Focus on What You Can Control for Remodeling Success in 2024
Growth
We continue to carry a healthy remodeling backlog, but sales will be lighter. It’s likely we’ll experience a 5-10% pullback. Two things create the softness: cost and current events. Costs are 30-40% higher than a few years ago.
Then there’s the election and inflation. I believe the financial fundamentals are better than what headlines show, but until there’s more clarity, people will be cautious.
Plan of Attack
It’s gotten back to sharpening the pencil, which means to be more effective when there’s a sales opportunity. Repeat and referral clients are 65% of our business, and if we keep that up, we will continue to thrive. The mantra that I preach is, “We build relationships.”
We focus on what we can control, like doing a good job. If we’re giving great client service and high quality service, we’re going to succeed. To be more effective, we’ll focus on external training and coaching, and explore how to increase sales effectiveness. I’m looking into more roleplaying and tying in AI for sales training.
Cost Escalation
It’s more about finding the right solutions for clients. Money doesn’t go as far, so how do you help them? How we package, price, buy, and how efficient we are out in the field are areas we equally focus on as we go forward.
Advice
Make the most out of the opportunities you have. People forget that this has been the most anticipated recession that’s maybe never even started. When you look at next year, and think little growth or flat, it’s okay. There’s been a lot we’ve been working through. It’s more of an exhale.