The Power of Change in the Home Improvement Industry

“The best entrepreneurs know this: every great venture is built on change. Change means growth; it means new customers; it means more profit.” 

 — Verne Harnish 

Remaining open to change is a skill that can help one grow in many areas of life. From a business perspective, it’s necessary. Whether that is changing the sales strategy your business has been practicing for years, investing in newer products to keep up with current sustainability trends and combat environmental concerns, or updating your home improvement financing options– change is powerful and can greatly benefit your home improvement business.  

Why is Change Necessary for Contractors in the Home Improvement Industry? 

The home improvement industry is quickly growing and increasingly competitive due to the number of home improvement businesses competing for the consumer’s business. Homeowners in 2024 have options and want modern, sustainable solutions with an affordable way to pay for them. The country’s economic state is also a big reason why change shouldn’t be overlooked. Recent data from Investopedia shares the annual average Consumer Price Index was 224.939 in 2011 and 304.702 in 2023, representing an inflation rate of 35.5% over 12 years. With increased costs of living, many homeowners are experiencing a decrease in expendable income; therefore, a flexible home improvement loan is an attractive choice to many homeowners looking to complete their desired projects. As the tools and materials your business uses have likely evolved over time, make sure you don’t fall behind in other important areas of your business – such as your financing options. 

Being open to improvement and evolving with new changes in your industry shows your audience that you are dedicated to providing the best services possible. Although there can be individual hesitation that comes with change, implementing beneficial changes is the overall net positive decision for your business. Remaining stagnant over time can appear as regression, especially in the highly saturated home improvement industry. Consistently evolving and implementing changes for improvement shows your customers that you are proactive, resulting in strengthened customer relationships. The benefit of doing research about a financing partner for your business is that you can avoid potential setbacks down the road. Examples of these setbacks can include involvement with deceptive lending practices, experiencing unreliable online systems (such as the recent Microsoft IT outage), or dealing with unreliable support teams. Another great benefit of prioritizing positive change in your home improvement business is the impact on your team. When your company is growing and thriving, your team can experience increased job security and higher job satisfaction. 

Leaving your comfort zone and trying something new could be the decision your home improvement business needs to reach its potential. Practicing a growth mindset leaves space in your business for growth and success. Watercress Financial believes in the importance of change and choosing a financing partner that your home improvement business can trust and depend on day in and day out. This is why our team is dedicated to a fast and seamless contractor approval and onboarding timeline for our partners. 

We are ready to learn more about you and your business! Join our network of successful contractors:  https://watercressgroup.com/become-a-partner/ 

Interested in learning more about the power of home improvement loans? This blog is for you: https://watercressgroup.com/5-reasons-contractors-close-more-sales-with-home-improvement-financing/ 

– Madison Schoppe (Marketing Coordinator)