Growth in 2024
We had challenges with lead flow and our call center in 2023, which caused us to miss out on some revenue. We’ve made the necessary changes in these areas to grow by 15% in 2024.
We’ve also launched luxury vinyl plank flooring sales. We piloted it with our existing customers and started selling it in one market last year. Our growth plan for 2024 includes offering flooring in additional markets we already serve.
If the fees keep rising and we continue to face finance reject challenges, then that will impact all of us.
Challenges
Financing is a concern this year. Our finance rejects were up almost 5% last year. We still have a very strong finance approval rating, but it’s more expensive. If the fees keep rising and we continue to face finance reject challenges, then that will impact all of us.
We must align with the right bank partners and provide the best plans to our customers. We’ve scaled back some of the most aggressive financing plans because of the costs, and we’re increasing our prices by a couple of points to combat rising fees.
Another big challenge for us is that there’s a lot of external competition increasing their marketing budgets. I’m seeing very aggressive offers and deep discounts. We’ve pulled back from that approach, but we’re being forced back to it to compete for leads now.
Add new comment
Related Stories
How to Create a World-Class Remodeling Team
Great remodeling companies position themselves for the future with the right players
Registration Open for The Pinnacle Experience 2024
Register today for The Pinnacle Experience 2024 in Baltimore from June 26-28. Join the best and brightest in home improvement and remodeling for insight, advice, and relationship-building that will help you take your business to new heights.
Focus on What You Can Control for Remodeling Success in 2024
Neil Kelly's CEO shares his plan of attacking for remodeling challenges in our 2024 Thought Leader predictions series
How to Increase Your Odds of Closing Remodeling Sales
Use these tips to hone your sales process and grow close ratio
Becoming Profitable in Your Remodeling Niche
The 2023 NAHB Remodelers Chair shares insights and advice for contractors in our 2024 Thought Leader predictions series
Combat Remodeling Market Pullback with Increased Marketing
Mosby Building Arts' president shares his expert predictions and approaches to remodeling in 2024 for Pro Remodeler's Thought Leader predictions series
Presidential Election Will Create Uncertainty for Consumers
PJ Fitzpatrick CEO reveals his predictions and advice for the home improvement industry in 2024 for Pro Remodeler's Thought Leader predictions series
Discover Innovative Ways to Market and Tell Your Story
Leaf Home Chief Sales Officer Chris Counahan shares his advice to help home improvement companies grow in 2024 for Pro Remodeler's Thought Leader predictions series
Improving Processes Is the Key to Contractor Success in 2024
Florida Window & Door president shares his expert predictions and insights on challenges facing home improvement companies in 2024 for Pro Remodeler's Thought Leader predictions series
Building A Small Projects Division from the Ground Up
Through hard work and careful strategy, Harth Home Services has seen big growth