Media reports have the housing market circling the drain, trade contractors ditching home builders for more lucrative commercial work, and hordes of consumers either faced with losing their homes or unable qualify for a mortgage. When the pendulum swings back up, will you be ready?
Consider the findings in Jason Jennings' latest book, "Think Big, Act Small: How American's Best Performing Companies Keep the Start-up Spirit Alive," an exploration of the 10 companies in the world who can boast 10 consecutive years of revenue and profit growth exceeding 10 percent. Jennings electrified attendees at the recent Professional Builder Benchmark conference with his tales about those companies. Here's why the top 10 made the list:
- They have a big, bold cause that has nothing to do with money. A cause, says Jennings, is the reason why you really do what you do; it provides purpose and fuels passion. Why do you get out of bed every day: because you love designing and building someone's dream house? Are you driven to create an extraordinary experience for your clients? Are you creating a company culture that's yours and yours alone? Other builders may offer the same architectural styles and features and hire away your best trim carpenter, but they can't duplicate your culture.
- They've mastered the art of letting go. If you're hanging onto the same old business practices just because "we've always done it that way," maybe it's time for a change. Letting go helps you stay more focused than your competitors and keeps your mind open to innovation.
- They understand the importance of completely satisfying the right customer. Customers who are merely satisfied with the service they receive may or may not come back or tell their friends. The world's most successful companies focus, instead, on completely satisfying the right customer. Perhaps you could start by identifying the wrong customers — the ones who are never satisfied no matter how much you do for them, or those who think they know more about building a house than you do.
- They get all of their employees to think and act like owners. Make sure everyone on your team understands that creating value counts more than fulfilling a job description — and compensate them for the value they create. Give decision-making authority to those who know the product and the process. Hold everyone accountable for their actions.
- Their leaders see themselves as stewards, promoting service over self-interest. Stewards feel called to serve. They rid themselves of superficial distinctions such as expensive clothes and cars. They share information, not hoard it. They're coaches and mentors, and they aren't hung up on having power over others.
Give some thought to Jennings' discoveries. When the housing recession ends, you could have your feet planted firmly on the road to greater success and career satisfaction than you ever thought possible.
Susan Bady, 630/288-8194, susan.bady@reedbusiness.com