Lessons From The Twitter Buyout

Hey.

Are you there? Good.

So it's no longer news that our dear Elon Musk has bought Twitter, and I'm sure we all witnessed the drama and violence that followed - the random sack letters, the massive clap backs on social media, and the changes they have already begun to implement.

(Looking at you, Twitter blue)

Let's be honest, what else were you expecting?

Change is a difficult thing for us humans. We are, by nature, creatures of habit. We like the same things we did a while ago. We take the same route to the same places.

One of the words we seem to cherish the most as a race is "stability", a word that connotes continuity, permanence, and a state of non-flux. We want a stable job. A stable relationship. A stable economy. We want stability but life is anything but stable. Life is chaotic, busy, and doesn't care about your plans, it just happens. (This is why I set reminders to write an article every month but still have to struggle and fight to pen it down in time but I digress ??)

To today's question - What are the lessons we can learn from the Twitter buyout?

I've been following the entire saga religiously, and there are some lessons I picked up from the actions of Elon Musk - the new owner, the employees, and members of the public.

1. You can own a business, and know absolutely nothing about it.

The first thing you want to do when you acquire a shiny new business is to learn how it works.

This doesn't just include the company's main product/service, you should also be interested in the company culture, public perception, branding etc. You'd like to know these things so you know how to use them to your advantage.

2. Introduce major changes gradually.

Yes, you have some big, big plans. We know it, you know it, my cousin and his cousin's cousin know it.

Obviously, there's some ulterior motive behind the buy-out, and big changes to be made to achieve this but here's a free life hack - People don't want change and react better when it comes in small, manageable doses.

As I shared earlier, people are not fond of change. After a company buyout, it's normal to expect that people will be frightened and uncertain. They should and would have questions about job security, there may be some conflict of interest from those loyal to the old management and those on board with you, and some resentment as a result which you, the new owner to overcome. Making major changes would only escalate that, and no, the answer is not to fire everyone, that's just plain silly.

You may think that chaos would help you make those changes faster, but the fact is, while you're shaking things up you may end up losing some very important people. And that's not something to joke about. It's terrible.

3. Be open and address concerns.

When people are afraid and uncertain, they want to talk about it.

Who better to hear from than you, the new owner? Talk to your new employees. Be honest. Outline the changes you're hoping to make and give them time to digest it. Let them know what to expect. The alternative is leaving them to talk among themselves, which would build resentment and fear, or to talk with people outside the Company which opens your staff force to poachers.

Encouraging a culture of transparency helps foster mutual respect, and also helps you lower resistance to whatever policies you choose to implement. People who don't agree with your new visions can share their concerns with you, and if they have to, they can part ways with you with a minimum of fuss.

Unlike what happened with Twitter.

4. Don't be afraid to own up to your mistakes.

The richest man in the world is just a man after all, and just as prone to error as the rest of us. You have a shiny new business in your hands and you're testing out the bells and whistles, it's normal that you would make a few mistakes here and there. Own up to them. Reach out to people you have offended, and review policies that may have been made in haste or error.

Making your business work just boils down to how effective you are in managing your key resource, the people who work for you. If you don't manage them well, there is every possibility they could go over to the competition, and end up making trouble for you in the future.

This article applies across the board, to all businesses big and small. As a business owner, I hope you've been able to pick a thing or two.

Till next time on #BusinesswithLaolu, keep winning! ????