WEBVTT NOTE This file was generated by Descript 00:00:01.740 --> 00:00:04.540 A key component of the modern world economy, the chemical 00:00:04.540 --> 00:00:07.990 industry delivers products and innovations to enhance everyday life. 00:00:08.605 --> 00:00:12.594 It is also an industry in transformation where chemical executives and 00:00:12.594 --> 00:00:16.215 workers are delivering growth and industry changing advancements while 00:00:16.215 --> 00:00:19.974 responding to pressures from investors, regulators, and public opinion. 00:00:20.515 --> 00:00:23.445 Discover how leading companies are approaching these challenges 00:00:23.455 --> 00:00:25.064 here on the chemical show. 00:00:25.524 --> 00:00:28.875 Join Victoria Meyer, president of Progressio Global and 00:00:28.885 --> 00:00:30.305 host of the chemical show. 00:00:30.575 --> 00:00:34.775 As she speaks with executives across the industry and learns how they are leading 00:00:34.775 --> 00:00:40.374 their companies to grow, transform, and push industry boundaries on all frontiers. 00:00:40.695 --> 00:00:42.944 Here's your host, Victoria Meyer. 00:00:45.949 --> 00:00:47.350 Victoria: Hi, this is Victoria Meyer. 00:00:47.500 --> 00:00:51.070 Welcome back to The Chemical Show Where Chemicals Means Business. 00:00:51.410 --> 00:00:53.870 You may notice that my voice is a little bit raspy today. 00:00:53.870 --> 00:00:55.900 Yes, I am recovering from a cold. 00:00:56.780 --> 00:00:58.540 Wanted to be here with you today. 00:00:59.530 --> 00:01:05.190 As we approach the end of 2024, I know that most leaders are looking 00:01:05.190 --> 00:01:08.500 at closing the year strong and anticipating their strategy and 00:01:08.500 --> 00:01:10.870 their moves as we head into 2025. 00:01:11.240 --> 00:01:15.060 And so it was important to bring today's episode to you, which I'm 00:01:15.070 --> 00:01:18.309 framing as Finish Strong, Start Fast. 00:01:18.760 --> 00:01:21.629 Four Key Moves for Leaders in 24 and 25. 00:01:22.099 --> 00:01:28.120 So we can already anticipate some changes as we're heading into 2025, right here 00:01:28.120 --> 00:01:32.680 in the U S we have a new president and administration that starts in January. 00:01:32.980 --> 00:01:36.520 Um, and we know that it's going to have an impact on us and 00:01:36.530 --> 00:01:38.010 global business activities. 00:01:38.670 --> 00:01:42.890 If we go across the pond over in Europe and Germany, we have a snap election in 00:01:42.890 --> 00:01:45.630 February, which will have some impact. 00:01:45.840 --> 00:01:46.860 Not sure what that brings. 00:01:47.230 --> 00:01:51.820 We know that we have new laws and regulations set to take effect in the 00:01:51.820 --> 00:01:55.650 new year and across the chemical industry. 00:01:56.085 --> 00:02:01.785 We've seen already in 2024, many companies have started to make changes, 00:02:02.205 --> 00:02:07.775 whether their portfolio changes or personnel changes or simply reframing 00:02:07.775 --> 00:02:09.225 and rethinking their strategy. 00:02:09.915 --> 00:02:14.045 So while we look ahead, into 2025, we know that finishing 00:02:14.045 --> 00:02:16.275 out 2024 strong is critical. 00:02:16.665 --> 00:02:19.725 The other thing that I think is important for us all to keep in 00:02:19.725 --> 00:02:21.595 mind is that change is opportunity. 00:02:22.205 --> 00:02:26.650 The changes that are coming upon us in 2025, um, are an opportunity for 00:02:26.650 --> 00:02:28.910 your business and for you personally. 00:02:28.940 --> 00:02:30.620 And frankly, we don't really have a choice. 00:02:30.720 --> 00:02:31.720 Change is happening. 00:02:31.730 --> 00:02:32.720 You have to be ready. 00:02:33.059 --> 00:02:37.460 So one thing from a personal leadership perspective, we have put together 00:02:37.490 --> 00:02:42.540 a great guide on 10 leadership lessons from chemical executives. 00:02:43.040 --> 00:02:46.650 These are insights and tips taken from executives that I've 00:02:46.680 --> 00:02:48.570 interviewed here on The Chemical Show. 00:02:48.990 --> 00:02:49.600 And. 00:02:50.015 --> 00:02:54.575 As you look to refresh your business leadership and your personal leadership, 00:02:54.595 --> 00:02:59.505 and heck, rethinking your career is a classic thing to do at year end. 00:03:00.065 --> 00:03:03.535 You'll want to gain access to this guide, which includes these 00:03:03.535 --> 00:03:07.405 leadership lessons, plus some specific actions that you can take. 00:03:07.795 --> 00:03:10.655 So to get that guide, head on over to thechemicalshow. 00:03:11.965 --> 00:03:16.844 com slash leadership, and you'll enter some basic information, 00:03:16.844 --> 00:03:19.535 name and email address, and we will send that straight to you. 00:03:20.435 --> 00:03:24.044 We're also including a link to that guide in the show notes. 00:03:24.115 --> 00:03:25.385 So don't miss out. 00:03:26.105 --> 00:03:29.834 Now here on to today's episode, Finish Strong, Start Fast. 00:03:30.075 --> 00:03:35.735 Four key moves for leaders in 2024 and heading into 2025. 00:03:36.455 --> 00:03:40.875 My overall mantra on this and the way I like to think about it is you need 00:03:40.875 --> 00:03:43.215 to run through the finish line, right? 00:03:43.215 --> 00:03:47.275 So if you think about the recent Olympics, if you watched the Olympics at all this 00:03:47.275 --> 00:03:51.745 summer, um, and you think about the sprinters and the racers, they were not 00:03:51.900 --> 00:03:55.160 Running and stopping right at the finish line, they're running straight through. 00:03:55.590 --> 00:03:58.700 And part of the reason you do that is momentum is critical 00:03:58.750 --> 00:04:00.550 and key to winning the race. 00:04:00.939 --> 00:04:03.109 It is not enough to end the year strong. 00:04:03.544 --> 00:04:05.484 You want to start fast. 00:04:05.744 --> 00:04:10.204 In fact, I think about, the things that you're doing today and for the next 00:04:10.214 --> 00:04:13.644 four weeks as we close out the year and a lot of people will say, Oh really, 00:04:13.644 --> 00:04:16.774 there's only three weeks left and to a certain degree that's true, right? 00:04:17.014 --> 00:04:21.564 Because that last week or 10 days of the year, often people take that 00:04:21.564 --> 00:04:25.664 time off, to holiday with families, to refresh, to get refocused. 00:04:26.594 --> 00:04:30.584 But if you don't use these next three and four weeks wisely. 00:04:31.194 --> 00:04:35.774 The potential is you're also missing out on the first couple of weeks of 2025. 00:04:35.824 --> 00:04:38.624 And I certainly don't like to have that happen to me. 00:04:38.654 --> 00:04:40.924 And I know that you don't want that to happen to you. 00:04:41.284 --> 00:04:45.214 So here are the four things that I think are important for you to do 00:04:45.684 --> 00:04:47.514 to finish strong and start fast. 00:04:47.844 --> 00:04:50.754 Number one, reinforce relationships. 00:04:51.074 --> 00:04:54.874 So we're in the year end contracting season, sure. 00:04:55.149 --> 00:04:55.549 Right. 00:04:55.739 --> 00:05:01.759 Absolutely vital buyers and sellers looking to secure their supply agreements 00:05:02.059 --> 00:05:05.679 and purchase agreements depending on which side of the table you're sitting on for 00:05:05.679 --> 00:05:08.669 the coming year, whether it be one year, two years, three years, whatever length 00:05:08.669 --> 00:05:10.019 of contract you're putting in place. 00:05:10.299 --> 00:05:15.449 And often we think of that contract as kind of the big push in the final piece. 00:05:15.824 --> 00:05:20.214 Sure, but really, as you and I both know, that is just the beginning. 00:05:20.214 --> 00:05:25.604 So reinforcing your relationships, one through those contracts, absolutely vital. 00:05:25.924 --> 00:05:30.444 But the second thing is relationships really go beyond the transaction and 00:05:30.444 --> 00:05:33.864 they are beyond just a traditional customer supplier relationship, right? 00:05:33.884 --> 00:05:37.914 So they're your business partners, they're your team members, there's 00:05:38.024 --> 00:05:39.954 other people that you interact with. 00:05:40.114 --> 00:05:45.104 And rely on whether they be your traditional buy, sell, whether they 00:05:45.104 --> 00:05:48.554 be service providers, whether they be inside your own organization. 00:05:48.944 --> 00:05:53.434 So spending time over this next three and four weeks till we get to the end 00:05:53.434 --> 00:05:58.574 of the year, focusing on relationship and strategic alignment, what's 00:05:58.574 --> 00:06:01.294 going well, how can you improve? 00:06:01.474 --> 00:06:02.784 What can you start doing? 00:06:03.064 --> 00:06:05.864 Heck, more importantly, what could you stop doing? 00:06:06.144 --> 00:06:06.984 Always a key one. 00:06:07.394 --> 00:06:11.664 And how do you want to work together to be successful over the coming year? 00:06:11.864 --> 00:06:17.514 Framing that now in December is critical to having a really great January. 00:06:17.694 --> 00:06:19.914 So that's one reinforce relationships. 00:06:20.774 --> 00:06:24.324 The second one, stress test scenarios. 00:06:24.624 --> 00:06:30.439 Now, We know, with the new administration, there is a lot of chatter, tariffs 00:06:30.469 --> 00:06:34.349 are in play again, there are new rules and regulations coming in play. 00:06:34.679 --> 00:06:37.529 What does that mean for your business? 00:06:38.239 --> 00:06:38.609 Right? 00:06:38.729 --> 00:06:39.329 I don't know. 00:06:39.639 --> 00:06:40.929 You need to think about that. 00:06:41.449 --> 00:06:44.779 Recently I talked with Patty Summers on episode 189. 00:06:45.209 --> 00:06:46.949 I'll link that one in the show notes as well. 00:06:47.439 --> 00:06:52.039 And we talked about the roles that tariffs play in her business and what the impact 00:06:52.039 --> 00:06:54.179 of the new administration might be. 00:06:54.359 --> 00:06:54.669 Right. 00:06:54.669 --> 00:06:58.469 And so one of the things that Patty had said was the 25 percent 00:06:58.469 --> 00:07:01.659 tariffs on products from China, they were able to work around. 00:07:02.159 --> 00:07:05.169 But if that goes up to 60%, which is. 00:07:05.269 --> 00:07:08.640 Something that we're hearing in the news, that's a completely different story. 00:07:08.809 --> 00:07:12.160 At the same time, we've recently heard about tariffs on China and Mexico. 00:07:12.689 --> 00:07:16.650 There's other factors at play, but tariffs have an impact. 00:07:16.760 --> 00:07:18.070 They're meant to have an impact. 00:07:18.470 --> 00:07:21.819 What role do they play on your business and how will you respond? 00:07:22.110 --> 00:07:24.820 So this is the thing with scenario planning. 00:07:24.870 --> 00:07:30.170 We don't really know how things are going to manifest, but you 00:07:30.170 --> 00:07:34.280 do yourself a disservice if you don't think about what could be. 00:07:34.725 --> 00:07:36.075 And how would you respond? 00:07:36.455 --> 00:07:41.855 So these are potential factors like, tariffs, supply chain 00:07:41.855 --> 00:07:43.525 changes, which we know are happening. 00:07:44.675 --> 00:07:45.755 Ownership changes, right? 00:07:45.755 --> 00:07:49.634 There's a lot of portfolio work being discussed in companies, right? 00:07:49.635 --> 00:07:52.965 And when we talk about portfolio work, that is buying, selling, shutting 00:07:52.965 --> 00:07:57.684 down assets that potentially has an impact on your business, even if 00:07:57.684 --> 00:07:59.194 it's not directly related to you. 00:07:59.520 --> 00:08:02.490 A supplier, you know, it's not your company or it's not a 00:08:02.490 --> 00:08:03.920 supplier customer relationship. 00:08:04.260 --> 00:08:05.650 There are knock on effects. 00:08:06.200 --> 00:08:11.310 What are the things that can affect your business and how do you want to respond? 00:08:11.530 --> 00:08:13.500 What strategies can you put in place today? 00:08:13.810 --> 00:08:20.080 What leading indicators are there that will let you know how you can plan, how 00:08:20.080 --> 00:08:22.050 you can respond, how you can strategize. 00:08:22.380 --> 00:08:24.320 So stress test your scenarios. 00:08:24.490 --> 00:08:25.709 That's my key action. 00:08:26.059 --> 00:08:30.589 Number three, strengthen your supply chain strategy. 00:08:30.899 --> 00:08:33.969 Um, I also thought about calling this one cause I'm, doing a lot of play 00:08:33.969 --> 00:08:37.939 on words today, but you know, make friends with Marine, which I've heard 00:08:37.939 --> 00:08:40.789 people say this fact that the chemical summit this year, what, you know, 00:08:40.789 --> 00:08:41.929 somebody said, what do you need to do? 00:08:42.129 --> 00:08:45.489 You need to make friends with your Marine group, whether that's in 00:08:45.489 --> 00:08:48.539 house or at an external supplier. 00:08:48.639 --> 00:08:48.949 Why? 00:08:49.219 --> 00:08:53.049 There are so many factors at play in supply chain in 2025 again. 00:08:53.264 --> 00:08:56.804 I have called the 2020s the decade of supply chain. 00:08:57.114 --> 00:08:58.424 There is no doubt about it. 00:08:58.434 --> 00:09:02.224 And 2025 is going to be just as interesting. 00:09:02.554 --> 00:09:06.624 So if we think about what's going on in Marine, so everything having to do with 00:09:06.634 --> 00:09:09.314 global shipments, um, Number of things. 00:09:09.334 --> 00:09:10.054 Number one, E. 00:09:10.074 --> 00:09:10.314 U. 00:09:10.334 --> 00:09:10.524 E. 00:09:10.544 --> 00:09:10.734 T. 00:09:10.734 --> 00:09:10.884 S. 00:09:10.894 --> 00:09:12.984 So that's the emissions trading system. 00:09:13.044 --> 00:09:15.664 Effectively a cap and trade system on emissions. 00:09:16.114 --> 00:09:21.234 A phased in approach that started in 2024 2025 is going to be a big 00:09:21.244 --> 00:09:23.324 impact with 70 percent of costs. 00:09:23.914 --> 00:09:24.984 Applied to admissions. 00:09:24.984 --> 00:09:27.714 And don't ask me how those get calculated. 00:09:27.724 --> 00:09:29.144 I know that you guys know how they are. 00:09:29.474 --> 00:09:32.594 Um, but 70 percent of those costs being applicable in 2025 and then 00:09:32.594 --> 00:09:37.804 a hundred percent in 2026, so understanding what that means to your 00:09:37.804 --> 00:09:42.504 business, the costs that it might bring into bear, the responses that 00:09:42.504 --> 00:09:44.034 you need to have become critical. 00:09:44.044 --> 00:09:45.934 So strengthening your supply chain strategy. 00:09:46.154 --> 00:09:49.195 The other thing that's happening in 2025 on January 1st, the 00:09:49.290 --> 00:09:51.770 Fuel EU goes into place. 00:09:52.160 --> 00:09:57.380 And what the fuel EU says is that ships operating within EU waters 00:09:57.740 --> 00:10:02.480 must use low carbon fuels to reduce their greenhouse gas emissions. 00:10:02.840 --> 00:10:03.130 Okay. 00:10:03.650 --> 00:10:07.720 So, um, there is a wide variety of. 00:10:07.935 --> 00:10:10.035 Of low carbon fuels that are in play. 00:10:10.035 --> 00:10:12.765 And in fact, at a recent conference earlier this year, I had a lot of 00:10:12.765 --> 00:10:16.815 discussion about it, but know that this is also affecting, and making 00:10:16.815 --> 00:10:19.945 it challenging for marine companies to figure out what they're doing. 00:10:19.945 --> 00:10:24.055 So whether they're being, uh, you know, methanol as a marine 00:10:24.055 --> 00:10:26.835 fuel, there are other marine fuels that are considered low carbon. 00:10:27.405 --> 00:10:31.265 This is making a dramatic change in marine strategy. 00:10:32.160 --> 00:10:36.170 Maybe not directly for the chemical companies and maybe not directly for 00:10:36.170 --> 00:10:41.270 you, but certainly it's an effect and it has an effect in terms of how the 00:10:41.270 --> 00:10:46.850 shipment of products are moving across the globe and what it means to the 00:10:46.850 --> 00:10:51.470 tankers, to the container ships, and ultimately to you and your customers. 00:10:51.480 --> 00:10:54.580 So, Strengthening your supply chain strategy, understanding how you're 00:10:54.580 --> 00:10:55.660 going to deal with that is critical. 00:10:55.840 --> 00:10:59.460 The third piece, and this is also tied to Marine, but it also has 00:10:59.460 --> 00:11:04.070 a significant effect on trucking and potentially rail is the U. 00:11:04.070 --> 00:11:04.220 S. 00:11:04.230 --> 00:11:04.890 port strikes. 00:11:05.080 --> 00:11:07.410 So you might say, Hey, those U. 00:11:07.410 --> 00:11:07.530 S. 00:11:07.550 --> 00:11:09.750 port strikes, those were handled in October. 00:11:09.990 --> 00:11:10.300 Hmm. 00:11:10.840 --> 00:11:11.460 Not so fast. 00:11:11.460 --> 00:11:15.390 My friend, they were handled, they were deferred. 00:11:15.400 --> 00:11:20.135 So a tentative agreement was put in place that End of that US port strike in 00:11:20.135 --> 00:11:23.455 October, and it really just delayed it. 00:11:23.765 --> 00:11:26.655 The new date and the new date for assessment and for a 00:11:26.655 --> 00:11:29.195 potential strike is January 15th. 00:11:29.375 --> 00:11:32.025 So lots of stuff happened in January. 00:11:32.335 --> 00:11:34.255 Strengthen your supply chain strategy. 00:11:34.305 --> 00:11:35.815 Make friends with Marine. 00:11:35.865 --> 00:11:37.295 It will do you good. 00:11:37.695 --> 00:11:37.915 Right. 00:11:38.305 --> 00:11:38.915 So that's my three. 00:11:39.225 --> 00:11:43.835 Number four, assess and advance your career. 00:11:44.285 --> 00:11:50.355 So year end is always a great time for reflection on your own 00:11:50.395 --> 00:11:55.325 personal leadership, your career, your goals, your advancement. 00:11:55.355 --> 00:11:59.075 Are you getting what you want out of your career and out of your leadership? 00:11:59.535 --> 00:12:02.365 How do you want to change, adjust, improve? 00:12:02.375 --> 00:12:05.555 Now, the reality is some things may be happening to you, right? 00:12:05.555 --> 00:12:09.985 So we talked earlier about some of the strategy changes, the portfolio changes. 00:12:10.585 --> 00:12:16.145 I know that there has been some, uh, layoffs and some personnel changes at 00:12:16.145 --> 00:12:18.825 companies, so this may be happening. 00:12:19.300 --> 00:12:20.460 May have happened to you. 00:12:20.530 --> 00:12:25.930 It may be happening to your colleagues, but certainly it is the right time 00:12:26.190 --> 00:12:30.270 to assess and advance your career and understand what that looks like for you. 00:12:30.280 --> 00:12:32.430 So how can you change, adjust and improve? 00:12:32.790 --> 00:12:35.490 Number one, I'm just going to tell you to put this on your calendar right now. 00:12:35.560 --> 00:12:40.190 The chemical summit is going to be held September 30th and October 1st, 2025. 00:12:40.260 --> 00:12:43.660 It is the premier leadership conference by leaders for leaders. 00:12:44.350 --> 00:12:49.680 It is 2 days of powerhouse thinking, strategizing, amplifying your career. 00:12:49.680 --> 00:12:52.770 So if you haven't made note of that yet. 00:12:53.040 --> 00:12:55.470 And in fact, this may be one of the first times that you've heard 00:12:55.470 --> 00:12:58.340 the dates because we haven't been announcing them so much yet. 00:12:58.670 --> 00:12:59.510 Mark your calendars. 00:12:59.510 --> 00:13:00.260 You're going to want to be there. 00:13:00.390 --> 00:13:03.580 The second thing is level up, level up your leadership. 00:13:03.610 --> 00:13:07.180 And one way you can do that is by downloading those 10 leadership 00:13:07.180 --> 00:13:10.240 lessons I talked about at the beginning of our episode here. 00:13:10.530 --> 00:13:15.020 10 leadership lessons, which are insights and tactics that you can reflect on, 00:13:15.020 --> 00:13:19.285 take And apply to your own career and leadership, from executives that I've 00:13:19.285 --> 00:13:20.595 interviewed here on the chemical show. 00:13:20.635 --> 00:13:24.005 So go ahead to head on over to the chemical show. 00:13:24.195 --> 00:13:28.835 com slash leadership and enter your information and 00:13:28.835 --> 00:13:30.085 we will send you that guide. 00:13:30.255 --> 00:13:33.675 So, and the reality is, those are 10 things, but here you go. 00:13:33.735 --> 00:13:38.375 If you just do one thing, and this is my, when I speak to groups, when I speak 00:13:38.375 --> 00:13:43.055 with executives, when I coach, um, the leaders that I coach, I always say, 00:13:43.055 --> 00:13:49.525 just do one thing, pick one thing you're going to do differently tomorrow and 00:13:49.525 --> 00:13:51.315 next week and next month and next year. 00:13:51.665 --> 00:13:54.575 And by focusing in on that one thing, you know, that you can take 00:13:54.575 --> 00:13:59.015 action now across this episode, I've given you four things, right? 00:13:59.025 --> 00:14:03.645 So, uh, four things that allow you to finish fast and start strong, right? 00:14:03.645 --> 00:14:05.035 So reinforce relationships. 00:14:05.390 --> 00:14:10.410 Stress test your scenarios, strengthen your supply chain strategy, and then 00:14:10.430 --> 00:14:12.530 fourthly assess and advance your career. 00:14:13.240 --> 00:14:14.870 I hope you've enjoyed this episode. 00:14:15.650 --> 00:14:19.790 Please send me an email, uh, leave me a message. 00:14:19.800 --> 00:14:24.490 And if you really love this episode, share it with a friend or a colleague and leave 00:14:24.490 --> 00:14:26.070 a rating or review because they do matter. 00:14:26.080 --> 00:14:28.010 So thanks for joining us today. 00:14:28.230 --> 00:14:30.930 Keep listening, keep following, keep sharing, and we will 00:14:30.930 --> 00:14:32.650 talk with you again soon.