Boss Business Brief: Another Saturday

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Hey Boss,

Welcome to another edition of The Boss Business Brief! We are thrilled to bring you the latest insights, trends, and updates to keep you at the forefront of business and industry developments.?

And remember, just like Ice Cube and Chris Tucker showed us in the movie Friday, you don’t need a reason to chill and catch up with the latest news. Consider this newsletter your Saturday edition of Friday, minus the chaos but with all the good laughs and cool shit. So kick back, relax, and enjoy—because it’s always Friday somewhere! Right??

Let's dive in!

The Ultimate Guide to Maximizing Your Fractional CMO’s Success

Fractional Chief Marketing Officers (CMOs) can be a valuable addition to your company’s marketing team, but their success largely depends on how well you set them up for the role. To ensure that your fractional CMO achieves the best results possible, it’s essential to follow expert recommendations on how to set them up for success. Here are 19 key strategies provided by Forbes Communications Council members:

1. Build A 30-60-90-Day Plan: Providing a clear roadmap with a 30-60-90-day plan gives the fractional CMO direction on what to focus on and helps define priority tasks. Monitoring result metrics is also crucial for setting them up for success.
2. Handle Reputational Factors Elsewhere: Since a fractional CMO may have less time to influence reputational factors, ensure that crucial elements like employee treatment and quality assurance are managed elsewhere.
3. Set A North Star For The CMO To Follow: Define measurable goals for the fractional CMO to work towards, while allowing flexibility for unexpected changes in the business environment.
4. Treat Your CMO As An Insider: Educate the CMO on critical aspects of the business and integrate them with the internal team to build trust and collaboration. Set realistic KPIs based on business context and past performance.
5. Help Them Implement A Foundational Marketing Program: For early-stage companies, the fractional CMO should be able to implement a foundational marketing program with strong messaging and a demand engine blueprint.
6. Prioritize Effective Communication And Collaboration: Foster strong communication and collaboration between the CMO and the existing team to establish trust and alignment on company values and culture.
7. Spend Time With The CMO Weekly: Regularly engage with the CMO to provide support, align goals, and gain insights from an outsider’s perspective.
8. Tighten Up Your Reporting And Operations: Ensure the CMO has access to real-time data and streamlined operations to understand market dynamics and make informed decisions.
9. Take The CMO On A Customer Tour: Give the CMO firsthand insights from customers to understand marketing priorities and build a strong working relationship with the CRO.
10. Engage Actively And Quickly To Build Momentum: Promptly respond to the CMO’s initiatives to maintain momentum and effectively implement marketing strategies.
11. Provide Support From Your Full-Time Team: Ensure that the full-time team supports the CMO’s strategies by handling tactical execution, allowing the CMO to focus on strategic objectives.
12. Ensure C-Suite Buy-In: Gain collective buy-in from the CEO and C-suite to ensure alignment on goals, deliverables, and timetables for the CMO’s success.
13. Define What Success Means And Looks Like: Clearly define success metrics, responsibilities, and resources for the CMO to align expectations with the CEO and key stakeholders.
14. Focus On The Big Picture: Align the CMO’s efforts with strategic goals and prioritize impactful initiatives that drive significant results.
15. Allow Them An In-Depth Look At Your Company Culture: Provide the CMO with insights into company culture, key team members, and historical data to enable strategic alignment with the company’s identity.
16. Help The CMO Understand The Expectations And Outcomes: Define the CMO’s goals, roles, and responsibilities upfront to ensure alignment on the scope of work and expected outcomes.
17. Ensure The CMO Feels Valued And Included: Treat the CMO as an equal member of the team to shape the company’s representation and foster a collaborative working environment.
18. Focus The CMO On Key Operational Metrics: Prioritize one to three key operational metrics for the CMO to drive significant impact and align efforts with strategic objectives.
19. Grant Your Fractional CMO Access To Current Strategy Details: Provide visibility into current marketing campaigns, systems, and processes to help the CMO develop an effective interim strategy that aligns with the company’s goals.

By following these strategies and setting your fractional CMO up for success, you can maximize the impact of this strategic hire and achieve your marketing goals more efficiently.

Reevaluating Cybersecurity: How a CrowdStrike Incident is Prompting CIOs to Rethink Their Strategies

The recent CrowdStrike software update failure has led to significant disruptions for healthcare organizations worldwide. This urgent situation underscores the need for healthcare CIOs and CISOs to promptly reassess their cybersecurity strategies, as the implications of this incident are far-reaching and demand immediate attention.

Can We Rollback Easily

Healthcare CIOs are urged to reconsider their rollback plan for system updates in order to better prepare for potential disruptions. The recent CrowdStrike incident has highlighted the need for a more efficient and streamlined process for reverting to a previous stable state, which is crucial for minimizing downtime and ensuring continuous patient care and data integrity.

In this incident, rolling back is challenging due to the manual process required. Although a software fix is now available, implementing it requires significant effort. Each affected machine must perform specific steps; no automated service can handle this task. Large organizations may take a long time to recover, as IT staff must manually touch every device.

Despite the challenges faced in the CrowdStrike incident, it remains essential for every organization to fully embrace infrastructure automation. Automated systems, with their ability to reduce human error and ensure consistent deployment, are a powerful tool for maintaining operational stability across the healthcare organization, and their adoption should be a priority.

Healthcare organizations must not use this incident as an excuse to revert to outdated IT security management practices, such as not utilizing auto updates and other cloud product offerings. Instead, CIOs should rethink their approach to automated updates across all products. Although patches deployed as automated updates are standard in current IT processes, implementing a semi-automated process with local QA before full deployment can be beneficial. This approach ensures the reliability of updates while maintaining the efficiency of automated systems.

CIOs must take the lead in managing downtime procedures, transforming them into operational exercises that involve the entire organization, not just the IT department. Regularly refreshing and rehearsing downtime and response plans ensures the organization is prepared for major outages and can effectively implement its training when needed. By leading this effort, CIOs can work with executive leadership to build robust contingencies and communication protocols, developing and regularly updating an organizational outage response plan. This preparation includes detailing the recovery procedures necessary to restore systems and operations efficiently.

In conclusion, CIOs typically only auto-update some technology packages but trust CrowdStrike. This scenario is alarming because CrowdStrike’s last update involved a kernel-level change. The concern is that CrowdStrike and its agents have kernel access to nearly every major system and endpoint running Windows worldwide, particularly in healthcare, government, financial institutions, and critical infrastructure.

Navigating Succession: Drawing Parallel Lessons from Biden’s Decision to ‘Step Aside’

President Biden’s Decision to Drop Out of Re-election Race Raises Questions on Corporate Leadership.

President Joe Biden’s unexpected announcement to drop out of the race for re-election and endorse Vice President Kamala Harris to succeed him has sparked discussions on corporate leadership during or after a crisis. The parallels between Biden’s decision and corporate executives facing similar challenges highlight the complexities of such situations.

Biden’s decision came after concerns about his cognitive ability and communication skills were raised following a disastrous debate performance. In the business world, a CEO’s poor performance at a shareholder or board meeting would likely prompt calls for medical attention, leave of absence, or resignation. Refusal to step down could escalate the situation and weaken their position, similar to the risks faced by executives who resist leaving amid growing pressure.

Corporate scenarios where CEOs faced pressure but chose to stay, like Dennis Muilenburg at Boeing and Martin Winterkorn at Volkswagen, demonstrate the delicate balance between restoring confidence, responding to stakeholders, and paving the way for new leadership. Muilenburg’s resignation after Boeing’s 737 Max crisis and Winterkorn’s departure amid emissions scandals show how leadership changes can help rebuild trust and move the company forward.

Travis Kalanick’s resignation as Uber’s CEO in 2017 following scandals highlights the importance of new leadership in addressing challenges and improving public image. Similarly, Biden’s initial decision to stay in the race reflected his commitment and belief in his ability to lead, but ultimately raising concerns about party unity and electoral success.

Deciding whether to stay or go during a crisis is never easy for senior executives, as their choices impact their legacy and the organizations they serve. The parallels between Biden’s decision and corporate leadership dilemmas underscore the complexities and considerations involved in navigating challenging situations.

In conclusion, President Biden’s withdrawal from the re-election race prompts reflection on the role of corporate executives in responding to crises and making decisions that best serve their organizations’ interests. The lessons from Biden’s decision highlight the importance of considering performance, stakeholder pressure, and the need for new leadership in addressing and recovering from challenges.

The Impact of Visa’s Olympic Sponsorship: A CMO’s Insights

The Paris City Hall has recently unveiled the Olympic rings at Le Trocadero in Paris, setting the stage for the upcoming Paris 2024 Olympics. This iconic moment not only signifies the countdown to one of the most anticipated sporting events in the world but also highlights the significance of the Olympics as a global platform for brands to engage with consumers in a meaningful way.

As the excitement builds for the Paris 2024 Olympics, big brands are gearing up to leverage the power of this momentous occasion to connect with audiences worldwide. According to the International Olympics Committee, global sponsors are expected to invest approximately $3 billion to associate their brands with the Olympic spirit and reach a global audience of millions.

Visa, a long-standing sponsor of the Olympics, understands the value of partnering with such prestigious events. Frank Cooper III, the Chief Marketing Officer of Visa, shares insights into why the Olympics matter to sponsors like Visa and how they have leveraged their sponsorship in the past to strengthen their brand and business.

Cooper emphasizes that the Olympics represent more than just a sporting event; they embody the values of unity, inclusivity, and global connection. Visa’s sponsorship of the Olympics aligns with their commitment to facilitating seamless and secure transactions worldwide, while also supporting the athletes and enhancing the fan experience.

Over the years, Visa has used their partnership with the Olympics to introduce innovative payment technologies, support Olympic and Paralympic athletes, and engage with fans through unique experiences and exclusive content. For the Paris 2024 Olympics, Visa plans to launch the Visa Go mobile application, offering cardholders access to special offers, athlete updates, and a virtual Visa prepaid card for purchases during the Games.

Beyond the immediate impact of the Olympics, Visa aims to continue their connection to culture and commerce by embracing the Creator Economy and expanding their presence in video gaming. Through strategic partnerships with platforms like Roblox and collaborations with influential figures in the entertainment industry, Visa is looking to enhance value exchange and provide seamless payment solutions for creators.

As the world eagerly anticipates the Paris 2024 Olympics, brands like Visa are preparing to make the most of this global stage to connect with audiences, drive innovation, and leave a lasting impact on the world of sports and beyond. The countdown to the Paris 2024 Olympics has begun, and the excitement is palpable as brands and consumers alike look forward to experiencing the magic of the Games.

Unlocking Sustainable and Equitable Growth: The Key to a Brighter Future

In today’s rapidly changing business landscape, the role of a leader is more than just traditional directives and authoritarianism. The concept of inclusive leadership is gaining prominence as organizations recognize the importance of diversity, empathy, and active listening in creating a sustainable and equitable workplace environment.

According to the Harvard Business Review, inclusive leaders are those who are self-aware of their biases, actively seek out diverse perspectives, and create a culture where every employee feels valued and respected. This shift towards inclusivity in leadership is not just a moral imperative but also a strategic advantage for organizations looking to drive innovation and success.

One key aspect of inclusive leadership is the ability to exhibit empathy and emotional intelligence. By understanding and connecting with team members on a personal level, leaders can build trust and foster strong relationships within the organization. Additionally, cultural competence plays a crucial role in inclusive leadership, enabling leaders to navigate and bridge cultural differences among team members effectively.

The benefits of inclusive leadership are vast and impactful. Companies that prioritize inclusivity in their leadership practices often experience higher levels of employee engagement and retention. Research from the National Center for Biotechnology Information shows that employees who feel valued and included are more likely to be engaged and satisfied with their jobs, leading to higher productivity and lower turnover rates.

Moreover, inclusive leadership has been linked to financial success as well. A report by McKinsey & Company found that companies with diverse executive teams outperform their peers on multiple levels, with those exceeding 30% representation of women more likely to financially outperform their competitors. The diverse perspectives brought by inclusive leadership lead to better decision-making and innovation, crucial for industries reliant on creativity and competitiveness.

To develop inclusive leadership within organizations, practical strategies and continuous learning are essential. Leaders can start by using language that communicates respect and openness, encouraging diverse perspectives and active listening. Mitigating biases and implementing fair decision-making processes are also critical components of inclusive leadership development, requiring leaders to challenge assumptions and seek out diverse viewpoints.

Despite the clear benefits of inclusive leadership, resistance to change can be a significant obstacle. Leaders must model inclusive behaviors, articulate the benefits of inclusivity, and recognize and reward those who support diversity, equity, and inclusion initiatives. Additionally, in remote work settings, maintaining inclusion can be challenging, requiring leaders to implement practices that ensure all employees feel included and engaged.

As the workplace continues to evolve, the importance of inclusive leadership will only grow. By embracing and promoting inclusive practices, leaders can create a culture of belonging, drive innovation, and ensure long-term success for their organizations.

M&A and Private Placement Highlights??

M&A Transactions

- Chuy’s Holdings (NAS: CHUY), known for its authentic, freshly prepared Mexican and Tex-Mex inspired food, has agreed to a $605.0M acquisition by Darden Restaurants (NYS: DRI), with Piper Sandler advising on the sale.

- Brasc Rs Shopping Centers, an operator of shopping centers, was acquired for $215.99M by Parshop.

- Unity Semiconductor, a manufacturer of metrology and inspection equipment, was acquired for $167.19M by Merck (ETR: MRK).

- Invetx, a biotechnology innovation platform developer, has entered into a $520.0M acquisition agreement with Dechra Pharmaceuticals, with Bank of America advising on the sale.

- In-tech, providing digitalization and development services for the automotive sector, was acquired for $517.75M by Infosys (NSE: INFY), with Raymond James advising on the sale.

- Fortum’s Recycling and Waste Business in Finland, Sweden, Denmark, and Norway has entered into an $862.92M acquisition agreement with Norsk Gjenvinning.

- Amphenol (NYS: APH) has reached a definitive agreement to acquire The Outdoor Wireless Networks and Distribution Antenna Systems Businesses of CommScope Holding Company (NAS: COMM) for $2.1B, with Moelis advising on the sale.

- Carlisle Management Company, a global investment management firm, has agreed to a $200.0M acquisition by Abacus Life (NAS: ABL).

- Augmedix (NAS: AUGX), a company in the U.S. patient care services market, has agreed to a $139.0M acquisition by Commure, with Evercore advising on the sale.

Private Placement Transactions

- Kandji, developer of a mobile device management platform, raised $100.0M in Series D venture funding led by General Catalyst, at a pre-money valuation of $750.0M.

- Human Interest, an administration and advising platform operator, raised $267.0M in venture funding led by Baillie Gifford and Marshall Wace, at a pre-money valuation of $1.06B.

- Cart.com , developer of unified commerce and logistics software, raised $85.0M in Series C venture funding led by Snowflake Ventures, PayPal Ventures, and Prosperity7 Ventures, at a pre-money valuation of $1.2B.

- Aven, a fintech company operator, raised $142.0M in Series D venture funding led by Khosla Ventures and General Catalyst.

- Nearfield Instruments, developer of high throughput scanning probe microscopy systems, raised $145.62M in Series C venture funding led by Temasek and Walden Catalyst.

- Kreators Network, provider of data-driven label services, raised $3.5B in Series A venture funding led by T.S. Investment.

- Saronic, manufacturer of unmanned surface vehicles, raised $175.0M in Series B venture funding led by Andreessen Horowitz, at a pre-money valuation of $825.0M.

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