Tradies Accountant is a specialised accounting firm that provides bookkeeping, accounting and consulting advice to trade business owners. We have been working closely with shopfitters and builders across Australia over the past year. Through our consulting advice, we have set up a software that allows us to gather benchmarks from shopfitting and builders businesses, we have included four important benchmarks below that will let you see where you are sitting in relation to your competitors.
The construction industry in Australia has forecasted growth of 5% over the next 3 years (according to CSQ). This growth provides a stable platform over the next 3 years for shopfitters and builders. The growth opportunities are both here in Australia and in New Zealand. The industry has many opportunities; however, there are still many risks. Some of the changes we see for the future are as follows:
Technology – Every business is facing challenges from disruption. The shopfitting industry is not immune to this threat. Keeping up to date with technological changes is a requirement for success.
Automation – Fully automated factories are providing better quality products efficiently. The investment into automation is starting to change the ways factories are operated.
Digitization – A large expense for shopfitters is wastage. New technologies are allowing for less wastage when using different digital applications.
Workforce – With the inflation of wages through different agreements it is always a challenge to keep your margin at the industry level while keeping up with wage growth.
The above risks are a few of the challenges the shopfitting and building industry face. The business owner needs to consider his strategy and where best to invest to keep ahead of the industry. Business moves so fast in this age and if you are not ahead of the changes then you can quite quickly become obsolete. The best way to stay ahead of changes in the industry is to invest time in working on the business and developing strategy at a high level with independent advisors.
With our advisory service we meet with the business owners as part of a board meeting and review their performance. We can assist owners in working on strategy and executing to their plan. Using our benchmarks we can quickly identify the areas of the business that need to be improved. With our industry knowledge we can help take your business to the next level. If you require any assistance please feel free to reach out to us.