Lee Iacocca joined Ford Motor Co. in 1946, and was president from
1970 to 1978. During the recession of the late 1970s, he was named
president of Chrysler, and managed to pull the company from
bankruptcy, generating $2.4 billion by 1984. He retired in 1992.
The E-Bike can operate either as an electric bike or as a
conventional pedal bike. The privately held EV Global Motors Inc.
has about 20 employees and 150 E-Bike dealers across the United
Former CEO of Citicorp/Citibank
Chairman Emeritus of Citibank
New York, New York
I've driven through my share of rainstorms, listening to some radio
announcer in a windowless room telling me that it's a sunny day.
During a change in economic climate, the biggest mistake a leader
can make is not to recognize it. So never stop looking out the
window. Because accurately assessing the business cycle is key to
your company's success.
When I ran Ronald Reagan's economic-policy board, I met some
prominent CEOs who failed to recognize that a change in climate was
in the offing. They looked at their current numbers, saw that their
order books were full, and believed that everything was terrific.
But no graph goes up forever. That was true then, and it's true
In economic hard times, you have to shift your attention from the
top line to the bottom line. Start thinking about profit, rather
than revenue. Cash is king, especially when the wind blows. Get
back to basics like inventory control, receivables, payables, and
cash flow - all of those boring things that people have nearly
forgotten about in the New Economy. Focus on generating cash, and
your company will be positioned to take advantage of opportunities
that the cash-strapped can't afford.
And remember to recognize when the weather is shifting. Rain or
shine - look out.