This article was published at EZine Articles.

 Overcommunicate, Overcommunicate, Overcommunicate – so says Jack Welch.

Not long ago, I had the pleasure of hearing Jack Welch speak and wanted to share some of my take-aways.

Jack, as you may know, heads an investment vehicle that has ownership interest in 11 companies.  During this time of extreme economic uncertainty he is telling the chief executives of his portfolio companies there are four key things they must keep in mind.

1.     Get your costs in line, because cash is king

a.     Assume your worst-case scenario.  Even if this is not the case then you will have out performed your expectations and be better positioned coming out of the economic crisis

2.     Overcommunicate – Frequently and Candidly

a.     Uncertainty and rumor are much, much worse than bad news.  If you keep them in the dark or provide them with sugarcoated information all you are doing in engendering paralysis.

3.     Take care of your best people – with cash

a.     If it is your people that make your organization, then they are the ones who are going to help you through this difficult time.  In times like this, nothing says that more than cash.

4.     “Buy-them or bury-them”

a.     If because of the difficulty in getting capital it is not possible to buy your competitor then go and steal their best employees.I wanted to spend a little time on Jack’s second point – overcommunicate.  It is always important to communicate with your organization.  The common excuse that I hear from executives for not communicating is that bad news will demoralize the troops.  While it may be true, very quickly your people, especially if they are good people, will incorporate the news and get back to the task at hand.  When people don’t know and can only surmise, they freeze.  Not being sure about what the priorities are, who will still be with the organization, or whether there will be budget for their projects logically makes people tentative. It is a natural human reaction to pull back when the possibility of failure increases; who wants to spend time and effort on a project that will go nowhere, lose its funding, or its resources? 

A well-executed communications plan will go a long way to keeping the uncertainty and rumors to a minimum.·      Message

o   What are the few (no more than 3) messages you want people to remember?  In times of uncertainty, what you say/write is scrutinized even more than usual.  This will increase retention, minimize confusion and reduce rumors.

·      Medium/Forum

o   A mix of one-way and two-way communications will allow you to get your message out, as well as to hear the concerns of your constituents.  Because everyone incorporates communications differently, a mix of media – video, e-mail, paper memo, face to face, blog, intranet, tweet, etc. will insure that you reach and impact the widest range of people.  

·      Frequency

o   In times of crisis, the void left by no information will quickly be filled with incorrect and potentially damaging information.·      Audience

o   Organizations have many stakeholders that all need to hear the message, but who may need to be communicated with differently.  Cast a wide net with your communications – don’t forget those in adjacent departments, customers, suppliers, etc.

 

Jack Welch made his career by understanding that it is not strategy alone that wins, but a talented, informed team of people.  In today’s extremely challenging environment, people become even more of a differentiator.   Use this time of uncertainty to keep your people informed and motivated allowing them to focus on positioning your organization for greater success.

Should you wish to discuss what Jack’s advice means for your organization, please do not hesitate to contact me at keith@erimo.com or +1 610 202 0579.

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