For those of you who are CEOs or owners of your companies, let me ask one question: Are you the smartest person in your company? Some of you probably are and that's how you got to be CEO, but for those who answer that question with a “no”, I think you're on the right track. As one rental company owner once said to me, “I sure as hell hope I'm not the smartest one here, because then we'd be in a world of trouble.”
If you are the smartest, unless you're doing extremely well, I'd start looking for people smarter than you to bounce ideas off of, and even better, to solicit new ideas. If you know you aren't, then why aren't you getting ideas from others? If it's because you're too insecure, then your problems might be bigger than you know.
What I am suggesting is that unless you have a clear road map to guide you out of this recession, you'd better get those people in your organization who have ideas and visions and aren't afraid to think outside the box together around a table somewhere exchanging ideas. Some of you may nod and think that's a great idea, but you won't do it and may regret it six months from now.
You also have to ask yourself – and you should be able to answer it honestly – how comfortable do others around you feel about saying what's on their minds? Do they just parrot back what you want to hear or are they willing to tell the truth as they see it? If you aren't sure the answer to that, better communication needs to begin and fast.
And while caution is necessary, bold actions might be the order of the day. It's during recessions, typically, that companies tend to gain or lose market share. Consider an acquisition, a move into a different territory, improving service by doing something that others don't do.
There was a company in the Midwest a few years back that, during cold months, sent a service guy out to job sites to start machines and check them out and get them warmed up before the workers got started. They started the practice during some difficult times when they felt the need to do something beyond what their competition did.
I remember asking the service manager why they did that. “I never heard of anyone doing that,” I said.
“Exactly,” he answered.
