Jan 21, 2020
Today's episode is a short,
punchy look at how you can prepare during the boom times for the
next economic downturn. I put this episode together from a short
series of videos that I shot recently. I think you'll find it very
We're going to begin by taking a
look at the frustrations that buyers of construction services have
and how you can address those frustrations so that you can stuff
your treasure chest and prepare for that downturn. And in preparing
for it you need to have the right perspective on the opportunities
that may present themselves to you during that downturn to actually
expand your business.
For a complete post drawn from
this episode, visit my blog at https://ericanderton.com/blog/nextdownturn.
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on social media, I’m on LinkedIn and Twitter.
And on my
Youtube channel, you’ll
find a complete library of insights on life, business, and
leadership that I’ve published over the years.
- [01:05] The 3 opportunities in an economic
- People - Talent will be much more available
because other construction companies won't have
- Projects - A good contractor today will be a
good contractor in the downturn People who are doing projects in
the downturn are looking for stable companies to work
- Diversification - Cash is king in downturns and
smart construction companies are stuffing their treasure chests now
to take advantage of opportunities later
- [02:33] 3 Tips to prepare for the coming
at your overhead and your processes so you are maximizing your
profitability on every project.
a treasure chest. Cash gives you a timeline to continue your
business and also a means to take advantage of opportunities that
sure that you focus on relationships with your general contractors,
your subcontractors, your bankers. Strengthen those relationships
as much as you can. When the bad times come they'll be there for
- [04:31] The choices you make now, today, will
help you or harm you in the future. Make sure the quality of your
work is excellent, finish strong, get across that finish line with
an excellent punch list execution.