No doubt about it, the economy is ugly! As a matter of fact, the 2004 tsunami that swept away trillions of dollars in assets forced many people to stand idle by while trembling in fear as they lost everything now is reshaping the marketplace. The symbolism is simple—too many traded the security of home ownership for the shallowness of borrowing against that security for greed.
What is left for many concrete contractors are disturbing trends: huge imbalances, massive losses, depressing sales, and a total inability to do anything about it. So how does a business owner of a construction company rebuild their financial reserves, or dig themselves out of a hole in a changing economy?
The new economy
First, understand that the changing economy isn't just a change but a challenge. The real approach to the problem you are experiencing is not to hide your head in the sand but to develop a better business approach to capturing more of the opportunities the new economy will produce. One thing is for sure, money has not disappeared, it has merely changed hands and this one simple fact has more owners of businesses confused than any other element. Why, because they are still looking for the money in the wrong hands.
Now, this is not to say there are more jobs or people wanting your products or services. But there are people still buying—a different type of customer who has the money and will spend it when they are ready. The challenge you face is, can you figure out who they are and make them ready to spend it with you?
Here's a different perspective. Every morning everyone wakes up to start a new day and wakes up to new choices. Are they going to do something worthy with their day or allow the circumstances of the day to control them?
One of the worse things you can do with your mindset is to allow the fear it produces to control you. If you truly believe there are no sales out in your marketplace, there will be none. If you truly believe that you can not make a nickel or a dollar, you can not make any money in any fashion whatsoever. It isn't in the economy, it isn't in your business, it is in your head.
Working with a lot of concrete contractors from around the country, it does not take too long into a conversation to realize who is going to make it and who is going to suffer and fail. The mindset that embodies those controls them and their destiny. Even in the Great Depression, fortunes were not just lost, but some successes and fortunes that were made are still around today.
A true professional understands that change is always in constant motion. It can not be eliminated from life but instead should be coddled as a good thing, a challenge, a cause to rise to the occasion. A true professional sharpens his or hers skills so they can adjust and prosper and those that do not, will struggle, stall, and fail.