Editor in chief, Sandy Laycox, sat down with award-winning author Simon Sinek, after he spoke candidly on a webinar with Council members about the future of their businesses. This is a portion of their conversation, which has been edited for clarity.
But you don’t want to block it out, you have to be aware of it. When I talk about ignoring your competition, I don’t mean ignoring them in the sense that you literally don’t pay attention, but you sell your competition so that you may grow, not so that you may try and undermine. Right? It’s the same thing here. Any responsible company needs to be aware of the conditions in which they’re working. The question is, how much are you swayed by the market? How much are you swayed by the machinations of the news cycle?
There’s something to be said for having a cause and sticking to your cause. It’s like checking your stock portfolio every day and reacting. You can’t invest that way, everybody knows you’re not supposed to do that. Look at how many people at the crisis started selling stocks out of panic. That’s like the worst thing you can do. There’s something to be said for having a long-term vision and working your best to stick to it and making adjustments. You’ve got to be reactive in something that’s ever changing. You react once the legislation has passed, but to react to whatever the news cycle is, and whoever made the angriest tweet, it can’t be good for business because how would you ever get anything done? Because what you’re doing is operating out of fear and “wait and see” mode.
When digital cameras were invented, Kodak decided to suppress the technology. Sometimes the company doesn’t get to say what gets embraced and what doesn’t get embraced. Everybody’s trying to manipulate the system. My lobbyist is trying to manipulate the system, your lobbyists are trying to manipulate the system. I go to this fundraiser, you go to that fundraiser, everybody’s trying to manipulate the system so that it benefits them and their current business model, but what if it doesn’t go your way? If you’re in the insurance industry, shouldn’t you have insurance? Shouldn’t you have a business model prepared for the small eventuality that something could happen? It’s fire insurance. It’s flood insurance. You don’t expect the model to change, but should you be prepared for it?
That’s such a good question. You know, the question is if cost becomes the thing. I remember many years ago when I was starting out, most of the work I was doing was small businesses. I would have these negotiations, these battles with companies that would try and nickel and dime me and squeeze my price. I thought it was because they didn’t value what I had. It occurred to me one day, it’s not because they don’t value me, it’s because they don’t have the cash flow. Right? I said to them, “Listen, I won’t negotiate on price, but I’ll negotiate on terms. And you offer me any terms you want, and I’ll accept them.” It was never the price in the first place.
My point is can you look at the situation differently. If money is the challenge for these times, and you have no control over managing their healthcare costs, can you help them manage other costs? So are there systems inside your own company that you’re really good at? For example, you are really good at managing, pick a thing, inside your own company, that you can then share the system that you’ve developed to help manage your own costs with your clients, to help them manage costs, so that we can help you manage your healthcare costs. “We know cost is killing you, so here’s some systems that we’ve developed to help you manage other costs inside your company. And, by the way, we’ll give them to you for free. We’ll give them to you for free because we know that you need to save money in order to continue to do business with us.”