That's because a challenging economic environment demands exceptional management for a company to thrive or, in some instances, merely survive.
I picked up a lot of lessons learned during the post-dot com downturn in late 2001. We made several painful decisions that required us to scale back the business, such as cutting our creative department and several rounds of additional employee layoffs.
As a result of the focus, attention and discipline of our senior team the agency survived and we emerged on the other side in a position well set for growth. In fact, the most profitable year in our company's history was the direct result of business decisions made during the depth of the recession.
The last downturn also helped me grow as an entrepreneur and president/CEO. I discovered that hard work only gets you so far. To call on a cliché: success is about working smarter.
A CEO's most important responsibilities are to put the team in a position in which they are set up for success and establish clear (and realistic) performance expectations. That's it...although (admittedly) it sure can be hard to deliver on.
In 2004, Strategic went through a management transition. Our four most senior client executives joined the agency at that time and we promoted finance and marketing/sales personnel to executive positions.
I was also in transition in my personal life. My wife and I started a family and we now have two wonderful boys under the age of five. I often tell people that with children the days may seem long, yet the years fly by.
For that reason, I made the decision to scale back my work time from the 80 plus hours I was routinely putting in a week. I do my best to be home for the kids' bed and bath each night, and I simply won't miss weekend time with the family.
Strategic made dramatic shifts in our corporate culture, employee management and hiring practices. We instituted a completely flexible work environment in which staff members can work where they want and when they want, being measured on delivery of service and performance.
Our utilization is also based on a 40 hour work week to send a clear message internally: work/life balance is a priority at Strategic.
As a result, our team now skews old for a public relations consultancy. Our model is not to cowboy up a group of 20 somethings and work them more than 60 hours a week. We have families, children, community involvement and outside interests. I believe it makes us better PR professionals and healthier individuals.
Yet, all of this flexibility and work/life balance means we simply don't spend as much time together. I try to connect with each member of Strategic's senior team weekly, lunch with each on a monthly basis and we get together in-person every six weeks for a management meeting.
Is it enough though? Do we have the brutally candid relationships often required to make decisions during a period of economic uncertainty?