Recently the Hertz rental car agency filed for Chapter 11 bankruptcy protection. The company was unable to meet their $11 billion financial agreement to their secured lenders. In addition, the company listed more than 100,000 creditors that they owed money to. Hertz was a $25 billion company that was highly leveraged. It was dependent on… Read More »
Improve Your Efficiency in Every Aspect of Your Business
Early in March I had the opportunity to present to a group of twelve bankers at a local commercial bank here in Portland, Oregon. I discussed how applying value stream and process-mapping tools to your business can help to streamline processes and procedures and increase efficiency. A value stream is a sequence of events or… Read More »
Don’t Let Uncertainty Paralyze You
We are currently facing tremendous uncertainty as a result of the economic impact of a nationwide shutdown of business. This uncertainly about the future creates a great deal of stress and causes us to focus on the immediate situation rather than the broader possibilities that may become available to us. In his recent article for… Read More »
How Bank Ties Are Impacting Federal Aid
Several news outlets, including the Wall Street Journal on Tuesday April 21st, have reported about the aid businesses received under the federal government’s Paycheck Protection Program (PPP) and the fact that many of the businesses that received aid were not the ones with the greatest need. It looks as if receiving PPP was heavily influenced… Read More »
How to Face Uncertainty
Last week I posted an article written by my oldest son, Nathan Furr,* for Harvard Business Review, which you can find here or on my website. Nathan discusses his interview with Nobel Prize winner Ben Feringa, who shares his wisdom about uncertainty. Mr. Feringa says that we need to be resilient in the face of… Read More »
You’re Not Powerless in the Face of Uncertainty
These are uncertain times and the path forward is not yet clear. Many times in business and life we find ourselves dealing with issues outside of our circle of control. How we deal with those issues has a tremendous impact on our businesses and our lives—and even the lives of those around us. One approach that… Read More »
Setting Your Business up for Recovery
The Seattle Shrimp Tank Covid-19 Expert Panel This global pandemic is already having a profound impact on small- and medium-sized businesses, but now is the time to prepare strategies for recovery. Listen to this podcast produced by Dan Weedin in Seattle where he interviews business experts from Seattle, Portland, Miami, Canada, and Australia on what… Read More »
Make Your Banker Happy and Grow Your Business
In mid-February I gave a presentation to 60-plus members of the Institute of Management Accountants (IMA) based on my book How to Make Your Banker Happy. The book was developed as a result of interviews I conducted with ten small- to mid-market banks on what their best customers do well. The majority of the audience… Read More »
MAKE 2020 YOUR BEST YEAR EVER
As you approach the New Year, it is a good time to reflect on 2019 and ask yourself some important questions. These questions will help you plan for the upcoming year, which will lay the groundwork for a successful 2020 and beyond. Why not create 20/20 vision for the year 2020? If you make a… Read More »
When It Comes to Consulting, Experience Counts
I was recently having coffee with a senior banker when he said something that caught my attention. This banker said he has met a lot of so-called business coaches and consultants, and most of them have no real business experience. He went on to say that he would be hard pressed to recommend a business… Read More »