Year end is a busy time for contractors as they review performance for the previous 10-11 months, set goals for the coming year and look for opportunities to finish the year strong. It’s a time of building on the momentum that already exists, or trying to drum up additional sales to finish the year on a good note.
Here are a few end-of-year business tips for flooring contractors, based on our years of experience working with companies of all sizes.
Tax Considerations – We’re not tax experts, but we know a lot of business owners look at year-end as time to purchase equipment, either using section 179 tax advantages or simply as a hedge against total profit. As always, talk to your accountant and financial advisors to determine if there are steps you should take now to improve your financial situation.
Training and Skills Development – December and early January are traditionally a challenge for remodeling and renovation work since customers don’t want disruptions during the holidays. If that’s the case for your business, use the time for training and skill development for your team. Whether you use a master and apprentice approach, or leverage online training, December can be a great time to improve your team.
Employee Recognition – Hiring and retention is a challenge for contractors, so be sure you recognize your employees. Thank them for the hard work of the previous year, hold holiday celebrations and consider bonuses or profit sharing as part of your overall recognition program. If you don’t have a year-round recognition and retention program, use this time to develop one for 2023.
Thank Your Customers – Existing customers are the gateway to new business, either through referrals, reviews or repeat business. Take time in December to send thank you or holiday cards to your best customers from the previous year. It’s a personal touch and an easy way to keep your company top-of-mind.
These are just a few considerations for end-of-year business planning, but they are tried-and-true approaches for many of our top performing flooring contractors. As always, the team at ShagTools is ready to help if you need equipment or supplies as we head into 2023.