Don't Forget to Breathe!
Michael Brummer & Associates
In these tumultuous times when there are so many cross currents and where change is happening with ever increasing velocity I believe it is important to return to foundational basics whether in your personal or business life. Ironically in my experience particularly in working with entrepreneurs, the boundaries between family and business at best are murky and they usually run into each other. I have decided to share some of my perspective on coping with societal instability in order to filter out some of the noise which can cause us to miss what might be some of the truly important issues that can be to say the least distracting. I have found in my experience that there are certain things to do that create a foundational sense of security. I believe we can make this journey a bit easier to cope with, whether those issues arise in one’s business or personal life. The following are a few of the basics that I gravitate to when in need of a security blanket to hang onto:
- Cash flow; is it realistically positive. Be true to one’s self about this.
- Customer relationships both external and internal. You always need to put the customers first but be aware that all customers are not created equal, and that you need to understand which ones are the ones that allow you to not only survive but to thrive.
- Employee satisfaction. Be realistic in that few people live to work but they work to live and one needs to be truthful with one’s self to understand their employee pain points and to ensure that they are in sync with the corporate mission!
- Family satisfaction, which is always a challenge, but critical.
- Personal health and welfare. You are no good to anyone if you are unable to function well.
- Foundational beliefs and philosophy of life (subject to change but we all need to have some core values). This a personal voyage that is subject to change as one matures but there must be basic norms that drive you so that nobody is confused about what kind of person you truly are!
My purpose with this blog is not to go into itemized directives with specific recommendations, but to induce you into honest personal introspection! Be aware of your own personal as well as corporate balance sheet. Do you have enough resources in place as well as cash flow to manage your financial obligations. Take stock of the difference between wants and need when making purchase decisions. Understand your long- and short-term goals and objectives so that your organization (family) also knows not only what your expectations of them are, but what they should expect from you. Avoid surprises; in particular those that you cannot control.
Take stock of the value of intangibles. Whenever I would go into a troubled turnaround situation with an owner whose anxiety levels were obviously off the charts, the first advice I would give him/her was to take a deep breath and count to five so that they could gather their composure and make sure that they were thinking clearly. Panic and angst are wasted emotions that distract from the needs of the moment. Focus on what is necessary to have at least a chance of being successful! Grace under pressure is essential to good decision making. You can be struggling on the inside but never let them see you sweat. Next I would ask the client if they were healthy, their spouse and children were healthy and if everyone had their health, then I would let the client know that things were not that bad if the rest was all right; so, let’s get to work on the issues that are problematic and get them addressed!
I was an instrument rated pilot for forty-six years and retired three years ago having never hurt anyone or broke anything. The core rule when in doubt was to control the airplane and keep it level with the wings where they were supposed to be first and foremost. The key to that as well as life and business in general is “Situational Awareness!” It is imperative that you are always evaluating where you are, what you are doing and what your optionality is. Maintaining control demands awareness of the dynamic changing environment in which we are living in.
One must be prepared to adapt so that you can have contingencies available for a world filled with the vagaries which will arise in this dynamic ever-changing world. How you as an individual manage that is a personal matter. You need to develop the tools and thought processes that help you maintain your situational awareness so that you can control your personal as well as professional life. In my opinion it is mission critical for an entrepreneur to have a firm foundation upon which to build to be successful! The key first step towards achieving this is when in doubt or feeling overwhelmed, never forget to breathe so that you can muster the energy and clarity of thought to move forward!
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