Improving Processes Is the Key to Contractor Success in 2024
Growth in 2024
We’re projecting a 10% increase in existing markets and plan to open two to three new markets. We’ve determined that we’re only good at windows, so expanding in this space is easier for us than adding products.
Biggest Challenges
Generating leads will be challenging. New laws going into effect will hurt lead aggregators. We’re focused on doing more with less.
In a normal year, we wouldn’t be concerned with the presidential election, but this election will be more contentious, which will increase consumer uncertainty. This will be a big challenge in the fourth quarter.
Try to improve in all areas of your business because it’s going to be more difficult than it’s been over the past three to five years.
Predictions
I’m not very bullish on 2024, but I’m not negative either. If you’re well-positioned and continue to refine your processes, you should be fine. But there will be businesses that don’t survive.
Bigger contractors have greater buying power and offer manufacturing and finance companies more consistency. The bigger you are and the more transactions you make, the more you’ll benefit this year.
Advice
Don’t be complacent. There are a lot of companies that survived the COVID years because the economic environment was good. Try to improve in all areas of your business because it’s going to be more difficult than it’s been over the past three to five years.
