Professional Equities, Inc June 2019

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FROM THE DESK OF

Bill Moist

MILLENNIALS DRVING RV SUCCESS

“Whenwemake progress and get better at something, it is inherentlymotivating. In order for people tomake progress, they have to get feedback and information on how they’re doing.” –Daniel H. Pink Every business owner knows that providing feedback to their employees is an essential part of their operations, and every one of them reading this article most likely holds annual or semiannual performance reviews to talk about employee performance. But are these reviews really substantive discussions that provide teammembers with actionable information so they can grow and develop, or are they just formalities in which you run through a list of standard questions andmetrics? Are they the only real discussions based on feedback that teammembers receive? Regardless of your answers to these questions, the fact of the matter is that is most business owners andmanagers could do a much better job providing regular, relevant critique to their staff. A Foundation IQ survey askedmore than 30,000 employees to respond to the statement“I know whether my performance is where it should be.”Only 29 percent answered,“always,”14 percent said, “frequently,”21 percent said,“occasionally,”15 percent said,“rarely,”and 21 percent said,“never.”That adds up tomore than half of the workforce not knowing if they’re doing a good jobmost of the time. It’s up to business owners and leadership teams to correct these alarming numbers. If your feedback is deficient, follow these tips for better methods of reinforcing positive behaviors and reversing negative ones. FEEDBACK THAT FEEDS EMPLOYEE GROWTH H ow to P rovide G uidance and P raise in a W ay T hat R esonates

“Turns out millennials are not ruining everything,” –Allison Moist

Introduction – Now the iconic symbol of middle- class success, recreational vehicles, is gaining ground with a new audience: millennials. Not only are they traveling in them but they are also renting them through AirBnb. RV sales growth – The Recreational Vehicle Association reported 2018 was the second best year for RV shipments at 483,672. Shipments were only off 4.1 percent from 2017’s record-setting year of 504,600 units. More than a million American households have started camping each year since 2014. And 38 percent of the 75 million active camper households are millennials. Manufacturers have taken notice in the demographic shift and are designing RVs with those in their 20s and 30s in mind. Airstream (above photo) saw its fifth consecutive year of growth with sales increasing 218 percent. The company offers a midsize trailer weighing 3,400 pounds, called the Nest, that targets millennials. Prices start at only $45,900. In summary – What does this mean for us? Noticing this trend is further confirmation of our focus to buy and build RV resorts and storage.

FEEDBACK SHOULD BE CONSTANT

The first thing you can do to improve your feedback system is tomake it an ever-present initiative. If you let an employee make a mistake without correcting it, youmay think you’re giving them the

–Bill Moist

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