Podcast

One of the best management books I’ve read in years is easily Play Bigger by four marketing experts. Al Ramadan and his co-authors did not invent the term category design, a concept that has been around for years. Instead, their research into some five thousand businesses driven by their curiosity resulted in giving category design a name along with some key disciplines to becoming a category champion. We also call it a mini-MBA that could replace strategic planning.

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Output, Outcomes, Impact. Those are three strong words that seemingly go well together in any context. But is there a clear difference between each term? Josh Seiden is the author of Outcomes Over Output, and he provides one of the best definitions of outcomes I have ever heard–a change in customer behavior that leads to better business results. While the message is simple, moving from output thinking to an outcomes-based mindset requires a change in habits.

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I’ve always assumed that great financial modelers have deep backgrounds in either corporate finance or accounting. That’s not the case for Lyndsey Weber who is the Senior Solutions Consultant at Quantrix. After graduating with a degree in engineering management, Lyndsey spent the next three years of her new career at ExxonMobil. And then the itch that didn’t go away to pivot to a position in PreSales surfaced. The rest of the story is fascinating and illuminating.

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I’ve read my fair share of accounting books over the years. My favorites include Relevance Lost, The End of Accounting, and anything by Jean Cunningham who has been a guest on the podcast. What happens when accounting gets paired with marketing and operations in the same book? Then there’s the potential for a book that even the CEO of a fast-growing business might pick up and read. That book is In the Black which is the topic of this episode.

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I became enamored with the retail industry early in my financial career. While serving in a controllership position, I first heard T. Scott Gross speak on his views and methods of delivering positively outrageous customer service. I was hooked forever on his message. Move over Scott, I now have a favorite book that goes far beyond service–Unreasonable Hospitality by Will Guidara. Will’s message is not just for restauranteurs, it’s for all of us.

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The one topic in business that I could talk for hours about is financial transparency for any organization of any size. And that’s because there are so many layers and potential outcomes when such transparency is valued by the owners or directors in the organization. I’ve been teaching the principles of financial transparency for years, and one CEO has become my favorite for the embodiment of everything this concept represents. But what is it?

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I’ve read numerous books on financial fraud and business failure over the years. Oddly, such books can serve as great primers on the recipe for ‘legitimate’ business success. However, I’m not sure I’ve ever read a story where the owners were as brazen in their financial improprieties as the family members and managers of the consumer electronics store chain, Crazy Eddie. No, Retail Gangster by Gary Weiss is not dark comedy or satire, but it seemed like it.

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“The emergence of interest to incentivize lending is the most significant of all innovations in the history of finance,” according to the financial historian William Goetzmann. Edward Chancellor is also a financial historian who included that quote in his captivating book, The Price of Time. Chancellor reveals the origin story of interest, how rates were set in different civilizations, and the negative consequences of ultra-low interest rates for extended periods of time.

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Sophie Theen is the author of The Soul of Startups. Sophie reveals the misconception that a company’s people make its culture. Instead, that culture starts at the top and works its way down into other teams which is consistently changing. That can lead to unplanned and unforeseen consequences for the staff working in these startups. In the chaotic world of startups, we learn how founders can overcome the lack of emotional maturity in building teams.

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Why did the statistician who couldn’t swim drown as he attempted to cross the river? He had been told that the average depth of the river was just three feet. Yet, he perished. That’s because the middle part of the river was nine feet deep. Dr. Sam Savage reminds us of that humorous story in his books and online tutorials. Nevertheless, many of us still succumb to the flaw of averages in our personal and professional lives. Sam teaches us a new skill — the arithmetic of uncertainty.

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