Navigating through times of crisis requires resilience and ingenuity, as evidenced by the diverse experiences of CEOs, owners, and founders. From overcoming self-imposed burnout to weather-induced demand, we’ve compiled six candid stories that showcase the tenacity and adaptability of these leaders while overcoming hurdles.
1. Overcoming Self-Imposed Burnout
“Oh God, do I ever have a story. Unfortunately, my major obstacle was me. You see, I already had a failed business under my belt when I started this one, so I was super determined that this one would work, no matter what. I truly put a lot of time and effort into it. Too much, believe it or not. I worked pretty much non-stop for the first couple of years. Days, nights, weekends. I was always at work. Not working meant not making money, and risking failure, and I couldn’t afford that.
But what I didn’t see at the time is that I was burning out pretty severely, and it was cutting into my mood, my work, and my profit. I didn’t see that me burning out completely and having to step away would mean way more loss than just…taking a break. My family and employees were finally able to get through to me, and I accepted that I was in my own way. I pulled back. I let my employees do their work without micromanaging. I didn’t try to do every job. And you know what? We started thriving. Lesson learned.”
Rick Berres, Owner, Honey-Doers
2. Differentiating to Combat Competition
“One of our biggest challenges was when a key competitor introduced a new, more technologically advanced product to the market that threatened to outpace our range. Although we were already in development of a new product, we were still some time off from launching it, and customers were starting to gravitate towards this newer model.
In order to retain our client base, we had to really focus on any value we could add apart from the product itself, which for us was customer service and customization. We launched a campaign offering highly personalized vending solutions, allowing clients to tailor the products and services to their specific needs. This differentiation helped us retain key customers and ultimately regain market share by offering something our competitors couldn’t.”
Alexandru Samoila, Head of Operations, Connect Vending
3. Creative Solutions During Financial Crisis
“In 2008, the financial crisis nearly derailed us. Demand for our services dropped drastically, and we were unprepared. We had to make tough choices to reduce costs—letting some employees go and cutting executive pay.
We also got creative in finding new opportunities. We started cold-calling companies that might need manufacturing solutions to cut costs. One new client was trying to launch a new product but couldn’t afford the initial production costs. We proposed co-investing in tooling and molds in exchange for a long-term supply contract. They agreed, and we started making their products at our factories.
Within a year, that client’s product took off, and our investment paid off. We proved ourselves as a valuable partner, and they gave us more work. That relationship was a turning point, allowing us to rehire staff and return executive pay. By thinking outside the box and taking a risk during a time of crisis, we found a path to stability. The outcome was a lasting partnership and a strategy of co-investing that we still use today to help clients launch new products.”
Albert Brenner, Co-Owner, Altraco
4. Innovating Through Real Estate Downturn
“When the real estate market crashed in 2008, our commercial brokerage struggled as deals dried up and clients went bankrupt. Cash flow plummeted, and we were in danger of not making payroll.
Rather than lay off staff, I pledged my own assets as collateral for a line of credit to keep us afloat. It was risky, but our team was too valuable to lose. With extra capital, we focused on distressed properties and helped clients restructure their debt. Though deals were smaller, there were more of them. We uncovered opportunity where others saw only crisis.
Within a year, the market began to recover. Our willingness to innovate and double down during the recession positioned us to ride the wave. We gained market share and new clients recognized our resilience. By taking a chance on my own terms, we overcame a major threat and built the foundation for long-term success. Our business is about perseverance and seeing potential where others may not. Every obstacle is a chance to prove our mettle.”
Joe Stance, Owner, Stance Commercial Real Estate
5. Responding to Ransomware with Strong Processes
“A few years ago, we faced a major setback when a critical client’s network was compromised by a ransomware attack. The attack happened just before a big system upgrade, which could have severely damaged our reputation. Our team worked around the clock, and while it felt like a nightmare at the time, we stayed focused on finding a solution. It wasn’t easy, but we were able to isolate the breach and secure the remaining systems within hours.
What helped us get through it was the groundwork we’d already laid with continuous monitoring and regular security audits. These practices allowed us to catch the issue early. With the systems we had in place, we were able to recover the client’s data from backups and get them up and running again within days. The client stayed with us, which was a big win, but more importantly, we learned a lot about responding quickly under pressure.
If I had to offer advice, I’d say never get comfortable with your current systems. Always plan for the unexpected. The situation showed us that having strong processes in place makes all the difference when things go wrong.”
Elmo Taddeo, CEO, Parachute
6. Collaborative Approach to Weather-Induced Demand
“A few years ago, our region experienced a series of severe weather events that led to widespread property damage and a sudden surge in demand for roofing repairs. As a local roofing and construction company, we found ourselves facing an unprecedented volume of service requests, which strained our resources and threatened our ability to provide timely assistance to our community.
To navigate this challenge, we implemented a triage system to prioritize the most urgent cases, ensuring that those with the most severe damage or vulnerabilities received immediate attention. We also made the decision to hire temporary staff and partner with other reputable local contractors to increase our capacity and share the workload. This collaborative approach allowed us to pool our resources, expertise, and manpower to tackle the increased demand more efficiently.
By adapting our strategy and working together with our industry peers, we were able to meet the needs of our community during this difficult time while maintaining our commitment to high-quality service. Although it was a challenging period for our business, we emerged with a stronger network, a more resilient team, and a renewed appreciation for the importance of flexibility and cooperation in the face of adversity. This experience also highlighted the value of having a well-established reputation and strong relationships within our local community, as it enabled us to quickly mobilize support and resources when it mattered most.”
Tyler Poole, Owner, White Oaks Construction
234 Views
Trending Articles
