EP55: Are You Ready For The Downturn?

If you want your business to stay profitable and healthy, you must stay ahead of the curve and prepare for whatever comes next. Check out how to know if your business is ready for an economic downturn and how you can start preparing today so you’re not hurting in the future!In this episode, we talk about…Different ways to prepare for an economic downturn in the construction industry:Have ideally 6 months, at minimum 3 months, of expenses covered in the bankHave money set aside to cover 1-2 months of payrollHave appointments booked out for several monthsKnow your numbers and how many leads are needed to sustain productionKnow your where all your marketing comes fromRecognizing many contractors are on thin ice, barely breaking even each monthThe importance of realistic expectations and what it takes to have a healthy businessUnderstanding consequences and that there’s no downside to saving moneyWhy you should start stacking cash and start looking for labor-only revenue streams for your businessLinks to Resources:Flash Foresight by Daniel Burrushttps://www.hammerandgrind.com/tools-of-the-tradeLearn how to better manage pressure in the Profit Club – www.hammerandgrind.com/theprofitclubFacebook group - https://www.facebook.com/groups/thecontractorprofitgroupFacebook – https://www.facebook.com/hammerandgrindpodcastInstagram - https://www.instagram.com/hammerandgrindpodcast/Website – www.hammerandgrind.comHelp us get the word out to other contractors by leaving us a review or sharing our podcast! Hosted on Acast. See acast.com/privacy for more information.