Strategy 4 Saturday (<4 minute read)

• Where is my dry cleaner?
• Small business statistics
• Book quotes
• My highlight of the week
• Measure Success Podcast
• Strategy Fact / Quiz

Where is my dry cleaner?

I just returned to Oregon from a 9-day business trip which including Chicago, Annapolis, West Virginia, and Washington DC. This picture is taken from a client at Lafayette Square in Washington, DC.

Although the majority of my professional pictures are in suits; I am typically wearing a 40 Strategy golf shirt and khakis. I try to blend in my clients’ environment, where they are commonly sporting a collared shirt and jeans. However, there are times when you need to get that suit dry-cleaned after a long road trip.

I was surprised to learn that our local dry cleaners has gone out of business. But should I have been? Look around and you rarely see suit and tie. COVID only accelerated the casual look. Attending a charitable fundraiser last night, very few people wore a dress jacket and slacks. Most of them were Baby Boomers.

Sometimes there are trends, that simply change the market.

However, it made me think, what could they have done differently?

Did they reach out to their clients?
Did they try to expand their geographic reach?
Were their processes automated?
Were they overcome by long-term trends and dogged inflation?
Had the owners simply refused to change their habits?
Why did they just become another statistic?
Did they have a strategic plan?

Small business statistics

While preparing for this blog, I came across this article titled 40 Stand-Out Small Business Statistics (2023) from Elsie Boskamp at Zippia. Here are a few of them that stuck out:

• 99.9% of businesses are considered small business, less than 500 employees
• Gen X (41-56) is the largest small business owners by age
• 23% of small businesses closed in May 2020 at the peak of the pandemic
• Only 55% of businesses make it to their 5th anniversary
• 47% of employees work for small business
• 88% of businesses have less than 20 employees

Lost at CEO | Book Quotes

Thank you to Mike Foresee, a VP, Commercial Banking Officer, at a regional bank for buying Lost at CEO! (pictured above)

I am incredibly humbled and grateful for the responses that I have been receiving regarding Lost at CEO. This quote is from President and Chief Strategist at St. Louis Trust and Family Office, author of The Uncertainty Solution.

“Carl:

I recently finished your book, and I thought it was great (I just left an Amazon review – I know how important those are). Impressive that you took so much advice and relayed it as a fable. I can’t imagine how hard that is to do. It turned out very readable and interesting. I learned a lot and will be using your book’s lessons in my business.

Kudos and thanks!”

My Highlight of the Week:

My oldest daughter, Ashley, i.e., Ms. Cox, is a 4th grade teacher here in Oregon. This year had been significantly impacted by COVID remote learning for 1st and 2nd grade. Good news, this resilient group has made significant strides. She allowed me to speak to her class about – What does your future look like when you are 25 years old? Then, we strategically identified where they will need to be 16 and 20, years, respectively to get there.

They wrote down their vision and strategies. I asked them to hang this picture near their bed to remind them every day of their future. I am so excited to get the emails from our future engineers, designers, artists, and athletes that they have reached their vision. Each of them received a coin from a foreign country to remind them that this is the beginning of the value that they are going to create in the world.

Measure Success Podcast

This week, former Amazon executive, Trent Gillepsie, shares his strategic insights on how he led global expansion and innovation programs. Today, he is a leading expect on how to use AI for innovation. Check out the podcast link here.

Strategy Fact of the Week:

1. 3.5% of ecommerce website visits via mobile are converted into purchases, compared to 3.9% on desktop. (Statista, 2021) (Source: https://www.hubspot.com/marketing-statistics)

Quiz of the Week:

What percentage of businesses survive for 15 years or longer?

A. 15%
B. 20%
C. 25%
D. 30%

Last week:

Which generation is the most engaged at work?

A. Baby Boomers (1945-1964)
B. Generation X (1965-1981)
C. Millennials (Gen Y) (1982-1996)

Last week’s answer: C. Millennials are the most engaged at work.

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