Giving Hope

While having a business is a blessing it is also a huge responsibility if the owners of the business wish to provide employees with security, a steady income, a safe working environment… and HOPE.

Last month John Bowen and I helped induct a new group of employees into the Bowens Team. We provided a history of Bowen & Pomeroy P/L plus some insight into the current status of the business and where we would like it to be over the next 12 to 18 months. We made it clear it is not all about profit, nor the financial returns for the shareholders of the business… it’s a lot more than that. The history aspect is important because while we don’t want to live in the past we do recognise that Richard Bowen’s stamp as the founder of the business resonates today. From 1894 until 1924 he created and built a Timber operation that survived a depression in the late 1890’s and the Great War of 1914-18. Richard died suddenly in 1924… Wally Turner was 20 at the time and recalled that:

“Richard Bowen’s word was his bond and he treated his men as his equal… He expected men to do the right thing and do a fair day’s work (but) he paid his staff well and gave them extra if he knew they had earned it.”

In 1924 the company employed 148 people – each and every one inspired by a Richard Bowen who had cared for his men and given HOPE in a difficult and challenging economic environment. Here we are 99 years later and as John Bowen wrote in last month’s Builders Bulletin…

“for some of the big guys (builders), site starts will drop by more than 40 percent from June 1st. For others, the fall will be more severe. That said, there are plenty who say they have enough work to ensure solid monthly activity will continue well into 2024; again on that score, our smaller accounts appear to be in a better space. Unsurprisingly, interest rate pressure and higher build costs are leading to a tighter lending market for borrowers. The growing value of a new home deposit is also playing a part – despite the difficulties, I believe there are genuine reasons for HOPE…”

While there can be no comparison between the ‘hope’ of 1924 and the ‘hope’ of 2023/24 the need for management to instil confidence in the minds of all participants is vital – not just employees, but also our creditors, our bank and of course our customers. In the context of WORK, hope can mean that despite obstacles employees believe they are heading in the right direction and have confidence in the future direction of the company. Hope can mean that employees believe their employer cares about their future and wellbeing.

“In the context of WORK, hope can mean that despite obstacles employees believe they are heading in the right direction and have confidence in the future direction of the company.”

Certainly in the last few years Bowen’s Management, together with the support of employees, has demonstrated a willingness to take on new opportunities. Both in Timber & Hardware and Prefab, there has been some heavy investment in new branches and upgrades of existing facilities and machinery. While there is risk associated with any growth strategies the bigger risk is not taking opportunities as they arise. We are now committed with recent investments in Melton, Warragul, Cheltenham and Belmont (Geelong).

The predicted (eventual) drop in building activity goes against our strategy of new branches and Pre-fab facilities. But our 129 years of involvement in this industry has taught us to plan carefully, maintain strong financial disciplines and look to good people to carry out the work involved. In a recent message from our MD…

“It’s time to shift our focus back on picking the right people, people with potential for (personal) growth and leadership and to place a genuine focus back on staff development and succession planning to meet future needs (and challenges) with minimum reliance on external markets.”

What great ‘hope’ that message provides for all our staff. Their company has initiated a genuine growth strategy with reliance on PEOPLE. There is an awareness too from our Branch Management that their message to their staff includes the need for accountability in managing and controlling expenses – a reliance on cost savings across the board.

The excitement and hope of tomorrow needs to be met with a disciplined approach towards accountability, and doing the basics right. Any slowdown in building activity can be an opportunity for well-run companies to provide innovative ideas, innovative products and support to their clients. But only if their own house is in order.

“The excitement and hope of tomorrow needs to be met with a disciplined approach towards accountability, and doing the basics right.”

Further wisdom (on HOPE) from HR Strategies: ‘Researchers have found many benefits of hope that can positively impact the workplace. Hopeful people accomplish more at work than less hopeful people.’ A study that compared the relationship between hope and productivity concluded that hope “… accounts for 14 percent of productivity in the workplace… more than intelligence, optimism or self-efficiency. People with low levels of hope are more apt to shut down in a crisis, but, a high-hope person tends to have more goals and is quicker to focus on another if they fail” (Randolph Arnau).

While I have pulled out some fancy words and quotes from ‘others,’ the fact is I believe in the HOPE that existed through the efforts of Richard Bowen… How else could his young company of the time survive through two economic depressions and two world wars!!?

The fourth generation of the Bowen Family is continuing the Richard Bowen legacy and, I believe, providing leadership that is sensible, meaningful and transparent. An enthusiastic Bowens workforce is full of hope and up for the challenge!