There’s almost a 100% chance the US will head into a recession within 12 months, according to the latest research by Wall Street investor think-tank, The Conference Board. That has some business owners thinking hard about how to recession-proof their companies right now.
In response, eSUB Construction Software is releasing four things businesses can do to recession-proof their companies. eSUB’s CEO, Erich Litch, says these tips are gathered from watching successful commercial trade contractors survive economic downturns.
"When the economy slows, so does commercial construction. So the trades must know how to survive those times," Litch says. "We've noticed some common practices among the successful businesses we work with. We thought now would be a good time to share those with other industries."
eSUB’s four tips to recession-proof your business are:
Get a clear picture of your company’s finances
Be selective about new projects you take on
Think twice about layoffs to cut costs
Right-size tech tools
Litch says that last tip is an important part of creating operational efficiencies in the construction world. He says successful commercial trade contractors ensure their teams are using the right tools for their jobs and are not wasting time with inefficient processes.
“Part of the reason eSUB’s been so successful in the industry is that providing the right-sized tech specifically tailored to the work done by subcontractors is key,” Litch says. “If a company’s software is too big for the job or comes with unnecessary features, that can suck money from the business right when you need it.”
To learn more about each of the tips above, request an interview with Litch here.
About eSUBthousands of trade contractors have chosen eSUB Cloud to help them standardize project processes, eliminate duplicate effort, and improve field-to-office collaboration. eSUB is backed by growth equity firms Catalyst Investors and Revolution Ventures.eSUB makes user-friendly software for more productive and smarter trade contractors. It is the only project management and field-to-office collaboration platform designed specifically for trades to make it easier to manage tasks consistently and efficiently. As a result,