The Source and Resource for Construction Financial Professionals
Recession Proofing Your Business and Playing the Long Game for the Future
Guest Speaker: Gregg Schoppman, Partner, FMI
It seems like we just can’t catch a break. Pandemics, supply chain woes, worldwide conflict, labor shortages and now sky high inflation. Throw in a recession for good measure and the industry resembles the old “spinning plates” variety act. The only saving grace is that during all of this, most contractors have had a fairly good run with strong financial performance. Now there are concerns that this is prosperity is threatened with various economic forces at play that seemingly mean to stifle construction growth. No one has a crystal ball but will the good run, well, run its course?
That being said, just because the economy may be seeing signs of weaknesses does not mean you need to follow suit. In fact, there are many examples where contractors outperform the economy and defy conventional wisdom. To do this, leaders must maintain a balance of strategic focus and a level of nimbleness to adjust to market conditions. Additionally, there is a need to remain vigilant about the long game. Too many businesses will “hunker down in the bunker” and forget about the next 2-3 years. It is imperative that businesses avoid myopia and think about the future to be able to play the field when the market shifts yet again.
In this program, the attendees will learn the following:
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