Sam Sherman: How to Lead Your Company in Difficult Times

Pictured: Sam Sherman,  Automatiq CEO

For companies operating in the live events and hospitality space, COVID was a worst nightmare turned reality. Live events were canceled for over a year with no certainty as to when they would return or if they would ever look the same again. The future was threatened for many businesses and my company, Automatiq, was no exception.

Due to hard work and perseverance from the entire Automatiq team and phenomenal support and perspective from our investors like Sean Cantwell and Volition Capital, Automatiq has not only survived, but I am grateful to say, has come out on the other side much stronger.

I therefore wanted to spend some time reflecting back on these experiences and sharing some of my thoughts on the best ways CEOs can lead a company through difficult times.

1. Lead with Confidence Regardless of How You Are Feeling

One of the most important aspects to leading a company in difficult times is the importance of being a founder that leads with confidence – regardless of how you are feeling. Culture is something that comes from the top down, and it is integral to find the energy to motivate your team. If your team sees that you are dejected and about to mail it in, you should not expect your team to be able to have the motivation to execute and turn the trajectory of your business around. The company and employees need to feel that management will lead them through these times and the only question is how.

2. Transparency is Key

At the same time, what might seem contradictory but goes hand-in-hand with leading with confidence is the importance of transparency. When I advise being confident, it doesn’t mean painting a rosy picture if the picture is not rosy.

During our most difficult times, we had weekly town hall meetings where I would share the good, the bad, and the ugly. This included sharing how much cash we had, what the different scenarios would look like depending on how COVID continued to evolve, and what different realities would lead to. A team can respond in a much better way when they have a full picture and complete details. Removing unknowns helps mitigate against employees spending time guessing and wondering what the future may hold. Transparency shows respect for your employees and leads to better decision making along the way.

3. Stronger on the other Side

One of our board members challenged me and our CFO to not just envision Automatiq surviving the pandemic but to also plan for how we would thrive on the other side. It is so easy to get caught up in the weeds and only focus on putting out the immediate, daily fires, but finding the time to step back and think strategically makes all of the difference. Specifically, at Automatiq, during COVID we did two transformative M&As that I do not think would have happened under different circumstances. They’ve been incredible additions to our business and I’m very grateful we were able to find the foresight to think that way, even when it was hard.

4. Staying Grounded

While you have a massive responsibility to your company and investors, you also have a responsibility to yourself. I think it is so important during difficult times to find ways to stay grounded and make sure that you are taking care of yourself alongside your businesses. On good days and bad days your business needs a clear-minded leader who is capable of making tough decisions and leading strategically.  

I am so fortunate to be surrounded by my wife, kids, and extended family, who were a huge focus of mine during COVID and really helped keep things in perspective. It’s no secret that leadership can be lonely and making sure you are surrounded with people who care about you and will have your back outside of your business is integral.

5. Celebrate Initial Success

Finally, as there starts to be a light at the end of the tunnel, it is so important to celebrate the initial signs of success. When the NFL schedule was released in May of 2021, the prospect of new sales and demand gave our team a much needed boost. We were cautiously optimistic but also allowed ourselves to get excited and revel in the joy that some normality was coming back to the calendar and for our business. These moments are important for morale and a shared moment of joy can be the catalyst your team needs to keep going. 

-Sam Sherman

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