EPISODE 8: GETTING COMFORTABLE WITH UNCERTAINTY AND MAKING HARD DECISIONS WITH MATT BODNAR
Live Date: Monday, June 22, 2020
Show Description: Matt Bodnar is a deal maker and strategy expert. Named to “Forbes 30 Under 30” and a partner in multiple “Inc Fastest Growing Companies,” Bodnar has scaled businesses across multiple industries, including restaurants and real estate. Bodnar is Chairman of Fresh Technology, Co-Founder and Managing Partner of Fresh Capital, and Managing Partner of Fresh Holdings. He is also the Creator and Host of The Science of Success Podcast with more than five million downloads to date. On today’s episode, Heather and Matt talk through pivoting during a crisis, COVID-19’s effect on business, leadership and decision-making during uncertain times, prioritizing rest and recovery right now, limiting beliefs, productivity and procrastination, and so much more!
Biggest Takeaways:
Forecasting Future Events: When thinking about potential future scenarios, Matt encourages listeners to get comfortable with uncertainty and multiple potential outcomes – not just best and worst-case scenarios. And then, prepare for every possible scenario or you could get completely blindsided.
Addressing Challenges One Step at a Time: So many entrepreneurs and small business owners – and the world in general – have been in triage mode for months. It’s time to step out of that stress cycle and take proactive steps towards preparation. So, where do you start?
Forecast Your Day-to-Day Business: There are so many variables in place in your organization and industry, but generally speaking, pay close attention to what’s happening with your cash. Figure out:
How much cash you currently have
Your cash burn rate/expenses
What cash is coming in
Get comfortable making tough decisions. As you assess the above areas of your business, you may have to make some tough decisions. That could be closing facilities, conducting layoffs, or ultimately closing the business. Drastic change may need to happen to ensure your business is around in the future.
Rest and recovery are huge for business leaders any time, but vital right now. Matt wants us to go back to the basics – the things we know we need to do but don’t make time for. This isn’t rocket science, but the research does back up the physical and mental benefits of each of Matt’s tips.
Get enough sleep.
Work in some movement during your day.
Meditate and stay present.
Restrict your consumption of content – television and social media included.
Matt and Heather walk through the concept of limiting beliefs and self-sabotage. Matt provides a basic framework created by Byron Katie (link to her resources below) for breaking down limiting beliefs:
Start with an awareness of what those limiting beliefs are. Do you ever hear that little voice in your head that stops you from doing something? Or, you may find yourself frustrated or stuck. Meditation can help shine a light on these beliefs that we hear all day long. Once you’ve identified a limiting belief, follow Byron Katie’s four-part framework:
Is it true?
Can I absolutely know that it’s true?
How do I feel when I feel this belief?
Who would I be without this belief?
Matt is a highly productive person, which he says boils down to his extreme laziness. When he comes upon a task, he asks himself the below questions:
How can I not do this? What happens if I don’t do it?
Can I have someone else do this instead of me?
Is this something I have to do one time, or is this something I might have to do again?
Is there a system or process I can build to pass this off to someone else, automate, or make it easier next time?
What actually matters? What creates results?
Quotables:
“Nobody actually knows the answer. You have to prepare for multiple potential futures.” – Matt Bodnar 11:11
“You have to ask those tough questions, and you have to be willing to make tough choices. But, it really should come from an understanding of the business.” – Matt Bodnar 15:59
“If you don’t make a hard choice today to save the business, there won’t be a business in one month, three months, six months.” – Matt Bodnar 17:52
“Most things in life are pretty simple, but they’re not easy to do.” – Matt Bodnar 20:56
“Some of the greatest companies ever have been started during recessions because there’s available talent that might have been laid off, infrastructure is cheaper, and generally, there is a great amount of opportunity. You just have to look for it in different places.” – Matt Bodnar 42:50
“While everyone else is retreating, I want to expand.” – Matt Bodnar 43:36
“I take care of what I can take care of, and then I don’t worry about anything else.” – Matt Bodnar 51:33
“The reality is, if you sit there not making a decision because you’re so caught up with making the perfect one, your life starts to pass you by and you never end up doing anything.” – Matt Bodnar 55:50
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