The Weekly Minute - October 6, 2023
What I Read
Why some companies are ditching 'feedback' for 'feedforward' (via Advisory Board)
Some companies are moving away from using the word "feedback" in their communication with employees, opting for more positive and forward-looking terms like "feedforward."
This shift is driven by the recognition that "feedback" can often make employees defensive and dwell on their past actions, while "feedforward" encourages a focus on the future and potential improvement.
These companies are also replacing "reviews" with "connect" sessions and emphasizing coaching, self-reflection, and opportunity discussions.
The $650m+ Spirit Halloween business (via Trung Phan)
In the ‘spirit’ of the season, this is a great breakdown on the Spirit business – which you’ve probably seen around your abandoned malls. ;)
Spirit Halloween is a highly successful seasonal business known for popping up in vacant retail spaces during the Halloween season, generating around $650 million in revenue annually, primarily in September and October.
The company's success story began in 1983 when the owner, Joe Marver, pivoted his struggling store into a costume shop. In 1999, he sold Spirit Halloween to Spencer Gifts, which further expanded its operations.
Spirit Halloween's real estate operations, year-round inventory management, and internet meme status contribute to its success as a major player in the Halloween industry and a symbol of the holiday.
Healthcare Corner
How Uber Eats is getting into healthcare (via Becker’s)
The healthcare industry is witnessing the entry of another disruptive player: Uber Eats.
Uber Eats has announced its intention to work with Medicare Advantage and managed Medicaid to accept benefits and waiver payments for healthy food delivery, with new payment methods expected in 2024.
Additionally, Uber Eats plans to start accepting food stamp benefits as payment to support individuals with disabilities or transportation challenges.
This move is part of a broader trend with companies like Costco offering virtual visits for members, and Uber itself providing rides to Medicare Advantage patients.
It's clear that these disruptors are looking to change the landscape of healthcare.
Some Thoughts
Definition of Brand
I’ve always loved this definition of the power of brand, from Seth Godin. (h/t to Alex Lieberman for dropping this on Twitter recently)
Take Notes
I thought this was a tremendous quote/video from Marc Andreessen in this interview with David Perrell.
"One of the ways you find the up-and-comers at a tech company is by seeing who wrote down the plan. That doesn't mean they came up with everything and it doesn't mean they had all the ideas, but it means they're actually able to organize their thoughts — and have the energy, motivation, and skill to communicate it in a written form."
If you're early in your career and want to stand out, start writing. Take notes. Write the plan. Take charge of the next internal memo.
— David Perell (@david_perell) October 4, 2023
"The person who writes down the thing has tremendous power." — @pmarca pic.twitter.com/EikjcgnKKG
