Contractor Update

It's been a wild, bumpy week in the financial world. Does the doom and gloom in the news affect you and your small business? Under normal circumstances, no. But these are not normal times. Two things are going to affect you and your business through the rest of this year.

First, your potential clients are watching the news and are worried about their stocks, 401K accounts, and insurance policies. This will sharply affect consumer confidence through the rest of the year. If people are worried about their money, not only will they not risk a high-end remodeling project but they may also skip on needed repairs and regular maintenance.

Second, as banks and investment firms circle the wagons, there's going to be an even greater tightening of credit. They'll take even fewer chances in the coming months and so it will be harder for folks on Main Street to get to the money they need to hire you.

Those two factors could severely impact every contractor and small business owner in the construction and remodeling industry through the rest of 2008.

We haven't had this sort of pressure put on the financial industry since the Great Depression so we're moving into uncharted territory. Fear of the unknown could prove harder for all service professionals to close those deals.

Keep an eye on your ConstructionDeal.com Contractor Update page for more updates in the coming weeks.

Labels: Construction News, Economy