What UK construction industry traders can expect in 2014

Builders’ merchants and hardware stores will be looking to capitalise on the construction industry’s growth in 2014. Here’s what to expect this year.

09th January 2014

Guide to 2014 for construction industry tradersAs we all know, the construction industry is currently benefitting greatly from the UK’s economic recovery as builders’ merchants and hardware stores continue to see a steady increase in the demand for their supplies and services. This means that in 2014 we are likely to see only further improvements, as suggested by the final quarter of 2013, but while we hope the construction sector will continue to thrive we must also still approach growth with caution. Whatever you goals for 2014, you must ensure that you use your retail management software to plan well and sufficiently in advance. Take a look at what 2014 could have in store for you…

Funding for Lending & Help to Buy

Already, thousands have benefited from The Bank of England’s Funding for Lending scheme in which banks and building societies are able to borrow at lower rates, so long as they use the money to lend to businesses and prospective homeowners. In 2014, this is set to change. The money lent to banks can now only to be passed on to businesses – a measure that will doubtless have its pros and cons. If you are looking to expand your business but need the funds to invest in a larger property, new equipment or new staff, banks are likely to be more willing to help you. However, some believe that the Funding for Lending scheme was helping to prop up the residential construction sector, and that the change in policy will decrease demand in future. Luckily, the Help to Buy scheme – in which homebuyers only have to provide 5 per cent deposit – is set to continue until 2015. Will residential construction continue to grow in 2014 or can we expect the bubble to burst?

Tax

Nobody wants to talk about tax. After all, managing your accounts is difficult enough without having to consider matters such as corporation tax! However, this year, the government is making plans to unify the small profits rate and main rate of corporation tax, meaning that the main rate of corporation tax will decrease to 21 per cent in the UK. This will benefit a great number of businesses as trading and investment profits will increase in contrast to previous years.  By 2015, all companies will pay corporation tax at 20 per cent – that’s worth talking about!

New competition

As it becomes easier for entrepreneurs to gain access to the capital they need to start up their own businesses, you can expect a number of builders’ merchants and established businesses to emerge and expand, possibly challenging your own trader business. It is likely that such newcomers to the industry will be pricing their stock competitively in order to compete, so it is important to ensure that you continue to provide quality products and services to secure your place in the market. Your retail software will come in handy here, as you can use your stock management module to monitor your stock levels and your point-of-sale software to remind you to offer discounts to your most loyal customers.

Advanced retail software

If you haven’t already upgraded your generic software to a more intelligent retail software solution, 2014 is your chance to do so. Designed specifically for builders’ merchants, plumbing merchants and hardware stores, Integrity Trader software is essential if you want to maintain a high quality and consistent service to achieve customer satisfaction and build loyalty. For more information on Integrity’s point of sale software solutions, contact the team today.

Latest news

SBS Builders Merchants select our Trader software following user recommendations.

SBS Builders Merchants select our Trader software following user recommendations.

Integrity Software wish to welcome SBS Builders Merchants to our Trader software user base.

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