Are you familiar with this formula?
For those of you who have read Jack Canfield’s Success Principles, you are familiar with the formula E+ R = O. For those of you who are not, the formula is E (Events) + R (Response) = O (Outcome). The formula expresses the idea that our response to every event we experience in our lives determines the outcome. If we don’t like the outcomes we are currently experiencing, we can either blame the event (E) for the outcome (O) or we can change our response (R) to the event (E) until we get our desired outcome (O).
I heard Jack explain the formula again as I was listening to my Jack Canfield’s Success Principles CD’s this morning on my way to the gym this morning, and I thought about how applicable this formula is to the current state of affairs in the housing industry.
Let’s think about how this formula is currently being applied. As professionals who earn our livings from the housing industry – and I include Builders, Developers, Realtors, Lenders, Trade Contractors, and Material Suppliers – how are we responding to the current events?
Are you blaming the Wall Street, the banking industry, the mortgage industry, the government, etc., etc., etc.?
Are you “hunkered down” – stubbornly holding on to your old ways of doing business or simply hiding out and trying to hold on until things finally turn around - hoping that the government will act quickly to pass its much debated stimulus plan and that the stimulus plan will turn things around?
Or are you responding by taking positive action? Here are just a few thoughts.
Have you read the legislative alerts from NAHB regarding the stimulus package currently being debated and contacted your Representatives and Senators to voice your opinion?
Have you researched what mortgage programs are currently available to your potential buyers so you can share that information and help alleviate their fears that are preventing them from moving forward?
Have you considered forming strategic partnerships with other industry professionals to promote your product and services? If you’re a Builder, have you spoken with Developers, Realtors, Lenders, Trade Contractors, and Material suppliers to see if you can develop strategies to help you reduce your costs?
Have you done your market research? In most markets, homes are still being purchased? Who is buying? What are they buying? Where are they buying?
Have you adjusted your product offering based on your market research?
Have you diversified?
Have you talked with your Realtor and Lender partners about conducting educational programs for potential home buyers to try and allay their fears and provide them with the information they need to feel comfortable about buying?
If you haven’ responded by taking positive action, hopefully this will spur you to act. If you have and it hasn’t resulted in your desired outcome, what else could you try? If your response has resulted in the desired outcome, how about sharing what your response with the rest of us.
Chuck Miller GMB CGB CGP MIRM CMP MCSP CSP
President / Builder – Chuck Miller Construction Inc.
(208) 229-2553