Articles Tagged with ''business administration''

 As 2022 comes to a close it is now time to review my predictions from last year as well as predict ten more trends I see as we enter 2023. Just like last year, I will stay away from prognosticating about where the stock market will be at this end of the year; instead, I will stick to identifying trends that supply houses will find important in this upcoming year. With all that being said, let's jump right in and review my 2022 predictions.

If the country is not already in recession, it appears likely one will arrive in 2023. Here are six ways to turn the downturn into an opportunity.

Businesses are facing major changes in the way they operate and the way they interact with clients, partners and suppliers. These changes, which are rooted in uncertainty, often challenge our business confidence as leaders at the highest level.

It’s no secret that there is a major shortage of skilled workers in the plumbing industry right now. According to one report, the booming real estate market, combined with piqued interest among homeowners in renovation projects during the pandemic, substantially increased customer demand for home services that isn’t slowing down anytime soon.

Let me clue you in on a poorly kept secret: Traditional advertising is expensive. I know, this isn’t exactly shocking. Depending on your market, a month-long rental of a billboard could cost five figures. A week’s worth of 15-second radio ads can run up to $8,000 — and that doesn’t include the cost of producing them. And television? Forget it.

Why are some plumbers winners, while others struggle? It is not the market, location of the company, the role of government, customers’ attitudes, the availability of manpower or any of the other excuses bandied about. Winning plumbers share a set of intangible traits that affect how they approach the world, how they see the world, and thus, how the world responds to them.

Whether you’re bringing on new team members or looking to build a more cohesive group within your current team, the first box you need to check is whether or not you’ve clearly defined each role. This foundational step not only keeps everyone on the same page and working toward the same goals, it also makes your team easier to manage.

The home services industry began 2022 with strong growth due to the home renovation trends from the previous year; however, factors such as rising material costs, labor shortages and inflation resulted in a slight decline in new work being scheduled in Q2 and Q3, according to Jobber’s Q3 Home Service Economic Report.

This past year has been an unprecedented year for the mergers and acquisitions (M&A) space, hitting $5 trillion in volume in 2021 through over 40,000 transactions. The number of transactions in the distribution and manufacturing space has caused owners to take a closer look at their options regarding selling and/or acquisition options.

The National Assessment for Educational Progress (NAEP) reported in what’s referred to as the "nation’s report card" in September 2022 that recent long-term reading and mathematics assessments during the COVID-19 pandemic showed that “average scores for age 9 students in 2022 declined five points in reading and seven points in mathematics compared to 2020.