Navigating Chaos: A CFO's Lessons from the Barkley Ultramarathon
The Barkley Marathons, dubbed “The Race That Eats Its Young” is an ultramarathon held annually in Tennessee. It is infamous for its grueling terrain, unpredictable weather, and particularly, for its unmarked route. Consisting of five 20-26-mile loops, racers are meant to locate 9-15 books that have been hidden on the course and tear out the page that matches their bib number. Participants are forced to navigate through thick forests, steep climbs, and treacherous descents with no navigation tools besides a compass and a blank topographical map of Frozen Head State Park. The day before the Barkley, runners can compare their blank map with the race director’s master map to plot out the locations of the books. The race has an unpredictable start time - participants are told what day it will begin but that could be at midnight or two in the afternoon. The race director blows a conch shell to signal one hour to start.
Less than 1% of the 40 runners allowed to participate each year have finished. This year’s Barkley race was held on March 20th and had a record 5 finishers including the first-ever female finisher, Jasmin Paris, who completed the final lap with just 99 seconds to go until the cutoff. She became one of just 20 finishers since its inception in 1986.
I follow this race closely each year as it is absolutely mind-boggling to me that people do this. I love ultramarathons, but I got lost at the Orcas Island 50K last year, and spent 15 very panicked minutes running around trying to find the trail. Turned out, I was less than 100 yards from a road the entire time I was “lost”. I couldn’t imagine running into the woods with nothing more than a map and a compass.
This is because I like courses that are marked. I like the guidance and the confidence in knowing I’m going in the right direction. But in real-world decision-making as CFOs, our courses more closely resemble the Barkley Marathons - they’re not always marked, and our environment can be unpredictable. This race, and the chaos that it emanates, can serve as a valuable lesson to financial leaders in navigating uncertainty and volatility with strategic decision-making.
Embrace uncertainty – The Barkley Marathons epitomize obscurity. CFOs also face a constantly volatile business environment. CFOs must acknowledge the uncertainty, embrace it, and incorporate flexibility into their strategic plan.
Navigation is key – Barkley runners must continuously assess progress, interpret the map, and adjust their course when necessary. CFOs are constantly navigating complex financial situations that require the testing of different scenarios. A CFO’s assessment is used to help guide CEOs in strategic decision-making based on predetermined company goals.
Adaptability – Runners of the Barkley must be prepared to change tactics depending on unforeseen challenges. They must have the mental fortitude to persevere through setbacks. Being able to make decisions quickly and display a willingness to pivot depending on changing market conditions is key to for a CFO to help a company stay ahead in today’s dynamic business environment.
Collaboration – Although Barkley is an individual race, there is no real competition among the participants. The runner’s goal is to just finish under the 60-hour cutoff. Racers help each other navigate the terrain, they share resources and provide moral support. CFOs benefit from similar collaboration among team members. A CFO should build strong partnerships with internally and externally, fostering cross-functional teamwork among key members of leadership within the organization.
Like the map and the compass that help guide the Barkley runners through the woods at Frozen Head State Park, as CFOs we need a clear strategic plan to steer our organizations toward their objectives. We must stay focused to navigate through the uncertainty the market throws at us, adapt quickly to changing conditions, and collaborate to achieve success. Above all else, there needs to be a goal we are striving to achieve, and the determination and perseverance to get there.
Photo credit: @howiesternphoto (Instagram)
