Ellen McIlhenny - “The Smart and Savvy Exit – The Big Turnaround – They did it!”
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For me this last week has been one of reflection. The end of an era happened for our family. My husband’s 103-year-old mother passed away last Thursday. While it has been sad, she lived a long and good life. My reflections have been about the many things she saw over the years. She grew up in Utah in a four-room house with eight siblings and a single mom. Her first job was teaching in a one room schoolhouse. This job she had to give up when she married my husband’s father, a forest ranger. Times were tough, but Delilah and Ted raised and put through college five-children; the youngest by several years, being my husband. As the years go by, we continue to lose these treasures who are a link to our past. If there are elderly people in your lives, take some time to talk to them and hear their stories. Don’t forget, they were young once and probably lived fascinating lives. Today in my Tuesday Tip section I will talk a little more about reflection.
I know I have brought up the subject of inflation a lot in past weeks, but in my opinion, this is one of the most under-reported stories today. With so much going on in the world, Afghanistan, COVID, and the continual dysfunction in our government, inflation bumps along at an annualized rate of over 5%; a rate that hasn’t been this high since 1990. August saw a small slowdown but for all the wrong reasons. Demand for services like hotels and airline tickets took a dip because of the surge in COVID Delta Variant cases. Therefore, prices for travel followed suit.
Prices of consumer products and vehicles continue to increase because of supply chain shortages. The semi-conductor shortage has wreaked havoc in many industries. Food price increases, especially meat, show no sign of slowing.
With the holidays coming up, the price of many of the traditional gifts, especially toys will likely be much higher than in previous years. Delivery services, like UPS and the Post Office are bracing for a barrage and are already recommending getting things done early this season. A shortage of workers will also play into these problems.
Experts are saying that the inflation rate should ease a bit in 2022, but there are still so many unknowns. Tax policy, Fed Policy, COVID, and trade will all play a part in the outlook for the future. With an expected GDP of around 6% (a number I think might be high), inflation could negate most income increases for the next few years.
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Show Objectives - The Why
Today we will finish our discussion of my book The Big Turnaround: How bad management nearly destroyed an exceptional company. Today we will be talking about the last chapter appropriately titled – “The Big Turnaround”.
Our “Tuesday Tip” – Reflection.
Written by Ellen McIlhenny
Owner of CFO Plus Services, a Fractional CFO services firm which also offers Back Office Bookkeeping Services. Author of the business novel The Big Turnaround; How Bad Management Nearly Destroyed an Exceptional Company. Check it out at https://thebigturnaround.com
You can connect with Ellen on any of her #cfoplusservices platforms or firstname.lastname@example.org
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