Crisis. Quite the powerful motivator.
Having been part of the new construction industry for even such a short time, about 7 years now, I've seen the highest high and the not-quite lowest low. I went from making some good money as a beginner designer to watching my own homes perceived value drop by half in less than 8 months, along with my income.
But even that doesn't quite compare to now. I've adjusted my standard of living to meet my income. I don't have that house anymore, and even though it hurt to get out of it, at least we're out.
But now. Now it's come down to my employment. Not only my employment, but that of the 30 other employees who are a part of our division. As a company, we're not doing well financially. And it's finally come down to it. Break even...or else.
We're a division of a slightly bigger company. We're the 2nd location of a family owned structural component manufacturer. The original company has been around for 30-40 years, under current ownership. Our division has been open for 10 years now. The entire company operates as a single entity. At least in the eyes of the bank. Our line of credit came up for review on July 1st of this year. And we've been losing money for too long now.
60 days. That's our deadline. 60 days to dig ourselves out of a $200,000 hole. We got a 120 day extension on the review, but the owners are talking about making those same decisions that would come with a bankruptcy about 60 days before the review.
Time's up. We have a week left. 1 week. I don't think we've succeeded. We haven't got the #'s for July back yet, but by me preliminary evaluation, at best we've just broken even for that month. I don't think we made enough money to put a dent in the loss that already existed.
But what a time. What a time of learning for me. I'm new to the management game. New to having so much responsibility. New to the decision making process that involves the livelihood of so many people. I enjoy it. I enjoy the learning. I can't say I especially enjoy making mistakes, but learning from those and making the right decision the next time makes it all the more sweet.
What I'm trying to learn and really keeping my eyes out for are the opportunities to capitalize on the opportunities that this crises presents. One specific area of opportunity revolves around people and how they react to crises and stress. I tell you what, a crisis likes this really accentuates the fundamental qualities of people. Some people can handle it. Some can't. Some people excel under stress. Some people fail miserably.
I can honestly say that I work with a bunch of great people. People who excel under stress. People who can step up to the plate and get it done. Of course, there are a couple guys that I have to be careful with. I've recognized a few that do better if they're protected from some of that stress. Just show them what needs to be done, give them the tools to do it, and watch it get done. Don't breathe down their necks or they'll crash.
I've also learned that people really respond to praise. Looking for and recognizing opportunities to praise them for the good work they do has been paramount to getting the most from my guys. I certainly can't say I'm great at it. I need to do a lot better at making that praise public.
I've also learned to watch the numbers. What my guys do involves a regular change of pace throughout the day. Some parts of their job requires patience and carefulness. Other parts allow them to fly through their work. I've had to check my stress level when I walk out into the shop and not much is happening. It seems like everyone is just moving too slow. But inevitably, the production #'s come back and they're doing great. And I know they're doing great. They're all experienced enough to be careful during the planning part and fly through the rest of it.
So at the end of it all, I've learned a lot. Even if we close (which I don't know is going happen), I'll walk away from a valuable experience. An experience that has prepared me to be even that more successful in my next venture...even when I hope it doesn't come too soon.