How do you deal with bad news? Due to a recent topic, on day 35 of the 90 Day Comeback Challenge, we discuss how I have learned to deal with bad news. Learn my tips, tricks and personal experiences in this video.
Get Straight to the Point
The most important tip I can give you is to get straight to the point. People usually already sense that something is wrong, and they appreciate honesty and directness. When you need to let someone go or deliver bad news, make it as simple and neutral as possible. Avoid beating around the bush. For example, if you need to fire someone, simply say: “Look, it’s very hard for me, but I want to get straight to the point. I’m sorry, but we have to let you go.”
Explain the Why
Another crucial point is to explain the “why.” People understand negative news better when they know the reason behind it. In cases of layoffs, this could be due to performance issues or general operational reasons. In our current situation with USDT and the new EU regulations, it was important to clarify that we need to comply with these regulations.
Outline the Next Steps
After explaining the “why,” it’s essential to outline the next steps. For layoffs, this means explaining the notice period, informing about possible severance packages, and offering support. In our situation with USDT, we provided our customers with three options: do nothing and we will automatically convert to USDC, swap to another product themselves, or withdraw their funds.
Show Empathy and Look Forward
It’s important to show empathy and understand the frustration and disappointment of those affected. At the same time, don’t dwell too long on the negative news but focus on constructive and positive aspects. Time heals all wounds, and there is nothing you can say or do in that moment that will immediately improve the situation. Be empathetic but also look ahead.
A Concrete Example: USDT and the New Regulations
A current example is the announcement that we need to delist USDT for European customers. This is due to new EU regulations that we must comply with. We explained the situation to our customers and outlined three options for them. It’s important to be transparent and direct while also clearly communicating the next steps.
Conclusion
It’s never easy to deliver bad news, but as a leader and CEO, it’s your job to make these tough decisions and communicate them. These challenges are what make you a good leader. I hope my tips help you handle such situations better. See you tomorrow on Day 36!
Take part in our 90-Day-Challenge
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Your Julian
Entrepreneur / Investor / Athlete / Father
