54 - How to Prepare Right Now for The Next Economic Downturn

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 useful. 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. If you'd like to reach out to me 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. Episode highlights: [01:05] The 3 opportunities in an economic downturn: People - Talent will be much more available because other construction companies won't have projects. 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 with. 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 downturn: Look at your overhead and your processes so you are maximizing your profitability on every project. Build a treasure chest. Cash gives you a timeline to continue your business and also a means to take advantage of opportunities that come up. Make 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 you. [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.