The outlook for home improvement businesses in 2023

Despite the UK economy being expected to contract 0.7% in 2023, the overall outlook for home improvement businesses in 2023 is positive.

Consumers with disposable income will continue to spend money on home improvement projects. To capitalise on this, home improvement companies must target different market segments to win business, i.e., the middle classes.  

Additionally, job management software can help organisations optimise their income by improving their job management and workflow processes.

Job management software can reduce the time it takes to complete projects and the cost associated with them.

By using job management software, organisations can ensure that their projects are conducted consistently, leading to increased efficiency and morale within the organisation.

The home improvement market forecast

The home improvement market doesn’t have much to worry about in 2023, with consumer spending showing signs of increasing.

Home improvement demand increased by 50% in 2022, and despite the cost of living crisis, people are no less determined to raise their living standards.

This will benefit home improvement businesses and companies that provide home improvement materials and equipment.

There is also forecasted growth for the home improvement industry in terms of employment, as more people will want to work in this sector. Spending might slow in 2023 but won’t reverse significantly compared to 2022’s levels.

The wider economic outlook

The UK’s economic prospects in 2023 are bleak, with the Bank of England predicting a prolonged recession starting this year. Most economists expect inflation to fall back, but that won’t offset a struggling economy.

The truth is that broader economic activity has slowed sharply over the last six months as consumers tighten their belts in response to soaring living costs.

The purchasing managers’ index (PMI) – a gauge of business activity – fell in December to its lowest level since March 2009. The Confederation of British Industry (CBI) said the figures “underscore the challenges businesses face”.

The PMI is a composite index that considers the activity of manufacturing, services, construction, and trade. It usually increases as the economy strengthens, but it has been falling steadily over the last two years, with economists blaming the slowdown on higher inflation and increased costs for goods and services.

Several economic challenges will also face the world in 2023. These challenges include an ageing population, increasing healthcare costs, diminishing economic opportunities in some countries, and climate change.

The UK economy is also becoming more decentralised, with more British businesses operating in countries other than the UK. This makes it more difficult for UK businesses to compete with overseas competitors and sell their products internationally.

How to increase and streamline your income in 2023

Home improvement businesses should pivot their marketing activities to markets with disposable income and get themselves on platforms where people look for work, such as My Builder, Facebook, and local forum listings.

Another significant improvement your home improvement business can make is investing in job management software to keep tabs on everything.

Job management software offers the following benefits:

  • Improved communication and coordination: Job management software can help improve communication and coordination among team members, leading to a more efficient and effective project.
  • Increased efficiency: Job management software can help streamline the process of working on a project, leading to increased efficiency and effectiveness.
  • Improved tracking and monitoring: Job management software can help track and monitor the progress of a project, ensuring that all deadlines are met and that the project is on track.
  • Reduced risk: Onsite 7 job management software lets you collect evidence and can help reduce the risk associated with projects by helping to ensure that all potential problems are identified and addressed early in the project.

These are just a few of the many possible benefits of using job management software. Suppose your business could benefit from improved communication and coordination, increased efficiency, reduced risk, or other benefits specific to job management software. In that case, using a software solution is likely a good decision.

Summing up

The cost-of-living crisis means businesses may experience a decrease in sales as consumers need help to afford food and other essentials. Additionally, they may need more employees due to high unemployment rates.

In either case, businesses must find ways to offset these declines in revenue and keep their employees busy and productive. Job management software provides an internal solution for optimising workflows and running things efficiently.

Offering special deals to customers, expanding into new markets, increasing the number of services you provide, and increasing the prices of services offered are great ways to increase revenue and make it through the challenges ahead.