C-Suite Blind Spot – Return to Normal – Watch What You Wish For

Blind Spot

History has shown, following other worldwide devastating events such as the Spanish Flu - WW I and WW II show that life eventually returns to normal. While we do not know exactly when that will be; a return to normal economic activities and marketplace will happen.

The 1918 – 20 Spanish Flu which affected 30% of the world’s population and killed an estimated 2% hit during World War I. While the world is a different place today, then newly elected president Calvin Coolidge’s actions in 1920 such as support tariffs, tax cuts, support for the agricultural sector and the Federal Highway Act of 1921 contributed to what would become an unprecedented six-year economic recovery or as known; the Roaring 20’s.

By 1945, American consumers were saving an average 21% of their personal disposable incomes following years of rationing. Factories transitioned from war time manufacturing to consumer and other goods. Returning veterans found jobs, utilized the GI Bill and Americans were ready to spend money. From 1947 to the early 1960s US car and home ownership saw tremendous expansion and the addition of the 1948 Marshall Plan resulted in a golden economic decade for the US, Western Europe and Asia.

Illumination

There is a light at the end of the tunnel. While we all clamor for a return to normalcy, are executives and the corporations they lead truly prepared for it? As PwC notes, “CEOs now need to simultaneously contend with the unfolding pandemic and to rethink how they operate in the future. Not every innovation developed in a crisis is right for the long term.”

Executives need to start thinking about the effects of the pandemic on the post-pandemic market economy. They can begin efforts now to prepare for conducting business efficiently and profitably post-pandemic:

· Create a diverse operational team to plan and map a post-pandemic strategy.

· Source more local supply chains options.

· Prepare to handle pent up demand.

· Assess and plan for adjustments to how products and services are delivered to meet evolving consumer and customer expectations.

· Be flexible and maintain transparency with managing workplace accommodations, full reintegration and or the hybrid workplace.

· Consider the effects of globalization and consolidation in markets and industries.

Many of my accomplishments have been win or lose situations. For me, second place was not an option. My key to success was to assemble a diverse team of specialized individuals who were experts in their fields. Together, we were able to develop strategies that helped me to identity, address and eliminate my “blind spots”. Executives may want to approach their blind spots similarly. When winning or losing are the only two choices, choose to win.

C-Suite Blind Spot – Corporation Success – Nothing Replaces Good Leadership

Blind Spot

Most often we hear about the great CEOs and business success stories of our times. Steve Jobs – Apple, Michael Eisner – Disney, Elon Musk – Tesla, Meg Whitman – eBay or a blast from the past Lee Iacocca – Chrysler, all great examples. Proof that nothing replaces good leadership.

To a much lesser scale, we hear about how great companies and products lose market value, market share and/or struggle to find and seek new ownership to survive. Travis Kalanick – Uber, John Stumpf – Wells Fargo, Kenneth Lay – Enron, Steve Ballmer – Microsoft, John Schnatter – Papa John’s or Stan O’Neal – Merrill Lynch all examples of good things gone bad. In fact, 2019 saw the highest CEO turnover on record.

Further, research shows some worrisome trends that are impacted by organizational leadership:

· 40% of new leaders fail within the first 18 months (LinkedIn).

· 79% of employees quit because they are not appreciated (Inc - NBC).

· 15% of candidates state they turn down job offers due to negative work culture (Goremotely).

· 1 in 5 employees is at risk of burnout (Harvard Busines Review).

· Only 33% of employees are engaged at work (Gallup).

Illumination

Great products, good market timing, a talented workforce and access to capital; why do-good companies struggle or sometimes fail? As CEO’s continue to navigate through and out of this pandemic, what can they do to ensure success and longevity? Why do some companies struggle while others are able to thrive by pivoting and reinventing? What are the qualities of a good leader?

Research shows successful and effective leaders should:

· Show empathy and be honest; take responsibility.

· Encourage collaboration at all levels.

· Create a clear strategy and set of priorities with the team – but be flexible to adapt.

· Be creative and open to problem solving; listen and communicate

· Engage with their teams regularly and encourage team success.

As we exit, new challenges will emerge for corporations and top executives. Realizing personal shortcomings and adapting the above tactics will ensure a fighting chance to survive and thrive.

Many of my accomplishments have been win or lose situations. For me, second place was not an option. My key to success was to assemble a diverse team of specialized individuals who were experts in their fields. Together, we were able to develop strategies that helped me to identity, address and eliminate my “blind spots”. Executives may want to approach their blind spots similarly. When winning or losing are the only two choices, choose to win.

C-Suite Blind Spot – Leadership & Success – Lessons from the Entrepreneur

Blind Spot

I recently had a conversation with an entrepreneurial, Chief Executive Officer of a successful mid-sized company. The individual had not only successfully created a niche product category but continued to dominate in this niche over a 20-year period. The company has maintained a profit each year and successfully managed a profitable year with an increase in sales in 2020, despite COVID-19. Worth noting is that this product category is neither deemed vital to public safety nor an essential business so customers purchased based on their awareness, interest and the product-brand filling their needs.

Despite the history of successes, this individual seemed to question decisions made over the last 20 years. There appeared to be some concerns as to whether the entrepreneurial grit that drove the growth of the business was sufficient to navigate expansion on a larger scale.

Does being a successful entrepreneur automatically translate to being a successful C-Suite Executive? Or, does having the entrepreneurial trait hamper c-suite effectiveness?

Illumination

Reviewing past research and comparing entrepreneurial CEO’s to those brought in to manage existing businesses, a few very distinct differences were illuminated.

Both are smart, bright, hardworking, and full of energy. However, entrepreneurial CEO’s embrace risk, are innovators, are passionate about their business, customer driven, are pivot experts, are willing to lose it all, and see things from a futuristic and often 30,000-foot level.

Non-entrepreneurial CEO’s are great at running existing businesses. They parachute in and manage and grow the here and now. They are risk adverse and paid to evaluate and manage their enterprises by the business model. Focus, continuity and execution to plan are the mantra.

Some entrepreneurs such as Steven Jobs, Jeff Bezos, Mark Zuckerberg, Elon Mush, and Bill Gates have started and continued on to successfully lead and manage their corporations. However, these are examples of the few exceptions.

In the current climate where the world and business environments are driven by so much uncertainty, established companies not only need to execute, but must also innovate and pivot. Executive teams at larger more established companies can consider injecting an entrepreneurial element to their discipline and execution by introducing the Entrepreneurial C-Suite.

This can be done effectively by considering the following:

· Seek outside experts or coaches

· Develop a structure or place for innovation and entrepreneurship

· Seek specific entrepreneurial talent to fill those roles; Build an entrepreneurial team

· Implement an environment of creative problem solving

Many of my accomplishments have been win or lose situations. For me, second place was not an option. My key to success was to assemble a diverse team of specialized individuals who were experts in their fields. Together, we were able to develop strategies that helped me to identity, address and eliminate my “blind spots”. Executives may want to approach their blind spots similarly. When winning or losing are the only two choices, choose to win.