Trades and construction businesses in Australia are experiencing a boost in financial performance, according to a recent survey conducted by PROTRADE United, the country’s leading coaching and mentoring organization for the industry.
The survey revealed that 100% of the participating businesses saw an increase in profit margins after receiving professional advisory support. Notably, an impressive 96% reported an increase in their annual income, with 60% of respondents achieving substantial growth of over 11%, and some even reaching a remarkable 51% increase.
Jason Loft, the Managing Director of PROTRADE United, attributed these remarkable improvements to the effectiveness of their coaching and mentoring programs. Despite the industry-wide challenges posed by economic uncertainties, fluctuating interest rates, housing market trends, and escalating material costs, businesses equipped with the right tools and guidance have managed to thrive and maintain stability.
Loft emphasized, “Our coaching and mentoring programs are designed to empower skilled tradespeople and help them elevate their businesses to new heights. By guiding them through various challenges, both current and potential, we equip them with the necessary skills to prosper in the face of adversity.”
PROTRADE United’s successful approach involves encouraging clients to regularly assess expenses and adjust pricing strategies on a quarterly basis. This proactive financial management has enabled small businesses, in particular, to create secure cash flow reserves and remain profitable even during increasingly challenging times.
In light of the survey’s valuable insights, Jason Loft shared his top five tips to help aspiring business owners overcome similar challenges:
- Work smarter, not harder: Implement efficient procedures and delegate responsibilities to capable team members, allowing business owners to focus on strategic growth.
- Control your controllables: Regularly monitor and analyze financial figures to identify areas where cost-cutting and smart spending can improve overall profitability.
- Prioritize retention over recruitment: Investing in employee satisfaction and delivering a superior employee experience can reduce turnover, saving time, energy, and costs while boosting productivity.
- Take time out: Recognize the importance of a healthy work-life balance, ensuring that business owners are in their best condition to lead and manage effectively.
- Know your market: Stay informed about the latest industry trends, economic challenges, and climate considerations, enabling informed decision-making and strategic direction.
By following these practical tips and taking advantage of PROTRADE United’s coaching and mentoring programs, businesses in the trade and construction sector can position themselves for long-term success in a competitive and ever-changing market.
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