Hello Priscilla, 

If you are anything like me, you may be watching the news a little bit more closely lately... I guess that is what an election year will do to you - get you wondering.  On Wednesday, January 24th, I attended the Maine Landscape & Nursery Association (MELNA) Grow Maine Green Expo, and attended the keynote presentation by Dr. Charlie Hall, a Professor at Texas A&M University, an expert in Agricultural Economics.  

What he had to say was pretty heartening.  I'm not going to pretend to be able to explain the data as fluently as he did, but here are some key takeaways I got from his talk:

  1. Labor Market Trends:

    • Job openings remain high at 8.7 million, with 5.2 million job seekers, indicating a slowly closing gap.
    • New businesses were established three times the normal rate during and post-pandemic, but the survival rate is a concern. (50% of new businesses fail within the first two years)
    • Employment participation rates are returning to pre-pandemic levels.

  2. Economic Indicators:

    • Employment costs are rising but not as rapidly as in 2021-22.
    • Household mortgage debt as a percent of GDP is down, suggesting increased home equity and longer stays due to lower interest rates.
    • A surge in potential first-time home buyers, particularly among individuals aged 25-35.

  3. Housing Market Dynamics:

    • Existing home sales are down, but there is an increased demand for new builds.
    • Millennials constitute 38% of homebuyers, while GenX is the smallest generation.

Key Recommendations:

  • People and labor are critical cost factors; focus on efficiency in labor, employee engagement, and production.
  • Maintain a long-term perspective to avoid over-leveraging with debt.
  • Prioritize efficiency by focusing on systems.
  • Preserve working capital investments for the long term.
  • Hold firm on pricing, emphasizing your value propositions instead of lowering prices.

If you're interested in a detailed analysis of the data and statistics Dr. Hall presented, you can view the slides here.

Dr. Hall's insights reinforced the importance of a solid plan in navigating uncertain times. We can no longer rely on improvisation for growth, profits, and cash flow. To succeed, contractors need a comprehensive strategy encompassing business coaching, strategic planning, talent development, risk management, adaptability, and innovation.

As always, if you want help developing the strategy that will pull you into the future, give me a call - I've got you!

Priscilla

Here's some NEWS you can use!

Networking:

01.31.24 - Blazing Trails Coaching Presenting at Profit Partners BNI - 11:30-1pm,  Cowbell - 185 US Rt 1 Scarborough (RSVP required)

02.13.24 - 5-7pm Sebago Lakes Chamber Business Break - Rustlers Steak House, 61 Tandberg Trail, Windham

02.15.24 - 5-7pm -Home Builders & Remodelers February Meetup -  Cowbell  - 185 US Rt 1, Scarborough 


Education:

Crew-U - Contact Blazing Trails Coaching to bring Crew-U to a classroom near you!

Check out the Educational Programs offered through the Associated General Contractors of Maine

 

Wisdom:

Navigating the Coaching Landscape: Choosing a Business Coach Wisely

How to raise your rates and keep your clients as a contractor

Support:

HBRAME & Blazing Trails Coaching Advisory Groups - application - kick-off date coming soon!

Institute for Family Owned Business Next Gen Affinity Groups - Open enrollment

PS - I'm excited to keep you updated with Notes & NEWS From the Field (approximately) every two weeks. I know your inbox can get overwhelming, so if you ever feel the need, there's a handy "get rid of Priscilla" button (unsubscribe) at the bottom of each newsletter. Just a quick reminder for my clients: reach out to me directly to adjust your subscription and ensure you stay in the loop on crucial information about your coaching program.

On the flip side, if you enjoy these updates, I'd love to hear from you! I read and respond to every email. Feel free to share – if you know someone who could benefit from these emails, encourage them to SUBSCRIBE. Your support means the world to me, and I'm grateful to have you as part of this community! - Your Partner in Success, Priscilla