We are being pummeled in this climate. What do we do now?
Maynard Webb
Founder, Webb Investment Network; Author ‘Dear Founder’; Board member Visa and Salesforce.
Things are not going as expected, why? What can I do to turn it around?
-CEO of a successful privately held company
Dear CEO,
First, things don’t go as expected most of the time!
I always map out my weeks in advance and come up with a good plan, and then something comes along and changes everything. Companies put together budgets and long-term plans and those too can be upended. Right now, for tech companies, everything looks totally different than it did in 2021. For many companies, a looming recession means people aren’t buying. But a troubled economy can be a bit of a cop out. People can get much stronger in a downturn. While external factors are at play, there are still things that you can do to course correct.
It sounds counter-intuitive, but the key to staying on track is being able to adjust.
A few questions to ask yourself right now:
·?????What were our base assumptions?
·?????Are they still valid? Or were we wrong? (You need to be analytical here. And honest.)
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·?????Now what? What do we need to do to get better? (Meg Whitman used to call this getting down to the reductionist nugget.)
Moving forward from here is all about operational excellence. Once you know what to do, you need to assess:
·?????Do I have the talent to get me there? Are they aligned, motivated, and aware of what they need to do?)
·?????Do I have the time and energy to get it done?
·?????Is the work inspiring to people? Are people working on things that matter?
When the wind is at your back, you should enjoy the moment, but you can’t expect it last forever. Expect that there will be times when things slow down and you need to prepare accordingly. Be on the lookout for things that can derail you and work on fixing them before they become crises. Many times, problems are tied to external factors that are outside of your control, but you have to figure out how to batten down the hatches and inspire people to emerge from the storm stronger with you.
Every week I respond to a new question. Ask me your question in the comments section.
Mortgage Loan Officer
1 年I like to focus on Refinancing customers during the slow down on the Purchase season. I find that Late night posting on social media works best. Why? Because alot of people that are maxing the credit out due to the rising cost are up late nights stressing about money. ( Let your Equity do the hard lifting)
????????????, ?????????????? & ???? Leader with exp to US, UK, Europe & Indian MNCs - Decade each in [GE] & [TCS] | ???????????????? (India) - Leaders Excellence at Harvard Square
1 年An excellent share ?? Thanks and appreciate your taking time to share this #rajlearnings
CEO/CFO @ DARAFEEV (Retired) | Custom Chairmaker #MAGAGA Make America Godly And Great Again!
1 年How many of us created a 5 year plan in 2020, and how did that go? Life happens incrementally, and we no more can control our silly little man-made plans, than we can control the weather. Hey Maynard, can we meet next month for coffee in Los Gatos? (or woman-made plans, of course).
Investor, Board Member, Skier, Golfer, Runner
1 年In other words, use common sense.
Realtor Associate @ Next Trend Realty LLC | HAR REALTOR, IRS Tax Preparer
1 年Thanks for Sharing.