Betting the Company
Sometimes in business, like in poker, you need to go all in.
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Every company faces critical moments where everything is on the line. Moments when the status quo is not an option, the future is uncertain and the options are all difficult. Moments where the survival of the company is at stake.
Hopefully, you don’t encounter these moments very often.
But, you will encounter them. When you do, the decision that you need to make is unlike every other decision that you make. You need to bet the future of the company on a single choice, and if you get it wrong then the company goes away.
I’ve faced a few of these moments and some I got right and others I did not. Even experienced leaders only see a handful of these moments in their career, so it’s hard to get better at them through practice.
All of these situations are different so it’s hard to generalize, but there are a few important things to keep in mind when you are betting the company:
Don’t rush. The worst thing you can do is get nervous/excited/stressed and rush to make a “bet the company” decision. You might not have months, but you certainly have days and maybe weeks. Take your time and don’t let the world think you have to gamble blindly.
Generate more options. The most common cause of bad decisions is that the right options weren’t in your consideration set. Instead of looking at the obvious options, or the ones presented to you, spend time to create your own options. Be creative and make sure you are thorough.
Trust your gut. You need to believe in yourself, and trust your instincts. You likely know a lot more about the business and the decision than you could ever write down, and all of that translates into your intuition. Trust it.
When you do make a decision, commit. The worst thing you can do when betting the company is to waffle and/or change your mind. That will almost guarantee the company will fail! You need to commit completely and focus on making your choice work, instead of wondering if you made the right decision.
If you make these decisions right, you will be hailed as a genius. If you get them wrong, it will shake your confidence and everyone’s confidence in you. In either case, you’re the same person! Remember that these decisions are bets and we’re never as great or as bad as the results make us seem.
Don’t make a habit of betting the company, but you will have moments where you have no choice. Those are the defining moments of any leader’s career, and you need to trust that you are ready. Make a call and commit.
For more on Leadership, see:
Betting is a much more useful analogy for business than sports or war.