The Top 5 trends affecting SMEs in the construction sectorNews
Posted by: electime 18th September 2018
All change! The way trade and construction businesses are run is shifting. Traditional ways of paper and pen are rapidly disappearing in favour of digital methods. For many Small to Medium-sized Enterprises (SMEs) digitalising their business may seem a scary prospect, but finding the right support will simplify the process, making it accessible to every tradesperson.
According to Tradify (www.tradifyhq.com), the software company that helps tradespeople run their business more effectively, those companies that succeed are going to be the ones that understand change and embrace it. Tradify has identified five key factors that will have a fundamental impact on the way most trade and construction businesses operate in the coming months ahead and explains why looking to cloud based solutions can really help you get ahead of the competition.
- Workloads are on the rise, but so are costs
The Federation of Master Builders (FMB) recently found that builders were reporting a stronger growth in workloads, but 76% reported an increase in material costs. Tighter cost control and margin tracking are more important than ever before, something easily done with a cloud-based app. It means you can save hours on admin, especially after having been out on site all day.
- The move to digital
Key Government initiatives such as the Construction Industry Scheme (CIS) and Making Tax Digital (MTD) will force businesses to digitise and using tools like Tradify will make the process easier and more convenient, freeing up your time for other priorities.
- Accountancy in the cloud
One of the most significant trends in business is the tremendous growth of accountancy apps such as Xero. Hundreds of thousands of businesses are now getting a glimpse of the power of the cloud, and the insights financial information can offer a business owner. With easy access to this information, accountants and bookkeepers can play a crucial role in helping SMEs explore opportunities to improve their cash flow and overall business performance. The accountant is becoming a trusted advisor. Tradify is the glue that brings the business and the accountant together through its advisory directory and advanced partner portal services.
- Lead generation on the web
The trend towards “Don’t Do It Yourself” has been alive and well for years and is ever growing, with householders increasingly likely to rely on others to complete tasks around the house that they might have otherwise attempted. This shift is leading to a growth of lead aggregation (collecting leads that have already been generated) websites for trade and construction services. As traditional lead sources shift away from word of mouth and onto online business, trade businesses will be forced to spend more and more time responding to quotes electronically, if they want to keep your business moving forward. Apps like Tradify can help you do this quickly and smoothly.
- Handling data: GDPR
GDPR compliance can be tricky so it is the perfect reason to look for cloud-based tools to help you manage customer, staff and supplier details. Sticking with paper-based administration just isn’t the answer.
“Customer success is a fundamental part of what makes Tradify tick and these trends will change the way any SME will operate,” explains Robert Mark, Managing Director of Tradify in the UK. “Taking all of these trends into account, we can help tradespeople digitalise their business, including their job management, productivity and enhancing their company reputation with customers.”
For more information visit www.tradifyhq.com