Episode 15

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Published on:

7th May 2022

Protect your business from inflation and recession

The early signs are starting to show, in some parts of the world it has already hit, but a recession is more than likely on the horizon, it has the potential to cripple businesses and the construction industry. It is crucial that you prepare yourself for if tough times hit so that you don’t have to worry about things like being able to pay staff or debtors. Being proactive is the best defense, waiting too long means any action taken is more likely to be affected by lag, a concept that is discussed in the episode.

Safeguards protect you in hairy situations, not just recessions, so the benefits of having some extra precautions in your business will be seen on a regular basis, not just when times get difficult. In this episode some of the methods that can be used to protect your business are shared. Make sure you act fast as some of the solutions do not bring rewards instantly, meaning you need to make moves now that will pay you back in the future.

It’s not all doom and gloom, because like every tough time in the past, it will end, and it’s not just about surviving but also about being able to thrive when the economy returns to its growth phase. Make sure you take the simple steps to protect things like your cash flow and your margins. Don’t be caught thinking “that won’t happen to me”, because even if you are lucky enough to avoid the damage a recession brings directly to business, the industry will take a hit and that could affect other business’s ability to pay you, or give you work. It’s better to be safe!

WHAT YOU’LL GAIN FROM IMPLEMENTING TODAYS PODCAST:

  • Actions you can take to protect yourself from difficult times
  • What areas of your business require safeguards and why
  • An understanding of the lag concept and why it’s best to be proactive

LINKS MENTIONED IN THIS EPISODE:

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About the Podcast

The Profitable Tradie Podcast
For Trades & Contracting Business Owners Who Want More Profit, More Freedom, and Less Stress
If you run a plumbing, electrical, HVAC, or any other trades business and you’re tired of long hours, cash flow headaches, and pricing battles, this podcast is for you.



Join Tony Fraser-Jones and Phil Smith from Profitable Tradie as they break down straight-shooting strategies to help you make more money, work fewer hours, and get your business running smoothly—without the usual headaches.



We tackle the real challenges every trades business owner faces:
✔ How do I find and keep good techs when everyone is hiring?
✔ What do I do when customers don’t pay their invoices?
✔ How do I charge what I’m worth without getting undercut?
✔ Should I buy or lease my next truck or van?
✔ How do I get my crew to stop scrolling their phones and actually work?
✔ What’s the second easiest way to increase my profits? (The first is hitting play on this podcast!)



We also bring on some of the most successful trades business owners in the world—real people who’ve built multimillion-dollar companies—so you can learn exactly how they did it.



This isn’t just another business podcast. It’s your shortcut to building a highly profitable, well-oiled trades business that gives you more money and more freedom.



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Tony Fraser Jones