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The business world is full of opportunities and challenges, and every company strives for success and growth. However, with a constantly evolving economy, ups and downs are inevitable. It is crucial for companies to adopt a turnaround mentality, a proactive and resilient approach to navigate the changing market conditions and maintain momentum towards their goals.
That’s what three-time CEO Jay Fulcher and True Builders podcast host Josh Withers talked about on the latest episode, “Surviving a Downturn: What You Need to Know.” Jay told Josh that by embracing a “turnaround” or “restructuring” mindset, businesses can prepare themselves to weather any storm and emerge stronger from difficult situations.
I do think that every business to some degree could really benefit from having that turnaround mentality. There’s a certain mental model or a way of thinking about what businesses need to be working on in terms of having a lot of grit and resilience related to what’s going on in their market and how they’re performing.
Jay and Josh also spoke about:
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Why balancing speed and accuracy during change is crucial for sustained success in tumultuous times.
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The ripple effect of mismanagement and why management thrives on collaboration across teams.
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How the best company cultures are organic and the importance of providing opportunities for career advancement.