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Indicators of a Softening Market and How to Prepare

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Indicators of a Softening Market and How to Prepare

Market conditions could be changing, but don't panic. Richardson shares ways to stay on top of market conditions and how to prepare for any potential softening down the road.


By Mark Richardson May 25, 2022
Remodeling Mastery with Mark Richardson
Remodeling Mastery with Mark Richardson

 

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.


Read and Listen to More from Mark Richardson Here



written by

Mark Richardson

Contributor

Mark Richardson, CR, is an author, columnist, and business growth strategist. He authored the best-selling book, How Fit Is Your Business? as well as his latest book, Fit to Grow. He can be reached at mrichardson@mgrichardson.com or 301.275.0208.


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How to Increase Job Size with Financing

Outback Deck Senior Partners Bryan Miller & John Gwaltney discuss how contractors can implement financing programs into their sales processes that drive revenue by increasing average job size




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