The last few years have tested and rewarded remodelers in terms of booming demand and supply chain issues. Talking among remodelers has shown industry expert and advisor Mark Richardson that a shift could be underway.
"While I'm certainly not going to encourage you to overreact to this, I do think it is important to keep your ear to the ground and watch for these indicators in your business and certainly in the marketplace," says Richardson.
Richardson provides seven indicators to watch in order to stay ahead of a shifting market—plus ways to prepare your business for a potential softening down the road.
The first? Consumer confidence. Keeping an eye on this important index can provide insights into trends that are not affecting remodeling...yet.
And if you want to prepare yourself, Richardson starts by advising business owners to work on the business instead of only in.