What will the credit crunch mean for my business?
There has been a lot of talk of the ‘credit crunch’and the knock-on effects for business and consumers. Share prices have dipped, and banks have tightened their lending criteria. What might this mean for tradesmen over the coming weeks and months? ProblemSolved has been examining the potential impact on your business.
In a recent survey, the Federation of Master Builders found that 40% of its members have reported a slowdown in the rate of enquiries, whilst Travis Perkins recently admitted to the Guardian that the home improvement market is slowing.
However, this may not tell the whole story. Tim Foley, MD of Kitchens Fitted Ltd points out “Businesses who are offering quality products at competitive prices will be best equipped to cope. The sociological result of the credit crunch will be that people will invest in their homes rather than sell them. In times of crisis, the home becomes a castle.”
