Tim Elmore of Growing Leaders: Five Things You Need To Be A Highly Effective Leader During Turbulent Times

An Interview With Fotis Georgiadis

Have a positive mindset. Depression, hopelessness, and fear won’t solve your problem. Know that you have a plan, the skill set, and the fortitude to come through this.

As part of our series about the “Five Things You Need To Be A Highly Effective Leader During Turbulent Times”, we had the pleasure of interviewing Royce King.

One of the essential ingredients to small business and startup success is experience. Over the past 20 years, Royce Gomez has founded over 12 startups and experienced the highs and lows of becoming an entrepreneur. Her knowledge and love for the startup world have made Royce a go-to business coach for founders looking to accelerate their success. She has worked with the SBDC, Founder Institute, and other organizations to deliver workshops that help businesses grow. In addition, she has published several books and is a Direct Certified Copywriter and Story Brand Guide.

Thank you so much for your time! I know that you are a very busy person. Our readers would love to “get to know you” a bit better. Can you tell us a bit about your ‘backstory’ and how you got started?

As a lifelong entrepreneur, I began volunteering with MBA students, Startup Weekends, and business plan competitions. It excited me to be around this creative energy and encourage other entrepreneurial-minded people.

I found my passion in 2012 when I began developing marketing strategies and writing content for friends as a hobby. By 2014, I made it my full-time business, and by 2016 it went global. While it’s taken some iterations and evolved as I’ve defined more about what I enjoy doing and who I enjoy serving, the foundation has been the same.

Can you share a story about the funniest mistake you made when you were first starting? Can you tell us what lessons or ‘take aways’ you learned from that?

There are always mistakes when starting out. If you find humor in them, you won’t internalize them and lose hope. Laugh and move on. Some common mistakes I’ve seen and also made are: 1. Being afraid to narrow your offerings. This usually comes from a scarcity mentality. 2. Not tracking your activity and results. You can fill your calendar with things that don’t provide a return on your investment of time.

None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story?

There are many people I could thank here. It seems that I’ve always had a friend speak words of encouragement or provide an introduction at just the right time. Share your vision with people. It inspires them and they’ll support you — -at least the right ones will.

Extensive research suggests that “purpose driven businesses” are more successful in many areas. When your company started, what was its vision, what was its purpose?

I’ve always had a heart for purpose-driven business models. I even started a nonprofit to give back. When my company started, I wanted to see the little guy succeed. However, I’ve found that sometimes the little guy doesn’t have money to pay you for your services and the mindset to find solutions. You have to work with people who have a growth mindset and a budget. This doesn’t mean you can’t serve; but, you have to stay in business to do good in the world.

Thank you for all that. Let’s now turn to the main focus of our discussion. Can you share with our readers a story from your own experience about how you lead your team during uncertain or difficult times?

My team is all virtual — not because of Covid, but because of my business model. I’ve done three things that have made a profound difference. First, I’ve shared the vision. Second, I’ve shown appreciation and assured them that we will get through this. Third, I share how I’m investing in my company so that they know I’m committed.

Did you ever consider giving up? Where did you get the motivation to continue through your challenges? What sustains your drive?

I’ve had moments or maybe an entire day when I’ve felt like giving up. I’d be lying if I didn’t admit that; every entrepreneur struggles with moments of wondering if it will work. My motivation comes from my faith, self-confidence, and sheer determination.

What would you say is the most critical role of a leader during challenging times?

To cast the vision. To yourself and your team. Without a vision, the people perish.

When the future seems so uncertain, what is the best way to boost morale? What can a leader do to inspire, motivate and engage their team?

If we’re honest, almost everything in life is uncertain and out of our control. Understand what you can control and create a strategy to achieve the goal. Let go of what you can’t control. And, finally, be flexible enough to pivot.

What is the best way to communicate difficult news to one’s team and customers?

During times when I’ve had to share difficult news, I’ve delivered it with sincerity and forthrightness. To me, there is no other way. I also share it early on even if I don’t know the end result; this allows them not to be blindsided.

How can a leader make plans when the future is so unpredictable?

A pilot has a flight pattern, yet he doesn’t know what will happen in the air. We must have our strategy even though we don’t know what will happen between here and there. And, leaders must always be looking forward so that they can iterate if necessary.

Is there a “number one principle” that can help guide a company through the ups and downs of turbulent times?

Show transparency to your team. Listen to everyone; sometimes a non-executive team member has the best solution.

Can you share 3 or 4 of the most common mistakes you have seen other businesses make during difficult times? What should one keep in mind to avoid that?

Turbulent times can frighten a business owner. Sometimes they’ll get paralyzed or stagnant; instead, they should be looking at industry trends and iterating ahead of the curve. Another common mistake is not understanding how to manage their money. First, it’s important to have six month’s cash in reserves in case your industry is hit hard. Second, knowing how to manage expenses and cash flow is vital. Where can you cut the fat?

Generating new business, increasing your profits, or at least maintaining your financial stability can be challenging during good times, even more so during turbulent times. Can you share some of the strategies you use to keep forging ahead and not lose growth traction during a difficult economy?

I’ve always believed in visiting my strategic plan at least quarterly to ensure I’m on track and making adjustments if necessary. Having a separate bank account to keep reserves, payroll, and expenses in can also help you see which “buckets” are in trouble and may need attention. Finally, reading your cash flow statement and not depending solely on your accountant can help you adjust before a crisis.

Here is the primary question of our discussion. Based on your experience and success, what are the five most important things a business leader should do to lead effectively during uncertain and turbulent times? Please share a story or an example for each.

  1. Stay calm. No one wins if you panic.
  2. Get coaching. Having someone see your business from an outside perspective can provide solutions you would never see.
  3. Spend time researching and planning. Oftentimes a disruption in the industry — or global uncertainty — can supply a new opportunity.
  4. Cut the fat. Waiting until there are no reserves puts the entire company at stake. Trim where you can trim and explore guerilla marketing techniques, creative pay plans, and other alternatives.
  5. Have a positive mindset. Depression, hopelessness, and fear won’t solve your problem. Know that you have a plan, the skill set, and the fortitude to come through this.

Can you please give us your favorite “Life Lesson Quote”? Can you share how that was relevant to you in your life?

‘My mission in life is not merely to survive, but to thrive; and to do so with some passion, some compassion, some humor, and some style’ — Maya Angelou

I believe life is too short not to enjoy it. Whatever you do, have passion and fun doing it. Treat people with compassion. And have style in the way you treat others.

How can our readers further follow your work?

https://yourstartup.coach/

Thank you so much for sharing these important insights. We wish you continued success and good health!


Tim Elmore of Growing Leaders: Five Things You Need To Be A Highly Effective Leader During… was originally published in Authority Magazine on Medium, where people are continuing the conversation by highlighting and responding to this story.

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