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Home Tradesman Insights Future Proofing Your Business for 2024

Future Proofing Your Business for 2024

Another new year is fast approaching, promising continued economic turbulence. But by anticipating key strategic shifts in your sector, you can build resilience despite uncertainty.

Arm your trade business for whatever 2024 may hold by future-proofing key operations throughout the year ahead.

Adapting to Technological Transformation

Rapid digitalisation continues disrupting trades as innovative new systems and materials emerge. Prepare your business proactively by:

Upskilling in New Tech

Seek out specialist training in installing and repairing next-gen technologies like heat pumps, EV charging points, 3D printed construction materials, and more. Certification signals you’re ready for new demand.

Digitalising Administration

Transition administrative systems online to enable seamless remote management through cloud accounting, e-invoicing, mobile workforce apps, and online client portals.

Offering Virtual Quotes and Consultations

Provide video site surveys and online quotes supplemented by photos instead of just in-person inspections. This convenience suits busier homeowners and builds trust.

Monitoring Sector Innovations

Keep learning about the latest gadgets and solutions launching across plumbing, electrical, construction, and other fields by reading industry publications. This ensures you stay fully informed on product evolutions.

Expanding Your Services Scope

A wider range of service offerings reduces reliance on fluctuating niches. Strategically broaden capabilities through:

Diversified Skill Building

Cross-train technicians to handle overlapping work between specialities when possible. Multi-disciplinary teams enable flexibility in deploying talent.

New Speciality Certification

Gain additional accreditations to expand professional growth. Even niche qualifications like heat pump installer certification open new growth channels.

Extended Warranties and Repair

Offer clients warranty extensions post-project completion along with associated repair coverage for extra revenue.

Introducing Related Services

Explore complementary offerings like providing home electrical upgrades when doing major kitchen renovation projects for the same customer.

Fine Tuning Operations and Production

Honed processes maximise productivity, which is essential for profitability. Optimise how you work by:

Production planning – Carefully sequence job timelines factoring in task durations, multi-site logistics, trades specialist schedules, and machinery access constraints. Smooth coordination prevents cost overruns.
Standardised workflows – Document procedures for common tasks so all teams execute projects consistently to the same high standards without confusion over expectations.
Client and supplier integration – Synchronise inputs like material deliveries with client availability for installations through shared cloud calendars. Joined-up coordination allows rapid project progression.

Building Financial Resilience

With inflation squeezing margins and recession risks looming, boost financial fitness by:

Revenue Diversification

Grow additional income channels to reduce dependence on core offerings vulnerable to market changes. Examples include equipment rentals, ecommerce sales of spare parts/tools, and training programmes.

Cost Control Reviews

Ruthlessly streamline overheads. Assess if subscriptions, software costs and inventory policies still deliver full value. Terminate any unused programmes immediately.

Pricing Adjustments

Review service rates yearly, factoring in rising wages as well as regulatory, material, and transport costs. Avoid compromising quality with cut prices. Slight incremental increases to preserve margins are better.

Incentive Schemes

Consider bonuses and profit share initiatives that reward technicians and managers delivering efficiency gains and new sales growth. This motivates innovation.

Tradesman Talk

How are you future proofing your trade business for 2024 and beyond? Which technologies or tactics are you investing in to build resilience? Share your insights below!
Until next time, make sure it’s Tradesman Saver.

Darragh Timlin

With over 25 years’ experience, Darragh is an expert in all things insurance. Starting his career in commercial property underwriting, Darragh has worked for a number of global insurers and is now Managing Director of Tradesman Saver, part of the wider Henry Seymour Group.

All articles by Darragh Timlin

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