91: When Adversity Meets Resiliency with Kieran Lynch - Profit by Design Podcast

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  • When Adversity Meets Resiliency with Kieran Lynch
  • 91: When Adversity Meets Resiliency with Kieran Lynch

    On today’s episode, Dr. Sabrina, The Business Psychologist™, welcomes her guest, Kieran Lynch, back to the podcast. About a year ago in Episode 33, they discussed the power of culture and how that was helping him recruit as an electrical contractor in an industry where he was facing a lot of challenges around recruiting.

    How different his circumstances are now! Kieran and his business faced an especially difficult challenge that he came through only to be impacted immediately after by the coronavirus. Kieran's strategic thinking and his resiliency are powerfully evident in this encouraging and inspiring conversation that you don’t want to miss.

    Kieran has over 15 years of experience in the electrical industry and joined the Lynch Power family business part-time in 2004. First helping his father as an apprentice electrician on nights and weekends to becoming an integral part of the company’s growth and success as Principal of the company. Along the way, Kieran has held positions of electrical journeyman, foreman, and project manager. Kieran leads the finance, marketing & strategic planning departments of Lynch Power providing new-age guidance on significant decisions for the company. His broad experience, proven leadership, and hands-on approach ensures client satisfaction.

    Profit by Design is a Tap the Potential Production in collaboration with Small Business Consulting Group.

    Show Highlights:

    • As Kieran relates, his business experienced their best year ever, then overnight it became their worst year ever because his largest client, with whom he was doing 80% of his business, went bankrupt.
    • Although there were rumors of trouble, he was being assured that everything was fine.
    • Looking back, these are the five steps he wishes he had taken:
      1. Relax.
      2. Analyze and ask around.
      3. Create multiple plans.
      4. Forget the past. Learn from it and move forward.
      5. Understand and recognize that this made you stronger. It’s really a blessing in disguise.
    • Dr. Sabrina shares the 80/20 principle, which is where 20% of clients are responsible for 80% of your revenue. 
    • Kieran replays the date he broke the bad news to his employees and their reactions. 
    • Kieran describes the strategies he implemented at this time to pull his team together. He took ownership that it was partially his fault for not seeing it sooner.
    • His business had just recovered from the financial hardship when the coronavirus hit. He did have to make employee cuts but assured them that his intention was to eventually bring them back in.
    • Kieran predicts that in 12 months, his business will be stronger than it has ever been. He shares some of his ideas on leveraging existing clients and partners.
    • Looking at his financials, he found a lot of “fluff” that he could cut.
    • Keep in mind that now is a great time to be on the lookout for A-players for when you’re able to start hiring again.
    • Gratitude is huge.

     

    Links and Resources:

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    Profit by Design, a Tap the Potential production in collaboration with Small Business Consulting Group

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    Suggested Episode 33 with Kieran Lynch:

    Creating Company Culture to Attract and Retain A-Players with Kieran Lynch

    Connect with Kieran!

    Kieran’s Website

    Kieran's LinkedIn

    Mentioned Book:

    Extreme Ownership: How U.S. Navy SEALs Lead and Win by Jocko Willink