Builders and tradies in Aotearoa have experienced a busy period with a thriving renovation market and a high number of new homes being built. However, there are indications of a slowdown in the sector as consents seem to have reached their peak. If you’re a builder or tradie concerned about operating during a downturn, here are some tips to help your business not only survive but also thrive in a lower-demand environment.
Evaluate which types of projects are the most profitable for your business. Consider expanding your services or targeting specific clients in those areas. Focus on maximising the potential of projects that offer the healthiest profit margins.
Even during economic downturns, government and local council projects continue. Seek opportunities to secure work from these clients and build a strong reputation with them. While they may not always offer the highest rates, they provide a steady stream of work and financial stability.
Individuals who construct unique architectural homes and commercial buildings often have significant financial resources and are willing to pay a premium for quality products and services. Although they might cut back on certain aspects during a recession, they still invest substantial amounts in realising their grand designs.
Look for ways to minimise expenses by streamlining your systems and processes. Find efficiencies that save both time and money. For example, using inexpensive mobile tablets for on-site decision-making can help reduce costs, as mentioned in Westpac’s recent report on the sector.
We can assist you in boosting revenue and reducing costs: We understand the challenges faced by builders, tradies, and construction companies. By analysing your accounts, we can collaborate to identify new revenue streams and identify areas where expenses can be minimised. Our goal is to help your business thrive even when others are facing difficulties.
If anything is keeping you up at night: Don’t hesitate to contact us. Reach out via phone, email, or text. We are here to support you.
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