What Could a Recession Do To Your Business?
The New Zealand’s construction industry has seen a period of high demand stretch for more than a decade.
However, recession storm clouds are here brought about by the central banks of several countries, including our own, suddenly slamming the economic gearbox into reverse. Interest rates are higher, demand from home buyers is decreasing, costs are still rising and money printing has stopped.
All of these issues are likely to result in the economy being in recession in 2024/25 and we enter into a period of reduced demand and tighter margins.
You have three basic options in response to this;
- Do nothing and perhaps not survive in business past the next 12-18 months
- Do a few minor tweaks and survive the downturn….just.
- Take proactive steps to prepare for the downturn and put your company in the best position to be stronger
Obviously I think you need to be proactive and willing to try different ideas. But you don’t have to go it alone. I’ve created this guide to help you.
That is why I have put together this Recession Guide for the Construction Industry in New Zealand, to help you better understand:
- What the most successful companies did in the GFC
- What a Triage process is and how it can be applied to your situation
- What to focus on first
- How to develop a course of treatment to aid financial recovery
- How to make the best of the economic recovery when it comes
Thank you for requesting the guide
Before you go you might like to book a complementary strategy session to explore what’s happening in your business and some ideas to prepare it for any downturn in demand.