Build the Roller Coaster… then Enjoy the Ride
I’ve often told my teams that we’re in the business of building roller coasters.
Yes - every day as a leader can feel like a roller coaster. Ups and downs, screeching turns, loopty loops. Gyrations galore! Anyone feeling queasy?
But what happens when you flip the script? You know you’re going to be riding the beast, can you tame it first?
As you hop on the coaster, you better make sure the engineering of the tracks is rock solid. Only then do you get on the ride. In the same way, for my companies, I think of each of our deals as an individual coaster that me and my team are getting into. No doubt the deal is going to take us for a loop. Probably quite a few of them. And we’re looking to take a lot of these rides! Hope we’ve laid the tracks well.
So, what does it look like when you engineer your structure, operations and teams to handle the powerful centrifugal forces coming your way? A few tips:
Financial Structures are the Seatbelt: Anything that meaningfully advances your work will cost money. Figure out quickly how to create a solid, transparent, and easily understood framework to take in money, classify it, spend it and report on it. Rest assured, this will come back to haunt you if done wrong. Investors want to know what you did with their money. Payroll has to be right 100% of the time. Audits will track how much you made and spent for the world to see.
Build a Team with a Strong Stomach: Your most trusted team members need to handle pressure well. Use your recruitment process to find people that are well suited to go on the rides you’re planning. Seek out those who have proven they know how to build coasters and love riding them. But you’ll also need to guide the newbies. For you as a leader, this comes from you showing strength at moments of tension and uncertainty. They’ll get more confident when they see how strong the rails are that you’ve built.
Fortify your Structural Foundation: Your board and investors are the cement foundation underneath the ride. Success requires being highly aligned with these foundational partners. Budget and design the thing together. Assess where your biggest risks are and make sure you are taking them together, eyes wide open. Take a few practice rides together. And make sure everyone knows where the exit is. Ever stopped a coaster to let someone off when it’s still moving?
Build your coaster well… then just keep greasing the wheels! It will go faster and faster. And you’ll likely have some fun on this puppy.
As part of the collaborative services offered between Yield Creative and Summit CPA, we’re sharing this blog (and more to come!) because we are hyper passionate about helping our clients - brilliant entrepreneurs, leaders and their amazing teams - execute on their strategies and reach new heights. If you have any questions about these areas or would like to discuss how to build and maintain your financial engine, certainly reach out.