The Most Important Lesson: Live Another Day
Over the past several months I’ve worked with several CEOs who are coping with situations that have landed their businesses in bad shape. Poor legal planning, a lack of financial control, the failure to adequately incorporate contingency plans into long-range strategies – all these factors have made it hard for these CEOs to pull themselves out of their operations long enough to look at things objectively. They’ve lost spirit and become disheartened.
Fortunately, these individuals enjoy the advantage of membership in Catapult Groups. They benefit from the accumulated wisdom and experience offered by fellow CEOs and business owners, as well as their Catapult Group Leaders. Unlike other CEO peer advisory organizations, our Group Leaders are former CEOs and business owners themselves; they know first-hand what it’s like to walk in the “I have to make payroll” shoes. So when they say, We understand what you’re going through, our members know it’s true.
The guiding principle that members and Group Leaders offer to men and women going through tough times can be summed up in one sentence: “We have to live another day for things to get better.”
A simple principle, but one that often gets overlooked. When problems seem overwhelming, a CEO or business leader (like anyone else) can become paralyzed. They stop doing the things that bring them joy and meaning, and get stuck in unproductive, downward spirals.
But when you make the conscious decision to “live another day,” you find the strength to put together a “go forward” plan. You come up with ways to manage cash and meet payroll. You do what has to be done to generate a more predictable (and reliable) revenue stream. You build a vision of the future that works.
I’m pleased to report that the CEOs mentioned above have successfully navigated their way out of tough situations. They’ve come away having learned powerful lessons:
- Don’t throw in the towel or the results are certain.
- Make contingency plans for adverse business events. It’s much better to spend a couple of thousand dollars with an attorney in advance than to spend countless dollars trying to fix a bad situation after the fact.
- When problems and issues arise, don’t isolate yourself. Call on the resources of a peer advisory group.
Members of Catapult Groups regularly address challenging situations, as well as exciting opportunities for growth. Learn more about how Catapult Groups can help you grow your business.