Commentary: Staying in Survival Mode Keeps Contractors From Thriving
Over the last few years, small- and medium-sized builders have been hit hard by the recession and an ailing real estate market, causing many in the industry to resort to “survival mode,” cutting back on marketing, staff and overhead costs in an effort to weather the storm.
A majority of these contractors have slashed prices to reduce inventory and are executing a duck-and-cover approach to management. While this seems intuitive, it is not a strategic approach that lends itself to long-term viability. In actuality, savvy builders should do the opposite, by investing time, money and resources into their company to ultimately thrive in the post-recession economy.