It is essential to have consistent leadership in any organization. This is particularly important in times of market instability. You must have the ability to keep your team calm and confident, no matter how volatile the market may be.
You should also avoid moving too fast or too slowly during bull markets. If you get too excited, you may make impulsive choices that you regret later. You might also miss opportunities to sell high and buy low if you get discouraged in a bear market. It is crucial to keep your head up and focus on your long-term goals. This will allow you to provide consistent leadership and help your company navigate uncertain market conditions.
These are the lessons I have learned over the years. My company provides roofing and siding. No one could have predicted what would happen. Most manufacturers closed down their plants immediately after the pandemic and laid-off employees. Then, they waited to determine who was essential. The disaster was a concern for contractors, but the home-improvement industry continued to thrive. As people spend more time at home, the demand for home improvement services has risen. It was a perfect storm. The perfect storm was what consumers wanted. Manufacturers were eager to get their factories open again and train new workers to make products at light speeds.
There were many options for roofing and siding materials, but now there is only one option with a few primary colors. In many cases, “available” meant that the material was in production. However, it would take at least 20 weeks to receive the product. It is best to hope the material arrived intact and in good condition. You would have to wait another 20 weeks for it to be replaced. This was difficult for consumers to accept, as contractors could not control the situation.
It is essential to communicate with clients and keep your head up when dealing with difficult situations. My company had many clients who were first-time homebuyers and didn’t know what they were getting themselves into. We tried our best to communicate the market conditions and set expectations accordingly. Sometimes this meant delaying the start dates or breaking down projects into phases. This was something that no one wanted to do, but it was necessary to maintain good relationships with clients and complete tasks as efficiently as possible. Looking back, I am proud of how we dealt with such a challenging situation. Despite all the difficulties, we were able to keep our business going and emerge stronger from the other side.
It is essential to stay consistent and keep your eyes on your goals. Market conditions can be overreacted to. Keep your core values intact and work hard every day to improve. Many companies got too caught up in the surge of demand, and their businesses were overwhelmed by projects that their employees could not appropriately manage. It was crucial to adjust to the virtual world. This was not an easy task for many construction workers.
You must maintain your composure and focus when leading your business in an uncertain market. Bell curves are a reminder that nothing lasts forever. Markets will continue to change and evolve. This level of demand is not expected to last forever. That is okay if you’re consistent and focused on your goals and don’t react to cold or hot markets. Your actions add up day after day.
