Harsh times can make for bad decisions, consultant Paul Winans says in his latest commentary for Remodeling, a sister publication to ProSales. Like you, he knows that construction is a boom-and-bust industry. And while you enjoy the rise in sales, think as well about what you'll do when the inevitable downturn occurs.
Winans suggests three areas in which you make plans. Then he writes:
"All the above are some of the steps you can take to be prepared for a downturn. Suppose you do them and there is no downturn. Consider yourself as having received a reprieve, not having avoided downturns forever.
"By doing all this prep when there is nothing in your face forcing you to do it, you will make better decisions than if you were being forced by circumstances to simply survive."
Whether you're a dealer who needs to plan for its own future or a dealer who wants to help its customers set themselves up for harsh times ahead, there's value in Winans' words.