How Steady Leaders Survive Economic Storms: Keep It Simple
This week, I attended a mastermind event with the top real estate agents in the United States. We heard from several outstanding business leaders who have built highly successful teams and even business empires – and yet, it just tickles me to hear these powerful leaders stand on stage and harp about the importance of “keeping things simple.” It seems contrary to their far-reaching success; but I know better than to underestimate this truth.
One leader specifically harped on two things that are really important for steady leaders: (1) the willingness and ability to reorganize your team, and (2) the willingness and ability to remarginalize your business.
REorganize
This lesson, in particular, recalled to mind some powerful tools I learned from author Keith Cunningham in his books, Keys to the Vault and The Road Less Stupid. Especially in times of economic turbulence like we are currently experiencing, it is frankly absurd to expect that we can control the economy or interest rates. BUT we can control the thinking, disciplines, and strategies that allow us to potentially get caught up in the tsunamis of economic disaster in the first place.
Cunningham urges you to carefully consider what is the fat, muscle and bone of your business.
Are you willing and able to cut the fat? What are you spending money on that you really don’t need right now? Where can you slim down?
Are you willing and able to cut the muscle? This will get uncomfortable. What can you cut without doing the body unrecoverable damage? Is every position on your team intentional with clear, distinct and necessary responsibilities? Look at your org chart – are there any positions that are not truly needed?
REmarginalize
To marginalize means to disempower, disenfranchise, exclude. What can you remove or make unimportant in your current business to ensure the survival of your business? This cutting of the bone is going to really hurt. This is akin to amputation. You will lose real and significant capability, but the body will survive. Do you need to shut down a piece of your operation? Withdraw from a market? Restructure compensation for your entire team from salary to an incentive comp structure?
Leaders are steady because they maintain steadiness in everything within their purview. Steady leaders understand that people and finances are two highly significant components that can affect the health and steadiness of a company. And above all, steady leaders don’t get spooked by the hard work. They aren’t afraid to make and endure the deep cuts necessary to sustain their company. Building and growing businesses is an evolution of acknowledging the simple – but no less difficult – decisions that must be made and following through on them.
Get after it.
Written by Schuyler Williamson
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God Bless!
~ Schuyler Williamson