Such a question can be easy or difficult. Take remodeling contractors; for you the answer is probably simple — expansion. The reason being that remodeling inherently involves many different facets of construction from carpentry to electrical to plumbing and more. Being able to offer experience, knowledge, and advice in many of these areas is a big plus.

However, if you offer a unique service, one which sets you apart from the field, then specialization may be your best route. Say you’re a custom tile setter or mason with your own formula for creativity, something that is a valuable selling point. It makes sense that you would want to hone that skill and accentuate it during interviews.

At the same time homeowners and their remodels can be very fluid things, changing as the days go by. While it is generally accepted that a well-planned remodel is the smoothest remodel, that is not always how it goes. Therefore an extensive list of skills and services, including a heightened ability to think on your feet, may be the best way to go.

Another way to expand your offerings is to expand your knowledge of new building products, especially the eco-friendly ones. As remodeling gets greener than ever, there are a lot of well-hyped products coming out to fill the need for better energy efficiency. So in these tough times, if you do have free time on your hands, feel free to spend it researching appliances, building products, and other trends that are dominating trade shows and expos. Today’s remodeling homeowners are bound to have more questions regarding the quality and longevity of these new products. Can you answer them?

Well, you have two options right now. You can either sit there and wait out the storm and possibly go under as many of your competitors are, or take advantage of a slower time to revamp your business.

I spoke with a few construction companies recently. Operating in California, they are struggling with the new laws that require all plans to be inspected by an architect. One family company decided to send one of the younger brothers to college to become an architect. Another company is using this time to branch out and to explore new avenues. They invested in heavy equipment and training for some crew members so that they can now offer excavation services. One older construction owner made the decision to take this opportunity to scale back his operation and pursue a lifelong dream to build custom furniture and cabinetry. He enrolled in the appropriate classes to learn the trade, and is now happily remodeling his shop to accommodate his new direction.

The point is, don’t just sit there. Use this slower pace to do the things that you’ve been too busy to address in years past. As a friend who was dying from cancer said of his enthusiastic outlook, “surround yourself with those you love and always have something to look forward to.” This economic storm will end, and a bright future will emerge. Those who will survive and prosper will be the companies that take the appropriate action now.