Navigating Uncertainty: The Importance of Being 'Scrappy' | Day 128
Last week, I made my way back home after attending the annual HLTH conference in Las Vegas. As some of you might know, my production studio, Well Played, is entrusted each year with conducting in-depth podcast interviews with the mainstage speakers - visionaries shaping up the future of health.
This yearly pilgrimage is something I eagerly look forward to, and it's not hard to see why.
Firstly, it keeps me in the loop on the newest developments and breakthroughs in the field of health. Secondly, it's a delightful reunion with old friends and acquaintances. But perhaps the most intriguing part for me, as a self-confessed innovation junkie, is recognizing patterns that emerge year after year.
While AI predictably hogged the limelight this time around, I found myself surprised, and somewhat disappointed, by the scant attention given to the contracting economic landscape, rocketing interest rates, stagnant inflation, and the tightening squeeze on consumer budgets.
It was almost as if we were stuck in a time warp, with firms continuing to boast about funding rounds, vanity partnerships, and growth sans profit metrics as if we were still in 2021.
Call me old-fashioned, but I was hoping to see more businesses pivoting back to the basics, grounding their strategies in sound business models centered on cash flow and profits. More companies adopting ingenious tactics to stimulate growth and profitability.
Sadly, that wasn't the case.
Having witnessed many economic ebb and flow over the years, I've learned that those who react are playing a dangerous game that could lead to disaster when the market takes a nosedive. On the other hand, those who proactively hunker down, get creatively resourceful during uncertain times, and often come out on top when the dust settles.
When it comes to my latest venture, The Well Home, people often wonder why I don't pursue a formal round of funding. It's intentional, and the reason is simple - I want the funding to come directly from our satisfied customers. Maybe it's a bit old school, but isn't that how most successful businesses should operate?
This approach of fiscal scrappiness keeps me on my toes, ready to tackle any unforeseen challenges. It's also worth noting that some of the most triumphant companies that have weathered economic storms were born during market downturns (think Airbnb, Microsoft, Disney, FedEx, etc.), relying solely on direct paying customers. They realized that focusing on long-term fundamentals trumps short-term hype - every single time.
Stay focused, stay scrappy. Your resilience will pay off in the end. Trust me on this one.
