Why You Should be Excited for the Next Downturn
Are you excited about the next downturn? You may think that’s a crazy question because the last one really sucked.
I was recently listening to a panel of construction company owners talk about what’s going to happen when the next downturn occurs. One of the panel participants was particularly excited for the next downturn because he saw three specific opportunities.
First, when the downturn occurs, talent will be much more available because other construction companies won’t have projects for those talented people to build. So, it’s an opportunity for you to pick off some great talent from your competition.
Secondly, there’s a diversification opportunity. So, if you’re smart now, you’re stuffing your treasure chest with cash and cash is king in those downturns, it gives you flexibility and the opportunity to take advantage of things that come up in terms of diversification.
Finally, there is project opportunity.
If you’re a good contractor today, you will be a good contractor in the downturn and people who are doing projects in the downturn are looking for stable companies to work with. So, be a stable company today so that you can be a stable company tomorrow and take advantage of those project opportunities.
The next downturn will come, sooner or later. Run your business intelligently and you’ll be ready to take advantage of it.
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