The article discusses the challenges that CEOs face in managing their companies during inflationary periods and provides advice on how to navigate these challenges. The author emphasizes the importance of focusing on real volume and revenue growth rather than inflationary revenue, and suggests that CEOs may need to shrink or exit cash-inefficient businesses and become smaller and more focused. The article also discusses the importance of managing working capital and cash flow, revisiting long-term contracts for inflation, and stress-testing for liquidity purposes. Additionally, the author highlights the importance of pricing policy and people development and innovation, and suggests that companies should focus on their market cap and work backwards to determine the right level of debt, margins, receivables, costs, and real prices. Overall, the article provides a comprehensive guide for CEOs on how to lead their companies through inflationary periods.