3 ways your construction business can navigate the changing economy
We are living in unprecedented times. The outbreak of COVID-19 has impacted communities, families and, yes, even businesses like yours across the globe. Countless changes are being navigated: teams working from home, projects potentially on pause, finding fresh ways to make an unexpected slow time a successful time.
Another impact of COVID-19? A rapidly changing economy. Just as the spread of the virus is ever-evolving, so too is the state of the marketplace. Uncertainty is to be expected in moments like this.
That’s where we come in.
Now more than ever, you can count on us. Stay informed. Stay empowered. Stay motivated. Buildertrend has your back. That’s why we wanted to mitigate some of this uncertainty for our customers.
On a recent episode of The Building Code, we talked with Dr. Ernie Goss about the economy as it pertains to COVID-19. Goss is mid-America’s economist of choice, serving as the director of the Institute for Economic Inquiry and a professor of economics at Creighton University.
The good doctor also gave us insights on what construction business owners can do to make it through all this. You can still listen to the podcast, and we’re breaking down the three biggest takeaways for you.
So, what can you do? First and foremost, a little perseverance goes a long way …
1) Play the long game
Don’t quit now. Don’t give up. Don’t stop.
Sure, these all sound like clichés, but sayings like this ring true – especially now. According to Goss, the current economic downfall could potentially be shorter than the 18-month long recession of 2008.
“From my vantage point as an economist, it’s going to be a V-shape recovery,” Goss said. “Once the recovery begins, it’s going to up more than what we saw in 2008 and 2009, which was more of a U-shape recovery.”
Goss goes so far as to predict this downturn only lasting several months if a vaccine is secured.
2) Watch more than the Dow Jones
Like a roller coaster, with each passing day, the stock market seems to go up then down then up again. The performance of the Dow Jones, Nasdaq and S&P 500 is one indicator of how healthy the global economy is, but it hardly paints the entire picture.
Instead, Goss recommends watching the yield on U.S. Treasury Bonds. This provides an early and pretty consistent state in which the economy is in and the direction it’s going.
Your company’s individual financial status may also be assisted with the recent passage of the CARES Act, a $2.2 trillion relief bill.
3) Embrace change
During the recession, many homebuilders embraced change by doubling as remodelers, too. Today’s builders and contractors will have to embrace change in an entirely new way. As much of the world isolates and work is done remotely, tech is the tool you need in these tough times.
Goss put it best when talking about technology during COVID-19.
“There is some great and positive news,” Goss said.
As a professor, he uses the world of higher education for an example. More of the learning process may go virtual as new digital ways to keep students engaged from home are developed. The same is true of construction. Construction management software like Buildertrend makes jobs digital.
You can keep your projects going and growing by using smart features that handle everything from finances to scheduling to communication. Try us risk free now if you haven’t already. After all, there might be no better time than now to embrace the way of the future.
“This is going to divide those who embrace technology and change and those who do not,” Goss said. “And if you don’t embrace it, you’re going to lose big time.”
There are more insights where that came from
Buildertrend’s reach covers every corner of the globe. From big cities to small towns, the Buildertrend family stretches far and wide. Now more than ever you can count on us.
To further support you during this trying time, we’ll post more tips and updates on our COVID-19 resource hub. It’s one way we’re working to help you stay ahead and informed. Here, you’ll find a weekly resource roundup that contains news or inspiration from around the construction industry.
Goss and we at Buildertrend are optimistic better days are coming. Then – and now – we’re here for you.
“We’ve just got to get started up on that V that I talked about,” Goss said.
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