In these extraordinary times, I admit that I’ve been struggling to figure out what I should say to the industry. “Stay calm, keep your distance, and wash your hands” is a good place to start. But what to do after that?
Analysts offer widely varying opinions on what the coronavirus could mean for the industry.
One respected analyst recently wrote that the coronavirus downturn will last for “weeks/months or at most a few quarters.” That “weeks/months” projection, while it would be wonderful news for our industry, seems far too optimistic to me.
Another analyst says that, depending on how far the virus spreads and how long the current disruptions in the marketplace persist, there is “a good chance” that the ripple effects from the disruptions could push the U.S. economy into a recession. Needless to say, that would be a tough blow for the mattress industry and for all other industries, too.
I’ve been asking key players in all segments of the industry for their thoughts on how to approach our new business reality. I was particularly impressed with what I heard the other day from Harry Roberts, one of the founders of Mattress Firm and a key Mattress Firm franchisee today. He has some wise thoughts on how to respond to the coronavirus.
“The impact of the coronavirus is unseen in my lifetime,” Roberts noted. “Never before have we seen such a shutdown of everyday life across this country. 9/11 was horrific, but we came together quickly as Americans and fought through it.”
Rather than bemoan the unprecedented challenges that the coronavirus brings to the bedding industry, and to the U.S. economy as a whole, Roberts sees the crisis as a test of his skills as a leader.
“For me, as an entrepreneur, this is the time we are put to the test to find out just how good we are,” he observed. “It’s easy to run a company when the economy and the industry are both doing great.”
In the short term, which Roberts says can’t even be defined at this point, he’s got a clear message: Stay positive.
“We are Americans, and we always come together at times like this and come out better on the other side,” he said. “This is also when we sharpen our tools as a company and individuals. We have to get better at everything, or we will go away. Leaders have to stay calm and be very focused with the livelihood of their people being their biggest concern.”
Roberts also managed to find some positives by looking down the road and thinking about the nature of the bedding industry.
“I’m not as concerned with the long term,” he said. “We are blessed to be in an industry that won’t go away. People will always sleep and thus will always need mattresses. Also, times like these always create pent up demand.”
As we all work on revised business plans and contemplate the new world that has suddenly descended upon us all, I think Harry Roberts has laid out a helpful roadmap for bedding leaders.
The bedding industry is a close-knit community. We will come together during this crisis, we will get smarter about our businesses, and we will continue to fulfill our noble, vital mission of providing great sleep to our customers.
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