesses are more reluctant to implement price increases than most large businesses. There is certainly reason for concern, but price increases are usually less traumatic than most realize. […]

In this series, we’re discussing how to inflation proof your business. A friend owns a chain of restaurants. He was concerned when he discovered that people were selling large quantities of ketchup packets on eBay. He realized a shortage of ketchup and increased prices were coming. He called his suppliers and asked for all the ketchup they could find. He […]

In this series, we’re discussing how to inflation proof your business. For most businesses, payroll costs are their largest expense item. Recently, President Biden signed an order requiring all federal contractors, including any subcontractors, to increase their minimum wage from $10.95 an hour to $15 per hour in 2022. This action will drive wages higher and force the private sector […]

According to new research from Bank of America Securities, mentions of inflation by CEOs have exploded 800% year-over-year. With age comes some added responsibility to share experiences. As inflation discussions have increased dramatically, I realized I have some experiences that many leaders have not had. If you are under 50 years old, you have never experienced inflation above 5% in […]

In 1978, four men broke into a home in Kansas City and killed three people. For over 40 years, Kevin Strickland has been incarcerated in a Missouri prison for those three murders, which he didn’t commit. Two men admitted their guilt, but both were adamant that Strickland was not with them. The only evidence that convicted Strickland was Cynthia Douglas, […]

In 1973, America’s dependence upon other nations for oil led to skyrocketing gas prices, gas rationing and international tensions with the Middle East. The oil crisis dramatically impacted our culture and economy. In the 2020s, microchips may become the new oil. Phones, automobiles and computers have made us dependent upon chip manufacturers. On “60 Minutes,” Intel’s CEO claimed that the […]

As business leaders navigate bringing their people back to the office, it may be hard for businesses to develop a one-size-fits-all policy for remote vs office work. My friend, Paul, collaborates with an architect firm. Paul said, “Many businesses can work remotely, but these architects are collaborating on designing a building. Remote work has been disastrous for them.” Another friend […]

In April, only 266,000 jobs were added to the U.S. economy while the experts had predicted 1 million. Yet, according to the National Federation of Independent Business, 44% of small businesses said they had job openings they couldn’t fill. One potential reason for this gap is the government paying people more to stay home on unemployment than if they go […]