With the softening economy, many of us are working hard just to get work. But there are growing risks in these economic times, and it is important to be able to identify what work we should go after and what work we should avoid. When the market softens, our risk profile goes up. It requires a lot of discipline to turn down some jobs, but sometimes it is the smartest thing we do.
How do we identify what jobs to avoid? Whether you are a large or small contractor, be aware of your own risk tolerance as the market changes. The key is to manage your risks as a team. The vetting process on every project should go through your company operators, project managers, estimators and others. They need to use their expertise to evaluate each job, but if it is work in a market segment your company is not normally used to doing, you might be enhancing your risk by taking that job. You might have a lot of additional compliance requirements that could translate to additional administration that adds complexity and more risk.
Fortunately, there is little risk in attending AWCI’s largest industry event, so a last-minute reminder that Build24: AWCI’s Convention and Expo, will be held at the Walt Disney World Swan and Dolphin in Lake Buena Vista, Florida, March 24–27.
Even though your goal might be to keep your crews busy day in and day out, you can do more damage to the company by taking a job for less than you should. It can really harm your organization, not just because of lost revenues but also because you don’t get your margins.
Fortunately, there is little risk in attending AWCI’s largest industry event, so a last-minute reminder that Build24: AWCI’s Convention and Expo, will be held at the Walt Disney World Swan and Dolphin in Lake Buena Vista, Florida, March 24–27. Attendance is shaping up to be very strong, and the expo is expected to be sold out. Some of the don’t-miss sessions this year for me include the emerging leaders and safety and health meetings. There is also an educational seminar on ownership transitions, another on mental health and one that covers ways to identify and connect dysfunctional teams. Renowned leadership expert and U.S. Air Force retired Colonel DeDe Halfhill will dive into the importance of how leaders connect at our keynote session. For those who have been to the expo before, you know it is not to be missed if you want to see the latest and greatest products and services our industry has to offer. I have gathered a lot of great take-aways from the years that I have participated in this event. I hope you can be there.
In the meantime, have a safe and productive month!
In addition to being 2023–2024 president of the Association of the Wall and Ceiling Industry, Travis Winsor is president and CEO of The Raymond Group, which has offices in California and Nevada.
