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 bank
  • Have money set aside to cover 1-2 months of payroll
  • Have appointments booked out for several months
  • Know your numbers and how many leads are needed to sustain production
  • Know your where all your marketing comes from
• Recognizing many contractors are on thin ice, barely breaking even each month
• The importance of realistic expectations and what it takes to have a healthy business
• Understanding consequences and that there’s no downside to saving money
• Why you should start stacking cash and start looking for labor-only revenue streams for your business

Links to Resources:

Flash Foresight by Daniel Burrus

https://www.hammerandgrind.com/tools-of-the-trade

Learn how to better manage pressure in the Profit Club – www.hammerandgrind.com/theprofitclub

Facebook group - https://www.facebook.com/groups/thecontractorprofitgroup

Facebook – https://www.facebook.com/hammerandgrindpodcast

Instagram - https://www.instagram.com/hammerandgrindpodcast/

Website – www.hammerandgrind.com

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