By Aaron Vick
Aaron Vick is acting CEO for Cicayda due to the long time CEO’s activation by the ARMY Reserves to serve on the COVID-19 National Response Team. Prior to 2020, Aaron was Chief Strategy Officer for Cicayda providing tailored solutions and support within the realm of litigation eDiscovery. He routinely speaks and teaches on discovery best practices and trends as well as meets with international groups to discuss evolving discovery practice rules around the globe.
If you’re just starting out in your own business as an entrepreneur, or if you’re a hiring manager of C-suite personnel, you’ve probably found yourself putting on different hats—jumping into roles that could or should be filled by other employees. And as a leader, you and your company need to be adaptable.
Understanding every aspect of your business is a strength that will give you better insight into how to run your company, how employees behave, where you might be able to streamline production, and where you might need improvements.
This can be considered both a hard skill where you learn how to do specific jobs that are required for the business to function, and a soft skill where you’ll learn more about communication, teamwork, and how to deal with interpersonal relations (people skills).
But understanding every job from the mailroom to the boardroom is not the only area where adaptability will serve you.
When it comes to getting out a product or service, adaptability to the market, its ups and down, and its demands are the focal points for staying on top of your game. You’ll need to be open-minded and resilient. In other words, you need to make the best of things, regardless of how they have turned.
That doesn’t mean you should just “go with the flow”.
It means you need to be resourceful. Change what you can and adapt to the things you can’t. There’s no time like the present for assessing, reassessing, and growing a skillset. This should always be at the forefront of your mind.
You need to trust your own judgement. If you started with a solid plan and something didn’t work, be patient and tolerant until you and your team find a solution. When things go wrong, don’t lay blame.
Yes, someone may have overtly dropped the ball, but always try to put yourself in their shoes and show respect for the shortcomings of others. Get to the root of why this happened, then be positive in your outlook for finding a solution.
Strive to be able to bend without breaking. In other words, don’t compromise the values and vision of the company, just work toward a solution that will bring the same big picture outcome by a different path.
Being highly adaptable means being:
Being open-minded means:
- Being flexible
- Looking for solutions instead of laying blame
- Listening to the opinions and creative ideas of your team
- Looking at things through someone else’s eyes
What’s most important here is to focus on the big picture outcome and apply maniacal flexibility and creativity in the execution path.
Can you be too open-minded? Probably not.
Being open-minded to changes or the ideas of others does not mean you must implement every idea that comes along. But it will go a long way to being able to find solutions that will improve your chances of success.
- Be honest about where ideas can add value, and have a conversation about why one idea may be implemented over another.
- Explore what might be uncomfortable and unconventional even if you don’t pursue it.
- Force yourself to have two perspectives.
- Implement active listening and dig into details.
If you find yourself being rigid, discontented, unwilling to change your attitude or how you do things, or being competitive even among your lower ranking employees, you’re not adapting, and this can cause the breakdown of trust and respect, which in turn leads to lower productivity and creativity among the ranks.
Can you be too adaptable? Yes.
Adapting to changes in the market, for example, means you’ve discovered how to keep your business running and turning a profit when consumer demands change—how people shop, how they spend, and why they buy. When the price of raw materials increases, for example, you’ll need to find a way to adjust your budget and your output to maintain your current status. If you’re not making as much profit as last month, that does not signal failure, it simply means you’ve got to get on top of the game and adapt.
- Focus on solving hard problems by unlocking many smaller problems and solving them first.
- Prepare a list of questions that challenge how your company operates in the marketplace, then answer those questions with viable alternatives that will allow you to adapt.
- Utilize your team to hone in on key pieces that might be missing and that might work to give you more leverage in a changing market.
- Reduce choices to two options.
So in being adaptable, what’s the difference between being versatile and being flexible?
When you’re flexible, you’re able to make changes without compromising too much—you (your company) can bend, but you won’t break. You’re ready to boost your awareness and willingness to make necessary changes.
Being versatile means you (your company) can cover many areas successfully and competently. You can move in a different direction if the need arises.
When America joined World War II in 1941, factories—automobile factories in particular—rapidly converted to the production of military tanks, rifles, ammunition, and airplanes. They served a greater purpose and were able to adapt to the needs of the country.
You will likely not have to make this kind of swift and drastic conversion, but knowing what your company is and is not capable of will guide you along the path to success and keep you there.
The paper and packaging industry is a great example of how the structure of an industry might need to change based on new technology. The need for graphic paper (newsprint and coated papers such as those used in photography) has been replaced by digitization, people don’t write letters and send them through the mail, and even copier paper is less in demand due to the proliferation of emails.
So how is this industry adapting? They’re focusing on other areas where paper is now in greater demand—packaging in both the consumer and industrial markets, and tissue products.
- Can you find a way to consolidate production or focus on a specific area of your industry?
- Are there lines that cannot be crossed?
Being adaptable and open-minded shouldn’t start when a crisis arises. Know your options—what your company is capable of–ahead of time by planning options for change or at least keeping change in the back of your mind.
Being adaptable, flexible, versatile, and open-minded about options will keep you and your company prospering. It will allow you to revitalize and renew, and it might incite new ideas that can bring growth even when you’re not pressed to adapt.
Triple Net Properties: how to invest in them
In today’s market, there are a number of different investment opportunities available to investors. One option that is growing in popularity is triple net properties. What are triple net properties, and how to invest in them? This article will cover the basics of triple net properties and provide an overview of them.
triple net properties for sale are commercial real estate investments where the tenant, or lessee, pays all property-related expenses including property taxes, insurance, and maintenance. This can be an attractive investment for investors because it typically results in lower operating costs and more predictable cash flow. However, there are also some risks associated with this type of investment, so it’s important to understand the pros and cons before making a decision.
Reasons to invest in triple net properties
There are many reasons to invest in them. For one, they tend to be very stable and reliable investments. The tenants are typically well-established businesses with long-term leases, so there is little risk of vacancy or default. Additionally, because the tenants are responsible for all operating expenses, investors can enjoy relatively high cash flow and low maintenance costs.
Of course, like any investment, there are some risks to consider before investing in triple net properties. For example, if a tenant goes out of business or defaults on their lease, the investor may be responsible for paying the remaining rent. Additionally, because triple net leases often have high initial costs (such as build-out expenses), investors need to be sure that they are getting a good deal on the property in order to make a profit.
If you’re looking for a solid investment that will provide you with consistent income, triple net lease for sale may be the right choice for you. This type of investment can provide a predictable and reliable stream of income, making it an attractive option for many investors.
Things to consider when deciding to invest in them
There are a few things to keep in mind when you’re considering investing in triple net lease properties for sale. First, you’ll need to find a good location for your property. The location should be in an area with high demand and low vacancy rates. Second, you’ll need to negotiate a favorable lease with the tenant. The lease should be for a long term, and it should include provisions that protect your investment. Finally, you’ll need to carefully manage the property to ensure that it remains profitable.
If you’re looking for an investment that will provide you with a steady income stream, triple net properties may be the right choice for you. With proper management, these properties can be a sound investment that will provide you with years of consistent income.
Find out if triple net properties are right for you
If you’re thinking about investing in a triple net property, it’s important to do your research and make sure it’s the right fit for you. Here are a few things to consider:
1. What is your investment goal?
Are you looking for income, appreciation, or both? Triple net properties can provide stability and cash flow, but may not appreciate as quickly as other types of investments.
2. What is your risk tolerance?
Triple net leases are generally considered to be lower-risk than other types of commercial real estate, but there is still some risk involved. Make sure you understand the risks before investing.
3. What are the expenses associated with the property?
Be sure to understand all of the costs associated with the property, such as insurance, taxes, and common area maintenance fees.
4. What is the quality of the tenant?
The quality of the tenant is important in any investment, but it’s especially important with a triple net lease. Make sure you understand the tenant’s financials and creditworthiness before investing.
5. What is the term of the lease?
Be sure to understand the length of the lease and any options for renewals. You’ll want to make sure the tenant is committed to the property for the long term.
Once you’ve considered these factors, you’ll be able to decide if a triple net property is the right investment for you.
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