91: When Adversity Meets Resiliency with Kieran Lynch

On today’s episode, Dr. Sabrina, The Business Psychologist™, welcomes her guest, Kieran Lynch, back to the podcast. About a year ago in Episode 33, they discussed the power of culture and how that was helping him recruit as an electrical contractor in an industry where he was facing a lot of challenges around recruiting. How different his circumstances are now! Kieran and his business faced an especially difficult challenge that he came through only to be impacted immediately after by the coronavirus. Kieran's strategic thinking and his resiliency are powerfully evident in this encouraging and inspiring conversation that you don’t want to miss. Kieran has over 15 years of experience in the electrical industry and joined the Lynch Power family business part-time in 2004. First helping his father as an apprentice electrician on nights and weekends to becoming an integral part of the company’s growth and success as Principal of the company. Along the way, Kieran has held positions of electrical journeyman, foreman, and project manager. Kieran leads the finance, marketing & strategic planning departments of Lynch Power providing new-age guidance on significant decisions for the company. His broad experience, proven leadership, and hands-on approach ensures client satisfaction. Profit by Design is a Tap the Potential Production in collaboration with Small Business Consulting Group. Show Highlights: As Kieran relates, his business experienced their best year ever, then overnight it became their worst year ever because his largest client, with whom he was doing 80% of his business, went bankrupt. Although there were rumors of trouble, he was being assured that everything was fine. Looking back, these are the five steps he wish he had taken: Relax. Analyze and ask around. Create multiple plans. Forget the past. Learn from it and move forward. Understand and recognize that this made you stronger. It’s really a blessing in disguise. Dr. Sabrina shares the 80/20 principle, which is where 20% of clients are responsible for 80% of your revenue.  Kieran replays the date he broke the bad news to his employees and their reactions.  Kieran describes the strategies he implemented at this time to pull his team together. He took ownership that it was partially his fault for not seeing it sooner. His business had just recovered from the financial hardship when the coronavirus hit. He did have to make employee cuts but assured them that his intention was to eventually bring them back in. Kieran predicts that in 12 months, his business will be stronger than it has ever been. He shares some of his ideas on leveraging existing clients and partners. Looking at his financials, he found a lot of “fluff” that he could cut. Keep in mind that now is a great time to be on the lookout for A-players for when you’re able to start hiring again. Gratitude is huge. Links and Resources: Taking care of yourself is important now more than ever. Are you ready to take your life back from your business?  The FIRST STEP is taking our Assessment at: https://www.tapthepotential.com/assessment NEXT, meet with our Success Team Lead to debrief your results. THEN, join our Better Business, Better Life™ program! Tap The Potential Strategy Session for Entrepreneurs Impacted by COVID-19 https://www.tapthepotential.com/strategy Get the Book!! How to Hire the Best - Contractors Editionwww.TapThePotential.com/book How to Hire the Best Toolkit www.TapThePotential.com/Toolkit Get Your 2020 Action Planner Now! The Pumpkin Plan Action Planner 2020 https://www.tapthepotential.com/planner Dr. Sabrina’s WEBSITE Dr. Sabrina’s PODCAST - PLEASE RATE & REVIEW! Profit by Design, a Tap the Potential production in collaboration with Small Business Consulting Group For Resources & Tools from Sponsors - https://www.profitbydesignpodcast.com Subscribe & Share Podcasts! - https://www.profitbydesignpodcast.com/podcasts/ Facebook Group: https://www.facebook.com/groups/ProfitByDesign/ The Q-Storming protocol is a useful tool that bypasses crisis-oriented tunnel vision. Current and past clients can request a FREE laser-coaching session. If you’ve never been a client, check out a 45-minute Q-Storming strategy session here: https://www.tapthepotential.com/strategy. It is a $250 investment. Calm App Are You Leading with Love or Know Another Entrepreneur Who Is Being a Gift from Their Gifts During This Time? Please use hashtags #leadwithlove #beagift and we will be re-posting these social media posts! Suggested Episode 33 with Kieran Lynch: Creating Company Culture to Attract and Retain A-Players with Kieran Lynch Connect with Kieran! Kieran’s Website Kierans’ LinkedIn Mentioned Book: Extreme Ownership: How U.S. Navy SEALs Lead and Win by Jocko WillinkMentioned in this episode:Jumpstart Your Business!You’ve built a successful business—but it’s still running you. Join us to reclaim 10 hours a week and finally step into your role as the owner—register now: https://www.tapthepotential.com/jumpstart.