How to Win in an Economic Downturn with Michael King

Information isn’t the gap between failure and success—action is. Path for Growth’s 1-on-1 coaching helps you create a plan and execute on what matters most for your business. Apply today at pathforgrowth.com/coaching.Did you know you can go beyond just surviving today’s economy and find opportunities to set yourself up for long-term success? In this episode, Michael King returns to the podcast to share his “Movers’ Framework” for winning in 2024. He explains why each step is important and shares practical action items you can implement today if you find that you’re struggling in those areas. Michael is the Founder and CEO of the fractional CFO company KFE Solutions, where he helps businesses increase profits so they can grow their impacts. He also explains how you can know when it's time to hire your next financial professional.  Today we’re talking with Michael King about his framework for winning in 2024 (0:00:58) M = Motivations (0:08:44) If you’re wrestling with motivation, bring other people into the conversation (0:17:24) O = Objectives (0:18:47) What are the values and habits that help people focus on impact? (0:22:37) If you’re struggling to set objectives, go back to the fundamentals (0:30:39) V = Visionary Mindset (0:32:24) What happens when you’re operating without a visionary mindset? (0:34:08) If you’re missing a visionary mindset, zoom out on the impact of your decisions (0:44:19) E = Empowered Evaluation (0:47:28) How do you know who to hire and when? (0:52:42) If you’re struggling with evaluation, start with your financial statements 0:58:54) R = Rethink Expenses and Increase Investments (1:06:34) How can leaders prepare to invest well during a downturn? (1:09:32) Examine your P&L and how each item contributes to your goals (1:13:25) S = Sniper Mode (1:16:07) How can leaders balance patience and aggressive action? (1:21:56) Where to learn more if you’re interested in a fractional CFO (1:24:03) Helpful Links and ResourcesTry the Path for Growth Community Coaching for Free for 14 DaysPath for Growth One-on-One CoachingDownload the Free Reading GuideListen to Michael’s episode on The Fundamentals of Financial GrowthKFE Solutions WebsiteConnect with Michael on LinkedIn Join Path for Growth on Instagram for more content. If you’re ready to move beyond just gathering information and start executing on what truly matters, Path for Growth’s 1-on-1 coaching can help. Apply now at pathforgrowth.com/coaching.