How would you like to be running a high-end wine production and distribution company about now? Think about it for a minute – there’s bad news and there’s good news. The bad news is that sales at all your “on-site” customers – wineries and restaurants – have plummeted. The good news is that retail wine sales have risen. The challenge, as in every business right now, is how to make the most of an extraordinary situation.
I recently listened to Bill Terlato, the CEO of Terlato Wine Group, talk about the choices he and his leadership team made over the recent months to keep their company healthy. Although his advice was based on his industry, most of it was relevant for leaders across the board. So here’s my summary of Bill’s top ten pearls:
Prior to 1990, when scientists wanted to directly observe how the brain works, they had to open up people’s skulls and attach electrodes to their brains. Guess what – it was really hard to find people to sign up for that kind of experimentation. So a lot of what we “knew” about how the brain functioned was guesswork. Then in 1990, the invention of Functional Magnetic Resonance Imaging (fMRI) made it possible for scientists to study how the brain works while leaving people’s skulls intact. The field of neuropsychology exploded and has become one of the most exciting, fast-paced areas of science.
For the third time in a row, Bill used up most of his time in our coaching session to talk about how anxious and overwhelmed he was feeling. A senior executive in a large transportation company, Bill normally had a very calm demeanor, to the extent that others sometimes perceived him as remote or disengaged. But now, week after week, he was finding himself reactive and overwrought.
My first thought was, “Well, of course!” Almost everyone I’m talking to these days, both personally and professionally, is reactive and overwrought. By now we’re all exhausted from the uncertainty, sadness, fear, and relentless accommodations we are making as we try to navigate through the crisis. It seems endless. This is the world we’re living in.
Twice in my career, I’ve had to answer the question of what to do when you get laid off.
In 1980, the psychiatric hospital where I worked half-time eliminated all the part-time jobs. I was laid off. I had just had my first child and we had just bought our first house. It was awful.
In 2009, when the economy was tanking, the consulting firm where I was working laid off one-third of its consultants in one day. It took me one week to realize that there were no jobs for someone in my field — no one was hiring. It was awful.
But in both cases, it didn’t stay awful.
I like writing about Wendy Rhoades, the high-flying performance coach on the Showtime show Billions. Having said that, I want to make two things clear. First, Wendy Rhoades is a fictional character. She is not real. This is important in a world where fact and fiction are often very muddled. Second, Wendy is not a moral exemplar. She lives and works in a world whose moral code is highly problematic. She has already gotten in trouble for a lapse in her professional ethics, and my guess is that she’ll continue to make some very shady choices.
So why do I keep writing about her? She is an intriguing character, she’s a powerful female figure, and she demonstrates some of the tactics of successful performance coaching. It’s the last point that keeps me watching the show and writing about what I see.
I love it when I discover a great new word — a word I’ve never heard before that describes something in a useful and specific way. A few years ago my treasured new word was “sprezzatura,” an Italian word that means “the art of making things look easy.” What a great word — and what a great description of how to carry yourself in many difficult situations.
My newest word is “bricolage.” I came across it recently in an article about innovation. It’s a French word that means “the construction or creation of a work from a diverse range of things that happen to be available.”
We’ve been talking about a VUCA world for a long time. VUCA stands for volatile, uncertain, complex, and ambiguous. Ha! We didn’t have a clue what VUCA looks like. The business environment we’re in right now – this is VUCA, this is the real thing.
What are the qualities that will enable a business to survive and thrive in this VUCA world? A recent article in Consulting Psychology Journal provided a very interesting framework to answer this question.
How is work going to change in the new decade? As new
technologies keep flooding into our work environment, how must leaders and the
people they lead modify they way we work? Sometimes it’s hard to imagine what
the work world of 2030 will look like.
Move over FOMO, it’s a new age of JOMO.
A panel of economists recently presented their predictions for 2020 at The Executives’ Club of Chicago. This annual event is always thought-provoking, controversial, and occasionally funny. This year the major theme was the unusual level of economic uncertainty. Between the upcoming US presidential election, Brexit, the fraught US-China trade relationship, and on-going concerns about climate change, the experts were decidedly uneasy.
But the chief take-away for me was not some great tip about where to invest my fortune, such as it is. It was a toss-off comment by “Dr. Bob” Froehlich. In his usual witty manner, Dr. Bob proposed four important trends that would, in his opinion, affect the economy this year. One of them was “JOMO.”
If you want a sense of how fraught leaving the family
business can be, look no further than Harry and Meghan. In consulting with family
businesses, I can tell you that when a member decides to step out, it’s often a
challenge far beyond losing an employee.
I worked hard over the holidays and was pleased with what I
accomplished. What was the key to my productivity? Almost no meetings.
Now it’s January, and my schedule is full of meetings once
again. Don’t get me wrong – many of the meetings I attend are very valuable. But
like everyone else, all too often I find myself trapped in a meeting that’s a
waste of my time.
I know, I know – New Year’s resolutions are supposedly a
waste of time. Each year we start out with great intentions, but by February
they’re usually forgotten. And yet, each year I think about the changes I would
like to make in my life and I start again on my self-improvement journey.
Of course, this new year is especially momentous because it is also a start of a new decade. (Once again, I know – the new decade doesn’t technically start until January 2021. But I don’t care – it feels new when that third digit flips over.) A friend recently sent me a post from Steve McClatchy’s email campaign about making new decade resolutions.
It’s true – great minds think alike! As many of you know, I’ve been working on the concept of “curating your life,” the idea that instead of thinking about balance as if we’re circus acrobats, we need to think about our lives as if we’re museum curators. What’s my exhibit about? What goes in and what gets excluded? Is it time to update my exhibit? My book on this topic, cleverly titled Curating Your Life, will be coming out in April 2020.
So I was fascinated to read a recent post by James Clear, “The Four Burners Theory: The Downside of Work-Life Balance.” His theory proposes that your life is a stove with four burners: family, friends, health, and work. So far so good – most of us would agree with that. But here’s the kicker – the theory also says that to be outstanding you have to turn off one burner, and to become really great you have to turn off two.