September 2008
Monthly Archive
Economic Turbulence Requires Leaders to Communicate
Suzanne Bates 26 Sep 2008 | : Communication, Leadership, Politics, economic bailout, economy, executive, government
With all the turmoil in the markets this last week we started talking with some of our clients about how it’s affecting their businesses. Stocks continued to decline today on news of the clash in Washington between the Bush administration, Republican John McCain and Democrat Baraq Obama. http://www.boston.com/business/markets/articles/2008/09/26/wall_street_points_lower_after_gdp_revision/Our
Our firm got together yesterday afternoon to discuss what our role should be– in helping clients who are handling difficult communications with their employees, customers, analysts and the media.
One of our clients told us yesterday that she has prepared the talking points– but isn’t at all confident her leadership can deliver the messages effectively. Another said they have been inundated by calls and emails from concerned employees. They are naturally anxious about the impact of the market swings and government bail-out talks; they know it may hit home in their 401 K plans, their jobs, and even the future of the company.
With that in mind, I thought just to check in with any of you reading the blog and say if we can be helpful, let us know. It can be pretty lonely to be a leader during times like these, and many leaders are feeling vulnerable themselves; you are not alone as you deal with the pressures of communicating in tough times with employees, customers, vendors, analysts and media outlets.
What you are dealing with is people’s feelings of vulnerability; you need to communicate very effectively to get people focused, motivated and energized, so they keep their companies moving forward.
By the way there is a school of thought that volatility is a good thing for “value creation.” If you want to look at the bright side, check out the article in Fast Company: http://www.fastcompany.com/magazine/36/ideazone.html
However, while we wait to see how this all shakes out, we have to keep our companies in the black and moving forward. One of the most important things leaders can do in these times is to remind people what their real purpose is, why it matters, and what they can do to keep the company on solid financial footing. Leaders who are highly motivated by purpose themselves create positive momentum by attracting others who want to work with purpose and contribute to the solution. When you have people working “on purpose” you don’t have to work so hard to manage them. They are far less distracted by little bumps; when faced with bigger bumps they meet them head-on, knowing how important their work is to the enterprise.
Right now, I’m putting together an advance excerpt of the 8 principles of motivating people with communication, from my upcoming book, Motivate Like a CEO, Communicate Your Strategic Vision and Inspire People to Act! (McGraw Hill 2009). I feel these ideas are important to share right now as companies are being buffeted by bad news.
If you would like a PDF copy of this article please email Meredith O’Connor, our Marketing and Communications Director, moconnor@bates-communications.com and we’ll forward it immediately.
Communicating Bad News: It’s about Trust
Suzanne Bates 18 Sep 2008 | : Uncategorized
The other day at 5:00, right after the Dow had plummeted 400 plus points, my investment advisor called me. “Just wanted to check in and let you know that it’s been a rough day but I don’t want you to worry, because our firm is here to stay, we are on solid financial footing, and we will weather this market together.”
Those might sound like empty words, and coming from a different person they might be. Of course, there are no guarantees. But I believed him. So I want to talk about why some people can communicate bad news so effectively. It’s the reason I love and appreciate this guy and have faith when he calls with bad news.
It’s okay, because I trust him.
I mean I REALLY trust him. He has earned my trust over many years as a friend and advisor. He always does the right thing. He tells me what he is doing. He doesn’t dumb down the message but he does explain it in plain English. He’s enthusiastic without glossing over challenges or issues. He makes me believe that I will someday be able to retire and that he really, really cares about what kind of retirement I will have. His voice and tone are reassuring in tough times. And he always sounds like he’s been waiting all day to talk to me when we get on the phone. He doesn’t email incessantly - only when there is news. And he looks for ways to lift me up when I’m feeling down.
Here’s what he wrote me today:
“Finally, some good news!!!
“The Market is reacting positively on the news that the Treasury will consider forming a Resolution Trust Fund , similar to what was formed during the failed bank situation in 1989. It would take the bad assets off bank’s book, free up capital, and resell the bad assets in an orderly fashion.”
Fran
If he didn’t behave this way, I wouldn’t take to hear what they say in their company tag line:
“At Janney, we build enduring client relationships based upon integrity, experience and trust by providing objective advice and superior service that lead our clients to the achievement of their financial goals.”
But I believe it — because Fran lives it.
Back to advice on communicating bad news.
You can’t manufacture trust. When you have bad news to deliver, the trust has to be there. Trust is the foundation of good business. If you do right by people, communicate in good times and bad, tell them the truth, and let them know you really care about them, then they will accept bad news for what it is, and your relationship will remain intact. It will even grow stronger.
If every CEO, senior executive, business owner or manager who has to deliver bad news could understand that trust is the foundation of good business, delivering bad news would not be that hard. Build the relationship with trust, and you will be able to lean on it.
By the way, I have no financial interest in recommending him, so if you are interested in working with a fabulous investment manager, email Fran Donlan
at Janney Montgomery Scott. http://www.jmsonline.com/jms/ He’s not the only great investment advisor I know, and I don’t want to make any of my other friends mad, but today is his 15 minutes of fame in thepowerspeakerblog. He’s fantastic.
Sarah Palin - A Star is Born
Suzanne Bates 04 Sep 2008 | : Uncategorized
What can a single speech do for your career? A week ago, no one had ever heard of Sarah Palin. Today she’s an international sensation. A star is born.
Nielsen Co. reported that an estimated 37 million people watched Alaska Governor Sarah Palin’s speech last night on the three broadcast networks. It was the most anticipated speech of the decade. Pundits warned she had to hit it out of the park. The Democrats should be shaking in their boots. Sarah sent that ball sailing into the stratosphere.
One of my favorite articles today was posted in a UK publication, The Sun: http://www.thesun.co.uk/sol/homepage/news/columnists/fergus_shanahan/article1647092.ece
Reporter Fergus Shanahan said, “Sarah Palin’s sensational performance at the Republican Party Convention may turn out to be the tipping point of this rollercoaster American election.
“Obama fans hoping she would fluff her big night were in for a nasty shock.
“This speech has turned the election upside down. It was simply stunning.”
I usually avoid comment on politics in public but there are lessons for business leaders here that simply cannot go unsaid.
Palin went from a no-name underestimated by the Washington establishment to a sensation by turning in an electrifying performance and being utterly unafraid to be exactly who she is- a small town hockey-mom, cracking witty jokes, playing with the audience, refusing to apologize for her family, and touting her record on reforming government that wastes. It was pretty obvious she could go toe to toe with a hocky referee or an errant world leader. She didn’t just deliver the lines - she oozed them. She created an instant, heady emotional connection with her mix of intelligence, passion, energy, optimism and plain speaking.
A lot of people have said you’re born with it - and it would be hard to argue that –Sarah’s personality, sensibility, and telegenic presence can’t be contained. But let’s get real - she may be an “overnight” sensation –and she may not have had practice standing on a mega stage. But she has come by it through years of campaigning and speechifying.
One of my business friends who used to be a lieutenant governor says every business person should have to run for office. It teaches you a lot about how to communicate with other people.
So again, the lesson. You don’t have to hunt moose, be a card carrying union member or a lipstick-wearing hockey mom with a beautiful special needs baby in your arms - you just have get energized, go out there and be totally unafraid to BE YOURSELF - the best you can be. Sarah’s running for Vice President, and someday, if McCain wins, they’ll look back on this speech as the night he won the election. But take what you saw - a woman who was real, authentic, and completely devoted to her family, her party and her country, and run with that lesson. Go out there on that platform and give it everything you’ve got. People LOVE you for that.