{"id":19826,"date":"2022-06-08T16:14:29","date_gmt":"2022-06-08T20:14:29","guid":{"rendered":"https:\/\/www.foundationsoft.com\/?p=19826"},"modified":"2025-05-21T13:11:13","modified_gmt":"2025-05-21T17:11:13","slug":"2022-q2-industry-report-planning-for-the-future","status":"publish","type":"post","link":"https:\/\/www.foundationsoft.com\/learn\/2022-q2-industry-report-planning-for-the-future\/","title":{"rendered":"2022 Q2 Industry Report: Planning for the Future"},"content":{"rendered":"

There are economists saying we\u2019re currently in a recession. Some also claim that economic stagnation is on the horizon. Others think that the economy is finally leveling out after the turbulence of the last few years.[1]<\/a> These are all good guesses, but there aren\u2019t any clear markers to indicate which is the most accurate.<\/p>\n

While I can\u2019t say for sure which is correct \u2014 everything about today\u2019s market is a rollercoaster \u2014 I can, however, say two things I know for sure:<\/p>\n

    \n
  1. The economy is definitely tightening.<\/li>\n
  2. The best time to start planning for your company\u2019s future is right now.<\/li>\n<\/ol>\n\"UG<\/a>\n

    A few weeks back, I had the opportunity to attend the 2022 CFMA tradeshow<\/a> where I had some eye-opening conversations. I was able to speak with some of our clients, getting both their reflections on the last few years and their expectations for what\u2019s to come.<\/p>\n

    The construction industry has<\/em> been doing well, and contractors are<\/em> pleased with the gains they\u2019ve experienced \u2014 they\u2019ve established great pipelines and have been very profitable over the past few years. But still, they\u2019re far more cautious than celebratory, concerned about getting caught unprepared if \u2014 and when \u2014 the market destabilizes.<\/p>\n

    As the economy constricts \u2014 with material shortages halting production, high labor costs impacting jobsites and gas shortages causing spikes in prices \u2014 companies are finding themselves without a backup. The contractors I spoke with feel as though they\u2019ve been too focused on immediate concerns like monitoring their current jobs, handling labor shortages<\/a> and managing the backflow of projects. Worrying about a contingency plan to handle a recessing economy wasn\u2019t something they considered, and now there\u2019s the fear of getting caught in a bad situation because they weren\u2019t looking far enough ahead.<\/p>\n

    The good news is there\u2019s still time and opportunity to develop and evaluate your company\u2019s financial plan. Consider the following questions (and if you don\u2019t have a solidified, well-thought-out answer for each of them, it may be time to start devising a strategy for the future).<\/p>\n

      \n
    1. How are you getting in front-of and managing your debt? What will high interest look like for your company?<\/li>\n
    2. What does your access to capital look like?<\/li>\n
    3. Are you calculating your cash flow<\/a>, and how far into the future are you accounting for? Is it enough to sustain your company during a time of economic instability?<\/li>\n
    4. How often are you looking at your balance sheet and are you using the presented information to make sound financial decisions?<\/li>\n<\/ol>\n\"Watch<\/a>\n

      It\u2019s always a good thing when a company does well. It\u2019s even better<\/em> when a company can sustain their good fortune. Congratulate yourself for your current success but still keep an eye to the future. It\u2019s always a suitable time to monitor your cash flow and find ways to unload your debt.<\/p>\n

      Preparation is the key to withstanding an unpredictable economy. Stop waiting. Start now \u2014 the clock is ticking.<\/p>\n

      [1]<\/a> Weiner, Jeffrey. \u201cRecession?\u201d Marcum. <\/em>20 May, 2022, https:\/\/www.marcumllp.com\/thoughts-of-the-week\/recession<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

      There are economists saying we\u2019re currently in a recession. Some also claim that economic stagnation is on the horizon. Others think that the economy is finally leveling out after the turbulence of the last few years.[1] These are all good guesses, but there aren\u2019t any clear markers to indicate which is the most accurate. While I can\u2019t say for sure … <\/p>\n

      Read More<\/a><\/div>\n","protected":false},"author":19,"featured_media":21159,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_searchwp_excluded":"","inline_featured_image":false,"footnotes":""},"categories":[9,44],"tags":[],"class_list":["post-19826","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","category-construction-industry-report"],"acf":[],"yoast_head":"\n2022 Q2 Industry Report: Planning for the Future - Foundation Software<\/title>\n<meta name=\"description\" content=\"Whether heading for economic recession, stagnation or something else, it's not too late to start prepping now for whatever the future holds.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.foundationsoft.com\/learn\/2022-q2-industry-report-planning-for-the-future\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"2022 Q2 Industry Report: Planning for the Future - 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