How can you be certain?
By Luma Wealth on June 9, 2020
Lead with Conviction
Although nothing in life is ever guaranteed, our brains crave certainty. And, if you’re a business owner listening to constant news reports about these uncertain times, the stress can be immobilizing. How can you make decisions or lead effectively when you’re feeling so unsure?
Foster an environment of confidence
According to Jill Young, a certified Entrepreneurial Operating System (EOS®) professional upon whom Luma Wealth’s leadership relies on for guidance, there are three things entrepreneurs can do to move forward with confidence when the future seems so unpredictable.
1. Increase the signals and decrease the noise
Be selective about the information you receive. Rely on high-quality peer groups for advice and avoid those who are negative or gossip. Get your news from a reliable source and tune out the noise. Instead, focus on the facts. Then, schedule time to think, allowing yourself time to make decisions when your thoughts are clear.
2. Be decisive and plan
Courageously tackle the issues you can control, one by one, using data to inform your decisions. Your team relies on you for guidance, so it’s up to you to deliver a plan. Consider potential scenarios in advance, so you’re ready to react with confidence when situations change. And remember that a bad decision is better than no decision at all. You can always make an adjustment, and you will benefit from additional data.
3. Address your team’s hierarchy of needs
In his 1943 paper entitled, A Theory of Human Motivation, psychologist Abraham Maslow described a five-stage hierarchy of human needs.
Although you and your team members may have been operating at the top of the pyramid pre-pandemic, the health crisis has dragged us all down to the bottom of the hierarchy. Many are now worried primarily about their physical health and safety (and finding masks, disinfectant and toilet paper). Before you can direct your employees toward achievement and opportunities, you need to help them feel stable. For example, let them know what you’re doing to protect the firm and inspire a sense of belonging through regular teleconference calls and remote get-togethers. You also need to ensure your firm is resilient. Renew your vision and set clear priorities. Assign the right people to the right roles with simple processes to follow.
Our goal is to help business owners thrive. If you’re facing uncertainty and stress, please reach out to Luma Wealth’s Andrew R. Connors, CFP®, CEPA, to request ‘Set for Life,’ a proven process to help make sure your family, business and wealth goals are aligned. He can be reached, toll free, at 866-995-6808 or via email.
