Commercial and residential contractors who have built up their firms through years of hard work are facing the most severe recession in decades. For some, the threat is not only to their present business prospects, but their firms' very survival. It's important to remember that resourceful, positive-thinkers have faced hard times in the past and emerged successfully.

The contractor’s objective must be to keep the company viable and ready to spring back quickly when the economy begins to thaw. This may include pursuing work outside of the company's usual comfort zone.

Check out the opportunities (below) that have cropped up because of the poor economy. Be ready to adapt to provide such services.

• Banks are foreclosing on commercial and residential loans in large numbers. These properties are often in poor condition, requiring repairs and maintenance to prevent further loss of value, and to comply with local codes and ordinances. As they're not in the business of managing property, banks must rely on outside services since they don't have maintenance and construction departments in-house.
• Real estate agencies know that buyers can be very selective in this market. Properties in less than top condition may be overlooked. Proactive contractors may find repair, improvement, and maintenance work among brokerage firms.
• Homeowners who had planned to move up to more expensive homes have in many cases changed or delayed these plans as their current homes have lost value, lenders have imposed stiffer requirements, and buyers have become scarce. Some people are instead upgrading with kitchen and bathroom remodels or room additions to suit their needs. Others are investing in repairs and aesthetic improvements to maximize their home's market appeal.
• Home energy improvements provide homeowners with tax advantages and help reduce their ongoing utility expenses. Most local utility companies will conduct an energy audit and make recommendations for improvements that will pay for themselves over time through savings on heating and cooling expenses.

Nick Ganaway is the author of Construction Business Management: What Every Construction Contractor, Builder & Subcontractor Needs to Know.

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