I wanted to quickly share some thoughts that tie into the recent emails I've sent out regarding the economy... so here it goes!
It seems funny and a bit odd nowadays that our leaders – those who hold leadership positions – rarely lead.
Don’t get me wrong. They still seem to tell people what to do and promote their own agenda, but rarely do we see them serving and equipping the people around them to lead. And that’s something every leader should be doing…
I’m watching those in my own industry say and do nothing with those they lead.… And particularly when it comes to leading through the pending economic challenges ahead.
I mean, I guess you can wait and lead from crisis… And you can call me proactive, but why not start warning, serving, and equipping those you lead right now before the storm hits?
That’s why today I want to expand on this topic that I’ve touched on in my two previous emails; providing you with tips to prepare yourself, your family, and your business for what some are calling an economic hurricane and possibly a depression like what those in the 1930’s lived through.
If you didn’t get the chance to read those two emails, you can access the first one here and the second one here.
As I’ve shared in my previous emails, I’m not writing these to scare anyone or to feed into the doom and gloom of our mainstream media, but rather to serve as a voice of proven experience and calm, having built and grown multiple companies in these types of tough economic times.
I’m also aware of the biblical principle of living in the world but not of it – meaning we must deal with the real physical realities and at the same time live from our beliefs and values in the face of storms and difficulties.
I shared previously about taking inventory of everything in your business: your people, systems, resources, vendors, clients, equipment, policies and procedures; and determining the value these things and relationships bring to your business.
If you did this, you may have found that some things offer much more value than others.
You may have also noticed that some things and some people seem to even be a drain on the business, requiring more energy and management than the value that they bring – especially in difficult times.
Knowing these things will help you when it comes time to make necessary cutbacks to preserve your capital.
I also think as the leader of a company, a team, or even your own family to some degree, you need to have some straight talk right now, as I’m trying to have through these emails.
Here are a few things you may want to consider doing and sharing with those you lead on your team:
1. Have a huddle with your team. Take the time to schedule a meeting with them to openly communicate about what’s happening, how the business is doing right now, and where it’s projected to go in the next year. Let your team know how valuable they are, and don’t let their hard work go unnoticed or unappreciated.
2. Identify who your leaders are on your team, and give them opportunities to take on more responsibility. Once you’ve evaluated who you want to keep on your team, give those people more responsibility. In my earlier email, I referred to these people as eagles. They’re your top-performing team members. These are the people you don’t have to ask to do something twice. They’re reliable, efficient, and they take responsibility and ownership of their actions.
3. Track everything. The best way to determine what changes need to be made in the business is to be aware of where you’re at. Have that information handy so you can always refer back to it.
4. Get feedback from the leaders on your team. Show your leaders that you value their opinion. It can keep the team’s morale high and even help you brainstorm ideas and solutions to the challenges that come your way.
If you’re a solo entrepreneur you may want to think about leading the team you hire: all those vendors and suppliers, your VA, and any others you may work with.
For those of you who are coaches, speakers and trainers - especially if you market yourself as a leadership coach - you need to be out in front with your clients now!
Consider offering them a couple of free coaching sessions to help them prepare their teams.
Trust me, your initiative and forward thinking will be remembered when they have to make cutbacks themselves and take their own inventory of who adds value and who drains from the business.
Remember the Law of Compensation: the amount of money and opportunity you get will always be in direct proportion to the need for what you do, your ability to do it, and the difficulty there is in replacing you.
Make yourself irreplaceable to your clients now!
Stay tuned for my next several emails as I share more strategies to help you “Future Proof” your business and thrive in a down economy. I believe these can be the best of times!