After a slow, steady rebuilding of the economy over the last several years, contractors and economists are increasingly aware that, eventually, another recession is going to be due.
Fortunately, as of this winter, the industry’s best economic indicators suggest that we’re still several quarters away from a downturn. Early signals are that 2019 will be a busy year for contractors — but whether a recession looks to appear in 2020, 2021 or sooner than we expect, every business owner needs to ask themselves: How prepared am I today?
It’s never too early to prepare for changes in the market.
Now is the time to have conversations with your financial advisor or construction CPA about cash flow and working capital. Let them help assess your business to make sure you’re not just in a healthy position today but that you’re going to be in position to take advantage of the next opportunity the market gives you — whatever and whenever that may be.