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Successfully Navigating Economic Change with Tracy Duhaney · The Confident Entrepreneur With Jennifer Ann Johnson

• 0:37
  Speaker 1: Today, we welcome into the studio Tracy Duhaney.
• 0:39
  Speaker 1: Tracy is the principal consultant and founder for the Ambacelli Group, which is a boutique business and leadership consulting firm located in Naples, florida.
• 0:47
  Speaker 1: The company is primarily focused on strategic planning, culture curation I tripped myself up on that one and leadership development for today's workplace for small to medium-sized businesses.
• 0:59
  Speaker 1: Over the past 10 years, tracy has been proactively involved in organizational practices, improving business strategies and transforming company culture through awareness and training.
• 1:11
  Speaker 1: Tracy's mantra is RIDDED in LIVE authentically and WATCH THE MAGIC OF LIFE UNFOLD Welcome, thank you.
• 1:18
  Speaker 1: We've had you on before and it's always been such a pleasure.
• 1:21
  Speaker 1: I'm so excited to be here.
• 1:23
  Speaker 1: We're talking today about how businesses can navigate change and I thought what a better person there's no better person to talk about this than you.
• 1:33
  Speaker 2: I appreciate that change.
• 1:35
  Speaker 2: The only constant is change, right and taxes.
• 1:37
  Speaker 2: Uncle Sam, let's get his no.
• 1:42
  Speaker 2: But I love this topic because, as we are constantly looking at the environment, the economy, so many different factors around us businesses are struggling to know what do I do next?
• 1:52
  Speaker 2: How do I prepare what's coming as we progress through hopefully, the end of COVID.
• 1:57
  Speaker 2: Who knew before COVID that COVID was going to come?
• 2:00
  Speaker 2: So businesses had no idea how to prepare for the unexpected.
• 2:03
  Speaker 2: Change is constant.
• 2:05
  Speaker 2: That's the only thing we know.
• 2:06
  Speaker 2: So we know that we need to be flexible when it comes to change.
• 2:10
  Speaker 1: You're very right about that, because as small to medium-sized businesses we are, the more flexible and we're more flexible than the big companies, right?
• 2:20
  Speaker 2: Most times, yes, but flexibility starts with the mindset of the owner, the leaders, the board, the executive leadership team.
• 2:28
  Speaker 2: As long as that group is flexible, yes, I agree with you that small to medium-sized businesses can be more flexible, but if the leadership is not flexible, it doesn't matter the size of the organization, it's not going to be.
• 2:38
  Speaker 2: That's very true, very, very true.
• 2:41
  Speaker 1: And would you say that's kind of the biggest challenge that companies face is that is, being flexible or not being flexible enough when change happens.
• 2:52
  Speaker 2: I would say that's one of the biggest challenges not being flexible enough and understanding that change is good, change is necessary, change is constant, right.
• 3:01
  Speaker 2: The other part, other challenge that they have is not knowing how to communicate change or communicate change within the organization and what we're going to do or what's happening.
• 3:10
  Speaker 2: It's almost as if this is the change we're going to do.
• 3:12
  Speaker 2: Go and you have customers, employees, other leadership members who are saying well, what are we doing?
• 3:20
  Speaker 2: Where are we doing?
• 3:20
  Speaker 1: it.
• 3:21
  Speaker 2: Communication follows change and change follows communication.
• 3:25
  Speaker 2: So those are the two biggest challenges I think businesses tend to come across when they're trying to implement change.
• 3:31
  Speaker 1: So how do we fix that Now?
• 3:33
  Speaker 1: If that's what the issues are, how before things start happening?
• 3:37
  Speaker 1: Is it the planning before that, or what is it that we can do to alleviate the pain around change?
• 3:44
  Speaker 2: Well, I'd say, because we never know when change is going to come or what the change is needed.
• 3:48
  Speaker 2: First and foremost, companies should make sure that they have a change or innovative mindset, that they cultivate that within their employees, within their culture, so that when change does occur, people can pivot easily, because innovation and change is part of their DNA.
• 4:04
  Speaker 2: One of my favorite, absolute favorite scenes, if you remember the show Friends, when they're trying to take the sofa upstairs and they're like yeah, yeah, yeah, yeah, and I was like shut up, shut up, because the sofa couldn't pivot.
• 4:17
  Speaker 2: We're still trying to force it Right.
• 4:20
  Speaker 2: But part of that is, if the culture is rooted in innovation and creativity and flexibility, it's easier for everyone to adapt to change, because that's what they know, because you started out on the right foot, correct, correct.
• 4:33
  Speaker 2: That's the biggest driver.
• 4:35
  Speaker 2: That on communication are the biggest drivers that help to make sure that that sofa does pivot in the right direction.
• 4:42
  Speaker 1: So now talking about communication, because everybody receives information differently.
• 4:48
  Speaker 1: How would one go about communicating that change with their team?
• 4:53
  Speaker 1: Should you know what your team, how?
• 4:56
  Speaker 2: you know, like it's the languages of love kind of thing, yeah, like love languages or appreciation languages, right.
• 5:01
  Speaker 1: Exactly Like how do we know how they're going to?
• 5:04
  Speaker 1: I mean, we may not know how they're going to receive that information, but how do we?
• 5:08
  Speaker 2: deliver it.
• 5:09
  Speaker 2: So that's interesting because you're speaking my love language.
• 5:12
  Speaker 2: When you're talking about how do we communicate, oh great, I'm so happy, it's awesome.
• 5:17
  Speaker 2: So communication is interesting because it's not a one size fits all, like you said.
• 5:22
  Speaker 2: Now the first and foremost thing is to make sure you are at least trying to communicate Right.
• 5:26
  Speaker 2: There are different ways to communicate, but the first thing is you want to communicate and you actually are starting to communicate in one form or another.
• 5:32
  Speaker 2: The other part is depending on what the change is.
• 5:35
  Speaker 2: If it's a major organization change, you're going to have a change management plan.
• 5:39
  Speaker 2: You're going to have a communication plan that's involved in that.
• 5:41
  Speaker 2: It's going to talk to the different levels of communication, the different departments affected, the customers affected, etc.
• 5:47
  Speaker 2: Or if it's a smaller change, that may be department level, you're going to have a different way of communicating that, whether it be in person within an entire department, if you're a one location organization, or if it's just going to be a certain team.
• 5:59
  Speaker 2: It just depends on what the change is and that's how you alter your communication plan.
• 6:06
  Speaker 1: Got it.
• 6:06
  Speaker 1: Do you sit down with somebody to figure this out, or is it something that people just go?
• 6:11
  Speaker 1: Well, I guess I have to figure out how to do this.
• 6:13
  Speaker 2: I always say you can sit down with someone or you could have it internal.
• 6:17
  Speaker 2: For some organizations they have their own internal change teams because they know the change is constant.
• 6:24
  Speaker 2: I work with a lot of clients as a business consultant, where I come in and I help them with their change plans that they're working on and also help them look ahead and say, okay, how can we be strategic with the uncertainty that is coming to us or coming around us?
• 6:38
  Speaker 2: You can sit down with someone like a consultant, like myself, or you can work to have your team, have a change department, so to speak, involved.
• 6:46
  Speaker 2: This usually happens in larger organizations.
• 6:49
  Speaker 2: As change progresses, they have a team that's already rooted in the entire organization, or you partner with a consultant.
• 6:56
  Speaker 1: Let's say you're a business and you know that you've got some big changes that are happening in your company.
• 7:02
  Speaker 1: And they pick up the phone and they call you because they'd heard about you or whatever.
• 7:06
  Speaker 1: You sit down and you say, okay, what's your change?
• 7:10
  Speaker 1: And then you sit down and figure out a plan, step by step.
• 7:13
  Speaker 2: So I come in and I like to find out from the leaders as to what they think the change is, but also why the change is occurring.
• 7:21
  Speaker 2: Because my favorite thing is the why behind everything.
• 7:23
  Speaker 2: You were to call me and say I want to change my location.
• 7:28
  Speaker 2: Why, well, it's not working anymore?
• 7:30
  Speaker 2: Why, because I'm not getting as much traffic?
• 7:33
  Speaker 2: Why there's so many different layers to that.
• 7:36
  Speaker 2: Why, question to find out?
• 7:37
  Speaker 2: Ultimately, is it the location that truly needs to change or is it something else?
• 7:42
  Speaker 2: Or is it in parallel to both things that need to change?
• 7:45
  Speaker 2: But what tends to happen is when you're so rooted in your business, you're so close to it, that you're not seeing objectively as to.
• 7:51
  Speaker 2: Okay, there could be more than one thing that needs to change, but I'm so focused on this that this must be the solution.
• 7:57
  Speaker 2: You're right, it may not be the solution or the only way to get to the solution.
• 8:02
  Speaker 2: That's when I come in, I have that conversation, I work with all the stakeholders that are involved to say, okay, what is the change that you're perceiving?
• 8:10
  Speaker 2: Why did or how did we get here?
• 8:12
  Speaker 2: Or why do you think that's the solution?
• 8:15
  Speaker 1: Got it Because, I agree, as a business owner, I am too close.
• 8:19
  Speaker 1: You're usually emotionally invested.
• 8:22
  Speaker 1: Yes, which is the number one thing.
• 8:26
  Speaker 2: Yeah, and you're also working in your business not necessarily on your business so when you're so caught up inside of it, you're not seeing all the different factors that go around.
• 8:36
  Speaker 2: One of the things I love to talk to clients about is making sure that they have a pulse, not just on their business or within their business, but also a pulse on the area, looking to see any competitors.
• 8:47
  Speaker 2: What else is coming through?
• 8:49
  Speaker 2: What are your customers saying?
• 8:51
  Speaker 2: Are they pivoting somewhere else or doing something differently?
• 8:53
  Speaker 2: But you're so focused on your business and your numbers, as you should be, but what else is at play?
• 9:00
  Speaker 2: Have you looked at the external factors and how can you adjust to that?
• 9:05
  Speaker 1: There's so many components of a business owner that it's hard to get all of them right, because you're dealing with one bucket, because that requires your immediate attention, and then something else falls by the wayside, so you're always playing catch up, yeah.
• 9:22
  Speaker 2: And it's hard to be proactive and strategic when you're always reactive.
• 9:25
  Speaker 2: Very true.
• 9:28
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• 9:49
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• 9:55
  Speaker 1: Welcome back, friends.
• 9:57
  Speaker 1: We are in studio with Tracy Duhaney and she is with the Ambicelli Group, and we're talking about change in your business.
• 10:04
  Speaker 1: Yes, you said something always keeping the pulse on the area.
• 10:12
  Speaker 1: You know in speaking to that, we know, like you said, change is always constant.
• 10:16
  Speaker 1: So, as a business, how can we anticipate, maybe what's coming next and then stay ahead of that curve so that we're not falling flat on our face when it actually happens and we're not stuck?
• 10:31
  Speaker 1: I mean, we couldn't have predicted COVID, right?
• 10:34
  Speaker 1: That's a thing that just came out from nowhere.
• 10:40
  Speaker 1: But there's other things in our businesses, like maybe regulations that are going to be handed down from a legislature or your customer's changing needs, that kind of stuff Like how can we have that plan before?
• 10:55
  Speaker 2: Well, my first thing to use is going to be hire a business consultant.
• 10:57
  Speaker 2: Shameless plug.
• 10:58
  Speaker 2: But I say that because you're so invested in your business that you cannot do it all.
• 11:05
  Speaker 2: And if you're trying to do it all, it's going to be a little bit of you spread so thin that you're not going to be able to foresee everything.
• 11:13
  Speaker 2: When you work with a business consultant or you have an internal team that's focused on proactive market research, focused on your customer's voice, what are they saying now?
• 11:23
  Speaker 2: Focus on competitors what are they doing?
• 11:26
  Speaker 2: But also building the relationships with your competitors, building the relationships with your vendors.
• 11:32
  Speaker 1: Okay, that's a good thing, because you just said build a relationship with your competitors.
• 11:37
  Speaker 1: I know a lot of people are probably going Right now but why?
• 11:41
  Speaker 1: I agree with you, but there's still.
• 11:45
  Speaker 1: You know this has been around forever, right, competition has been around forever.
• 11:48
  Speaker 1: It's not going to go away, it's not.
• 11:50
  Speaker 1: It's here to stay right.
• 11:51
  Speaker 1: But people look at that and go, oh my gosh, they're going to find out my secrets.
• 11:55
  Speaker 1: I can't tell you know it's not about that.
• 11:57
  Speaker 1: I mean it's interesting.
• 11:58
  Speaker 2: You say that because a relationship with your competitor is not meaning that you're going to be your best friend and all of your secrets and all of your past and all of your struggles.
• 12:05
  Speaker 2: My point is you can have relationships with your competitors to understand, hey, what are you thinking, what are you finding challenges with?
• 12:12
  Speaker 2: If we're both finding the same challenge, okay, well, is there someone else in the market that could be a different market that has solved this problem?
• 12:20
  Speaker 2: Do we need to look at that?
• 12:21
  Speaker 2: Because your customers you've hopefully built relationships with your customers to know what your customers want.
• 12:27
  Speaker 2: They have done the same with theirs.
• 12:29
  Speaker 2: It's healthy competition at that point versus it being.
• 12:33
  Speaker 2: I'm gonna hold on to my market share and I'm not gonna let go and I'm not Gonna talk to anyone.
• 12:37
  Speaker 2: You know what happens competitors who have healthy competition have built relationships.
• 12:42
  Speaker 2: They stay ahead of the game and then they're like I'm not gonna talk to you.
• 12:46
  Speaker 1: That is a very, very good point.
• 12:47
  Speaker 1: I just know that our listeners may have that like oh, did she say, be friends or get to know my competitors?
• 12:54
  Speaker 2: But you know another part, that is, the relationship with your vendors.
• 12:57
  Speaker 2: I was working with a client and we were.
• 13:00
  Speaker 2: He was doing a development and In that I was working with him to do the market research and keep a pulse on that as the development was progressing and A vendor called me and said hey, did you know that?
• 13:11
  Speaker 2: I that there's another property coming up within 20 miles, and I had no.
• 13:15
  Speaker 2: I start googling and I have no idea.
• 13:17
  Speaker 2: But the vendor was contacted by that upcoming property and Saying, hey, I just want to bid, but because we had built that relationship with the vendor, uh-huh, they say, hey, insight information.
• 13:28
  Speaker 2: We don't like saying that, but you know, insight information.
• 13:30
  Speaker 2: And now we could.
• 13:31
  Speaker 2: Okay, let's look at the area, look at what they're doing.
• 13:33
  Speaker 2: Relationships are the key that it's gonna move and keep your business up low, because it's not just.
• 13:38
  Speaker 2: Relationships with your customers.
• 13:39
  Speaker 2: It's not just a relationship with your employees or the relationship with your team, but it's your external relationships that are also going to be beneficial for you to succeed.
• 13:47
  Speaker 2: Mm-hmm.
• 13:49
  Speaker 1: How does, how does being being involved in your community tie into all that?
• 13:55
  Speaker 2: so I love community involvement, especially because you have that relationship Driven mindset where it's the person you're speaking to could be your next customer, your next advocate, your next sponsor, the person who's recommending your business in rooms that you're not in that relationship.
• 14:13
  Speaker 2: When people see how you're helping your community, how invested you are, they're likely to build more trust with you.
• 14:19
  Speaker 2: And that helps as you're trying to get your business not just going but you're trying to build your business, because we're also trying to we're always trying to build our business even more and Having that firm foundation within our community to support us, advocate for us, or the community to see, oh, they're investing within our community, we want to work with them versus, you know, a big box corporation that may not give back, may not benefit us.
• 14:43
  Speaker 2: We want to keep it home right you become human.
• 14:48
  Speaker 1: Yes, it's really, I think, where that goes to yes.
• 14:50
  Speaker 1: Because I like to see that face.
• 14:52
  Speaker 1: There's an accountability to that as well.
• 14:54
  Speaker 1: If they see you out in that community and you know, and then they're considering doing business with you and they compare you to someone else, good chance they may go with you because you've been seen that and it's also that awareness of you exist, mm-hmm, because, let's be honest, big box, big, large corporate Corporations.
• 15:16
  Speaker 2: They have the marketing dollars to splash their name everywhere so people know that they're here, right.
• 15:22
  Speaker 2: But when you have, when you take the time and do those small steps to go and meet people, post a community event at your location, you really have the marketing efforts that are almost Priceless because you can throw money and have your logo splashed everywhere.
• 15:39
  Speaker 2: But are you really helping the community after Hurricane, after a natural disaster?
• 15:43
  Speaker 2: Are you really there with them?
• 15:45
  Speaker 2: Are you there Lifting up the pieces and rebuilding with them, or are you just a?
• 15:49
  Speaker 1: name on a wall right and and that goes again back to planning and being strategic yes, right.
• 15:54
  Speaker 1: So you kind of know that these things are constant in here.
• 15:59
  Speaker 1: Oh well, there's always this happening in our community, there's always this.
• 16:01
  Speaker 1: So let's plan on doing these things Right, right, and then have a plan for when you know, inevitably we live in southwest Florida A hurricane is gonna strike, right.
• 16:11
  Speaker 1: So what do you think you can do for your community, right, right, before it actually happens?
• 16:17
  Speaker 2: so you can be prepared.
• 16:18
  Speaker 2: You can.
• 16:19
  Speaker 2: But I think the other part to that is your social responsibility ties into your culture, right.
• 16:24
  Speaker 2: Right, and your employees live here.
• 16:25
  Speaker 2: They live in the community.
• 16:27
  Speaker 2: Especially if you have a main location, a headquarters, or even if you have multiple locations where your employees live, that location is right.
• 16:35
  Speaker 2: So if you have that social responsibility and that investment in the community, your employees see that right.
• 16:40
  Speaker 2: They build loyalty from within.
• 16:42
  Speaker 2: They're also your advocate when they are out in the community.
• 16:45
  Speaker 2: They are at their kids' softball game, they're at the supermarket, et cetera, saying I'm proud to work with XYZ Company, and that again is a marketing tactic that is priceless.
• 16:55
  Speaker 2: You build that loyalty, that brand loyalty, and they're proud to work there, right?
• 17:00
  Speaker 1: I mean, I know of companies who they've kept a hurricane fund that they contribute to every year and then when something horrible happens anywhere in our state or wherever, it doesn't have to be a hurricane, but they'll take that money and they'll buy supplies or give it away, whatever it is Right.
• 17:18
  Speaker 2: It's all rooted in culture.
• 17:20
  Speaker 2: We are proactive, we know the reality of where we live and we also know the struggles our employees face.
• 17:26
  Speaker 2: I want the community faces and if we are able to give back, it comes back to us tenfold.
• 17:32
  Speaker 1: And I totally agree with that.
• 17:33
  Speaker 1: There is no question Any other tips that you have for navigating change within your company.
• 17:39
  Speaker 2: I will say for navigating change make sure that you're very clear on what your indicators are to measure that change, because you can say we're going to change this, but what's the outcome you're hoping to accomplish and how are you measuring it.
• 17:52
  Speaker 2: And you've heard of KPIs, your key performance indicators.
• 17:57
  Speaker 1: We're going to talk about that in another podcast.
• 18:00
  Speaker 2: Oh, I'm so excited.
• 18:01
  Speaker 2: But part of that KPIs is making sure that you understand.
• 18:04
  Speaker 2: How am I measuring the impact of this change that we are moving with?
• 18:08
  Speaker 2: Very good point.
• 18:09
  Speaker 2: Because, if you're not measuring it and the change happens but the desired results aren't accomplished, are you going to pivot and keep pivoting?
• 18:16
  Speaker 2: No, or are we going to look and say, okay, was this the right decision that we made?
• 18:20
  Speaker 2: If not, fine, because that happens.
• 18:22
  Speaker 2: We're not fortune tellers.
• 18:23
  Speaker 2: We don't have a magic crystal ball, as much as we'd like to believe.
• 18:26
  Speaker 2: But how are we measuring it and then making sure that we are tracking the results of that change?
• 18:32
  Speaker 2: And then I would also say, make sure that you're also tracking your ROI, like looking at your return on investment from this change.
• 18:38
  Speaker 2: Was it profitable?
• 18:39
  Speaker 2: Was it something that was there and accomplished what it's supposed to do?
• 18:42
  Speaker 2: And then that way, the next time you have a big change, you learn from what you did right and what you did wrong.
• 18:48
  Speaker 1: I love that because sometimes when you make changes, maybe it's not going to increase your income, but it could decrease your expenses.
• 18:55
  Speaker 1: Because you got more agile, you became much more productive.
• 19:02
  Speaker 2: Or you also happened to fall into a new market segment that you had no idea was there.
• 19:06
  Speaker 2: A lot of things happen strategically, but also simultaneously on the whim, because life happens, the environment and economy changes as you're going through change, just like COVID.
• 19:19
  Speaker 2: There are so many businesses that pivoted in COVID that didn't think what they were doing then was even an option.
• 19:24
  Speaker 2: Now it's been a part of their entire business model ever since COVID because it worked.
• 19:30
  Speaker 2: So that's where it comes back to just being open to change and flexible, having a communication plan, making sure that you're tracking the results of your change, and then also be open to feedback.
• 19:42
  Speaker 1: I love that.
• 19:42
  Speaker 1: Whether it's good or bad, you grow from either.
• 19:47
  Speaker 2: You have to, you have to recognize that both external and internal feedback is where the gold is, so to speak, awesome.
• 19:55
  Speaker 1: Well, it has been a pleasure having you on today talking about change.
• 19:58
  Speaker 1: If our listeners would like to get ahold of you, how can they do so?
• 20:03
  Speaker 2: I would say first visit my website wwwthiambecelligroupcom, or you can call me at 239-682-1282 or email me at tracty at theambicelligroupcom.
• 20:18
  Speaker 2: Fabulous, Thank you so much.