What are the best ways to future-proof my trade business?

Why is it so Important to Future-Proof your Trade Business?

The world is a turbulent place; from economic downturns to the relentless treadmill of change in every industry, it’s essential that trade business owners stay adaptable and agile.

Competitors

Adaptiveness to change is becoming an expectation in an increasingly advanced and automated world; your competitors will be future-proofing their business to remain competitive, so don’t get left behind.

No nasty surprises

By keeping on top of trends that may affect your trade, you’ll decrease the risk of nasty surprises in your business down the line.

For example, the UK government has plans to reach Net Zero by 2050, meaning all gas boilers will be banned in the coming years. This will totally change the HVAC industry by replacing this traditional heating method with low-carbon alternatives.

This might come as a shock to some HVAC businesses, but those that have kept on top of things and prioritised future-proofing will already have a plan in place to head this new wave.

You can never prepare for absolutely everything, but putting strategic plans in place will increase your trade business’ chances of survival in an unpredictable world.

4 Best Ways to Future-Proof your Trade Business

1. Maintain Expertise in your Craft

As trends, materials, techniques and other aspects of trade businesses evolve over time, it’s crucial that business owners maintain expertise in their craft to remain competitive.

Even the most traditional trades will advance to create greater efficiency or cost-effectiveness for consumers and tradespeople alike. Here’s a few ways you can maintain expertise and authority in your specific industry:

• Consider setting aside time to research current news or recent updates in your specific trade

• Enrol in classes or training opportunities to tighten up your skills or learn new techniques

• Network with fellow tradespeople to keep up to date with the competition

• Ensure you are up to date on the latest certification in your industry; constantly be on the lookout for new courses or certification that can further boost your credibility as a trade business

If you lead a team of people, it's essential that they are also taking full advantage of the same upskilling and training opportunities as you. Your team is a direct reflection of your business, so it's crucial that future-proofing is a core value in your trade business’ culture.

2. Work toward being more sustainable

The state of the planet and the climate is no secret; more and more homeowners are increasingly concerned with sustainability and becoming more environmentally conscious.

This could be impacted by younger generations beginning to get their foot on the property ladder, as they are typically more environmentally and socially conscious than their older peers.

This focus on sustainability and the longevity of the planet has impacted the needs/desires of homeowners today; for example, the green credentials of trade businesses will become increasingly important.

Here’s a few questions to ask yourself about your trade business’ current attitude toward sustainability:

• Are there more eco-friendly materials that you could be using?

• How much waste does your business generate? Could you go paperless?

• Could you cut down on your carbon footprint? Is your vehicle electric?

• Are there any sustainable certifications you could work toward?

It’s likely that trade businesses who don’t make the effort to be greener will be the least future-proofed of all.

3. Embracing technology

The world is becoming faster and more efficient at solving problems, so you need to make sure your trade business can keep up.

Implementing technology into your day to day operations can improve efficiency, attract new customers, cut down on labour and improve customer relationships.

For example, using free tools such as social media to promote your business is becoming a staple in every marketing strategy across all industries. You don’t know who your next lead will be, and it certainly can’t hurt to add more ways to find them.

Even small changes like electronic payments, or investing in accounting software, can make the transactional element of your business much smoother and efficient for both you and your customer.

4. Sign up to the CPA

Becoming a CPA-registered tradesperson unlocks the number one future-proofing necessity for your trade business: trust.

As technology advances, it’s sadly increasingly common for consumers to get scammed or become victims of theft when sourcing contractors.

At the CPA, we provide trust before a single penny has been spent. Every CPA member has access to a:

• Deposit protection scheme

• Insurance backed guarantee

We are the only consumer protection organisation for the home improvement industry, so by enrolling your trade business into the CPA, you’ll have access to more clients, more projects and be more trusted than those businesses outside of the organisation.

So long as you have a base of customers that trust you, your business will thrive in any future!