WFF Virtual Events

Lessons Learned by a Legendary Leader:

A Conversation with John Miller, CEO of Denny's

What does risk taking mean to you?

Getting out of your comfort zone for an opportunity to benefit, yet with something to lose (significant exposure).

Brief Synopsis

In this episode John Miller shares 5 Rules for Intelligent Risk Taking:

• Do your homework (SWOT analysis), ensure you have a higher probability of success than failure
• Have the right motivation, that’s aligned with principles
• Look far enough ahead/down the road, and leave room for correction
• Read, react, and respond (correct path along the way)
• Push hard for changed behavior to get results.

Key Takeaways for Leaders

How does one become more comfortable with calculated risk taking?

• Get help, find a mentor and practice leading before you have that role.
• Make it a competency you measure every year.
• Build on small successes to overcome fear.
• Consider using “In-boarding” as a tool: facilitator puts person in front of team, in 360 feedback format (vet out the risk, everyone has a voice and takes a position, every voice counts). Even though there may not be consensus, the whole team pulls together as they’ve been heard.

What role does culture play in risk taking?

• If the communication culture is focused on staying on the initial plan, it can be counterproductive.
• Great leaders will support the dynamic exchange of new possibilities/ideas.
• The outcome should remain consistent, not how to get there).

Is calculated risk taking more or less important in difficult economic times (like we face today)?

Now is the time to pour it on. All teams have to do more with less. Companies that find new ways to make big step changes in tough times achieve double the rewards