By Amy Cafazzo, Studio A Marketing
The December meeting at the Sheraton Hotel (which, we learned, serves great chicken!) kicked off with the annual Toys for Tots toy drive. The gift table was groaning under the weight of toys destined to brighten the faces of children who may not otherwise receive gifts. Thank you to our members for their donations!
Author, speaker, and advisor Mark Richardson then took the stage to present “7 Themes to Position for Future Success” – the thought-provoking presentation was filled with information on where the industry is headed as well as actionable ways to position our remodeling businesses as we head into the new year. First, Mark offered some perspective on where the industry has been by pointing out that, although in 2022, remodeling businesses generally enjoyed 14-15% growth, the average over the last 30 years is only 4.5% annual growth. Looking ahead to 2023, experts are predicting 5-6% growth. While single-digit growth may seem like a disappointment in comparison to 2022, next year will actually be closer, if not better, than average. Importantly, there are many ways to ensure positive growth as we look to the future.
Some interesting insights:
- 68% of people who have remodeled in the past two years are planning ANOTHER remodeling project in the future – and most of those will only be talking to one contractor (take note: make sure your business stays top-of-mind for past clients!).
- There are roughly 800,000 remodeling companies in the U.S., and 20% of them had a record year in 2022.
- Don’t forget about the younger demographics who appreciate technology. Homeowners OFTEN make decisions based on a business’ technical acumen. They are interested in the technology used, such as 3D project visualization.
The heart of Mark’s presentation was “5 Elements for Success in 2023.” Key takeaways included:
- “Environment” – Rather than trying to forecast what the future holds, spend more time listening to both your clients AND your employees. Keeping a “people first mindset” will help ensure success.
- “Marketing” – Mark stressed that a successful 2023 hinges on spending a lot of time and energy on marketing. Keeping in constant touch with previous clients is imperative as they often have future projects in mind and also provide great referrals.
- “Sales” – Everyone in our businesses should be trained in sales. No matter their level, all employees should be “deputized” to talk about the business as a whole and bring in clients.
Interested in learning more? Mark has written several books, and copies of “Fit to Grow! 12 Business Themes for Growth” were provided by this evening’s dinner sponsor, Robert Way Construction, Inc. Mark also wrote “The Art of Time Mastery: The 7 Steps for Mastering Your Time.” Considering how informative his presentation was, Mark’s books are “must-haves!”