Construction Is Booming , But Headwinds Are Coming
According to the National Bureau of Economic Research (NBER), our economy has gone through eight cycles of recession since 1960. This means we have found ourselves in a correction/recession every eight years over the past 56 years. We are now in our seventh year of official growth since 2009. These statistics suggest that in the next 18 to 24 months we will be facing headwinds, or market correction.
If you are in a leadership position, the question is: if these statistics are correct, how do you position your company to not only survive, but continue to grow during times of economic headwinds? We have seen successful companies accomplish that by adopting the following nine principles:
- Don’t kid yourself. (Denial will not serve you well).
- Work hard.
- Recommit your energy and focus within your company and in your industry.
- Work with a servant’s heart.
- Look for a way to improve your team.
- Challenge your team daily.
- Seek opportunities daily for yourself and your team.
- This is no time for a sense of entitlement.
- There are no shortcuts.
In our experience, following these directives can make a difference in a down market. We have a long history of serving the construction industry, and as an executive search company, we are out in front of the market most of the time. Construction is booming now, but headwinds are coming, as they always do. From where we are sitting, it is always a smart move to be prepared.