For KBB professionals putting together this year's action plan, Keith Moore, Director of Product Marketing at Houzz, shares a checklist to help your business become more competitive.
A strategic plan is essentially a roadmap that outlines your vision for your business, what you want to achieve and how you want it to be accomplished. If you haven't prepared yet, now is the time to put it down on paper.
It doesn't have to be complicated. Even a concise one-pager can help you clarify your goals and priorities and come up with a plan to achieve them. If you've already created something, take the time to revisit it and make sure it still works.
When putting it together, start by identifying a mission statement that includes your high-level vision for your business: what you offer, your ideal customers, and what sets you apart from your competitors. Next, include your goals, add a section that describes the methods you will use to achieve each goal, and identify any additional resources you may need. Finally, set a realistic time frame for achieving your goal.
Research competitors and trends
The new year is a good time to take a step back and look at what's going on around you. The home improvement industry is known for fast-paced change, so take the time to research what your competitors are doing and whether there are any new government laws that could impact your business. Check it out and consider advances in technology and software that can help improve and redefine it. current process.
embrace sustainability
One market trend that is expected to continue to grow rapidly is the demand for sustainable practices and energy efficiency, with the latest Houzz & Home report showing that interest in improving energy efficiency has increased significantly since 2020. (47% in 2022 compared to 35% in 2020). ). Now is the time to showcase your expertise and move forward.
Strengthen customer relationships
Strong customer relationships not only lead to higher customer satisfaction, but also open the door to future projects and referral possibilities. One of the keys to this is prioritizing smooth and transparent communication. According to Houzz's Kitchen Trends Survey, 40% of homeowners say it's the thing that most improves their experience working on a kitchen project.
Check in regularly to ensure clients are informed and have any questions or concerns answered promptly. Establishing these open lines of communication shows that you value their opinion and are committed to their satisfaction.
Focus on recruitment and retention
According to Houzz's 2023 State of the Industry Report, 1 in 10 companies report hiring or understaffing challenges. With widely reported labor shortages in the construction sector, attracting and retaining top talent is more important than ever. When looking to hire, consider whether there are alternatives or backgrounds you haven't considered before. Many industry experts say they are finding success with apprenticeship routes that allow for on-the-job training, often with government subsidies. Retaining current talent is also important. Whether it's praising performance, implementing incentives or professional development programs, consider how you can make your employees feel valued.
Maximize profits
A strong business has a solid revenue stream, so if you want to strengthen your business this year, looking at your revenue is a good place to start. Increasing your number of clients is one way to increase your revenue, but there are other ways as well. Designers are considering additional fees for services, adding new revenue streams such as additional services or packages, or improving systems and software to reduce financial waste in their business. says. Whichever method you choose, it's important to be clear about your financial situation. This allows you to identify potential areas of loss or other issues early on.
Leverage technology
Leveraging the right technology can greatly improve efficiency, and many homeowners now expect the transparency and speed enabled by technology from the professionals they hire. Whether you want to increase efficiency, reduce costs, or deliver higher quality projects, the right technology can help you achieve your business goals. And implementing it into your existing workflow is easier than you might think.
