HVAC Companies: Are They Booming or Busting?
Many HVAC companies are lucky to have so many contacts with our HVAC customers. How you and the competition are fairing during this season? Let’s look at some reasons why certain companies are doing well while others are struggling, despite the fact that both companies are facing similar circumstances.
Boom/Bust Cycle
This timeless cycle can best be explained by Mother Nature. In the summer, buffalo thrive (boom) when food is plentiful. During the winter months, they starve (bust) when food is sparse. On the other hand, wolves starve (bust) during the summer months and thrive (boom) during the winter months because their prey becomes weaker as they start to slow down.
The difference in seasons between buffalo and wolves are the complete opposite of each other. Wolves do well (boom) during the winter months while buffalos bust. These exact same principles and cycles apply to HVAC careers and companies.
HVAC Boom/Bust Cycle
The good news is that HVAC businesses aren’t limited to the cycles of nature. There’s a lot more to work with besides impulses and instincts.
The culture surrounding boom companies is one that is able to acclimate to unforeseen circumstances. In order to seize the moment, they can launch into new opportunities and make quick changes whenever change happens.
During mild weather, pandemics, or negative economic situations, boom companies are up to the task. The habits, patterns, and of course, the people, are pumped and ready to adapt to any challenges they might face.
Other businesses that are experiencing a bust period feel that their options are primarily driven by weather conditions. This leadership style tends to be an essential characteristic of businesses that are transfixed by current conditions around the world. Bust companies are comparable to the buffalos that starve each winter. They have yet to embrace their changeability and adaptability with the present conditions around them.
Opposites
Boom and bust situations are the opposite of one another. Any HVAC company will experience boom and bust moments – ups and downs are a part of all aspects of life. A company’s culture during the long term determines how fast opposition can be turned into opportunities.
It’s interesting how employees, managers, and owners are able to adapt their work ethic and attitudes to match the prevailing mindset of their HVAC company, and also provide opportunities to assess it in order to make the desired changes needed.
Facing Challengers
We’re all facing a lot of challenges – business cycles are constantly changing and it’s not easy to keep up. Once you recognize all of your company’s bust tendencies, they’ll be easier to fix.
Leadership tends to make rash decisions including cutting costs instead of finding ways to produce a new stream of income and creating new work opportunities in a bust company. This can prove to be detrimental in the long run.
The following bust indicators need to be sought out and eliminated:
• Looking back on how things once were, instead of how they currently are and what they may become in the future
• Focusing on today’s disasters instead of opportunities
• Leadership appears as if you’re defeated, which unknowingly could be leading your business toward failure
• A general unwillingness to adapt or learn about a customer’s needs or current thinking
• Rash actions, including cutting costs, instead of focusing on efforts to create new work opportunities in order to generate a new stream of income
Characteristics of a Boom Company
Boom companies face the same challenges that bust companies do. The difference is in their approach and their attitude.
When I recently spoke with some boom contractors I heard the phrase, “things are looking up” from all of them, which indicates that changes they’ve executed to meet evolving circumstances have paid off and were received positively by customers.
Some boom indicators to magnify and identify include the following:
• Remaining completely engaged in positive leadership and providing everyone with encouragement
• Maintaining an optimistic attitude – pessimism is around all of us and it takes a lot of work to create positivity and maintain optimism
• Addressing difficult issues instead of merely ignoring them
• Engaging in prosperous new activities – an overall increase in activity allows everyone to engage in more positive activities and has an entrainment effect
Constant Booming
It’s easy to wobble back and forth between bust and boom. People who are consistent always earn the top prize in the end.
Whether your company is booming or busting, you need to generate activity that will provide your customers with what they need today. The obvious principles that allowed your company to boom one month ago remain as true as ever today. Your actions and approach must greet and align with today’s opportunities in order for your company to continue booming.
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