"How to lose your customers and ruin your business in a few shortsighted steps"<p>From making quick layoffs in a highly volatile economy to automating support inquiries during a time when customers more likely need personalized responses, I don't know if there's a single thing on this list that isn't the equivalent of shooting yourself in the foot.<p>> 10x your product.<p>And 1/10x your customer support! This is definitely the time people will buy the most expensive product with the least decent support.<p>> Turn fixed costs into variable costs.<p>So you can have more surprise bills!<p>But my favorite is:<p>> Be committed to building a high-performance culture. In a downturn, everyone must perform. This becomes non-negotiable.<p>Ah yes, the "work hard or else" mentality that will definitely help you keep your top talent during a tough time when significant parts of your workforce are likely to get sick and need flexibility.<p>Let me make a different recommendation:<p>This is a <i>volatile</i> time. Volatility works both directions, and it may mean both ups and downs. Focus on what differentiates you - and usually that means answering the phones when your customers call, having staff who can actually solve problems (eg, good talent who is happy to be working with you) and a real product that brings value.<p>Yes, there is value to being adaptable, and part of adaptability is letting go of non-value focused things. There are ways to do that without being a jerk to your employees and customers. Those who don't understand this are doomed to fail no matter what they do.
After watching a number of downturns over the decades I've become prudent, even parsimonious in my approach to outgoings. The result is that even though my pay is average and I live where house prices are high, at times like these I don't have to lose sleep about losing my shirt. From a position of having missed out on ridiculous house price rises over the years, and driving my old car whilst so many other people swanned around in fancy new cars they could not really afford but for credit plans, it's extremely difficult not to feel like the chickens are coming home to roost for those that refused to learn the lessons of history. I mean, the GFC is barely a decade past!
Here’s what works for me (I think/hope)<p>1. Think of money put into index funds as an “expense”<p>2. If investments are on fire, that’s okay. You weren’t gonna use them for the next 10 or 20 years anyway<p>3. Invest in yourself<p>4. Diversify your income streams. Even $2k/mo on the side can really help<p>5. Cash savings. Never let a loss of income impact your livelihood<p>6. Keep adding to savings even when you think you can’t<p>7. Your skills and your network are an asset. Use them
NFX seems to put out very good tools to connect and pitch (SIGNAL is a gold mine of potential connections. I never noticed BRIEF before).<p>But has anyone successfully connected through the site? I am wondering if this is any better than a typical cold pitch email.
What a bunch of vacuous pop-psychology marketing bullshit.<p>I guess we should be happy this guy isn’t writing about his favorite Coronavirus treatment on Medium, like all the other telephone sanitizers are.