Good day friends. Welcome back to another episode of Weirdos in the Workplace!  This one is for business owners, but I think the concepts are totally transferrable for everyone right now, so feel free to stick around and we'll learn together.  Have you ever felt like you're constantly fighting fires in your business, trying to hold everything together by sheer force of will? You're far from alone. Stay tuned. -- After my last couple of episodes, I had some questions from listeners on specifically how to find time to do the planning. One person shared their story with me that they felt they had a successful business despite feeling like they were doing everything wrong, but they weren't even sure about that because they were so scared to look "under the hood" and figure out if their assumptions were true. Juggling all of the balls was wearing on them, and they were afraid if they dropped something, that would be it. So, what do I mean by 'survival mode'? I feel like some of us have been in survival mode for so long that we don't know any other way to live.  Is the stress of managing your business catching up with you? Are you finding tasks that used to be easy getting harder? Let's dive into understanding 'survival mode'. On the surface, it may sound like a dire financial situation or an immediate crisis. But in truth, survival mode can manifest in many ways, some obvious and others more subtle and insidious. If you, as the CEO or Founder, find yourself continually in this state of high alert and stress, or worse, distracted and inattentive, there's a strong probability that your business is feeling those effects as well. Before we go any further, I'm going to tell you that if you are experiencing any of these issues right now, this might be a trigger for you and I need to tell you first that 1) every person and every business at some point have experienced these. You're not alone, this is normal, and there are solutions to these problems even if it feels impossible. Let's break down some of the more obvious and less obvious indicators, and then afterward we'll talk about some of the solutions: Some obvious indicators include: Financial Struggles: Overdue bills, difficulty in making payroll, getting creative with paying the bills, and possibly even declining revenue. Financial instability is often the most direct sign of a company in survival mode. High Employee Turnover: When employees leave frequently, it's a red flag. It not only shows dissatisfaction but also places additional stress on remaining team members. Consistent Crises: If every day brings a new fire to put out, that's a telltale sign. Crisis management becomes the norm rather than strategic planning. Loss of Major Clients: This can severely impact your revenue stream and indicate deeper service or product issues. Some of the more subtle or leading indicators are: You don't know your numbers: you're not reviewing your financial statements regularly, you're struggling to open your mail because you're afraid to know the truth, and you're working or hustling really hard to distract yourself from reality. You're Always Tired: As a leader, if you're perpetually exhausted and overworked, it indicates an imbalance in workload, delegation, or resource allocation. Decline in Innovation: When all energy is focused on urgent tasks, there's little to no room left for innovation or forward thinking. Stalled Decision-Making: A general hesitancy to make decisions or constantly second-guessing can be a sign. Fear of making a mistake can paralyze an organization. Reduced Employee Engagement: Employees seem disinterested, not participating in team events or discussions, and there's a general lack of enthusiasm. Customer Complaints: An uptick in customer grievances or reduced customer satisfaction levels can indicate issues in product quality or service. Isolation: if you find yourself feeling isolated, not sharing your concerns, avoiding mentorship or advice - especially avoiding any constructive advice - it could be a sign you're in survival mode. These signs are overwhelming and that we experience them doesn't make us weak - it makes us human. Before even fully embracing or acknowledging the harsh truth, I think it's important to understand "why" we become so good at compartmentalizing or sublimating the truth. Understanding why is what gives us the grace and empathy for ourselves so that we can start making positive change happen. The harsh truth is that it's almost impossible to spin out of this by yourself. You might be lucky enough to have a great team around that can help, but you'll need to be totally transparent about it. Or, you can reach out to someone like myself, who works with business owners directly to build more resilient businesses, but help like ours can be an investment. If my money was totally tied up and I had nothing to invest, this is what I would do: First, I would audit my schedule and remove anything from my calendar that wasn't directly supporting or driving revenue. I would similarly audit my expenses and remove anything that isn't directly supporting critical business operations. I would scale back customer service to the critical operations that my customers absolutely needed. No more " nice to have value added services" until I've evaluated whether it really makes a difference for my customers. I would join a community of business owners ideally in person, but it can be done virtually as well, and start by asking for advice there first. I would read or listen to whatever books I could get my hands on about business finances and follow the guidance. Remember, if you don't have time to read - listen to audiobooks while you're driving or doing chores. I haven't actually read a paper non fiction book in years. However you do it, you need a second set of eyes to help you find the root causes of your stress because it's probably starting from something that you might be totally unaware of. Remember though, that this is important. A few episodes ago, we chatted about how the founder, owner or senior leaders are the heart and soul of a business, and that means that your well-being and mindset have a strong ripple effect throughout your organization. You must - must - find the time to learn what you need to learn. You must know your numbers and look at your financials, and get organized, ideally weekly but at an absolute minimum on a monthly basis. So, survival mode isn't just about finances. It's often a complex combination of unknowns, market changes, blind spots, miscommunications, personal conflicts, operational inefficiencies. It's about the entanglement of each of these challenges, and more, like you're caught in the middle of a tornado filled with a million sheets of paper and the tiny cuts bring you to your knees. Step 1) Slow Down: It sounds counterintuitive, especially when it feels like everything is on the line. But taking a pause allows you to gain perspective. Breathe, step back, and assess the situation from a bird's-eye view. Sometimes, the best way to speed up is to first slow down. Step 2) Acknowledge the Situation: Before any change can occur, there needs to be acknowledgment. Recognize that you're in survival mode and understand it's okay to seek help or alter course. Step 3) Know your Numbers. This is a big one. Bob Parsons, the founder of GoDaddy, said: "Measure everything of significance. Anything that is measured and watched improves." Financial Literacy; you don't need to be a CPA, but you do need a fundamental understanding of balance sheets, income statements, and cash flow statements. You should identify the critical metrics that drive your business whether it's customer acquisition costs, lifetime value, or inventory turnover, know the metrics that matter most. Cash Flow is King: Especially when you're navigating a storm, cash flow becomes vital. Regularly forecast, track, and manage your cash flow. Remember, businesses don't go under because they aren't profitable—they fold because they run out of cash. If that statement is confusing, I would recommend reading Profit First by Mike Michalowiscz. Make data-informed decisions: Use your numbers to guide decisions. Whether it's pivoting a product line or renegotiating a lease, let data drive your actions. Step 4) Communicate with Transparency: Open a line of dialogue with your team. Share the challenges, listen to their feedback, and make them part of the solution. Step 5) Realign with Your Vision: Go back to the core of why you started the business. Reconnect with that passion and purpose, and use it as a compass to guide your actions. As Stephen Covey said: "The main thing is to keep the main thing the main thing." Step 6) Develop an Actionable Plan: Break down challenges into actionable tasks. Set short-term and long-term goals. Ensure that there's a roadmap leading you out of the storm. Step 7) Learn to Experiment: In the dynamic landscape of business, adaptability is king. Relying solely on old methods and practices can lead to stagnation, making your business vulnerable to unforeseen challenges. To thrive, cultivate a curious mindset, take smart calculated risks, create feedback loops, stay updated and know your numbers. As Jeff Bezos once said, "If you double the number of experiments you do per year, you're going to double your inventiveness." Step 8) Seek External Guidance: This could be in the form of mentors, industry experts, or even business coaches. An external perspective can shed light on blind spots and offer solutions you might not have considered. Like Sheryl Sandberg said, ""Trying to do it all and expecting that it all can be done exactly right is a recipe for disappointment. Perfection is the enemy." Step 9) Foster a Culture of Resilience: Empower your team, emphasizing the importance of adaptability and growth mindset. When they see challenges as opportunities, the entire organization becomes more robust. Step 10) Monitor and Adapt: Remember, the journey out of survival mode isn't linear. There will be setbacks. It's essential to continuously monitor progress, gather feedback, and be willing to adapt your strategies as necessary. Step 11) Celebrate Small Wins: Morale can be a game-changer. Celebrate the little milestones, and let your team know that their contributions are valued. These celebrations fuel momentum and create a positive environment conducive to growth and success. In closing, escaping survival mode isn't just about extricating oneself from immediate crises; it's about setting up a system and culture that prevents those crises from overwhelming the business in the future. This can be very hard to accomplish when you're in the middle of the tornado, and almost impossible to accomplish by yourself, so remember to reach out for help. That wraps up today's episode. Remember, it's all about being courageous enough to ask for help, vulnerable enough to learn to adapt, wise enough to know what not to do and kind enough to give yourself grace and empathy through the process. "Be patient with yourself. Self-growth is tender; it's holy ground. There's no greater investment." – Stephen R. Covey Thank you for tuning in. Stay weird, stay wonderful and remember, don't stay out of trouble.

Ver todos los episodios