Sustaining through tough times

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Tim Gauthier is the executive manager of the Oregon-Columbia Chapter of National Electrical Contractors Association.

Years ago, a very wise contractor commented about an ongoing recession, “It is only going up from here!” That kind of perspective and attitude is where Oregonians need to focus their efforts now. In fact, consumer spending is creeping up nationally, with unemployment numbers leveling off and improving. Currently, the numbers for Oregon are a mixed bag, but there are many indicators for optimism. So the question is, how do we sustain businesses and services, while positioning ourselves for the coming recovery?

Recently, the well-respected regional economist Bill Conerly spoke to a group of electrical contractors and he lamented that today’s business decision makers do not necessarily have experience with real recessions. “Back in December 1982, a business manager with 25 years of experience had worked through five recessions. Now fast forward to December 2007. The next generation of business leaders, those again with 25 years of experience, had only managed through two recessions. Furthermore, those two recessions were two of the mildest of the post-World War II period.”

This perspective should cause us all to pause and, if possible, seek the counsel of our elders. By doing so we will find advice directing us to focus on short-term survival, as well as suggestions to spend time on our mid- and long-term business plans. For a construction company to sustain in these times it must strive to improve every aspect of the business. This includes both field and office operations — focusing on cost reductions, providing extraordinary customer service and staying current with the latest technology. With that in mind, it is key that strategies are implemented together (short-, mid- and long-term) so that one acts on a plan and not one’s fears.

With any company, the most important asset is your employees. Taking advantage of continuing education opportunities for office, field and management staffs will help to position the company for the economic recovery. Communication is key during these times. How you treat your staff in tough times will be remembered as the economy recovers and job offers become more prevalent.

The same goes for your customers too. During an economic slowdown when people unsure where their next job will be, it can be tempting to not work with the usual rigor or high standards. Yet hard economic times call for just the opposite. When there are a limited number of jobs, you need to remind customers why you are the best. Hard work, discipline and exceptionally high standards will set you apart from the competition. As the economy returns to pre-recession levels, customers will remember your hard work.

While Conerly did not speculate when our region will experience a full recovery, he clearly thinks it will be gradual and over several years. The good news is that consumers have been saving and paying down their debt. Monetary policies will continue to stimulate the economy, even though credit will still face limitations. And, the federal government has decided that investing in infrastructure and green projects are social, economic and environmental priorities.

So there are many indicators for optimism. Plus, we know that to be successful in today’s highly competitive world, a company must be better trained and work smarter than the competition. The question is: Who among us is making the wise decisions today to sustain their business in these tough times so that they are positioned to help lead our economy to recovery?

Tim Gauthier is the executive manager of the Oregon-Columbia Chapter of National Electrical Contractors Association.