Something is always shaking up the business world, whether it’s Covid-19, revolutionary tech advancements like AI or a financial recession. An unprepared business leader – never ahead of the game, emotionally exhausted, financially stressed and paralyzed by fear – may react to these disruptions. However, a leader focused on cultivating good habits can build resilience and agility into their core operations.
Marcus Lemonis – esteemed titan of industry, philanthropist, brain behind the success of Camping World and Good Sam Enterprises and star of CNBC’s The Profit – recently shared his philosophy on leadership and resilience at an industry conference. Drawing from Lemonis’s insights, we delve into actionable ideas that leaders can use to confidently navigate any challenge.
1. Creating Good Talent in Your Business
The key to any successful business is employing good people. However, many industries, from health care to education, are experiencing labor gaps. Leaders are left wondering where their next good hire will come from. Will they hire young people without experience or recruit talent from other companies?
Lemonis says if you recruit from other people, you can expect them to do the same. “We create this revolving door of people changing all the time for the next best offer. The labor market knows that, and they don’t care if they bounce around,” he says. “The problem for our business and our client relationships is that bouncing around creates insecurity for our customers…it creates a trust problem.”
Lemonis’s advice: Think about how you can create new talent in your industry. Write job descriptions that include not just technical skills but the type of person you’re looking for, their characteristics, discipline DNA and EQ. Then, think about how to put them through the training modules necessary to execute your business plan.
“If we don’t cultivate new entries into our space, new people who can come in and add to the supply of our labor, all we’re going to do is play merry-go-round, and the prices are going to go up,” Lemonis adds.
2. The Importance of Innovation
Six years ago, you probably had an idea that was the cusp of innovation – and then everybody caught up. Lemonis encourages leaders to ask their teams what the new idea of the day is. What’s the latest concept that you can bring to your clients? How can you stack new ideas onto your current revenue streams?
Brainstorming new ideas is critical to survival, “because somewhere else, there’s a less sophisticated, less collaborated room…whiteboarding what new things they can come up with to beat you,” he says.
3. Nurturing Relationships for Business Growth
During Covid restrictions, Lemonis was reminded of the power of being close to the people he cares about and focusing on relationships. He encourages us to care for what matters most: our homes and families. If those aren’t healthy, your business will feel the effects.
Lemonis says, “The health of your home and the health of your relationships in your home are in direct correlation with the health of everything else in your life.”
Another challenge will eventually rock the business world. Take Lemonis’s advice and focus on creating new talent, fostering innovative thinking and nurturing relationships if you hope to face this next challenge with greater resilience.
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