Cashflow Chronicles
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Five on Friday - August 02/2024

Five on Friday - August 02/2024

Scaling, Hiring, Firing: Mastering the Three Pillars of Business Growth

Cashflow Chronicles
August 02, 2024

Hey founder,

If you are new around here, every week we share some of the best tips and resources we saw in the past 7 days.

We scroll, so you don’t have to.

Let’s get into it.

#1.

Fun Fact

Gen X group (which is 39 to 54-year-olds) made about 44% of small business owners, according to The Guidant Financial trends index for 2021. Baby boomers (people born between 1946 and 1964) own around 41% of small businesses. Millennials currently make up around 12% of small business owners, but the number is growing.

Guidant financial also found that men make up the majority of business owners at 66%.

#2.

Everybody has ideas, but a great idea doesn’t make you millions.

When venturing into business, always remember these 3 key points…

Team. Having first the right team around you. A talented team is the key.

You need to have a Moat. Something that makes you unique and not found everywhere.
Process. Everything that can built into a process can scale up. If you can’t scale it’s very difficult to make money.

Book recommended by multiple people.

Stripe Press — Scaling People

From a Stripe and Google executive, a practical guide to company building and scaling the most important resource it has: its people.

press.stripe.com/scaling-people

#3.

Guidelines for a Smoother Layoff Procedure

Letting team members go is tough for any founder. As you prepare for layoffs, you may wonder: is it better to warn your team about upcoming changes, or wait until actions are set to unfold?

All at Once: Rip the bandaid off. Multiple rounds just stir the pot.
Clear End: Say it’s over and mean it. Trust hangs on that promise.
Expect Exits: Some folks will walk even if they didn’t get the axe.
Leaders Front and Center: More face time, not less. Keep those meetings and one-on-ones frequent. It’s tough, but clarity and presence ease the sting.

It’s not a fun time for anyone, but being prepared can help reduce the high emotions that come with the process.

#4.

Can you still make money in crypto?

Last Saturday, Donald Trump hit the stage, fired up, and dropped a bomb:

If he gets back in the Oval, he’s all in on crypto. Trump's rallying his crew around turning the U.S. into a bitcoin capital.

Join us on space this Sunday to talk about it.

Can You Still Make Money in Crypto?
Join us for an insightful Twitter Space as we explore the crypto market. This session will be beginner-friendly, so everyone is welcome.
Schedule ⬇️:
— Cashflow Chronicles (@cashflow_ch)
9:28 PM • Jul 29, 2024

#5.

Other headlines

TikTok is spending approximately $20 million per month to acquire OpenAI models via Microsoft.
Delta reports a $500 million loss due to an outage affecting CrowdStrike and Microsoft.
The CEO of Reddit stated that Bing, Anthropic, and Perplexity need to pay for access to search the site.

That's it for this week. Have a great Friday and see you next week!

- The Cashflow Team