4 minute read
How to have a profitable 2023
Top tips for a profitable 2023
Being good at your trade is great – but it’s not the only ingredient to business success. Mark Krull from Logic4training gives his top tips if you’re looking to expand or diversify in 2023.
When everything right now seems uncertain and unpredictable, gas engineers can be safe in the knowledge that they have a strong foundation of qualifications, skills and experience that will see them working and earning long into the future.
But practical skills can only take you so far in business. There’s another side that includes admin and book-keeping, paying tax, marketing and websites, and communication with customers.
Here are our top 10 tips to help your business succeed in 2023.
1 Make a business plan
This is a quick win for long-term success. Even if you don’t need to create a business plan to secure investment or a loan, doing so will help you organise your goals and set strategies for achieving them. Include things like van costs, tools, uniform, insurance, training – everything you need to buy and do. This will help you to price jobs and allocate your time accurately.
2 Update your website
Freshen things up with some new images, write a blog and upload some video content. Websites that are updated regularly perform better in search engine rankings.
3 Get Google My Business
Google My Business is by far the quickest and easiest way to increase online visibility and boost SEO. We think it’s an absolute business essential.
4 Join a review site
As many as 98 per cent of people read online reviews, which means that your reputation online is as important as in real life. For tradespeople, sector-specific sites like Checkatrade are widely used and respected among customers, plus you benefit from recognisable marketing materials such as vinyl stickers for your van. Some companies provide discounts on fuel, tools, insurance, workwear or other business essentials for their members.
5 Respond to customers
Manners cost nothing, as they say, but bad manners could cost you a customer. Word-of-mouth recommendations are still of vital importance. Clear communication is key and you should be easily contactable and reply promptly, politely and honestly.
6 Train for new business opportunities
There is no shortage of work, but alternative heating technologies are growing fast and may provide a lucrative opportunity for expansion. Heat pumps are on an upwards trajectory that will see them become the main heating source for new-build homes from 2025.
Uptake is also increasing in existing housing under the Boiler Upgrade Scheme (BUS) which aims to retrofit 90,000 heat pumps in place of gas or oil boilers over the next three years.
For you, this presents an opportunity to diversify your business and tap into an emerging market. Heat pump training is an add-on to existing skills and takes around a week to complete. MCS umbrella schemes provide an alternative to full MCS accreditation in the first instance, giving you an opportunity to test your local market and build a customer base in a risk-free environment.
7 Employ someone
If you’re planning to expand or diversify your services, you might consider getting another pair of hands on board. This could be anyone from a plumber’s mate to an experienced heating installer, on a full employment or selfemployed basis, depending on your needs.
Make sure you check the legalities and duties of becoming an employer: you must provide things like paid holiday, sick pay and a workplace pension. If you employ someone on a selfemployed basis, make sure you pay them through the Construction Industry Scheme (CIS), if appropriate.
8 Press record
Video content is a great addition to your website and social media platforms. Could 2023 be the year you start a YouTube channel?
Why not film your completed jobs and talk through the work you’ve carried out? Or provide tips about saving money on energy bills? Would any of your customers be willing to say a few words to camera?
Statistically, people are far more likely to click on a video than static pictures.
9 Go digital
HMRC is pushing all businesses towards making their accounts digital (Making Tax Digital), but why not do it now? Keeping digital records will save you time and help you stay on top of your finances, improving billing by sending your invoices electronically.
Forget the yearly scramble for invoices and receipts: when everything is in one place, you can prepare your tax returns at the touch of a button.
10 Put aside cash for tax
The self-assessment system is often a source of real stress if you’re a sole trader or run a small business. Make a commitment to your mental health this year and put away money for tax as you go along. ■
Multi-skills will always be needed
The government is funding installer training and stimulating the heat pump market for growth. But upskilling in low-carbon heating does not mean abandoning gas: there will be plenty of work in both gas and low-carbon heating for many years to come. Multi-skilled installers who can offer advice about a variety of heating technologies will be in high demand.
