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The light at the end of the tunnel.

For the first time since the recession of 1991-1992 began, economic indicators are pointing to hopeful signs of recovery. For the first time since the gung-ho days of the 80's and the stock market crash of October 1987, job security in the real estate, design and construction industries will stabilize and even grow somewhat in the months ahead. And, for the first time in years, firms which have been following a policy to marketing even to seemingly deaf ears will see some of those efforts come to fruition as pockets of new business begin to spur a revived economy.

These harbingers of the economic upturn to come will not immediately translate into strong profits or a replay of the building boom mindset of the 80's. Our economic infrastructure psychological sector of the economy. Moreover, resales of existing homes resulting from homeowners taking advantage of the declining interest rates will also provide a small boost to the design and construction fields.

How Should You Manage

Your Firm for the Recovery?

The restructuring that has occurred in all firms since the onset of the recession provides many advantages as the economy starts its rebound. 1. Avoiding the addition of new layers of staff as business picks up will be one of the major challenges facing firms that seek to return to profitability. 2. The truly innovative and successful firms of the next decade will identify clients who are operating successful businesses and learn from them by adding value to the services they provide. 3. As the new business of the 90's revive, look for ways to add value to your relationships with clients and focus your best efforts on the clients who bring out the best in what you have to offer. 4. Managing debt carefully will be a significant factor in a successful transition out of the recession. 5. Have your financials in good shape by reflecting current and future business on your books and records. 6. Finally, more than ever, astute marketing will be a decisive factor in determining how much, how soon and what type of new business comes your way.

It is time for each of you to commit yourselves to practicing those lessons, bringing a higher level of skill than ever before to managing your firm and promising to spend more time on planning for the future, whose light is there, at the end of the tunnel.
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Copyright 1992, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
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Title Annotation:Review and Forecast, Section I; recognizing signs of economic recovery
Author:LePatner, Barry B.
Publication:Real Estate Weekly
Date:Jun 24, 1992
Previous Article:Recessionary woes take us back to basics.
Next Article:Computers key for future of management.

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