murder board

The Murder Board: Getting Comfortable With Discomfort

/0 Comments/in /by

In the ever-evolving landscape of business, ideas are the lifeblood of innovation. If you have a brilliant idea, that’s great. Good ideas need support and nurturing, but it’s only the beginning: real sustainable access requires facing discomfort head-on. You need to be able to accept feedback, know your competition, and subject your ideas to scrutiny. 

Getting comfortable with discomfort is the key to success, and it’s not only crucial for leadership but also for everyone in your organization who works with ideas, products, and people. The Murder Board is a structured approach to criticizing ideas and products that can ensure that everyone is well-prepared. In this blog, we’ll dive into the Murder Board method, talk about getting comfortable with being uncomfortable, and explain how Murder Boards can empower you and your team to accept the feedback you need to grow your business.

Who Uses Murder Boards

Origins and Adaptations

The term murder board originated in the U.S. military, specifically from the Pentagon, but is also used in academic, journalistic, government appointment, and business contexts. The Murder Board serves a crucial role in identifying vulnerabilities, weaknesses, and other issues that internal stakeholders might overlook. If you’ve ever spent hours on a piece of writing or an email only to notice a typo as soon as you’ve sent it (who hasn’t?), you have an idea of what inattentional blindness can do. When all of our energy is focused in one direction, we might miss the small details that can become huge roadblocks. 

The method is used in business—one of the most well-known examples of a Murder Board is the kind of questioning used on Shark Tank. But it’s also used by politicians to prepare for high-stakes political hearings, like those involving Secretary of Veterans Affairs nominee Ronny Jackson. They’re also used to prepare for PR crises, like when Mark Zuckerberg gave his congressional testimony.

By terminating (e.g., murdering) the weakest points, a series of tough questions, discussions, and decisions can help make the idea as strong as possible. By uncovering problems, risks, and overlooked aspects, a Murder Board can save organizations from making catastrophic errors. It’s not about making the person presenting feel bad—it’s about making sure the strongest possible version of an idea is the one that gets sent to the battlefield, to the world stage, or to the market.

Why Discomfort Will Grow Your Business

At Audacia, we believe in the value of getting comfortable with discomfort. Whether you’re realizing that you need to revise your value proposition, reevaluate your strategy in the face of uncertainty, or prepare for an Investor Day, the things that will grow your business will almost inevitably feel uncomfortable at one point or another.

A Murder Board is one of the most potent medicines for getting comfortable with discomfort. It’s about willingly subjecting ideas and strategies to criticism and critique. By doing it in a way that supports and encourages your employees, you can not only grow your business but also help your employees give (and receive) better feedback.

When you can look reality in the eye and take the first uncomfortable step towards improving, you’re on your way to being able to see the challenges that must be addressed long before your competitors.

When to Use a Murder Board: Enhancing Preparedness for Critical Scenarios in Business

In the world of corporate strategy, the Murder Board can be applied to various forms of written and oral communications. Here, we explore three prominent scenarios where the Murder Board can ensure that your team is poised for success.

1. Preparing for Uncertainty or Crisis: A Proactive Approach to Risk Management

The business landscape is fraught with uncertainty, and unexpected crises can emerge at any moment: climate change, PR scandals, global crises, and more. For those fortunate enough not to have encountered a full-blown crisis, market fluctuations or preparing for an M&A deal are also good reasons to remain vigilant. The Murder Board is not only for huge events, though it’s great for those. At its core, it’s a risk management tool.

The initial step in preparing for a crisis is assembling a dedicated “damage control” Murder Board. This team should ideally comprise individuals with a deep understanding of both media dynamics and the specific vulnerabilities within your organization. Their role is twofold: to identify potential issues and vulnerabilities, and to formulate the toughest questions imaginable along with the best possible answers grounded in facts. Once these initial assessments are complete, the focus shifts to refining these answers and preparing your spokespeople for high-pressure scenarios.

2. Scrutiny from Investors: Elevating Your Game for Analyst Meetings

For companies engaging with investors, especially in one-on-one meetings with executives, being at the top of your game is non-negotiable. In these instances, the Murder Board is instrumental in ensuring your team is well-prepared in terms of executive presence, messaging, and a comprehensive grasp of key company metrics.

This is the time to call upon your most astute internal financial analysts. Encourage them to channel their inner “Shark Tank” persona. This specialized team, your investor relations Murder Board, should focus on formulating intricate and challenging questions that explore various angles on the company’s financial performance.

Bring in hypothetical situations where competitors are poised to outperform you, where investors—on paper—have every reason to choose to invest in them over you. How do you answer the tough questions that emerge? The Murder Board will ensure you’re more than able to highlight key competitive differentiators.

3. Scrutiny from Customers: Empowering Your Sales Team

Customers can be among the most discerning and demanding audiences. You know how it looks when an airline or company has comments flooded with angry customers because of poor performance or a PR scandal—it’s every Chief of Comms’ worst nightmare. Beyond the major faux pas, there are many other ways customers can be critical.

By preparing your sales team with a “customer relations” Murder Board, they can role-play within a context where they’re encouraged to get curious about how they act under pressure. Practicing before it happens with actual upset customers can make it all the more manageable in the long run. Especially when newer team members take on the role of the customer, your team can develop a deeper understanding of client needs.

Maximizing Preparedness and Growing Capacity for Discomfort

We understand that the concept of murder board sessions may, at first glance, appear excessive or even cruel. However, it’s vital, particularly for less seasoned leaders, to acknowledge that genuine readiness for critical situations and Q&A sessions necessitates more than surface-level preparations. Here’s how you can practice the Murder Board today.

Challenge Company Beliefs

We have seen again and again how individuals and teams fail to maintain objectivity when pitching ideas or experimenting with new messaging. To break free from the confines of the organizational echo chamber, engaging a murder board with external perspectives proves invaluable.

These sessions facilitate a rigorous examination of beliefs concerning various aspects of your business, and might include questions like this:

  • What major issues or challenges are we overlooking?
  • What’s our message, in its simplest form? What audiences will resonate with this, and what audiences won’t resonate with it? If they won’t, why?
  • What do we know about our customers? What don’t we know? If we gained more information about x, y, or z, how drastically would we have to change our strategy?
  • Is our communication and messaging consistent? Do we contradict ourselves? What are the chances that we can’t follow through on the promises we made?

Escape Groupthink

A fundamental aspect of the Murder Board is to introduce fresh perspectives, often originating from the standpoint of the client or stakeholder. Compelling your team to contemplate worst-case scenarios from the investor’s point of view stimulates critical thinking and fosters the development of robust defenses around economic issues. Additionally, encouraging your team to view situations from the client or stakeholders’ point of view can highlight a different set of deficiencies or unaddressed angles that require attention.

For this to work, it’s crucial to put yourself in a different perspective than you usually occupy. It can be a good idea to hire someone external to the organization to do this if you don’t have someone who is willing to put on their “Shark Tank” persona.

Supporting Employees Every Step of the Way

The Murder Board can be intense, and for good reason. If successful, your ideas and presentations will be air-tight and win over investors, customers, and business partners. However, ensuring that it truly helps your employees get comfortable with discomfort requires more. Being critical comes easy for some of us—but training our leaders and employees to be critical of each other’s ideas while supporting and being kind to each other is crucial. Otherwise, this process risks stoking anxiety and workplace tension.

Always keep in mind the values of a people-first workplace. Give adequate scaffolding before and after murder board sessions to support your employees, celebrate improving ideas as a collective win, and encourage each other—outside of the Murder Board—to be honest and kind about each other’s ideas (I promise it’s possible!).

The Murder Board is for Creation, Not Destruction

A Murder Board is a powerful tool to stress-test your company’s communication skills, enabling your team to thrive in high-pressure scenarios. The discomfort it introduces should not be seen as a hurdle but as a stepping stone to better understanding your messaging and connecting with key stakeholders. Ultimately, you’re eliminating weaknesses in order to create something even greater—the Murder Board destroys weak ideas for the sake of creating something better. 

To maintain an objective perspective, consider enlisting external experts, like Audacia Strategies, who have a proven track record in preparing teams for high-stakes meetings, investor relations, and transformative business endeavors. Embrace the Murder Board, and watch your business reach new heights through resilience, adaptability, and strategic refinement.

Photo credit: Image by yanalya on Freepik

short-term uncertainty

The Strategy and Mindset You Need for Short-Range Uncertainty

/0 Comments/in , /by

This is Part 2 of our two-part series about planning for uncertainty. In this blog article, I talk about short-term uncertainty. Check out the first part on long-range uncertainty here. 

This is the second part of our two-part series on strategizing for uncertainty. Last time, we covered long-range uncertainty. This time, we’re going to talk about how to act in the face of near-term uncertainty, and especially about the way that mindset can translate into strategic action. 

The truth is that most of the issues that we find with long-range uncertainty start out as near-term uncertainty, or worse, as near-term crises. The pandemic was a near-term uncertainty (remember those two weeks of lockdown?) that has irreversibly changed and shaped the world we live in today. Massive turnover starts with one person, and dipping sales can start with one PR scandal.

The good news is that the strongest and most sustainable businesses can handle near-term crises—even ones that they couldn’t have planned for. This is because they have the right mindset that translates to the right strategy and the right communication. Let’s break this down to help you weather the next near-term uncertainty that awaits you. 

Get Real About Your Goals

Let’s rewind to March 1, 2020, and pretend I asked you about your goals. Maybe you would have told me that you wanted to be the #1 car sales company, for example. You were planning on hitting record sales and expanding your personnel. To top it off, you had an unbelievable PR campaign planned. If you were on your strategy game, you would be able to tell me what your goals were and the steps that supported each of those goals. 

Fast forward to April 15, 2020. What are your goals now? Or in May? Or June? If your goals were the same as they were in March, you’d have your head buried in the sand. Right?

I make this point for two reasons. First, the most resilient companies revisit what they’re trying to accomplish in the face of major events. A car sales company that survived the pandemic might have revised its goals: I need to keep my car lines operating, keep my people employed, and keep my teams engaged. In other words, priorities had to shift in order to better serve the longer-term goal (e.g., survive the lockdown and work towards being #1 at some future point down the line). 

Some companies made this mindset shift faster and more effectively than others. Making this shift doesn’t mean your ultimate purpose changes, but it does mean that what it takes to achieve that purpose might need to be reassessed. 

From Mindset to Strategy

Mindset has become a bit of a buzzword these days, but for good reason. Sometimes mental blocks, that we don’t even realize we have, get in the way of establishing sound strategies that can withstand the rough-and-tumble of the economy and world today. I want to share a few of my favorite reminders for the mindset that translates into real action. 

Operating in the Gray

This is a mantra of one of my favorite CEOs. I love it because it is true and it works. 

Life is lived in the gray area. When we face a new quarter, a new team, or a new challenge, there are always unknowns. We don’t know how things will turn out, but we have past data, and we need to try something. We can take a small step and assess little by little. 

Here’s one way to put this into action: If you know it’s time to increase brand awareness, you might take a big bet for a short time. We call this a fail-fast mentality. 

Say you decide to invest 80% of your marketing budget into LinkedIn and see what happens. The trick is to make it time-bound (e.g., invest for 6 months) and be practical about what you can expect within that boundary (e.g., grow your followers by 500). The only way to move out of the gray and into technicolor is to try something and see what happens.

Set Up Choice Sets

Anyone who has ever known a toddler knows that it is a fundamental truth of human nature that we do better with choice sets rather than infinite choices. You can decide to grow 10%, increase profitability by 5%, increase your customer base, build your talent, or overhaul your brand, but you probably can’t do all of these. They might all go together, but you have to prioritize your investment priorities. 

Perhaps your company hasn’t been profitable and you need to be more profitable before making other investments. You might need to look at costs and pricing before deciding to bring in other customers, or else you’d be bringing them in at a lower profit. 

Look at your goals, assess them, and figure out how the pieces fit together (or hire a pro to help you get an objective look at what your most strategic moves are). Then figure out which choices to make now and which to save for later after a few more of the pieces have fallen into place. By the way, this advice works both when you’re in crisis and when it’s business-as-usual.

Just Do It 

This is true when it comes to long- and near-term uncertainty. Not knowing what the future holds can lead us into what is sometimes called analysis paralysis—wanting to maximize our actions can result in us not acting at all. Or, being perfectionists and wanting to keep our options open means that we end up doing nothing and closing off all of our options. Neither of these is ideal. 

At some point, you need to call in the support systems you need to act. As Bréne Brown says, we need to get vulnerable and learn to rise. The way we develop confidence is by actually doing things. Not through observing, studying, or reading another blog—we develop confidence just by doing it. And then we’ve done it, and we have the momentum to move on to the next order of business. We may not have done it the most perfect way, or the way we thought it would be done. And yet, it’s done—we can assess, gather data, and use the results to better inform our next move.

Communication

The importance of communication in a moment of crisis or uncertainty cannot be understated. Solid communication with stakeholders—employees, leaders, investors, customers, and partners—is key to finding the support you need to stay afloat. At worst, flubbing communication in a crisis can leave your customers feeling confused or even deceived. 

How can you make sure you have solid communication in a crisis?

  • Communication has legs: What you say can and will travel. A solid strategy or an external communications team can help you ensure that your communications reflect your purpose, your commitments, your priorities, and your plans. They can also help you ensure that you strike the right tone when discussing your knowns and your unknowns. 
  • Be aware of your stakeholders: Know who you’re talking to in each communication. The message you give to your stakeholders might confuse your team members. Likewise, you might communicate a different level of complexity in one forum rather than another. Be consistent while also knowing who you’re talking to. And of course, make sure everyone who needs to hear from you does—don’t forget about your business partners and community supporters.
  • Moving forward: Even amidst uncertainty or crisis, let your customers know what there is to look forward to. Know your goals for the near term while keeping your eye on the prize. Stay bold and steady in your long-term purpose. 

Concluding: Progress vs. Perfection

This last piece is something I work on daily. Dealing with near-term uncertainty is a game of tricking yourself (if you’re a perfectionist) into making progress. It’s always going to be imperfect, whether you’re dealing with a crisis or not. And sure, as leaders we want to make the best choices. We want data, but we live in a world where there is infinite data. 

Sometimes we get caught in a trap of thinking, “if I only had one more piece of information, I’d feel so much better.” There are diminishing returns, though. You get that 80% solution, but you want more. And chasing that last 20% can keep you from making the decisions that will help you come out on top once the near-term crisis is over. 

Ultimately, dealing with near-term uncertainty comes down to two pieces of advice: 

  • Strategize and plan ahead, as always and as much as you can. 
  • Get comfortable with being uncomfortable. 

Also, know your own blind spots—the mindset traps you fall into as a leader that keep you from making progress. Figure out the mantras, the advisors, and the reminders you need to help you move your team forward through any crisis, any uncertainty, or any gray area.

Are you still trying to figure out how to make sure you’re rock-solid when the next challenge comes? Our team of experts can help you make sure you have a strategy that works for the near term and the long term—don’t hesitate to reach out to us for a consult. 

Image by Freepik

long-term uncertainty

The Strategy and Mindset You Need for Long-Range Uncertainty

/0 Comments/in , /by

This is Part 1 of our two-part series about planning for uncertainty. In this blog article, I talk about long-term uncertainty. Stay tuned for the next installment of the series where I discuss planning for short-term uncertainty.

Uncertainty is a part of doing business. We simply don’t operate in a world of perfect information in economics, in business, or in life for that matter. Sometimes the unknowns are known unknowns (e.g., the price volatility of raw materials in a product), and sometimes the unknowns are true unknowns. The true unknowns are the big ones like climate, geopolitical circumstances, and health crises. Even having a C-Suite leader out sick for a week can throw a wrench into the best-laid plans. 

McKinsey has a framework for thinking about uncertainty, and here there are four different levels: (1) a predictable future, (2) alternate futures, (3) a range of futures, and (4) true ambiguity.

With our clients, we like to focus on two different kinds of uncertainty: long-term uncertainty and short-term uncertainty. The strategies we suggest account for what kind of uncertainty we face within this framework. Often, the first part of the work is getting leaders to make time to think about these issues at all. 

There are different reasons businesses and leaders often avoid thinking about uncertainty—it’s unpleasant, there are no easy answers, and it takes time away from the day-to-day aspects of doing business. Yet, building a bold and sustainable business means asking the hard questions and laying out the contingency plans you hope you never have to use. 

In this blog series, we’ll go over some of our top tips—for strategy and mindset—for approaching long-term and short-term uncertainty. 

Let’s start with long-term uncertainty: how should we think about uncertainty? And how should we plan for it? Here, we’ll walk through a few examples of long-term uncertainty to give you a map for the right kinds of questions to ask and the general mindset to have when approaching different kinds of long-range uncertainty.

First Principles 

When you’re asking difficult questions in your business, it can be helpful to ground into the things that you know and that you have control over. These are your first principles. The idea of first principles comes from ancient philosophy—what are the bedrock beliefs and ideas that we build everything else upon?

If you don’t have a value proposition, it’s an important part of long-term planning. What are you here to do? What are your goals and purposes in the business? Having a clear idea of who you are, what you stand for, and what your business does best can help you ground your future planning. Having this written into the DNA of your company and how you communicate about your company gives you something to work with if it becomes time to pivot. 

Long-Term Uncertainty: Case Studies

Long-term uncertainty concerns those uncertainties that might stretch a long time into the future without knowing when or how they will resolve. These are the things that pose big existential questions to your firm, or at least bring up existential questions, while you’re busy figuring out what to do. Here, we’ll walk through how we like to think about some case studies in long-term uncertainty.

Recession

At the time of writing, it feels like economists have been forecasting an imminent recession for the last five years. It can be hard when we’re all waiting for the other shoe to drop. In general, responding to market conditions, doing market research, and doing regular brand assessments are great ways to make sure you’re staying competitive in any environment. 

But let’s say a recession is announced. What do you do? The first question is: What is the best path forward from a long-term growth perspective? Depending on how your company’s finances were panning out in the recent past, one might decide to sell, IPO, take on additional investments, or bootstrap. There’s uncertainty attached to all of these options, and they’re going to depend highly upon several factors. 

What doesn’t change across different kinds of companies and different levels of performance is the importance of being in it for the long game. You don’t just want to think about the next five months, but about what moves will serve if different conditions pan out over the next two, five, ten, or 20 years. 

Personnel 

Your people are your greatest asset—hopefully, you know this already. And you also probably know that life happens. Yet, when the CEO or CFO walks out the door, or your best graphic artist steps out for a family emergency, it can throw you for a loop. 

Planning for this is tricky. In general, I don’t encourage redundancy. That’s a surefire way to create a tighter budget that—most of the time—won’t make sense. Instead, I encourage awareness of what everyone is working on. It’s important to know what everyone is doing; yet, it’s also important to be humble about job creep. Even if you’re the boss, you might not realize just how far your Database Manager has strayed from their original job description. It’s good to be aware of this both for understanding how all of the pieces fit together and for understanding who is responsible for what. 

Grasping the strengths and weaknesses of your team can ensure that you can figure out where other folks can step in and take on an entire job, or some parts of it. In some cases, people will be applying skills they’re already using on your team. In other cases, you might get the opportunity to help your team with professional development by teaching them new skills or discovering untapped talent. 

Ultimately, having a pulse on your team, avoiding silos, and understanding how everything fits together allows you to best direct your team towards a common goal.

Climate Change

This is a big one and a difficult one. There are more floods, more heat waves, and more wildfires than there used to be. How do we plan for this in our companies? I’ll walk through a few different lines of questioning that can begin to guide your game plan.

Location-specific climate change: Does it make sense to build a HQ in New Orleans? Or should we move back to northern Louisiana? What climate needs does your facility have (e.g., are there a lot of computers?)? What are the risks to your infrastructure? Do hotter summers or colder winters pose a risk to materials you might be transporting? Is water scarcity something that you need to be thinking about?

Disaster Preparedness: If the worst happens, are you insured against flood damage, wildfires, or whatever is most likely to affect your area? What kind of resources do you need to make sure you can support your employees if a disaster happens at work, or even in the general area? What will you need to reach out to employees? Will operations continue, and if so, how?

Communication: How will you communicate with your employees and customers if something happens? How will you communicate with key stakeholders and investors? How important will it be to communicate quickly? Do you have emergency contacts with important partners or plans that can be quickly enacted across different locations if coordination is necessary?

Global strife: It’s crucial to think about how disasters and climate issues will affect populations globally. Map out where your supply chains are so you can quantify the potential risks to materials, investments, economics, and of course, the human toll. 

Climate change presents some of the biggest unknowns we have—there are predictions, but we never know in what state or town disaster might strike. Ultimately, we are all on one planet. Animals are adapting (see: all the beach closures due to sharks!), and we have to make sure we do the same. 

Gap Assessment

When it comes to long-term strategy, some unknowns are—thankfully—a little closer to the business-as-usual that we know and love than climate change. For example, you might set a goal to increase brand awareness in 2024. This is long-term uncertainty because it has the potential to change the course of your business, and because if you’re doing a brand pivot you have no idea how it might be received by customers. What might your strategy be in this case? 

By the end of 2023, take stock of where your brand is. What does the market look like, and how do you want your brand to be perceived within your market? What does this mean in terms of customer perception, digital awareness, website hits, inbound inquiries, social media followers, and so on? Figure out what your most important metrics are and begin with the baseline info that you do know. 

By the beginning of 2024, you want to figure out how to get data for the metrics you don’t know and figure out which metrics you most want to target in 2024. You can’t target too many at a time or else you won’t know what worked or why. If you want more inbound calls, you might do more LinkedIn advertising or more website content regularly. If you want more website hits, you might invest in an SEO overhaul. 

Finally, throughout 2024, you would want to keep sight of what you’re trying to accomplish. What outcomes do you want, and what do you have today? Once you set SMART goals, you can put plans together and reassess quarterly to see how things are evolving and continue reassessing to get you to where you want to be in the market.

The 20 Mile Analogy

So much long-term planning is about deciding that you’re in it for the long game. That decision means you adopt a certain mindset and a certain willingness to dive deeply and boldly into uncomfortable and difficult questions. 

Jim Collins has an incredible analogy for this process in his book Great By Choice. Imagine you and others are about to embark on a 3,000-mile foot race from San Diego, CA to the tip of Maine. One person decides to push as hard as they can and travel 40 miles the first day, then they are exhausted and need to rest. In fact, they need to rest the next day too. You, on the other hand, set out to do 20 miles a day, every day, no matter what. Whether the 20 miles takes you 12 hours or four hours, it doesn’t matter. 

You might be able to guess who wins the race. The runner that was sprinting and recovering didn’t win. When you plan and can keep steady progress and stay on track with your plans, you give yourself space to maneuver. Any marathon runner knows that one mile can feel different from day to day. But if you set yourself on a plan, you at least won’t be trying to achieve 40 miles in a day, but just 20.

As with business goals, long-term planning requires breaking large goals into smaller goals. That climate change conversation across your entire company probably won’t happen in a day—and that’s okay. More broadly speaking, making sure that you have a steady and sustainable business plan means that you won’t be as swayed by waves of uncertainty.

There are no perfect choices. In a crisis, we can’t afford to be perfectionists. Looking at reality and moving beyond the “what-ifs” allow us to take small actions and make the necessary plans that can buoy us through a hard period. Take your steps, measure your progress, and eventually, you might realize you’ve already gone 120 miles.

Concluding Thoughts

Long-range strategy planning is hard, but it can work. With the right mindset shifts and a willingness to ask hard questions, you can create a sustainable business plan that addresses business-as-usual alongside potential long-term challenges. The steadier you are on the day-to-day, the steadier you will be during a crisis. 

Finally, action begets action. Taking the first small step means that you can then look back, 20 paces later, and see how far your team has gone. This, in turn, inspires more action and ensures that we’re not waiting for life to happen to us. Creating bold, sustainable, and competitive companies today means going beyond the status quo. Ask the hard questions. Take the uncertain step. Look into the future with unflinching eyes.

Keep an eye out for the next part of this blog series on strategizing for short-term uncertainty. And if you want any assistance with this from a team of experts, don’t hesitate to reach out to us for a consult.

Image by Freepik

employee engagement

Helping Employees Thrive Beyond “Business as Usual”

/0 Comments/in , /by

The Gallup report on the State of the Global Workplace for 2023 is revealing, but not necessarily in a good way. 23% of employees are engaged in their work, which Gallup defines as “[finding] their work meaningful and [feeling] connected to their team, manager, and employer,” while 18% are disengaged. This leaves 59% of employees on autopilot.

With employee engagement at historic lows—though still higher than last year—some leaders are attempting to make positive changes. Unfortunately, they’re still looking through the lens of the past and trying to impose or return to old norms. 

Based on our research and experience, this approach is evidence of leaders being in denial. For a vast majority of industries, hybrid work is the future if companies want to retain talent, prioritize growth, and stay competitive. 

And yet, some people suppose that remote work is to blame for employee disengagement. “Of course my employees aren’t engaged when they’re sitting in their pajamas and only seeing people on Zoom!” While I think this is far too simple, there are real challenges that arise in our new hybrid work world. Some are inclined to brush these under the rug, but that is a one-way ticket to building a company that is living in the past. Let’s walk through some of the biggest obstacles to employee engagement and some solutions.

Business as Usual?

Let’s start with a story. One of our clients has two private equity firms backing them. When the back-to-work conversation began, Firm A said great—five days a week, business formal, and we’ll see you at 8 A.M. on Monday. Firm B said, great—we’ll start three weeks after the holidays and begin with three days a week. When employees showed up to the office, they all had a pair of slippers awaiting them under their desks.

The differences between these two firms are plentiful, as you might imagine. Can you imagine how it might have felt for the employees who had ample transition time versus those who had to show up as if the world as they know it hadn’t changed dramatically over the last two years? 

Firm A’s employees were disgruntled and confused—a lack of communication, transparency, and planning led to disengagement, turnover, and whiplash. Firm B, on the other hand, knows how to meet their team where they’re at. The leaders realized that—given what had already been happening—the team could work differently than they did before. There was no point in forcing a bygone paradigm of work. Firm B was and continues to communicate strategically and honestly about the circumstances.

The Solution: Personalize Your Change Management

How can companies be more like Firm B in their change management? Well, when you consider how you might implement remote and/or hybrid work, it’s crucial to think about what is most important to you and your team. Unless you work in an industry that requires employees to be in the office, it’s likely worth it to transition to hybrid or remote work. 

Many companies are giving up their local footprint in favor of renting a coworking space once a week or once a month. Some companies used to have four floors in a building and now only have one. 

There are myriad options that can be cost-saving and therefore allow you to provide other higher-value benefits like new training opportunities or healthcare offsets. You can make moves like this that match the values of your company and people and ultimately, can make you a more competitive company for potential talent.

Lack of Opportunities for Connection 

We know it’s important to be in person sometimes. Imagine being a young person joining a new organization right after graduation. So much learning happens not just by attending meetings and getting feedback from your supervisor on your own work, but also by watching how leaders and those with more experience on the team interact. When you see your boss talk to a client, you learn cultural norms whether they’re good, bad, or indifferent. You learn about professional norms, relationship-building, and about the subtle and oh-so-human parts that make up the work we do. 

There is more to sales, innovation, and business than technical offerings. How do you structure the offering? How do you talk about it in a board meeting? How does strategy get developed in person when everyone is in the room? Frankly, someone who has only three years of remote-only sales experience would have to play some catch-up if they are transitioned to doing sales in person. 

The Solution: Intermittent Co-Location

A lack of connection with coworkers can certainly be a cause for a lack of employee engagement—yet, it’s unimaginative to think this can only happen five days a week in the office while wearing heels or a tie. As it turns out, the Gallup poll reports that engagement has 3.8x as much influence on employee stress as where they work. In other words, employees’ relationships with their team and leaders matter far more than whether they’re remote or in-person. 

Intermittent co-location can be a great solution. Companies can come together in whatever cadence works for them – once a week, three days a month, a once-a-year retreat, the options are endless – to create opportunities for connection, in-person brainstorming, and real-life interactions. Although these contact hours are dramatically fewer than the traditional 40 hours, they can make a huge difference in Zoom interactions and for junior colleagues’ professional development. Getting people together in the same room changes things—we know this intimately in our post-lockdown world. 

How can companies do this? One of our clients does quiz nights that started during the pandemic and continue to happen once a quarter with a great turnout. Another group of engineers has a virtual Dungeons and Dragons group that creates wonderful team bonding and inside jokes. Both of these approaches work because they’re authentic to the culture. 

The caveat here is that the interaction can’t be forced. The way to create effective connections is—shocker—to ask your employees! Send out a survey and ask what people are excited about—your team is as unique as your business. Check your assumptions, and don’t assume everyone will be equally excited by free drinks at a happy hour or tickets to the opera. 

Fractured Communication

Managers often worry that remote work will lead to broken communication channels. Maybe pre-pandemic, your core team heard major updates about company policy, benefits, and events at their weekly in-person round-up. Now some leaders fear there isn’t an adequate replacement—at worst, emails get lost, managers get stuck in the middle, and employees start missing deadlines. This is the worst-case scenario, but it’s not inevitable. 

The Solution: Communicate Through Existing Channels 

In the new world of hybrid and remote work, organizations need to think differently not only about communication, but also about how they equip their people leaders. Being overly reliant on email is not the answer. 

Instead, use what is natural to the organization and use multiple channels to communicate the most important information. Don’t be afraid to mention benefit renewal information at the monthly team meeting, in a few emails, and on the Slack channel. If you have in-person workers, you can put up posters in the break room. Being strategic with how you communicate with your team was crucial before the pandemic, and it’s even more crucial after. 

Burnout 

Need I say more? This is a big one—Forbes recently reported that 43% of middle managers are burned out. Many employers are not aware of the myriad expectations placed on employees both inside and outside of work. The cumulative effects of the economy, the pandemic, as well as related and unrelated personal issues have created another pandemic of burnout. Although I am not an expert on the psychology of burnout, I do advise companies on the people-first policies that can reduce the likelihood of burnout.

The Solution: People-First Policies

People-first work environments prioritize employees as people in policies. This means providing humane amounts of PTO, the ability for employees to communicate about sick time, and allowing flexibility by having discernment about what is urgent and what is not while also having bold goals for your company’s future. 

I’ll be honest: companies that aren’t moving towards more humane leadership will not be the companies of tomorrow. While employee power has waned since the Great Resignation, we know employees will make their own choices and seek other employment if they aren’t happy with their company’s benefits, culture, and policies. 

With remote work on the rise, it will take more than it used to for companies and organizations to retain and hire the best talent. It’s crucial to have a pulse on your employees. Do this by creating channels for them to communicate concerns before they become reasons for massive turnover. Communicating in ways that are authentic to your organization, offering appropriate benefits packages, and treating employees like people can make all the difference for your team.

The New Normal

While all of the above suggestions might be easier said than done, it’s worth repeating that we have entered the new normal. And the new normal is not a one-time thing; it is constantly being created and re-created.

Engaging employees requires that leaders acknowledge that things have changed and will continue to change. And it’s not just that businesses have changed—psyches have changed. Since 2020, how we all view opportunities, priorities, and work has changed forever. At the same time, the competitive environment has changed. The rise of remote work means both that employers have more choices in talent than ever before, and that employees also have more choices. 

Being locally, nationally, and globally competitive is going to require smart strategizing that responds to the reality of the times rather than imposing an out-dated paradigm onto your people. People do their best work when they’re engaged, valued, and cared for by their workplace teams, benefits, and culture. 

In our executive advisory and change management work, we’ve seen the transformation that is possible for both teams and leaders. If you want to strategize for the future, we have a team that can help. Don’t hesitate to reach out. 

Photo credit: katemangostar on Freepik

reading

Reading, Listening, Watching—Staying Up-to-Date During Long Summer Days

/0 Comments/in , /by

I’m finally catching up on my reading, podcasts, and even a little TV. As the economic environment has *ahem* “evolved,” it’s been an interesting first half of the year for our clients and us! Audacia is growing and changing, and it’s gratifying to see the fruits of our labor paying off. 

I’ve been traveling recently—with more to come this summer (helloooo, vacation!). The time in transit has helped me catch up on my “must read, listen, and watch” list. I do some of my best deep thinking while traveling. How about you? 

During my travels, I’ve enjoyed reading and listening more about leadership, coaching, and innovation (and I’ve reserved my “watch agenda” for pure entertainment). I’m sharing my lists so you can explore whenever you find time in the air, by the pool, or at the beach.

Reading

No beach reads here! I’ve been thinking a lot about the macroeconomic moment, the changes companies are going through, and how we can best support leaders and their companies as they move through transitional times. Here’s what I’ve read recently.

“Private Struggle: Why Executive Transitions Continue to Fail:” As we’ve been working with companies on executive transitions for years, we have our own thoughts about what’s happening and why. It’s incredible to see the research in this article supporting what we know about coaching (hint: it works!). 

And we know this from personal experience too. We partner with amazing executive coaches, including David Albritton and Clay Parcells, to support executives through their transition(s). 

“With Headset Reveal, Apple Weighed Every Word:” Apple has made history—over and over again—by doing things differently than its competitors and its new headset reveal is no exception. Here, Axios talks about the importance of language in what you’re selling, whether it’s products, services, or corporate actions. 

From our work, we have learned that you need to know who you’re talking to. What do you want them to feel? To remember? To take action on? We call it Brand DNA here at Audacia because language is THAT crucial. 

I’m also personally interested in Apple’s forthcoming “Vision Pro” because it’s reportedly easier to use than its competitors. For many of us, virtual reality is not fun to dream about—a spatial computer sounds a bit simpler, though I don’t know exactly what that is. But then again, before June 29, 2007, I didn’t know what an iPhone was!

The Gap and the Gain by Dr. Benjamin Hardy and Dan Sullivan: I’ve been thinking a lot about mindset lately, both for myself (shout out to my coach, Clay Parcells!) and our clients. How people lead, manage, and interact with investors can radically differ depending on how they feel about themselves, their product, their relationships, and so on. 

The Gap and the Gain was an interesting read about how individuals and organizations measure themselves. Many high achievers are unhappy because of how they measure their achievements; the highest achievers are always after a moving target. 

When we measure ourselves compared to the future goal, we’re in the gap and don’t feel we’ve accomplished much. But when we remember where we started and compare that to where we are now, we’re in the gain. Taking on the right perspective is important to appreciate our progress over a year, five years, or even an entire career.

Listening

I love to mix up how I learn about innovation and leadership, so podcasts are an amazing go-to for long drives on the D.C Beltway or summer walks on the beach! Here’s what I’ve been listening to.

The Great Creators podcast: I’m a huge fan of How I Built This. Guy Raz could read the alphabet to me and I’d find it fascinating. In this podcast series, Raz talks to people at the top of their game and always finds a tool or technique the listener can take away. My favorite episodes have featured Steven Colbert, Tom Hanks, and Audra McDonald (start with Audra—she is incomparable and infinitely inspiring).

Coaching Real Leaders with Muriel Wilkins: Yep, clearly coaching has been on my mind recently! This one is different though—if you can’t get enough of your own coaching sessions, this is like eavesdropping on someone else’s coaching session. There is always an interesting nugget or two to take away here. 

Acquired: Here is where you can learn the real origin and stories behind companies and people we all think we know. The Taylor Swift episode is a wild two-and-a-half-hour ride, not to be missed—trust me. And if you’re looking for the greatest hits, the episode from June 19, 2022 is a highlight reel of the host’s favorite lessons from the first six seasons. Add this to your binge-listening list!

Watching 

True confession: by the time I have a chance to sit in front of the television, I do NOT want to think; I so NOT want to learn (at least overtly). I’m looking for pure entertainment! Here’s what has me hooked.

The Diplomat: I love this show! I don’t care that it’s not 100% accurate about diplomatic life—it is wildly entertaining and I cannot wait for Season 2. 

The Bear: Speaking of Season 2, I cannot wait to binge watch The Bear Season 2, which dropped on June 22nd. If you haven’t caught Season 1—what are you waiting for? 

Vanderpump Rules Reunions: Yep, I’ve watched the three Vanderpump Rules Reunion episodes. I admit—I’ve been sucked into the drama of the Scandoval. I don’t even watch the regular seasons of VPR on Bravo, but since the scandal took over my social feeds, I’ve been sucked in and the reunions are a good way to catch up. I won’t be wearing white nail polish again anytime soon (or ever).

These shows are mindless, sooooo trashy, and perfect on a midweek evening after a long day of work and the evening rush of 4-year-old bedtime drama, cooking, and cleanup. 

I hope you’re enjoying these long summer days—I’d love to hear about what you’ve been reading, listening to, and watching!

Photo credit: Businesswoman Drinking Coffee At Cafe by Jacob Lund Photography from NounProject.com

CEO transitions

CEO Transitions in 2023: Challenges and Opportunities

/0 Comments/in /by

CEO transitions have always presented challenges for companies, but post-pandemic, we’re seeing more turnover than we have in at least five years. Endemic burnout combined with challenging global and macroeconomic circumstances are causing CEO turnover in companies and organizations at every level.

At Audacia Strategies, we help our clients build companies, infrastructure, and culture that can weather even the harshest of circumstances. With this in mind, we’re going to get into the why of this current tide of CEO turnover and share the smartest moves companies can make during an executive transition, particularly at this moment.

Why Now?

We’ve all seen the numbers about employee turnover, and CEO turnover is catching up too, with Fortune reporting that it has reached its highest rate in five years. According to Challenger, Gray, & Christmas, Inc., CEO turnover is up 18% from a year ago (the numbers are from March 2023). But why are we seeing this uptick in CEO turnover happening right now?

First, leaders are dealing with burned-out employees. Mental Health America reports that in a study of 1,500 individuals, three-quarters of workers say they have experienced burnout. We’re all dealing with the same global and economic challenges. We watched the Great Resignation happen over the last few years. Between managing employee experience, customer experience, and their own burnout levels—CEOs have been at the forefront of change.

Second, We’re in a volatile time between market movement, elections, and global conflict. When a stock crashes, a bank closes, or a product fails, leaders have to take responsibility. This might—either by their own choice or not—lead to an executive transition.

Finally, the IPO market is also to blame. We’ve seen fewer IPOs which means that there are private, venture, and equity-backed companies who were planning on an exit in 2022 or 2023 that just won’t happen. The question to the CEO becomes, do we stay the course or bring in a specialist leader to pivot the firm to be more competitive in the 2024 or 2025 IPO market? 

The answer to this question has serious implications for the fate of the CEO and might amount to deciding between keeping a current CEO with public company experience or refocusing investments in their business and hiring a new “specialist CEO” with a depth of expertise in software or distribution, for instance.

The Challenges

So what are the challenges for leaders and board members dealing with CEO transitions in this particular macroeconomic environment?

Everything Changes

CEO and executive transitions are always fraught. Even if it isn’t explicit, a new CEO comes with the potential for significant change. Corporate leaders often feel the desire to say, “Nothing is going to change. Everything is going to be the same. Everyone stay calm.” Why? They understandably want to reassure their employees that things will be okay. But there are truer and better ways to reassure your employees—everything changes, even if you don’t intend it to, and when it does you risk getting blamed for lying to people.

Dealing with Multiple Constituencies

There are always multiple constituencies too. In our work, we focus a lot on employee-executive relationships and helping employees understand how and why change is happening. But beyond employees, companies also need to address business partners, customers, and financial stakeholders. 

Each of these groups has ideas about your company’s executive transition, and it’s essential that they understand the perspective, goals, and background of the incoming executive. Why is she the right person? Why did she take the job? What is the opportunity she sees in the market?

The Opportunities

While executive transitions present ample challenges, they also present excellent opportunities for building trust, strengthening culture, and driving future success. 

The First 100 Days 

As much as possible, let the first 100 days be a time for listening. Listen to (and visit, if possible) your constituencies and ask questions to get a sense of the goals, pain points, and existing strategies for the company. Incoming executives should ask questions like: Where is the friction for this organization? Where are we amazing? What can we do better?

After the first 100 days, come back to your team and reflect on what you heard. Let your employees know where you can be reached and where your priorities will be. While this contradicts the traditional advice to “hit the ground running,” most pain points are multivariate problems. 

Without understanding all of the variables, the CEO risks creating problems rather than solving them. At worst, executives can get dragged into the nitty-gritty early on. Avoiding this requires focusing on the big picture, and especially on the “why” of the organization. What is the purpose, and why do we exist? Spending the first 100 days listening and establishing relationships and expectations is essential for a successful tenure.

Listening Sessions

Create opportunities to listen to your employees through the channels they’re already using. If you’re coming into a remote organization, host listening sessions on Zoom or Slack. If you’re in person, consider hosting a coffee hour or an “Ask Me Anything” session. It can also be helpful to allow anonymous questions to be sensitive to employees’ concerns. 

Particularly during times of transition, employees need to hear your answers to the hard questions: What will this mean for me? How will my manager be affected? Does this CEO really invite questions or not? When conducted with curiosity, empathy, and a bias for transparency, listening sessions can catalyze important discussions.  

Draw the Story Arc

Why are you here? This is the first and most fundamental question of employees, customers, and business partners. An incoming executive should be crisp about why she chose this company and what working at this company means to her. If there can be a formal handoff between the exiting and incoming CEO, even better. Particularly for employees, knowing that the former (hopefully beloved) CEO hand-picked the incoming CEO can make for an especially smooth and amicable transition.

But of course, this is not always available. When it isn’t, having a trusted third party such as a board chair endorse the background, values, and vision of the incoming CEO can make a world of difference.

Manager Dynamics

Managers are the first place most employees will turn for information and to “check the temperature” of a change. Keeping the pulse of your people leaders and employee influencers  is a huge opportunity. Engage and listen to their challenges and frustrations and equip them with the tools and information to support their team. There is nothing worse as a manager than to feel helpless when your team is asking for help. 

Don’t hesitate to give them a channel to funnel questions. Be honest about the fact that we are all learning and moving through this transition together. We may not have all the answers but we’re working on it and we’re working together.   

Customer Communication

Just as your employees will wonder what the transition will bring, so will your customers. Am I still going to be a priority? Will you keep investing in what I buy from you? As with your employees and managers, be clear in your communication about what the new CEO will bring to the company or organization from the customer point of view.

Keeping Everyone Invested

One of our clients had five CEOs in four years. At a certain point, employees and customers reach a level of change fatigue. Customers don’t care and just want to make sure they have the same account representative. Employees go into survival mode, annoyed at what they see as change for the sake of change. 

Particularly with this one client, by the end there was almost no faith that someone would stick around: “I’ll believe it when I see it.” The upshot of this attitude is that employees might be unwilling to invest in new initiatives. An incoming CEO can show they are aware of these dynamics by being patient—it will take longer to establish trust and credibility.

In a case like this, it will be especially important to listen and let people vent. Let them air their true pain points and try to do small things in the early days to make their lives better. One of our clients, facing employee burnout, was able to offer every third Friday of the month off. It wasn’t every other Friday off like employees wanted, but it showed employees that the new CEO was listening.

Concluding Thoughts

It’s not easy to be the new CEO, especially if it’s due to less-than-ideal circumstances. Being a CEO puts you in an interesting position—people often tell you what you want to hear, and never tell you that you have a bad idea. But when you start somewhere new, you often have two reactions:

  1. People who aren’t afraid to speak their minds. 
  2. People who are terrified that by speaking up they’ll be fired. 

Being ready for the tough questions—and asking them yourself when no one else will—can help you succeed. As will a healthy dose of curiosity and empathy. Feedback is a gift. By taking time to listen, communicate carefully, and respond, you can ensure that both you and your company are headed in the right direction.

If you want to talk more about an upcoming or ongoing executive transition, don’t hesitate to contact us. Our team of professionals is ready to give you a strategic edge.

Photo credit: katemangostar on Freepik

investor day

How to Bring Your Next Investor Day From Good to Great

/0 Comments/in /by

Investor days can determine whether your company sinks or swims. These events are crucial for communicating big changes, laying out medium-term goals, and answering hard questions from shareholders and analysts. A good or fine investor day does no harm. A great investor day can take you to new heights: it can be a trampoline you can bounce on and a platform to jump off. 

The difference between a boring, good, and great investor day is about how you prepare your story and how you capitalize on what investor days are really about. Read on to hear about how we’ve helped our clients nail investor days over the years.

Investor Days: Opportunities and Challenges

Investor days are invaluable, especially for publicly traded companies. They bring together larger shareholders as well as the sell-side analysts who help make sense of your company’s financial trajectory. While research analysts provide reports on future opportunities and challenges, investor days give company leaders the chance to engage a wider audience in more detail. 

Many companies do investor days once a year, where senior management meets with key investors and analysts to discuss the company’s objectives and strategic priorities for the following years. But investor days can also offer opportunities in the context of a larger event: a merger or acquisition, new corporate leadership, an IPO, or a massive new product announcement (think: new iPhone). These events are especially valuable at moments when there is potential to change the trajectory of the company.

If it isn’t already clear, investor days can be high-stakes. While smaller updates are reported during quarterly calls, investor days are an opportunity to dive deep into your longer-term strategy, show off new technology, and give medium-term financial projections. It’s an opportunity for attendees to ask their hard questions, get answers, and check out the body language of the executives that answer those tough questions.

Executed well, investor days can raise a palpable air of excitement for the future of your company and shift shareholders into the role of allies. Everything hinges on how you tell your story. 

We all know what dull investor days are like: 

  • Presenters read their presentation slides to the audience—or worse, read a script from a podium making little to no eye contact and zero engagement with the audience.
  • The material is absurdly technical for a general and financial-focused audience.
  • C-suite executives give half-answers to hard questions. 
  • Audience members sit there scrolling on their phones. 

In the worst-case scenario, investors can walk away with a bad impression. As we shared in the Harvard Business Review, how leaders speak to investors can make or break a deal. If the executive is dismissive, harsh, rude, or awkward, investors might feel under-appreciated by the company. Charisma alone won’t cut it, and might even give investors the impression that the CEO is overconfident or inauthentic. 

It matters that leaders genuinely connect with their investors, and even more importantly, that there is a coherent narrative. If the narrative doesn’t work, investors might leave with the impression that the CEO doesn’t understand the market. Thankfully, with a bit of forethought, planning and preparation, you can avoid these outcomes and seize the opportunity investor days offer. 

The Real Reason We Have Investor Days

While it might seem like stakeholders go to hear about earnings, projections, and new announcements, the real reason anyone goes to investor days is for the Q&A. It’s a rare chance to be in the same room as the extended executive team. On quarterly calls, it’s typically only sell-side analysts who ask questions, and generally, only a few top executives respond. 

Investors and analysts want to see and hear from those charged with executing your corporate strategy. Beyond hearing your answer, they want to see your body language. You can’t get away with simply reading canned remarks. Your shareholders instead get to see how you think on your feet. This is a huge opportunity to showcase your company with poise, competence, and coherence. 

When we work with clients, we prepare our executives and ensure their presence, their words, and their story serves the purpose of their investor day. Here are a few of our tried-and-true tips:

1. Know Your “Why”

Think about what you want to accomplish at the outset. Why are you holding this event? Whether it’s achieving an outcome, establishing relationships, or communicating numbers, know how you want your audience to feel, think, and act after your event. Let this be your north star as you plan the strategy, the narrative, and the timing.

2. Construct a Consistent Narrative 

These events can get really complicated depending on the industry. Here’s how some of these events go. The CEO gets up, then the strategy person, then five business unit leaders speak about how wonderful their widget is, the CFO closes the day with the financial projections, and then everyone takes questions. By the end of the event, investors are drooling and they’ve lost the thread that leadership really wanted to hit home. 

We want to keep your investors drooling—in a good way! So start with the end in mind. Why should investors invest in your company? You should have an investment thesis based on your strategic narrative, restate it, and ensure every speaker’s points support your thesis.  

3. Prepare for the Q&A

Q&A is the main event for attendees and it deserves your full attention and preparation. Prepare your executives to really listen to the questions and consider what is behind the question. As an example, a question about your R&D number for next year may not just be about the number. It’s also a question of your corporate priorities. Are you reinvesting profits or returning capital to shareholders? There are choices about where you put your cash and why you make those decisions. By preparing for the questions that might come your way, you can understand and respond to what your audience member is really asking.

4. Delivery

It’s not enough to have a great story. Your delivery should also be compelling. Don’t wing it. Build in plenty of time for practicing both as individuals and as a team. At a minimum, we advise our clients to have a table read 6-8 weeks before, dry run 2-3 weeks before, and a dress rehearsal the week of the event. This cadence helps to suss out the flow between presenters and is a great forcing function for individual preparation. 

While this seems obvious, many executives avoid practicing their presentations because it can be vulnerable to practice in front of their colleagues. Not every presenter is a dynamo but with practice, everyone can own their story in their own way to keep an audience engaged and curious. Use the core tenants of storytelling. 

5. Executive Presence

How your leaders show up matters. How they make eye contact, how they talk to investors, and even how they’re seen talking to their team makes a difference in how the world sees your company. You want to make sure the CEO is confident, but not overconfident. And, of course, the words matter too. Narrative development for a financial audience should be different from narrative development for a general audience of investors; perfect this narrative so that it aligns with the overall value proposition for your company.

6. Murder Boards & External Input

It can be helpful to have a third party to walk you through the process of preparing. Whether you have a murder board strategy session or hire an external communications team, it’s crucial to make sure leaders get honest feedback and can answer the hard questions ahead of time. 

The Q&A can be ruthless. Why are you on your fourth CEO in five years? If you’ve missed the last five quarters, why should I believe that you’ll hit your revenue goal this next quarter? Trust us—these questions sting less when you hear them the second time. Plus, being prepared means that you’ll be able to answer these questions with attention to what the question is really about.

Investor Days Matter For Your Firm’s Future

The most important takeaway about investor days is that they are often about much more than meets the eye—ultimately, how you prepare your story and how you engage your audience will determine the outcome of the event. We’ve seen companies on the rocks have incredible investor days that leave shareholders starry-eyed for the future, and we’ve seen companies on a steady incline blow it. The right orientation, attitude, and preparation can make all the difference. 

Investor days can shift the perception of what your shareholders, and your team, believe is possible for the future. If you’re ready to put on your best investor day yet, our bench of seasoned professionals would love to schedule a consultation to discuss how we can help.

Image by wavebreakmedia_micro on Freepik

Nick Ciantra

Meet the Team: Nick Ciantra, Senior Strategic Communications Consultant

/0 Comments/in , /by

At Audacia, strategic communications are at the heart of what we do. When we work with clients, we need a 360-degree view of who they are. This doesn’t happen overnight—-it requires talent, experience, and our time-tested processes. Only with all of these ingredients can we capture the heart of a company in its value proposition and brand positioning. 

In previous blog articles, we’ve introduced Sarah Deming, our Manager of Business Operations, and Sarah Gershman, our Executive Presence Partner. This time, we’re introducing Nick Ciantra, our Senior Strategic Communications Consultant.

Interview with Nick Ciantra: Senior Strategic Communications Consultant

Being able to speak accurately and authentically about where you are and where you’re going as a company is no small task. Here at Audacia, we’ve spent years perfecting the art of working with companies, their employees, and their customers. Only by collecting data from all of these stakeholders are we able to deliver the strategy and aligned communications package that companies need for their next big goal. 

Nick is our Senior Strategic Communications Consultant. His background working with agencies in creative leadership roles at Fortune 100 insurance companies and Fortune 500 retail companies allows him to bring an experienced eye to his work with our clients. He is a meticulous researcher who can see the big picture while being “in the weeds” with clients. Nick knows how to seamlessly bring together our clients’ dreams and reality. In his free time, Nick enjoys playing guitar, skiing, and golfing.

Below are highlights from Nick about the value he brings to Audacia Strategies. 

Q | Can you describe your role at Audacia Strategies and how you fit into the team?

I’ve been at Audacia for about a year, and I’m typically brought in to work on projects that focus on communications and branding. I work closely with our client groups at a senior level. Our work is largely behind the scenes while we work to approach the problems and opportunities our clients face. When we’re consulting with our clients, it’s a mix of market research, interviews, and fact-finding, and of course, looking for the opportunities they need and giving them those deliverables. It can be fun—in the early stages, no ideas are off the table.

As we get deeper into the work, I help clients articulate their vision, mission, value proposition, and brand positioning. In short, I shape how companies ultimately talk about themselves internally and externally. Our work with clients is about getting them to the heart of who they are. Much of this comes from the client. On our end, we help them share and synthesize the data. Eventually, we crystallize their brand positioning and how they think about themselves. It’s equal parts art and science. 

Q | What is your favorite part about working with Audacia?

The team. They’re really people you want to work with. They’re not only knowledgeable and smart, but they’re also quality people. It’s a strong team, which is important when we go through intense periods working closely together for many, many hours. 

We work with our clients on communications and business processes, and those strengths are definitely reflected within the team. We bounce ideas off each other and we’re able to be transparent about how we’re thinking about problems and opportunities. This is where the magic happens—not worrying about an idea being too “out there” allows new ideas to germinate. There’s a real open-mindedness that allows the best ideas to blossom. Brainstorming is a skill that not every organization has, but Audacia definitely has it. 

Q | Can you describe a win or highlight from your time working with Audacia?

When we finished our work with Xator, the leadership team reviewed the work and they said, “This is exactly who we are.” Leadership told us that how we described them is exactly how they wanted to say it, but they weren’t able to get there themselves. Doing your research and working to understand the culture of an organization is key to delivering something like that—that’s the power of what we do. It takes listening, refining, and research to get to a final product that makes the client say, “That’s absolutely us. You nailed it. Can we use it at a trade show next week?” Ultimately, there were very few changes, it was so rewarding. 

Q | Are there best practices associated with your role that you would like to share?

There is a process to walk through. People want to jump to the end, which is admittedly the exciting part. Even though communications strategy can be creative work, we need to be particular about how the process works. This means doing research, having conversations, and reviewing the data—we don’t get to a final result like Xator’s without this process. It is work and it makes the final result possible. Although it might seem tedious at times, it’s the secret sauce.

Q | What are the most important lessons you’ve learned working with Audacia?

Our clients hire us because they’re in a transition—they’re going through something that’s huge for the organization and typically, their priorities are shifting. On our end, we need to create value quickly. This means working fast, multitasking, and being nimble while producing high-quality work. It’s not a pick-one kind of situation. 

Q | If there were one thing you wish you had known before you started working with Audacia what would it be?

The only thing, other than wishing I worked for Audacia sooner, is that Katy is a wonderful leader and motivator of people. You see how much her clients respect her opinion and her point of view. Katy’s way of seeing and doing things permeates the organization. Just like other companies, how the boss handles herself gets reflected within the organization. Katy’s stamp is on the organization in a really positive way; she’s smart, thoughtful, and a great person to work with. 

What I would say to folks who haven’t worked with the team is that Audacia Strategies brings insight in an effective and cost-efficient way. If you’re going through a transition, or looking for an outside view, this is a really good team to work with. 

Nick makes the secret sauce we bring to our clients possible, and we are so grateful for him and the experience he brings to this team. His perceptive and creative eye make our clients’ visions a reality; he is the creative lynchpin of our team.

To find out more about how our experienced team of experts can support your strategic vision and transformation, contact us today.

future of work

What Companies Are Doing That We Love

/0 Comments/in , , /by

We’re living through a unique time right now. What work means to us is changing, and the leaders paying attention to this are making changes accordingly. The future of work is here, and it’s already happening before our eyes. 

We work with a lot of companies in transition, and we wanted to share with you some of the best moves to make sure your investors, employees, and customers stick around for the long run. Here’s a few tactics and techniques that we love.

1. Giving Employees a Voice

I’ll cut to the chase—savvy companies are listening to employees. This means engaging their employees, listening to their input, and integrating it into action. As an example, many of us are still in a return-to-the-office transition. After working on a remote or hybrid model for a year or more, companies are still making tweaks. What are the best means of communication? How do we come together intentionally? Do we have a cafeteria, and if so, what do we serve?

We’ve seen companies engage employees well in employee resource groups. In these groups, employers provide a forum for employees that is open-ended. One of our clients has a weekly coffee talk—it started as a small, organic event that became so successful that it’s now branded and managed by the communications department. 

The concept is simple enough: By offering an open forum where leadership asked employees what was on their minds while also offering a space for folks around the office to share what they were working on, our client created an outlet for honest communication and collaboration. Since these weekly coffee talks began, people have been helping each other across business units and brainstorming ideas about how to work together better.

One of companies’ biggest worries about offering an open forum is that there might be griping. Let’s be real—whether this griping happens at the water cooler in hushed tones or at an open forum, it will happen. If you care about employee retention and the future of your business, you should want to know what’s on your employees’ minds. When you give your employees an outlet, you provide an opportunity to express and address it constructively. And when you allow your team to share concerns about the small things safely, they’re way more likely to raise the alarm about company-threatening issues. 

People care more about something if they have a stake in how it grows and develops. By opening new avenues for feedback, you help your employees to be part of something larger than themselves.

2. Inviting Feedback from Customers

In-person client meetings are back, and it’s changing the dynamic. Especially when you’re dealing with sales, new relationships, and problem-solving, being in person changes the game.

Leaders are soliciting and tuning into the voice of the customer to add richness to their customer relationship strategy. The non-attribution interviews during voice of the customer surveys are invaluable whether you want to check the health of your customer relationship, inquire about your positioning among your peers, or simply understand what makes your client tick. Engaging in a voice of the customer analysis requires considering the information and insight your customers hold. This information can advance your market strategy and add nuance and understanding to face-to-face conversations—even when those conversations bring up uncomfortable feedback. 

3. Having Hard Conversations

We love the companies doing this but wish we saw more of it. The benefits of having hard conversations can mean something as sweeping as revamping your value proposition or talking to investors about major business changes.

The consequences of not having hard conversations can be huge. One of our clients couldn’t give bonuses this year; employees found out in a piecemeal, roundabout, through-the-grapevine way, and it all blew up during an all-employee call. It was rough and highlighted how the hard conversations between leaders and among teams weren’t happening during the year. 

Having hard conversations also means letting employees know when important changes in the company (like layoffs) are coming. The LinkedIn posts coming from former Google employees express a sense of deep betrayal. Layoffs, executive transitions, and other major changes are sometimes inevitable, but forums and clear communication help leaders communicate these issues with humanity and care.

A leader-employee relationship has an undeniable power dynamic, so it’s on the leader to initiate these conversations. Unfortunately, leaders and managers don’t always feel like they have the skills for these conversations. It’s hard to look someone in the eye who has worked overtime and canceled vacations and tell them that you can’t give them a bonus. These conversations are heartbreaking on all sides, but when deciding between a lie that draws a smile and a truth that draws a tear, the truth is always the better option. As Brene Brown says, clear is kind. Unclear is unkind.

4. Celebrating

We would love to see more celebrations at work. One of our clients was recently acquired, and we love how they continue to find ways to maintain their spirit and culture via service anniversaries, birthdays, and client wins. It’s not all sunshine and roses through an acquisition;  celebrating helps employees see the positive things happening around the organization. Making time to celebrate sends the message that we celebrate together because we’re a team. 

Here at Audacia, we got together in person last year to celebrate a fantastic year. When we can’t meet in person, we celebrate at the “water cooler” (AKA on Slack). Because we try to practice what we preach, we hope to get even better at celebrating the small and big wins this year.

The Future of Work: Choosing Courage Over Comfort

The future of work is upon us. The demands on employees are higher than ever, and in turn, employees have higher expectations of their employers. This isn’t bad; in the best-case scenario, it makes us all better. Being willing to listen to the voices of customers and employees, having hard conversations, and celebrating is a willingness to be aware of the many seasons that happen at a company. We love companies that do these because it shows their leaders know how to weather all seasons of the company lifecycle.

I love the Brene Brown quote, “Integrity is choosing courage over comfort.” Having integrity is not just about balancing your finances and answering your emails—it’s showing up for the highs and lows of running a business with presence and strategy.

If you’re looking for more guidance on driving meaningful conversations, integrating feedback into your business strategy, and building a consistent voice of the customer/employee program, Audacia Strategies has your back. Reach out to us, and someone on our experienced team will be in touch.

Photo credit: https://www.freepik.com/free-photo/people-taking-part-business-event_24483071.htm

what we learned

Drinking Our Own Champagne: What We Learned in 2022

/0 Comments/in , , , /by

Having a crisp, clean, and differentiated value proposition for your company is no small task. Being able to speak accurately and authentically about where you are and where you’re going is useful beyond your next networking event. We do this work every day with our clients, and over the last few months, Audacia Strategies went through this process too. I want to give you an inside look into what we learned from putting our money where our mouth is.

Having a value proposition describing who you are today and where you’re going in the future matters. Think about it like sailing: If you’re one degree off, that doesn’t sound like a big deal in the short term, but over a whole voyage, you can end up hundreds of miles from where you were intending to go. Creating a value proposition is about making sure you’re on the course that’s right for you and your business.

How do you begin the task of writing a statement (yes, it needs to be one single statement or talking point) of who you are today, what you believe in, and who you will be in the future? And what it is really like on the inside logistically, professionally, and emotionally? 

The Value Proposition

It’s hard to explain your business and what you offer in 15 seconds over your second glass of wine at a cocktail party. But when you do, it can transform how you talk to customers about both their visions and their pain points. And the way you communicate your value will attract the clients who need what you offer.

Creating the right value proposition is a reflective and often research-intensive task. When we worked with our client, Xator, we spoke to 35 employees from across the company and around the world. We reviewed their customers’ feedback, looked critically at all of their marketing material, and evaluated their top competitors’ message positioning and language. With this research in hand, our team shared our findings and highlighted opportunities for Xator to better define who they are, what they do, and why it matters. You can read more about our work with Xator in this case study. 

The result was a succinct, evocative, and authentic statement of what Xator does—no jargon needed. When you hit the nail on the head, you see the shift: eyes light up, and people get excited to hear an accurate, authentic reflection of who they are and where they’re going. When this process is complete, it feels like magic, and companies know they finally found their secret sauce. It’s empowering to discover the right words to describe what you’re offering to the world. And once you have those words, you want to share them with everyone all the time!

After witnessing several of our clients’ transformations, we knew we needed to experience it for ourselves.

The Opportunities and Sacrifices of Drinking Our Own Champagne

As we enter our eighth year (!), we knew it was time to reconsider how we talk about Audacia Strategies. Our firm has evolved since our launch in 2015. You can’t throw a stone without hitting 12 communication firms of various shades. And while people have an idea of what a communications firm does, Audacia isn’t a communications firm or a PR firm, or a marketing agency. Let’s face it, we don’t fit the standard mold. We choose to see this as an opportunity, rather than a disadvantage, though.

​​Audacia Strategies is an advisory firm helping business leaders build the businesses of the future and uncover opportunities they never thought possible. We do this through a relentless focus on communications. 

Our mission? We help businesses change, lead, and succeed. 

Yep, those sentences sound simple, but an incredible amount of work went into gaining that clarity. 

As I’ve said before, it’s hard to see yourself from the outside. Reflecting on where we’ve been and where we’re going has been a rich experience made possible only by investing and redistributing time, resources, and energy towards this project. Time that would otherwise have been spent on day-to-day tasks was instead filled with reflection, research, dreaming, hard conversations, and lots of listening. We listened to feedback from our clients, our employees, and our leadership about where we make the biggest impact for our clients and the type of work we absolutely love to do.

From the Founder’s Seat

As a leader and founder, one of the hardest parts of this process is letting go of what I thought the company might be at its outset. The dream of Audacia Strategies started on a bus between San Juan del Sur and Managua, Nicaragua in a notebook I just happened to have with me. Revisiting our value proposition presented an opportunity to view the company not for what I expected it to be, but for what it is and what we hope it will accomplish. This is an essential mindset shift for doing this work (more on this in a minute).

In the beginning, I thought we’d bounce from transaction to transaction and focus on M&A. Our original focus on transactions taught me some lessons about how transactions could be done even better:

Leaders must look honestly at their company and whether their vision matches reality. We chose to invest our resources in asking: 

  • Who is Audacia today? 
  • How do we view ourselves aspirationally? 
  • What language can we use to better connect with our clients?

The Emotional Side of Value Propositions

As a founder, I must be willing to take on the challenge of viewing the company not for what I expected us to be, but for what we are. This process sometimes involves mourning what might have been, even if what’s coming is probably (certainly) better. Because I’ve been on the other side of the table sitting across from leaders who needed assistance in moving through this grief, or moving beyond fear or ego, I was (somewhat) prepared for this process.

Getting the reflections needed for accurate self-perception and self-definition requires humility. When I’m in a meeting with customers or employees, I have to remind myself to be present and listen without interjecting and without trying to course-correct. I might think that because I have the vision I have the right answers, but that isn’t necessarily true.

Just like our clients, I have to trust that we will discover the right charter through this process. That taking in every perspective means that we can think bigger about ourselves, and help our clients think bigger about what opportunities we can offer them.

Looking Forward: Finding Your “Why”

In all of this, Audacia had to do what every company we serve must do: find our “why.” Without your “why,” a value proposition is empty.

Companies aren’t people, but company culture is very much built by people. Finding the individual and collective “why” gives companies their secret sauce, and it’s hard-won. This process brings up core questions about identity, value, and security. It’s especially hard to do this process when you’re as emotionally invested as most leaders are.

For me, having our “why” made it easier for me to let go of my early vision for Audacia. I began to look forward with even more clarity. We help business leaders build the businesses of the future and uncover opportunities they never thought possible. Holding to this value proposition—one that speaks to our employees, partners, and clients as much as it speaks to me—allows all of us to look ahead and see the next evolution of Audacia Strategies.

Final Thoughts 

I’ll leave you with a final thought about why we do this. Business is at a turning point right now. While our parents put their heads down and worked, companies demand more of individuals today. In turn, individuals are demanding more from companies. To stay competitive and functional, companies need to be more reflective and insightful.

Serving your clients and employees the way they serve you requires learning how to be authentic in the business world. Society and expectations about work are shifting rapidly. Beyond knowing why you do what you do—a core component of what makes or breaks a sense of purpose—an authentic value proposition helps your clients and employees share your excitement about what you do. Just like coaching or therapy, it’s hard, but it’s some of the most valuable work you can do. Trust us, we’ve been through it.

Ready to take the leap and find the value proposition that speaks to your secret sauce? Reach out to the team today.

Photo credit: Group Of People Raising A Toast by Scopio from NounProject.com