Understanding the broader economy and how that will impact your local business is critical for developing a strategy that will enable you to execute on projects in the new economy. Other ways to better position your company include: Understanding the customer. Recruiting the people currently in your organization. Leveraging your strengths to overcome obstacles. Developing scenarios based on sustained 10% to 15% increase in costs. Identifying opportunities to create competitive advantages. Building your network. Remembering what will be the same in the next five to 10 years. While it’s not a time to panic, firms must be clear about the opportunities and their own competencies to best position themselves for success. Those that are unable to shift to work in the new economy risk being left behind.
Three takeaways:
Certain segments will continue to grow. Beware the changing risks on both sides.
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Understand the long-term demographics to position long term opportunities.
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Project complexities and labor needs have been expanding. Is this trend sustainable?
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