b'ECONOMIC OUTLOOKSURVIVING UNCERTAINTYWHAT SHOULD CONSTRUCTION COMPANIES DO TO SURVIVETHE ECONOMIC UNCERTAINTY CANADA AND ONTARIO IS EXPERIENCING?Here are few ideas that may help your business through these uncertain times:1. Take a good look at your business and understand where you are financially. Do you have a good handle on expenses? How does your balance sheet look? Are you in survival mode or do you have capital to make innovative moves that will increase the long-term outlook for the company? It is important to be extremely comprehensive about your review of the business. Remember to look at areas such as lending agreements and credit terms to ensure the company is taking advantage of every cost-saving measure possible. 2. Once you are satisfied that your finances are in order, take a look at your operations. The optimum approach is to get as lean and efficient as possible. Look carefully at your processes and eliminate waste that is costing you time and money. Keep in mind that a recession affects all parts of the supply chain. This reality opens up opportunities to negotiate better terms with suppliers.3. By improving operations and achieving results with little or no waste, you may free up capital that can be used to invest in the company as you prepare for the coming recovery. Some experts say that the reluctance of companies to invest in the business during a recession is a lost opportunity. All recessions create opportunities for innovation. Simply hoping the market will improve is not a business strategy. Companies must take action to improve their businesses in uncertain times so they are ready to grow when the economy recovers.4.Another area to explore is market opportunities. Though businesses will fail during a downturn, opportunities arise forcompanies in a position to take advantage of them. Spend the needed time to assess your construction market in current and new areas of service that could be a good fit. Consider buyouts or alliances with other companies to secure access to new market sectors that look promising.5. Finally, get your team involved in the process. Employees have a stake in the business, deal with your customers on a daily basis and have a good understanding of market needs. Instead of waiting for the downturn to end, have your team members look at the future of the company through brainstorming and generating new ideas. This way, team members will be a part of helping the company find its way through the downturn.As always, TCA is a good partner to assist your company and enhance your opportunities to survive and eventually thriveonce the province comes out of the pandemic. According to John Mollenhauer, president and CEO of TCA, COVID is creating an unknown future with unforeseen consequences. TCA is here to assist members through these uncertain times.UPCOMING EVENTSPlease refer to the TCA website for updates on future events www.tcaconnect.com.TORONTO CONSTRUCTION ASSOCIATION2021 TCA Annual Meeting For Information, please contact & Best of the Best AwardsBarbara Mirsky at: 416-499-4000, x4101 February 18, 2021or bmirsky@tcaconnect.comVirtual www.tcaconnect.com@TCA_Connect www.linkedin.com/company/toronto-construction-associationBUILDERSDIGEST Quarter 4 202011'