Episode 1: Tie A Knot
By Marc Weiss - CEO, Management One
“When you reach the end of your rope, tie a knot in it and hang on.”
There is a lot to be said for hanging on. I have witnessed over 30 years of working with retailers producing some astonishing results; those who found a way, sometimes against what seemed unassailable odds, to come out strong and bountiful. I have burned these examples in my brain as a reminder that winning is always an option.
This year has seemed like a rope that we have been clinging onto. One person remarked recently to me; “the year has gone by quickly, it just seems like the longest day of my life.”
The New Year will start unlike any other, even more different than the start of 2008. In 2008 we had no sense of the bottom. As we begin 2021, the underlying economy is stronger, and there is a great deal to remain optimistic; a vaccine is being delivered, fewer competitors, and tremendous pent up demand. The stock market that has been driven by 5 stocks should gain internal strength as the rest of the economy emerges and rebounds.
So what then is episode 1?
2020 was driven by accelerating change. Facebook and Shopify became the buzz words of your activities. You entered the virtual world. You are discovering new apps like Tik Tok, which at the beginning of 2020 was the sound of your wall clock, now it is a messaging connector to your customers. You discovered virtual buying and new sites like Faire, to uncover new resources. Your world got rocked and you rocked in your new world.
Now there are even more hats to wear, and you can’t wear them all. Buying, selling, merchandising, operations, and now you have entered the world of Omni Channel Retail. The only way, and the best way to conquer your new world and to navigate the future is to make sure you have the right team to support you. EOS Traction calls it “right person, right seat”. Episode 1 is about building your team. Whether you have 2 people or 100 people in your organization, each seat is critical. If you have great people, then surround them with an established and successful process.
Management One™ was able to pivot fast over the last year because we have a great team and a great process to keep us focused. Warren Buffet says, “When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever.” Entrepreneurs, which reflects most small to mid- size business owners, are strong in taking risks and building a company. However, to flourish and reach the next level requires a competent cohesive team and strong leadership.
There are many books and online courses available to gain knowledge and insight into hiring, processes, and leadership. I recommend Traction by Gino Wickman. It is always worth re reading Steven Covey and listening to recordings. Fill your mind with successful lessons and act on them.
I am amazed at the thousands of businesses I have worked with over the last 30 years, how so few have focused on and prioritized building a great team. We get lost in the day to day activities of the business. Act one in the new order is to recognize that your future is not only in the next technology, but in the people you develop. It is your people who will ensure your success. It is your people who will harness the energy of your business and give you the ability to adapt and grow.
“You have brains in your head. You have feet in your shoes. You can steer yourself any direction you choose.”
Steer yourself in 2021 towards building a great team.