It is a mistake to think that post-crisis, everything will be the way it was before. This can be a hard fact to grasp, and companies have been suffering because of this panic and fear driving the population. Today, WTR welcomes Greg Shepard, serial entrepreneur, investor, Forbes author, and Ted X speaker. In this week’s episode, we discuss the steps that occur in the crisis journey, and how to get your business to return to deliberate operations.
Ingenious tactics to accumulate wealth, for people who see things differently.
[00:56] Kevin: Today, we’re joined by guest Greg Shepard. Today we’re going to talk about crisis management during the pandemic. Our guest is a serial entrepreneur, investor, Forbes author, and Ted X speaker
[01:28] He made it a mission for himself with his company BOSS (Business Operating Support System) and they are trying to help companies right now weather this storm of crisis
[01:45] Would you mind sharing with our WTR listeners about where you came from and what inspired you to do what you do today?
[01:55] Greg: When I was young I was pretty poor and we had next to nothing. When I started to build businesses I got to the other side of that and started to really want to give back
[05:05] BOSS has 5 major steps
[05:08] The north star: identifying where you want to go and what success looks like
[05:10] Strategy: the plan itself
[05:13] Execution: actually the process of executing the plan
[05:17] Standardization: puts in place processes and procedures and standards
[05:29] The continuous improvement loop
[05:32] When this crisis happened, we said we need to have a module that you could slide in to get your business from crisis back to business as usual and then move forward with BOSS again
[06:00] The crisis journey steps
[06:02] The call to action (the virus)
[06:07] Meeting your mentor (meeting somebody or something that’s going to help you through this process… seeking advice from somebody who’s already been there)
[07:02] Crossing the threshold (acting on the advice given by the mentor)
[07:07] The reward (where you emerge from the crisis as a better company back to normalization
[07:14] Back to ordinary business
[07:20] Crisis management phases
[07:25] Initial assessment and damage control (looking at the immediate and potential long-impacts on this crisis to your business and to the market in general)
[07:40] Do what you can to limit the damage to you
[07:50] What do you need on your team and what do you have available on your team that you can use to help you get that information?
[08:07] Stabilization and a crisis pivot (where you’re trying to get more stable and get to a point where you can pivot)
[09:14] How can you use existing assets and talents differently to generate revenue or enter new markets?
[09:52] How can you adapt to that decision that I just went through?
[09:58] Seizing an opportunity (what aspect of your business sector is likely to see permanent change?)
[10:30] Returned deliberate operations (what conditions must be met in order for you to exit the crisis and go back to deliberate operations?)
[11:09] Circles of concern
[11:16] Circle of concern (factors you have no control over)
[11:26] Circle of influence (factors you can control)
[14:00] You act on the things you can control
[15:00] Initiative Development Process – BOSS
Isolate the initiative
Complete SWOT analysis (strengths, weaknesses, opportunities, threats)
Determine missions and objectives
Prioritize using urgent vs important, impact vs effort
[25:10] Kevin: Before we end for today, I’m going to ask you for our WTR value bomb, which is what in your experience is something our listeners can look to avoid doing and then something they can do about that?
[25:24] Greg: I think the two driving motivators right now are panic and fear and each one drives the other one (fear of loss and fear of losing out on an opportunity)
[25:53] Panic is usually caused because you don’t know what to do. The unknowns cause you anxiety