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EP 59: Prepping For a Downturn: 4 Things to Do If This Market Makes You Nervous – Benji & Igor

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30-SECOND SUMMARY
Why a downturn isn’t a bad thing and how to look at it from a new perspective
How to identify true revenue drivers vs ‘nice to haves’
Why you need to create 2 business plans and 2 budgets when times are unstable, and what the 2 plans should look like
The true costs of laying people off (which is beyond the loss of ROI)
What reserves should you keep in place to make it through a rough period?
What percentage of monthly revenue should you put away for a rainy day?

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Read a Summary of Episode 59

As we say all the time on the Contractor Evolution show, business is a game you have to play for the long run.

One situation you are inevitably going to face at some point, or many points, is an economic downturn. Or Recession. Or Meltdown. Whatever you (or the media) wants to call it.

You get what I’m saying though. Business isn’t just about winning when the times are good and everyone is fat and happy.  You also need to know how to play the game when things aren’t so flush.

Now I want to be clear. We are not economists. We don’t have a crystal ball. We’re not in any way trying to guess what the market is going to do. 

However, we do try to stay current and provide value to our listeners, and lately this conversation, around the market, what’s ahead, and what to do, seems to be coming up a lot with our contractors.   

While we’ll be the first to tell you we have NO IDEA what’s going to happen, I think we can all agree there are a lot of flags on the field right now. There are a lot of scary headlines, and that’s making people nervous.  Fair enough.

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Benji Carlson

Benji Carlson

As the son of two proven entrepreneurs, Benji’s spirit for self-starting business runs deep. Since he was a young teen, Benji has been starting and running profitable small businesses; most recently culminating in a highly successful 4-year career as a franchisee with College Pro Painters. Benji’s enormous heart and passion for people is what drove him to produce over $1,000,000 in revenue while taking the highest quality care of his employees and customers. He was consistently acknowledged for having the most productive staff in the company, while leading more junior franchisees to fulfill their potential. Benji’s uncanny ability to find the right people and put them in the right place make him a natural fit for Breakthrough Academy’s Assessment Team.

Upon finishing up his career with College Pro, Benji set out on the ultimate victory lap: a nine-month transcontinental motorcycle trip from Canada to Peru.

Benji lives in beautiful Kelowna BC. During the summer you’ll usually find him on two wheels: either bombing down a trail on his mountain bike or cruising the pavement on his motorcycle. When the snow falls, he escapes to the mountains for steep and deep powder.

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Welcome to Contractor Evolution, a show created for high-performing contractors that are focused on scaling up, working less and increasing profitability.

While a lot of other shows focus on early stage growth challenges, we focus on real life scenarios faced by contractors that are scaling at a rapid rate, and how they keep everything dialed in without losing sight of work/life balance.

If you’re ready to evolve from a contractor into a better business owner, you’re in the right place.

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