1. Leading In Crisis with Natalie Born
We are starting a series over the next 8 weeks called “Leading in Crisis”. In this first episode, we will talk about how to navigate this season. Our world has never seen a crisis with this many moving parts. Schools are closed, economies are diving, and if that is not bad enough there is a virus that is threatening our way of life and killing hundreds of thousands around the world. How do we navigate this season?
[00:01 - 02:22] Opening Segment
- The facts about how COVID-19 and the Financial Crisis impact us
[02:23 - 12:27] 5 Principles When Leading in a Crisis
- Assess the Situation
- Understand what is happening and the impact to the business
- COVID-19 will create new and different economies
- There is an opportunity to transform your business, close gaps in your product, and change bad processes
- Set a Vision
- Long term changes will have to take place as a result of COVID-19 in many businesses
- Crisis brings clarity. It orders our priorities quickly
- You will change things due to pain that you would never have changed in good times
- Create a Clear Strategy
- If you haven't changed your business model you are either highly efficient or out of touch
- Create a clear strategy that explains how you are going to get there
- Another way to think about strategy is the what, the who, the how, and the why
- Understand the Financials
- Understanding your incoming and outgoing funds is critical
- Model out 3 scenarios with triggers: One short term, one medium-term and one long term plan. Understand what it will take to execute on all of them
- Act and Execute
- Strategy without execution is dead upon arrival
- In project management, you have the triple constraint: Time, Scope and Cost
- A leader must master both strategy and execution
[12:28 - 15:08] Closing Segment
Action Steps:
- Look to your CFO because they understand the capital structure of your company
- Look to your Sales, Product and Tech organizations to tell you what to create
- Get in front of the customer quickly to see if its urgent enough for them to buy
- In crisis, customers are only buying what they cannot live without and what adds value
Tweetable Quotes:
- “Pain is a better change agent then knowledge” – Natalie Born
- “Some wait to be disrupted instead of being the disrupter.” – Natalie Born
- “Don’t just get out of the box. Break the box and set it on fire. Let’s go transform something.” – Natalie Born
Resources mentioned in the episode:
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Let’s go transform something!
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