The Leader’s GPS to Navigating Challenges with Michael Stelzner #075

Welcome to another episode of Evolve Leadership Podcast. Our guest is Michael Stelzner. He's the founder and CEO of Social Media Examiner and the host of one of the marketing industry's largest conferences called Social Media Marketing World in San Diego and he's also the host of the Social Media Marketing podcast. Together, we will be diving into the whole concept of the growth mindset. Let's dive right into the interview! [4:00] Can you describe your leadership approach back in 2019 and some of the obstacles you encountered? Back in 2019, the business was performing reasonably well. We noticed a gradual decline in the social media marketing industry, signifying a reduced interest in social marketing. This made it necessary for me to put in more effort to achieve the same outcomes. Consequently, I was working long hours and feeling quite stretched. I had a sizable team, but I sensed that they weren't fully committed to the cause. Back then, I had around 65 people working for me on a full-time and part-time basis. While the business was fairly successful, certain aspects were deteriorating for me. The empire I had built since 2009 was becoming harder to manage. The pressure was mounting as I had been riding the social wave for many years. Concurrently, my three daughters were growing older, with one about to head off to college and the others moving closer to leaving the house. These circumstances led me to contemplate my commitments - to my wife, my business, and my customers. Trying to reconcile it all was weighing me down as an entrepreneur. Then, things took an unexpected turn. Initially, we believed it would only last a few weeks, assuming it wouldn't be a significant issue to overcome. [9:26]  Could you take us back to that period and illustrate how the effects of the business venture began to unfold?  Initially, I informed my staff about the situation, stating that it would likely be a short-term affair, maybe lasting three months. I advised everyone to be cautious and play it safe. I had my office staff work remotely since we were not allowed to be in the office. However, I continued to use the office because my landlord wasn't willing to provide any lease concessions. Being there alone turned out to be beneficial, offering me a mental escape. With my family, I discussed preparing for the worst - stocking up on essentials like toilet paper and other necessities. I even recorded emergency podcasts discussing crisis management, drawing from my experiences during events like 9/11, Y2K, and past financial crises. I proactively made wise decisions by canceling some ongoing promotions, recognizing the need to be supportive of the community. To aid my team, I provided a $1,000 emergency bonus to each member, even though some were hesitant to accept. I assured them they would require it, and this decision was instrumental in helping us navigate the challenges. We collectively decided to weather the storm and as a result, shifted to remote work. Despite its complexities, the situation had a silver lining; it brought me closer to my family. This experience taught many of us the significance of halting the usual business hustle and provided an opportunity for me to focus on mindset and future planning. [11:40] You opted for strategic hires. Could you explain how that decision was made and provide some details on the process? Undoubtedly, the pandemic extended beyond a short-term situation. As we progressed, I confronted the question of how to endure it. I had to anticipate the possibility of not being able to hold our conference. Unfortunately, this turned out to be the case due to the San Diego Convention Center being repurposed as a homeless shelter. Our conference, initially scheduled for March 2021, had no feasible venue. Although we managed to exit our contracts, the downside was losing millions in revenue.