By Breakthrough Academy.
As we say all the time on the Contractor Evolution show, business is a game you have to play for the long run.
One situation you are inevitably going to face at some point, or many points, is an economic downturn. Or Recession. Or Meltdown. Whatever you (or the media) wants to call it.
You get what I’m saying though. Business isn’t just about winning when the times are good and everyone is fat and happy. You also need to know how to play the game when things aren't so flush.
Now I want to be clear. We are not economists. We don’t have a crystal ball. We’re not in any way trying to guess what the market is going to do.
However, we do try to stay current and provide value to our listeners, and lately this conversation around the market, what's ahead and what to do, seems to be coming up a lot with our contractors.
While we’ll be the first to tell you we have NO IDEA what’s going to happen, I think we can all agree there are a lot of flags on the field right now. There are a lot of scary headlines, and that's making people nervous. Fair enough.
In this episode Igor and I are going to go over:
Why a downturn isn't a bad thing and how to look at it from a new perspective
How to identify true revenue drivers versus 'nice to haves'
Why you need to create two business plans and two budgets when times are unstable, and what the two plans should look like
The true costs of laying people off (which is beyond the loss of ROI)
What reserves should you keep in place to make it through a rough period?
What percentage of monthly revenue should you put away for a rainy day?
About Breakthrough Academy (BTA)
Breakthrough Academy (BTA) helps contractors build profitable and efficient companies through proven processes, coaching, and community networking. We are currently working with over 300 business owners across North America, managing over $900 million worth of revenue.
In 2020, BTA was ranked as Canada's 106th fastest growing company by The Globe and Mail's Report on Business; the third consecutive year on a growth list for the brand (32nd in 2019, 16th in 2018).
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