SURVEY – Has the Economy Hit Bottom?



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Has the Economy Hit Bottom?

  • Yes (56%, 23 Votes)
  • No (44%, 18 Votes)

Total Voters: 41

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The Here and Now

The 64-thousand dollar question (or more likely trillion), is has the economy hit bottom? Everyone is playing a waiting game, holding their breath, waiting for the economy to bottom out so things can start getting better - it's like trying to catch a falling knife (or machete, if you will). Grasp the falling knife too soon and you get cut. Wait too long and you miss your opportunity. Or if you are in no position or mood for knife catching, you stand by the sidelines watching and waiting, hoping the economy will soon rebound.

If you've been following me you know that I've been telling everyone I can that this recession is not about a gradual slowdown but rather, it's about a complete stop in consumer spending. Retailers and major corporations in the last six months have just found this out the hard way. If you've not experienced it yet, get ready, because you may. If the economy holds out long enough in your neck of the woods, and you don't get too burned in this recession, consider yourself lucky.

What Lies Ahead?

Unfortunately, I don't have a crystal ball (boy would I be rich then). This recession has been more severe in some areas than others, but around here I think the economy has hit bottom. That doesn't mean a better economy right away; the bottom may be long and flat before improving. There has been one major crisis after another and there may be more on the way. It's clear that the banking industry is still in crisis and needs more help, without which, the recession may worsen.

Maybe it's just wishful thinking, with over 19 months of recession under my belt, but I believe things are going to get better. Hopefully soon! So what should we be doing to improve our professional land surveying businesses?

If you've mastered survival mode (that was fun), now it's time to start planning how to position and run our professional land surveying business after the recession and in better times. It's easy to be a successful professional land surveyor in "good times". A recession, and the struggles that ensue, reminds us that running a professional land surveying business is more than just being a professional land surveyor: It requires that we be good business people.

Here are a few ideas:

  • Make your processes and procedures efficient and lean.
  • Develop business strategies for success.
  • Give marketing its rightful place in your business strategy.
  • Make a plan to improve, develop and maintain relationships (business and personal).
  • Read, think and learn, every day.
  • Make profitability paramount.
  • Maintain your health and exercise regularly.

Eric D. Colburn, PLS, "The Geo-Business Innovator", helps geo-professionals improve through innovative solutions, mastery of marketing and business growth strategies, and coaching/training. Eric is a successful, serial entrepreneur, podcaster, industry writer, product development consultant, and RI licensed professional land surveyor.

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