As the country slowly reopens, real estate offices will reopen as well. However, with the fear and uncertainty out there, what can you do to ease the minds of returning agents?
The good news is that you can turn to four key principles: transparency, financial discipline, trust and respect for people, and a forward-focused approach. If you want to take fear out of the workplace, consider the following steps:
“Open-book management” is the idea that everyone inside your organization will be taught to understand the numbers that drive its success. Many growing business owners can be reluctant to share the truth about the financials inside their business. But they don’t realize the kind of risks they take on by doing so. They take on the burden of keeping the business alive — solo. In many cases, CEOs and owners are forced to shut the doors of the business to the shock of their associates, who are then left to wonder if they could have done something to contribute to a different outcome.
That’s why it’s amazing what happens when you have the courage to share the news — good and bad — with your people. Treat them like adults. Get their attention directed toward what they can do to help — versus panicking. Plus, the more eyes you have on a problem, the more ideas you’ll have to solve it. It’s an automatic check-and-balance on the security of your business.
Attracting talent and retaining it can be tough. We don’t have a future without people. Difficult times may convince firms to resort to layoffs to survive. But it is wise to think differently. Whoever has the most talented workforce will dominate their markets as soon as 2021. The time to get your organization ready for the next upturn is today — not when it’s already arrived. By then, it may be too late.
Get ready for the upturn.
As bad and as uncertain as things look today, here’s a secret: it’s actually harder to get a company ready to take advantage of an upturn than it is to prepare for a downturn. Downturns can actually be opportunities to fix things inside your business that you can’t afford to invest the time and resources in when the economy is booming. While it might seem counter-intuitive, the current down market comes as a kind of short-term relief.
It’s giving us a chance to catch up — to make investments in our people and facilities — and to prepare ourselves to capitalize on the economic uptick that we expect to hit in late-2020, early-2021. By then, our workforce should be more stable and productive — and ready to take full advantage of the available opportunities. They have every incentive to do so, because, as owners of the business, they have a true stake in the outcome.
We know how painful things are today. But there’s no reason you can’t also dare to be successful. And learning how to build a culture based on transparency, financial discipline, trust and respect for people, and a forward-focused outlook, is a great place to start removing the fear that’s pervading your workplace.
Rich Armstrong (www.greatgame.com) is the president of The Great Game of Business Inc., and co-author, with Steve Baker, of GET IN THE GAME: How To Create Rapid Financial Results And Lasting Cultural Change. This book is the how-to application of Jack Stack’s 1992 bestseller, The Great Game of Business. Armstrong and Baker co-authored the update of Stack’s book in The Great Game of Business – 20th Anniversary Edition. Armstrong has nearly 30 years of experience in improving business performance and employee engagement through the practice of open-book management and employee ownership.
Steve Baker (www.greatgame.com) is the vice president of The Great Game of Business Inc., and is a top-rated, sought-after speaker and coach on the subjects of open-book management, strategy, and execution, leadership, and employee engagement. Baker is a career marketing and branding professional and an award-winning artist.