Leading in Tough Times: Darren Wood, The Providence Group

Throughout the month of August, Connect CRE is running a series titled “Leading in Tough Times.” We’ve asked leaders around the U.S. and across the commercial real estate spectrum to share their wisdom and discuss lessons learned. In this installment, you’ll hear from Darren Wood, principal with The Providence Group.

Q: What’s the most important lesson you’ve learned about leading in a challenging environment?

A: I think the most important thing is recognizing that your employees are the most important part of your business. It is important to have a clear mind and rely on your previous experience of how cyclical the conditions are. In a challenging environment and the uncertainty that it brings, recognize that your employees will feel insecurity about their jobs, etc. People are an essential part of the company, and it is important to allay those fears and if you are able, reassure employees that their jobs are secure.

Q: What’s the most common mistake leaders make in an inhospitable market?

A: In challenging markets it is often easy to consider making employee cuts. While that seems like a wise strategy to prepare for a downturn, in the long run it may not be since it is so hard to build culture and a great employee team. You must be mindful of the investment of time and trust you’ve made in those people You will also not be ready for the upturn, which so often follows quickly thereafter. Downturns create opportunities.

Q: What’s the most valuable leadership advice you’ve ever been given?

A: My first boss made sure that he knew each employees’ strengths, weaknesses and personal circumstances to make sure he could individualize leadership based on the needs of the employee. This is a fairly simple concept to understand for anyone that has children, given how different people are and how you communicate and nurture the person to reach the best of their potential.

Click here to see all of Leading in Tough Times.