I liken the test for companies to the challenge of completing an Ironman (which involves a 4km swim, 180km bike, 42km run). CEOs and the teams they lead are having their endurance and fortitude tested in a comparable way. With the New Zealand Ironman in early March it seems timely to reflect on what is necessary to sustain a company in these times, or complete one of the toughest physical and mental tests an individual can attempt.
1. Have a clear and realistic goal
Ironman - your goal may be just to finish, or to achieve a personal best or win. Make the goal challenging but achievable.
Business - be realistic with the Board and internal groups when setting goals. Managing up and managing out (to analysts, for example) is crucial. Gains and wins may be more relative - that is, they may mean more in comparison with competitors than in absolute terms.
2. Put your effort into the right areas to ensure you are fighting fit
Ironman - have you trained in the right areas and addressed your weakness/es? A poor running leg can cost an hour or two, compared with 10 or 15 minutes for a bad swim. Prioritise your training and be prepared to make tough calls on where you focus. While swimming may be your favourite activity, concentrating on producing a great run is likely to radically improve your overall result.
Business - A tough market demands focus and decision-making. It presents the opportunity to address performance issues. How strong is your executive team? Though difficult and often unpleasant, the 'not right' people should be taken out of the organisation to make room for new people with the right capabilities and mindset. In many cases it will be met with little or no internal resistance - most of us understand the need to make 'every head count'. Prioritisation also includes focusing the business on its core areas and must-win segments at the expense of 'nice to do' activity.
3. Redefine what is possible
Ironman - If you push yourself and put your mind to it, it is amazing what you can achieve. Who'd have thought you could run a 3.5-hour marathon (for example) after 180km on the bike! This probably seemed impossible in concept.
Business - In good time, companies are in danger of falling into the paradigm of 'acceptable performance'. Tough conditions allow you to raise the bar as to what is expected from your people. Self-preservation becomes an important consideration and it is surprising how people will lift their game. However, a tough market is not an opportunity to take advantage of employees; and conversely, staff must know that operating at 85 per cent isn't acceptable and they may be placing the organisation at risk.
4. Enjoy the race - not just the finish
Ironman - Most people take on an Ironman for fun(!) and to test themselves. Take opportunities to enjoy the whole journey, and avoid the mindset that everything you do is a sacrifice to get to the finish. Savouring a strong training session, 'putting the hurt into' your training partners now and then, and just being out there doing it, makes the journey worthwhile in its own right.
Business - Celebrating small wins along the way and the people going the extra mile is crucial. There needn't be big awards ceremonies or significant bonuses; just take the time to say 'job well done, and thank you'. Like in an endurance race, there are invariably other companies (athletes) doing it harder than your own. Reflect on the pain points of others and the opportunities for relative gains, instead of feeling under the cosh from financial or competitive pressures.
5. Be willing to put in effort and energy and to suffer some pain
Ironman - The bike won't power itself; those pedals can only be spun by you, even with tired legs and a headwind. Not to worry - your reward for completing 180kms on the bike is running a marathon. Effort, stamina and the ability to tolerate some pain count for a lot.
Business - You will suffer in a hard market (in terms of revenue, profitability and maybe culture). Acknowledge this and get on with it. Your effort, energy and resolve will be what ensure your organisation's survival and success. Your tenacity will help you bolster your competitive position.
6. Mental toughness
Ironman - It is seldom physical failure that prevents a finish - it is giving up the race.
Business - You must believe that your company will prevail. Work hard to eliminate self-limiting thoughts. Tips and techniques such as positive affirmation can help CEOs and athletes back themselves to achieve success.
7. Run your own race
Ironman - Most athletes want to meet a personal goal, whatever that may be. Avoid getting drawn into competing with others on the day; run your race, the one you trained for.
Business - While keeping an eye on competitors, you need to do what suits your organisation and its customers. How often do companies enter aggressive cycles of discounting, instead of seeking genuine points of difference? Don't compromise or diminish your brand for a short-term revenue or profit focus.
Mark Ashcroft is partner at SEQEL, the executive search, board appointments and succession planning firm. He has previously represented New Zealand in windsurfing, as well as competing in many endurance events including numerous marathons, three New Zealand Ironmans and the Ironman World Championships in Hawaii.
