Craig : What is your advice for leaders in growth firms who are still dealing with the impact of the pandemic ?
Brent : I think it ’ s vitally important to discuss and plan for what could put your company out of business . Remember , just because a pandemic hasn ’ t happened in a hundred years , like a hundred-year flood , the reality is you still have to have some plan for what happens if it does . In other words , what are other events , beyond a pandemic , that could put your company out of business ?
Craig : Your book describes six events that could put a company out of business .
Brent : The first two events are out of your control :
# 1 NATURAL DISASTERS- THE GLOBAL PANDEMIC IS AN INCREDIBLE EXAMPLE OF THIS EVENT .
# 2 ECONOMY-THE WORLDWIDE LOCKDOWN THAT PUT MANY OUT OF BUSINESS .
HOWEVER , THE NEXT FOUR EVENTS CAN BE MANAGED BY BUSINESS LEADERS .
# 3 FAILURE TO PLAN- WORKING IN THE BUSINESS , NOT ON THE BUSINESS
# 4 FAILURE TO EXECUTE- NOT TRACKING AND MEASURING KPIS ( KEY PERFORMANCE INDICATORS )
# 5 FUNDING-CASH RESOURCES DRAINED OR STRAINED
# 6 LOSS OF KEY PEOPLE- STAFF BURNOUT AND LOW MORALE
Craig : What guidelines do you suggest for leaders ?
Brent : First look at your company culture morale . If your company culture is working remotely , seek to understand the impact on their morale . Why ? Because those working at home are living where they work . Leaders should seek to deeply understand the stressors on their staff . Leaders have to make sure their workforce is dialed in to drive results without getting burned out . Leaders must provide clarity of direction and offer help to buffer the stress of uncertainty and change . Keep in touch with your greatest resource — your company culture !
SECOND , LEADERS MUST ASK , “ ARE WE IN A POSITION WHERE WE HAVE BEEN BURNING THROUGH CASH EVEN THOUGH WE ’ RE GROWING ?” CLOSELY MONITOR WORKFORCE RESOURCES AND CASH RESOURCES .
Craig : It ’ s like the metaphor used by Jim Collins in the book Good to Great . Leaders must preserve and protect their “ oxygen cannisters ” when scaling up to their BHAG , their Mt . Everest .
Brent : Third , identify those key nonfinancial measurements that are the leading indicators of the things that you need to be watching . And then once you have a good handle on all of those , then ask , “ Okay , what ’ s our plan going forward ?”
Craig : One important measurement is employee engagement .
Brent : Yes . Then leaders can start working on executing the business plan with fanatic discipline . Business is not like it used to be . Most of us have spent years making small tweaks to our business , here and there . That came to a screeching halt with the pandemic , like my race car ! Don ’ t just react to what ’ s affecting you today . Gather your leadership team to focus on this question : How do we prepare long term for the future ?
Craig : I have one more question . How can leaders benefit from your book ?
Brent : There are times in every business when they hit a certain level of growth and their company cannot sustain itself . Many businesses go from what I call the “ Driving Zone ” to the “ Drama Zone .” That ’ s a period where the company has to focus inwardly and to think about how they ’ re able to reengineer to get to the next level . Typically , businesses have those experiences inside their own time and space . It ’ s not like that now ! The entire world got thrown off track , for the most part . Ninetynine percent of businesses went directly into the Drama Zone .
Craig : And is there any resource that you could offer to them that would help them during their planning ?
Brent : Leaders should assume that they are in the Drama Zone . And I ’ d start in Chapter Five , “ Finding the Gears .” This will kickstart the conversation about what to focus on to avert the danger of what could put you out of business . In Chapter Five , leaders will be able to use the resources and tools for strategic planning to get back to the Driving Zone !
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