Building company culture in an unusual year
by Sidsel Lindsø, Founding Director of ExploCrowd
Due to the low activity level in 2020, we prioritised time to breathe and think, and we learned new skills. More importantly, we also prioritised spending time with our families and the self-care that is often neglected during harsh times. Taking a few steps back enabled us to use the challenges to reflect upon what is most important to us in our work, and where we want to be in the future.
If someone told me that they went through 2020 without any bruises at all, I would not believe them. Everyone got their bruises, and some more than others. But it is in how you meet the challenges that decides if one can turn it into a positive outcome.
In ExploCrowd, we have tried to use the sudden challenges to think a bit differently about our strengths and purpose as a team. What we are especially proud of and what it is that we love to do. And we have used these discussions and reflections to build an even stronger company culture, where the core is our technical expertise, in spite of us being physically apart. As a result of this process, and the challenges we met last year, I personally feel even more strongly about our company values; trust, integrity and transparency.
WE FEEL APPRECIATED BY OUR CLIENTS
One of the things that matters the most to us, is this the deep sense of pride in the many projects that we have delivered, where we have run the extra mile, bringing our technical subsurface expertise into play while making a difference for people.
What we learned from the unusual year was that clients chose us not only because of our technical subsurface expertise, regional overviews and new ideas, but also especially because of our values and how we work together and with the client teams. They needed our expertise within exploration, development and CCS, but there was also an element of caring about us and wanting us to survive. And we are deeply grateful.
They needed our expertise within exploration, development and CCS, but there was also an element of caring about us and wanting us to survive.
2020 has made us appreciate the working environment and business culture we have created for ourselves more than we did in the past. Hence, more than anything, the unusual year helped us building company culture in our virtual organisation.
CARING FOR OUR TEAM WHILE CREATING OPPORTUNITIES
During a pandemic, most of the Norwegian people are probably grateful for how extremely privileged we are to live in a country that has a social security system that holds the hand under people and the companies here. (When 98% of our expected income in the spring vaporised within a week in March, we had the possibility to send the team home on furlough. Norway Inc. would then carry the salaries of the people, thereby removing a significant risk for a company that lost its income overnight).
The well functioning social security system removed a lot of the worries. Having this opportunity to keep the team safe while focusing the energy on creating opportunities meant that we were ready to deliver within a short period of time when clients returned during the summer. And the team was up for the challenge to find new solutions.
THE VALUE OF CAREFULLY RECRUITING INVESTORS
One of the things that I have been especially grateful for during the last year is how our investors have approached the Covid-19//OPEC+ situation, listening to and supporting our strategy.
I have heard horror stories about how other companies were snowed under by handling investors who ‘wanted to control the situation’. This has for many others resulted in a significant increase in the workload of the management, stealing valuable time and energy that potentially could have been used to create value for the company.
Again, it’s about trust, integrity and transparency – and when you have delivered on this over the years, and your investors trust you, you are allowed more freedom and efficient use of your time.
REINVENTING HOW THE VALUE CREATING BOARD WORKS TOGETHER
If I had read the instructions of corporate governance before I founded a company, I probably never would have started this journey. The rules and regulations are rightfully there to ensure a responsible management of a company, but the focus on historic data and control is usually weighted much more than looking ahead – which in these years is more important than ever.
There is only one thing that you can expect from 2021, and it is that it will be mostly unpredictable. Therefore, in my view, it is much more important for a company to look ahead, see what moves and respond to changes that needs to be responded to, while staying true to the core. And for this, the classical board work controlled by compliance-focused lawyers, is in my opinion, pardon my French, out-dated.
There is only one thing that you can expect from 2021, and it is that it will be mostly unpredictable.
Together we have found an efficient way to communicate, ensuring our Board of Directors that there is full control on finances, cash flow and that we are in compliance with the legal obligations running a company. This allows for the time needed to discuss changes in the market, outlook, driving forces in politics and prioritising the right opportunities. It enables us to look ahead and be proactive, rather than looking in the history book to see what happened last quarter.
This is an example of the value of reading up on the guidelines and requirements, as you should when learning something new, but also look up and take a few steps back to see if it is possible to find another way that works better and more efficient for everyone. Often, it will allow focus on the things that really matter to your company.
And perhaps it is actually time that the Boardroom is demystified and people can learn about all the exciting work and strategy discussions that happen there. With a globalised world spinning faster than ever, and being more connected than ever, new competencies will be needed in ambitious companies.
WHAT DOESN’T KILL YOU…
We have secured our first sale in 2021, which has already brought us far above the 2020 revenue. This new project will secure paid work for 16 people for a while.
Our business is cyclical. With an oil price above USD 50, too few exploration geologists available for the high workload, a tax relief package that in all ways encourages new development projects and a demand for CCS expertise – we believe that we, together with our great partners, can make a positive difference for many people also in 2021.