April Newsletter
Fundamentals 2.0: Leadership
How can you encourage others unless you feel encouraged? Check your own coping strategies and be sure you are somehow recharging yourself. The emotions you convey as a leader are contagious to your team, especially any sense of stress or frantic emotion. When emotions flare, give yourself time to shift back to logic. Take deep breaths. Excuse yourself for a moment if you need to. Break bad news calmly without downplaying the situation’s seriousness. Resist the temptation to point fingers, because doing so is counterproductive and will result in a breakdown of trust within your team.
Be as transparent as possible, then get to work
Promise to keep employees and other stakeholders in the know, and keep your promises. If you withhold information, your team may fear the worst, turning feelings of uncertainty into desperation. After sharing updates, keep the team focused on the work rather than worrying about what they can’t control.
Don’t go it alone
Find advisors and mentors, and draw partners in close. There are days you might prefer to fight the battle solo, or even hide, but it’s time to do just the opposite. You must assemble a team to assist you in dealing with the present obstacles as best as possible. Be very selective in who you work with, choosing positive problem solvers. Surround yourself with people who have experience beyond your own. If you don’t have these people, reach out to ECA because we also play matchmaker.
Nourish your company culture
High-stress times are notoriously rough on culture—it’s the area most likely to be compromised in a challenging climate. Company culture is what binds any healthy company together, and is of significant interest to employees when considering their options. It’s vital that you continue giving energy to the culture because it’s the lifeblood of your expanded operation.
Help your team move forward
Come together to set priorities, then goals. Get everyone working toward recovery or comeback efforts. Take time to acknowledge even tiny steps of progress.
Cash flow is a high priority for businesses right now, and it’s going to be an issue for longer than many might expect. There are multiple reasons to strongly consider taking full advantage of your line of credit right away. ECA provides help securing funds, including loan relief, helping you tap into available resources to boost cash flow.
The SBA Economic Injury Disaster Loan, Paycheck Protection Program, and other tax opportunities offer significant financial assistance for businesses and non-profit organizations. These loans can provide you with vital, working capital to help overcome the temporary loss of revenue experienced as a result of the COVID-19 pandemic. If your business has no access to credit elsewhere, these loans can be used to cover payroll, purchase inventory, make payments on debt, or take care of other expenses.
When business owners and operators are doing what they are passionate about, their business IS ESSENTIAL. Let’s get through this together.
“Now more than ever, team stability and company results will be directly tied to the effectiveness of virtual leadership."
— Wendy Lipton-Dibner
Commentary from Alex Raffi, Founding Partner and Creative Director, Imagine Communications:
“Things are changing rapidly, and the near future is impossible to predict. It’s important to be flexible and to be able to adapt quickly. Serious planning, paired with successful virtual communication with your staff and clientele, accomplishes three things:
- It provides reassurance that they are working on something important.
- It prepares you for the long-term effects of the current climate.
- If current challenges blow over sooner than later, it ensures that you will be ahead of the game.”
Even the strongest entrepreneurs can encounter challenges that exceed their resources, causing undue pressure that can make it difficult to sleep at night. It’s for these business owners that Chuck Mohler established Eagle Corporate Advisors.
Chuck is dedicated to providing caring and customized support for complex, critical issues, improving your business outcomes while giving you the ability to rest more easily. Eagle Corporate Advisor’s fact-driven, in-depth approach helps our clients face change head on, making informed business decisions with future goals in mind.
Contact him today at (702) 451-3250 or ChuckM@EagleCorporateAdvisors.com.