Preparing for an Economic Correction

The economy isn’t stagnant and we all know that it flows back and forth from bull to bear over time. Thankfully over the past 200 years we have seen that every time the economy slows down it is a correction and it always comes back stronger and with more opportunities than before. The key is being able to ride the wave and survive the correction. Most businesses just flounder about and hope to survive, fortunately there are actions you can take to solidify your business to not only survive but thrive during economic uncertainty.

Brady Bryan CEO of Brayn Consulting joins Mike Merrill during the annual Brayn Architectural Engineering Construction Summit 2022 to break down the best practices for contractors as the economy goes soft and indicates a correction.

Key Takeaways

The economy is softening but you don’t need to panic. The economy is suppose to go through these cycles to keep the economy as a whole healthy. The point of a slow economy is to weed out bad practices and stale businesses. Smart and crafty businesses might feel a slow down but only have to keep moving forward to survive and thrive at this time.

The utilization of what you have is the key to your success. Making sure that your business is using the labor hours, assets, and tools to their maximum production should be every contractor’s number one priority. Building up your productivity is building up your business’s value in the marketplace.

Be intentional about your culture. Take a look at what you are spending your culture budget on and ask yourself “is this really building my culture the way it needs to be?” Do bagels develop the culture you are looking for or would that money be better spend on training, time off or other incentives that drive your culture forward?