Liam Martin jumps back on the podcast from under quarantine in Canada. He describes the impact COVID-19 has had on his two primary businesses—one of which increased sales and one of which was completely ground to a halt. He gives specific advice to entrepreneurs about how to assess the effects on your business, and how to adjust or pivot accordingly. His advice ranges from expense cutting strategies for cash-strapped companies to buying additional businesses in particular spaces for companies with extra capital. He discusses his projections for the future of remote-work in the post-COVID-19 era, and why he anticipates a spectacular resurgence of digital nomadism and related companies. He then goes on to talk about how to be caring and empathetic towards your customers during this period, while continuing to sell. He shares the keys to effective virtual business leadership and the differences with in-office company leadership. He explains how to effectively structure remote company meetings and utilize KPIs. He also talks about the crucial importance of mental and emotional health during the pandemic and gives tips on what he does for himself and how he supports his team. He then offers techniques for effective remote communication, collaboration, and project management, emphasizing the crucial importance of refining written processes. He shares the practices his company has used for ‘cross-training’ in anticipation of 20% of his staff being out sick at any given time. Liam then invites Maverick Show listeners to attend his free, one-day, virtual event, “Remote Aid 2020” that brings together leaders in the remote business space to share knowledge, answer questions, and help your company survive and thrive during the pandemic. Liam then shares tips for remaining productive under quarantine, and discusses the new entrepreneurial opportunities and why now is the best time to start a business. FULL SHOW NOTES AVAILABLE AT www.TheMaverickShow.com
Episode #80: Virtual Business Leadership, Adjusting or Pivoting Under Quarantine, and Why Now is the Best Time to Start a Company with Liam Martin
Episode Summary
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About the Guest
Liam Martin
Liam Martin is a location independent serial entrepreneur, author, podcast host, and co-founder of Time Doctor which has become one of the most popular time tracking and productivity software platforms in use by top brands today. Founded in 2012, Time Doctor is an 8-figure remote-first business with over 100 staff working from 36 countries. Liam’s writing on the future of remote work has been published in Forbes, Inc., Fast Company, Wired, The Wall Street Journal, and The Huffington Post. Liam is also the co-organizer of the world’s largest remote work conference—Running Remote—an annual event attracting more than 500 people from over 40 countries that teach next-level, actionable strategies and tactics to manage and grow your distributed team. Due to the COVID-19 pandemic, the in-person conference was canceled for 2020 and, instead, Liam is organizing “Remote Aid 2020”—a free, one-day, virtual event that is bringing together renowned speakers and experts to deliver unparalleled content on building and scaling remote companies. With thousands of people already pre-registered, Remote Aid 2020 will deliver cutting edge content for CEOs, managers and remote employees to thrive and grow in a remote work environment.
What You'll Learn
- The framework to use immediately to adapt, adjust or pivot your business
- The core pillars of virtual leadership (as distinct from in-office leadership)
- Why now is the best time to start a business and how to identify the opportunities
Links From the Episode
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WATCH THE REPLAY OF “REMOTE AID 2020” FOR FREE
TOP WORK FROM HOME TO LIAM RECOMMENDS
SOME OF THE SPEAKERS AT “REMOTE AID 2020”
- David Hassell (CEO of 15Five)
- David Heinemeier Hansson (Co-Founder of Basecamp)
- Eran Zinman (CEO of Monday)
- Lori Mcleese (Director of HR WordPress)
- Noah Kagan (Founder of AppSumo)
- Rob Walling (Co-Founder of MicroConf)
- Ryan Chartrand (CEO of X-Team)
- Taso Du Val (CEO of Toptal)
LISTEN TO LIAM’S PREVIOUS EPISODES OF THE MAVERICK SHOW
TRAVEL EVENTS AND COMMUNITIES MENTIONED
- Nomad Train (Use discount code “MAVERICK” to get $100)
SOFTWARE MENTIONED
PLACES WHERE THE INTERVIEW TOOK PLACE
CONTACT LIAM
Time Stamped Show Notes
[5:57] How Liam’s Businesses Were Impacted By the COVID-19 Pandemic
- The impact on Time Doctor
- The impact on the Running Remote conference
[7:50] Liam’s Advice on How to Adjust or Pivoting Your Business Now
- How to assess your business and determine how badly you are hurt
- How to assess your P&L and strategically cut costs to maintain cash-flow
- How to make decisions around adaptation and identify new opportunities
- Thinking about what businesses are strategic to buy right now
[13:16] The impact of the COVID-19 Quarantine on the Future of Remote Work
- The impact on employee psychology
- The impact on employer psychology
- Understanding the dramatic acceleration of remote work
- Preparing for a spectacular resurgence of digital nomad culture post-COVID-19
[17:35] How to Be Empathetic to Your Customers While Selling During the Pandemic
- Establishing goodwill and playing the long game
- Caring and being empathetic
- Handling refunds and retaining customers
[21:11] Virtual Business Leadership
- The differences between in-office leadership and virtual business leadership
- Mistakes to avoid when running a virtual team
- The keys to effective virtual leadership
- Structuring virtual meetings and utilizing KPIs
[23:40] Mental and Emotional Health During the Pandemic
- How to support your team’s mental and emotional health during the pandemic
- Liam’s personal techniques for keeping his spirits up and anxiety down during the pandemic
[27:37] Effective Communication, Collaboration, and Project Management During the Pandemic
- People, Processes, and Tools
- Auditing sacred company knowledge and refining very clear processes
- Cross-training with the assumption that 20% of the team may be sick at any given time
[30:04] Liam’s “Remote Aid 2020” Virtual One Day Event
- Transitioning the Running Remote conference into a free one-day virtual event
- Bringing together leaders in the remote-work space to deliver massive value for free
- The presenters, topics, and structure of the event
- Making the main stage content accessible to everyone
- Roundtables and Q&A on advance topics
- Describing the participant experience
- How to view the recorded content after April 20th.
[40:42] Optimizing Your Productivity During the Pandemic
- Core strategies for remaining productive during the pandemic
- Creating a “sacred space” in your home that is only for work
- Intentionally separate your workspace and social space
- Specific tools and software Liam recommends
[45:11] How Entrepreneurs Should Think About Opportunities During the Pandemic
- Aligning your intentions, adding unique value and solving real problems
- Assessing what you are really excited about doing
- Why there is more opportunity today than pre-pandemic
- Why this is the best time to start a business
[49:24] How to Contact and Follow Liam
- Liam’s YouTube Channel
- Liam’s social media handles
