My name is Fred Farris. I’m the President and CEO of The Aspire Institute. We are a company dedicated to one mission — helping residential General Contractors run their businesses for greater profit with reductions in stress and workload through contractor coaching.
I want to share with you what we know about the oncoming economic downturn in the U.S. economy and its direct effect on General Contractors. Please take a moment to digest this information. It impacts the lives of every owner and team member of every General Contractor in this industry that I love.
Even though a lot of so-called experts are predicting a recession, no one can actually predict a start time. We have seen many indicators of an oncoming recession; the Fed is attempting to control inflation with Interest rate adjustments which will slow the market and we have already seen a 2.7% decline in the housing market. While we cannot predict the future, What can be predicted is the likelihood of a significant recession in the short-term to mid-term time period. A substantial majority of true expert, unbiased forecasters, fully expect a considerable decline in our economy in 2022-2023. Few forecast sooner and few forecast later.
We are now in the most prolonged period of economic expansion in the last 161 years, add to that the cash infusion to keep the economy from collapsing over the last two years and current inflation rates. All this will make a market correction impossible to avoid. It will happen.
Here is an important thing to know
You absolutely can insulate your family and your business from the loss and pain that hits General Contractors harder than almost any other industry.
THE BAD NEWS
It takes most contractors about a year sometimes more to take the necessary steps to prosper, or at worst not go backwards when the recession hits. You CAN NOT wait to take action, there will be a point when it is too late, and you will be in financial trouble. If you have never experienced years in a recession, it’s usually not pretty. We’ve been through multiple recessions with our clients, and we know the pain. If you think it won’t happen again or that you will somehow do just fine through it, you simply aren’t informed or realistic. So the bad news is you should not and cannot, wait until it’s underway. It would be best if you took some action now. Please!
THE GOOD NEWS
Taking the necessary steps to prosper through the next storm is not that big a deal, it is not costly and not that time-consuming. Even better, 80% of the things you should do to protect yourself and your family are the same things that most General Contractors need to do to start generating exceptional profits.
Our company can help. The Aspire contractor coaching program teaches what to do and how to do it to give yourself a good layer of protection while lifting profits now. In fact, this is of such concern to us that we have created an entire day-long program to help General Contractors know what to do and how to do it to get to a safe zone. Part of that is a customized Aspire Road Map on how to get there. If you would like more information on our one-day training class or if you would like to talk to one of our coaches about changes you can make now to protect your business through the next downturn at no cost, please give us a call.
Whether or not you plan to get out to an Aspire workshop or call us directly to speak to one of our coaches, I implore you to take action today to insulate your company, family, and employees from the coming recession.
If you would like to discuss this or any other business strategies, please give us a call or contact us!
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