recession – Tim Byrne Almost Live

S03E02 – Hellcession: Surviving the next downturn

Posted on 2019-02-13 by

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4 votes, average: 3.75 out of 5

A tidal wave is coming. I’m sure of it. I’ve been in business long enough to have lived through at least three big recessions. The next one is coming fast. But you don’t have to take my word for it. Just look at the facts. We are in the midst of one of the longest periods of economic growth in history. The housing market hit record highs during that time and the Dow Jones climbed to a record 26 thousand points last year. But change is coming. You can already see it affecting housing prices which have begin to decline and in the huge debts being racked up by governments and individuals alike.

This week on the show I’m joined by my old friend John Mollenhauer. John is the President of the Toronto Construction Association and knows the industry better than anyone I know. Together we debate the likelihood of another recession. And most importantly we talk about how the construction industry will deal with another downturn. Many young business owners weren’t around for the last downturn in 2008. What’s the best way to prepare? Listen to today’s episode for details about how to survive the next next recession.

Timology 6 – Recession?

Posted on 2018-10-172018-10-17 by

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2 votes, average: 4.00 out of 5

Class is in session for the latest edition of Timology. Today I battle through an early winter head cold to reveal the state of the economy. With interest rates rising and the stock market sputtering there is a lot of concern out there. Rightly so. I think that the chances of a recession in 2019 are very real.

A recession is only going to be amplified by the current political environment in the United States. If Trump gets re-elected in 2020 then the recession will be fairly mild. Not because of any great economic skill on Trump’s part. Second term Presidents tend to put their feet up and coast on their accomplishments. If a new guy takes power there inclination will be to cut to the bone. And that could have disastrous consequences for the economy at large. That’s especially true for Canada’s economy which is so dependent on trade with the States.

So what can businesses do? Hunker down and get ready for the storm. If you are able to pay off any corporate debt then do so immediately. Rising interest rates will make servicing any debt really difficult. The other thing you can do as a small business person is double down on customer care. Focussing on those personal relationships is so important in a downturn.