Reading Between The Lines

Forecasts lose trust when they have bad assumptions and poor traceability. If someone can’t quickly answer “where did this number come from?” you're in trouble. --------------- This P&L was from a former client. I've changed the numbers and line items for educational purposes so you can learn. --------------- ① Document the source of every major line item A forecast should never force the reader to hunt for assumptions. Each major P&L line here clearly ties back to a supporting schedule, such as: • Revenue build • Cost build • Expense build • Capex schedule • Debt service schedule • Tax schedule Source references allow for: • Auditability. You can validate logic. • Speed. You don’t waste time re-deriving assumptions. • Change management. Adjustments flow cleanly. • Credibility. Users trust what they can trace. • Inheritance. Others can update it too. If you want to go even further, you may consider trying each source reference into a hyperlink. ② Operating statistics, not just financial outputs Most end-users won't scrub every single line of your income statement. They shouldn’t have to. Because they want answers to more direct questions like: How much are sales growing? Are margins improving or getting compressed? Is productivity per employee expanding or deteriorating? Operating stats like what we have here translate raw financials into signals: • Revenue growth • EBITDA growth • Gross margin • EBITDA margin • Revenue per employee • Headcount trends ③ Operating stats as logic checks Here’s where things get interesting. In the example I share: • Revenue growth jumps to 22.3%, then settles into 12% annually • Recast EBITDA growth is negative, then ramps aggressively, then plateaus That pattern looks odd and it isn’t automatically wrong. It demands explanation. Questions a strong model should provoke and then answer: • What drives the sudden acceleration in revenue? • Why does profitability lag before inflecting up? • Which assumptions cause margin expansion? • If growth normalizes, should EBITDA behavior follow the same pattern? Operating statistics expose non-obvious inconsistencies that the full P&L often hides in the individual line items. If you can trace every number to a clear source, focus attention on the drivers that matter, and quickly spot when the story stops making sense, you have more than a business model. You uphold your credibility. And you have a plan that others are willing to rely on.

The Best Way to Understand a Company? Read the MD&A Like a Book. Everyone looks at the numbers. But the real story remains hidden inside the MD&A. Here’s how you read the Management Discussion & Analysis like someone preparing for a deal A) Compare MD&A Across 3–5 Years (Like a Real Analyst) - Reading just one year? You’re missing the bigger picture by looking at a single year in isolation. This can be misleading in some cases - Great analysts track how the company’s narrative has evolved —> strategy shifts, tone changes, delivery vs. promises. B) The Simple Process - Download annual reports (PDFs) for the last 3–5 years. - Use PDF XChange Editor or SmallPDF or other tools to extract just the MD&A pages. - Or, if reports follow consistent structure, use ChatGPT/AI tools etc. with page ranges to pull MD&A summaries. - Paste them into a Word doc, year-wise. - Highlight recurring themes, disappearing commitments, and shifts in priorities. - This tells you whether the company executes what it preaches. C) Understand the Narrative Before the Numbers - MD&A gives context —> why revenue grew, what segments led it, and how strategy played out. - Numbers without story = noise. D) Track Strategy Shifts - Subtle pivots: expansion markets, new business models, cost controls, or capex rerouting. - These shape the forward-looking view of the business. E) Look for Management’s Tone - Defensive? Optimistic? Hiding behind jargon? - The tone often signals how leadership views the business —>beyond what they say on earnings calls. F) Spot the Red Flags - Vague terms like “macro uncertainty” or “supply challenges” can be smokescreens. - When used repeatedly without explanation—>dig deeper. Follow Pratik S for investment banking careers and education

While I do sincerely appreciate all of the DMs I've been receiving regarding the Senior Director role in Canada — seriously, sending a DM requires courage, care, and initiative — I want to provide some feedback and advice: Think about the outreach and application process as a 𝙢𝙤𝙫𝙞𝙚 𝙩𝙧𝙖𝙞𝙡𝙚𝙧 𝙖𝙗𝙤𝙪𝙩 𝙮𝙤𝙪. What do I mean by that? 1️⃣ 𝐒𝐭𝐚𝐧𝐝 𝐨𝐮𝐭 Yes, sending a DM theoretically helps you stand out more than a comment, a like, or certainly just applying. However, when so many others are sending DMs, and each reads the same, think to yourself: "What am I doing to stand out?" You could. . . send a bolder representation of yourself than a resume, send through a video, share some data that the recipient might have a blind spot to, etc. This is an attention game. In particular, if you are seeking to be a senior-level marketer, then your job is literally to help the brand become (and remain) top-of-mind for its audience. Seek to do the same regarding yourself. 2️⃣ 𝐊𝐧𝐨𝐰 𝐚𝐧𝐝 𝐚𝐩𝐩𝐞𝐚𝐥 𝐭𝐨 𝐭𝐡𝐲 𝐚𝐮𝐝𝐢𝐞𝐧𝐜𝐞 Do a little research to know who you are writing to. What is important to them? How do they talk or write? Do they use exclamation points and emojis? Oxford commas? Long paragraphs or four word lines at a time? Mirroring and matching can help you remind them of. . . themself. This is psychologically proven to help you appeal more to others. Try it out. 3️⃣ 𝐆𝐢𝐯𝐞 '𝐞𝐦 𝐬𝐨𝐦𝐞𝐭𝐡𝐢𝐧𝐠 (𝐛𝐮𝐭 𝐤𝐞𝐞𝐩 '𝐞𝐦 𝐰𝐚𝐧𝐭𝐢𝐧𝐠 𝐦𝐨𝐫𝐞) Last, but certainly not least — help them understand NOT JUST what you've done (past), but also what you WOULD DO (future). Say something provocative about what you've seen from the brand or company. Hell, tear down our strategy. Provide a nugget about your approach/philosophy, so that we get a sense for who you are both as the professional and the person. Are you methodical? Aggressive? A servant leader? And how might you help us hit that next level of growth and brand love? This doesn't have to be much. But it can really help A LOT. — That's it for today. What do you think? Does this resonate? Anything I missed? You've (all) got this 💪

We often act on autopilot, only to wonder later, "Why did I do that?" Especially when our agenda looks like a stack of pancakes, we make snap decisions, form judgments, and take actions that don’t always serve us—or those around us. The "Ladder of Inference" can help us understand why. This simple model shows how quickly we move from observation to action, often without realizing it. Developed by Chris Argyris, it’s a powerful way to uncover the invisible steps that shape our thoughts and actions. But at every step, there’s potential for misunderstanding. Here is how we go through the ladder: (a) Data & Observe: We start with everything we see, hear, or experience. Example: A colleague arrives late to a meeting. (b) Filter: We choose specific details to focus on. Example: "This is the third time this week." (c) Meaning & Assume: We interpret the data we selected and make assumptions about it. Example: "They don’t respect our time." (d) Conclude: We decide what conclusion to reach based on the assumptions we made. Example: "They’re disengaged." (e) Belief: Over time, these interpretations and assumptions shape our beliefs. Example: "They’re unreliable." (f) Act: We act based on our beliefs. Example: Excluding them from future projects. As we go through the ladder, there are various steps where we can go wrong. (1) Filter: We can’t pay attention to everything, so we rely on shortcuts that may lead us to ignore important details. (2) Meaning & Assume: The meaning we give to data is shaped by our culture and personal experiences, which aren’t always accurate and might be different from those of others. (3) Belief: We simplify our experiences into rules and theories, but these can leave out important context. (4) Act: By the time we act, we rely on habits rather than intentional decisions. Here’s how to BREAK THE CYCLE for better outcomes: [i] Pause and Reflect: Notice what rung of the ladder you’re on. If you’re about to act, ask: What belief or assumption is driving my action? If you’re forming a belief, ask: What meaning am I giving this situation? [ii] Check Your Data: What details have you missed? What else might be true? [iii] Engage with Others: Share your thinking and invite others to share theirs. The more perspectives you consider, the clearer the picture becomes. Every step of the ladder offers a moment to pause, reflect, and take a more thoughtful path forward, one rooted in clarity and connection. #ladderOfInference #decisionMaking #misunderstanding #learning #reflection #leadership #mistakes #growth

I've started wondering whether leaders sometimes spend too much time trying to change what they can see, and too little time understanding what's shaping it. When trust begins to weaken, we notice. When people become less willing to contribute, we notice. When accountability starts to disappear, we notice. But those changes rarely begin there. Long before they become visible, people have already been learning from the everyday experiences they have at work. The conversations that happen. The conversations that never happen. The moments that quietly shape what feels safe, what feels valued and what people come to expect from one another. Perhaps that's why lasting change doesn't always begin with a new strategy or another initiative. Perhaps it begins with paying closer attention to the experiences leaders create every day. Those reflections stayed with me while writing this article, and they've changed the way I think about leadership, culture and human behaviour inside companies. What have you noticed? LinkedIn LinkedIn News UK #Leadership #CompanyCulture #HumanLeadership #FutureOfWork #Trust

United Airlines Offers Dual Profit Scenarios Amid Economic Uncertainty United Airlines just did something we rarely see: they offered two completely different profit forecasts for 2025. If conditions remain stable, earnings are expected to land between $11.50 and $13.50 per share. But if the economy slows, that number could fall to just $7. That’s not a minor revision. It’s a 40 percent swing based almost entirely on external uncertainty. Why take this approach? Because forecasting has become a guessing game. Tariffs are shifting. Trade policy is unpredictable. Consumer confidence is fragile. Even companies with solid operations are struggling to plan ahead. United is not alone. Delta Air Lines and Frontier Airlines both withdrew or revised guidance last week, citing the same macroeconomic challenges. For executives across industries, United’s dual guidance is a clear signal that even large, sophisticated companies are flying blind in the current environment. For United (and for the broader travel sector) this is about more than just Wall Street. Travel is one of the most discretionary categories in the economy. It often acts as a leading indicator for broader consumer behavior. When people hesitate to book flights, it’s often not because they can’t afford to, but because they’re unsure whether they should. That sense of economic ambiguity can ripple out into other sectors, from appliances to furniture to remodeling decisions. But this doesn’t mean the demand is gone. It’s just paused. That’s an important distinction. Consumers may be waiting for clarity. When they get it, we could see a rebound in confidence and spending. That pressure can build quietly and then release all at once. In moments like this, marketers and business leaders need to stay close to the consumer mindset. Messaging that worked last quarter may feel out of step now. Offers that convert will be the ones that meet consumers where they are - navigating uncertainty but still open to action. The timing may shift. The need does not go away. At Havas Edge, we are tracking these signals because we know how powerful consumer psychology can be. A pivot in planning is not always a pullback. It is often a recalibration. #ConsumerBehavior #BusinessStrategy #EconomicOutlook #MarketingStrategy

The more senior you become, the more a new room conceals from you. 𝐄𝐱𝐩𝐞𝐫𝐢𝐞𝐧𝐜𝐞 𝐢𝐬 𝐦𝐞𝐚𝐧𝐭 𝐭𝐨 𝐰𝐨𝐫𝐤 𝐭𝐡𝐞 𝐨𝐭𝐡𝐞𝐫 𝐰𝐚𝐲: after enough years, you learn to sense the temperature of a meeting before anyone speaks, to know who to watch, and to read a silence for what it holds. That fluency belongs to the rooms you have grown up in, the organizations whose history you carry and whose people you already understand. 𝐀 𝐧𝐞𝐰 𝐫𝐨𝐨𝐦 𝐭𝐚𝐤𝐞𝐬 𝐢𝐭 𝐚𝐰𝐚𝐲. It might be a company you have just joined, a leadership team you are stepping into, or a board seat you have accepted. 𝐖𝐡𝐚𝐭𝐞𝐯𝐞𝐫 𝐭𝐡𝐞 𝐬𝐞𝐭𝐭𝐢𝐧𝐠, 𝐲𝐨𝐮 𝐚𝐫𝐫𝐢𝐯𝐞 𝐞𝐱𝐩𝐞𝐫𝐢𝐞𝐧𝐜𝐞𝐝 𝐚𝐧𝐝 𝐮𝐧𝐟𝐚𝐦𝐢𝐥𝐢𝐚𝐫 𝐚𝐭 𝐭𝐡𝐞 𝐬𝐚𝐦𝐞 𝐭𝐢𝐦𝐞, and your presence tends to alter the thing you are trying to observe. People compose themselves around a newcomer. The candid disagreement grows more careful. The person who usually challenges holds back to take your measure first. 𝐖𝐡𝐚𝐭 𝐲𝐨𝐮 𝐚𝐫𝐞 𝐬𝐡𝐨𝐰𝐧 𝐢𝐬 𝐚 𝐫𝐨𝐨𝐦 𝐚𝐥𝐫𝐞𝐚𝐝𝐲 𝐚𝐝𝐣𝐮𝐬𝐭𝐢𝐧𝐠 𝐭𝐨 𝐲𝐨𝐮𝐫 𝐩𝐫𝐞𝐬𝐞𝐧𝐜𝐞, 𝐚𝐧𝐝 𝐫𝐞𝐚𝐝𝐢𝐧𝐠 𝐭𝐡𝐚𝐭 𝐚𝐝𝐣𝐮𝐬𝐭𝐞𝐝 𝐯𝐞𝐫𝐬𝐢𝐨𝐧 𝐚𝐬 𝐭𝐡𝐨𝐮𝐠𝐡 𝐢𝐭 𝐰𝐞𝐫𝐞 𝐫𝐞𝐚𝐥 𝐢𝐬 𝐭𝐡𝐞 𝐬𝐮𝐫𝐞𝐬𝐭 𝐰𝐚𝐲 𝐭𝐨 𝐦𝐢𝐬𝐣𝐮𝐝𝐠𝐞 𝐭𝐡𝐞 𝐩𝐞𝐨𝐩𝐥𝐞 𝐢𝐧 𝐢𝐭. So I have learned to take my time. I take mental note of the subtler cues: the shifts in energy when a particular subject comes up, who leans in and who goes quiet, how participation moves around the table and across meetings. I sit down with everyone one on one or more often, I go on twalks. I stand by the fact that the most useful conversations happen on a walk rather than across a desk. 𝐑𝐚𝐩𝐩𝐨𝐫𝐭 𝐭𝐚𝐤𝐞𝐬 𝐭𝐡𝐞 𝐭𝐢𝐦𝐞 𝐢𝐭 𝐭𝐚𝐤𝐞𝐬, 𝐚𝐧𝐝 𝐭𝐫𝐮𝐬𝐭 𝐭𝐚𝐤𝐞𝐬 𝐥𝐨𝐧𝐠𝐞𝐫, 𝐚𝐧𝐝 𝐈 𝐚𝐥𝐥𝐨𝐰 𝐞𝐚𝐜𝐡 𝐭𝐨 𝐛𝐮𝐢𝐥𝐝 𝐢𝐧 𝐭𝐡𝐞𝐢𝐫 𝐨𝐰𝐧 𝐭𝐢𝐦𝐞. The instinct that has served you for decades becomes the one to treat with suspicion here. A confident first read feels like judgment earned over a long career. Early in a room that is still deciding what to reveal, it remains closer to a guess. The rooms that matter give themselves up slowly.  𝐓𝐡𝐞 𝐝𝐢𝐬𝐜𝐢𝐩𝐥𝐢𝐧𝐞 𝐢𝐬 𝐡𝐨𝐥𝐝𝐢𝐧𝐠 𝐲𝐨𝐮𝐫 𝐜𝐨𝐧𝐜𝐥𝐮𝐬𝐢𝐨𝐧𝐬 𝐥𝐨𝐨𝐬𝐞𝐥𝐲 𝐞𝐧𝐨𝐮𝐠𝐡, 𝐚𝐧𝐝 𝐥𝐨𝐧𝐠 𝐞𝐧𝐨𝐮𝐠𝐡, 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐭𝐫𝐮𝐞 𝐨𝐧𝐞 𝐭𝐨 𝐬𝐮𝐫𝐟𝐚𝐜𝐞.

The most powerful person in the room is not always the one speaking. Sometimes, it is the person who knows how to match. Joe Navarro, a former FBI agent, once sat with a Bulgarian intelligence officer who had defected from behind the Iron Curtain. During the debrief, the man reached over and held Navarro’s hand for 30 minutes. Navarro didn’t pull away. That moment of rapport produced more intelligence than the formal questioning. We see the same pattern in boardrooms. When someone feels managed, they resist. When they feel matched, they open. Matching is not mimicry. It is not being fake. It is the ability to read someone’s pace, posture, tone, energy and language - then meet them there. Chris Voss calls this tactical empathy: understanding someone’s world so precisely they can feel it. Before your next difficult conversation, ask yourself: Have I matched this person? Or have I just shown up unconsciously? Match their pace. Match their register. Reflect their exact words back. Because influence rarely begins with what you say. It begins with whether the other person feels you are with them.

Stop asking questions based on what was said. Start asking questions based on what was unsaid. Too often, we take responses at face value, missing the real concerns, emotions, or reservations hiding beneath the surface. But here's the thing: There's a difference between what was said, what was meant, and what was heard. If you're only responding to what's spoken out loud, you're leaving the true nuggets of wisdom behind. So how do you fix this? By asking the questions that dig deeper—those that explore the unsaid. Here are three powerful questions to get you started: How do you really feel about this decision? Have we consulted the right people? Are all stakeholders genuinely aligned? These questions go beyond the surface. They push people to reflect on their true thoughts, bringing hidden concerns to light so you can prevent future issues. It shows you're not just listening—you’re understanding. Remember: The most valuable insights often live between the lines of what people are willing to say. Go find them. What's your favorite question to reveal the unsaid emotion or perspective of others?

If you want your content to generate sales calls (not just vanity metrics) Here are 6 non-negotiables I've discovered after helping 25+ clients convert content into contracts: 1. The Million-Dollar hook Your opening sentence determines who stops scrolling. Never start with "Today I want to talk about..." Instead, name your buyer directly or call out their specific pain point. When you write "For SaaS founders tired of..." or "If your sales team can't close inbound..." you create an immediate filter. The right prospects feel seen, while everyone else scrolls past. That's exactly what you want. 2. Proof-First Authority isn't claimed, it's demonstrated. Lead with concrete results before sharing insights. Start with "After analyzing 1,000+ high-converting posts..." or "From generating $2M in client revenue through content..." This isn't bragging – it's positioning. When you establish credibility upfront, everything that follows carries more weight. 3. The Conversion Triangle Every high-converting post balances three elements: pain, insight, and solution. Pain without insight is just complaining. Insight without pain is just teaching. But when you combine both and point toward a solution, that's when you're selling. It's about showing prospects you understand their problem, have solved it before, and can solve it again. 4. The Language Mirror Take the exact phrases your clients use in Zoom calls. Their objections become your hooks. Their questions become your content. When prospects read their own thoughts in your posts, they feel understood at a deeper level. That's when they reach out. 5. The Strategic CTA Never end your posts with a generic "thoughts?" Instead, make engagement meaningful. Guide readers to save your post for specific situations. Ask them to comment for additional resources. Every call to action should move them one step closer to becoming a client. 6. The Inbound Trigger Plant buying signals throughout your post. Phrases like "We help founders who..." or "Our clients typically see..." give readers permission to reach out. Make it clear who you serve and what results you deliver. The best prospects will self-identify. Liked what you read? Repost ♻️ and share it with your network. PS: This is Day 12 of my #75dayhard challenge on LinkedIn.