Navigating 2025: Resilience required for growth

Amid concerns following the recent budget, Joe Trueman, shareholder at Glyngary Joinery, says there’s still reasons to feel optimistic about the future and talks about how to position yourself for success.

As we look forward to 2025, it’s clear that adaptability will be crucial to success. Economic uncertainties remain and with prices expected to rise, consumer spending is therefore expected to tighten. Businesses who target the right customers, make use of clever branding and promote the right marketing can position themselves in front of many companies in our sector who will just carry on as normal.

Targeting the premium sector can provide insulation against economic pressures. Glyngary’s position in the high-end market provides a buffer against economic unrest. Although we are a trade only supplier, our products end up in homes that are owned by the wealthy, and these individuals are less impacted by economic unrest.

It’s a growing, safe and stable market to serve, and it always will be. But serving the premium market means selling a premium product who own a premium brand. Now is the time to ask yourself – are you getting the sales and marketing support that you need from your current trade suppliers?

Recent changes to NI employer contributions present challenges across the industry, but targeting the premium market means we’re able to manage increased costs in the supply chain more effectively. Of course some cost increases will inevitably need to be pushed to price, but we have headroom in our margin. We are not a ‘pile it high, sell it cheap’ business who operate on single digit margins, and those who are might struggle in what could be a tight few years.

Another key to success in this environment is valuing and retaining skilled talent. The foundation of our business is our highly trained workforce – a point of pride at Glyngary. Retaining and rewarding talent remains a priority for us, especially as skilled joiners are increasingly hard to find.

We’ve implemented a rigorous apprenticeship program that brings new talent into the field, nurturing craftsmanship and ensuring continuity in the quality of our products. Reducing staff would be an absolute last resort, as we believe that investing in our team strengthens our long-term resilience and ability to meet market demands.

Technology plays an interesting role in shaping business strategy. While automation and advanced manufacturing technologies drive efficiency for some sectors, particularly high-volume production, not all industries benefit equally from these advancements.

Glyngary takes a selective approach. Our handcrafted, timber products rely heavily on a personal touch, which is a key differentiator in our market. That said, we’re not ignoring the advantages of digital solutions – our recent investment in customer-facing software will help streamline processes, offering a smoother experience for our clients.

Set to launch in 2025, this new software will improve efficiency and communication with our customers, showing how even traditional industries can adopt technology in ways that support rather than replace craftsmanship.

Economic downturns often prompt businesses to question whether to pause or delay investments. But experience shows that growth can emerge from adversity with the right approach. Many successful businesses have been founded or expanded during recessions and my own experience, starting a business in 2008 during the financial crisis, underscored the value of adaptability.

By remaining open to new ideas and engaging customers in unique ways, we believe it’s possible to grow even amid uncertainty. At Glyngary, we’re staying focused on our goals and not letting short-term economic challenges deter us from long-term plans.

Looking ahead, businesses may also benefit from targeting the premium sector, where demand tends to be more stable. Economic shifts often impact middle-income families more acutely, while high-net-worth clients are typically better positioned to continue investing in quality, even during a downturn.

For businesses looking to remain stable, focusing on quality offerings in a competitive market can provide a welcome alternative to competing solely on price. But installers & re-sellers must ensure they partner with the right suppliers who can provide the banding and tools needed to target this sector.

Regulatory changes, especially those related to energy efficiency and environmental impact, are inevitable. Rather than seeing these as obstacles, businesses can view them as opportunities to innovate and improve.

Our Signature range is specifically designed to meet and exceed industry standards for energy efficiency. By combining Accoya timber with high-performance glass, our products deliver U-values that surpass UK regulations by as much as 51%. This commitment to energy performance aligns with both regulatory trends and customer demand for sustainable products, making it an asset as we look to the future.

While economic and political conditions can influence decision-making, at Glyngary we focus on making thoughtful, agile choices to position ourselves for growth. By staying true to our values, prioritising our skilled team, and adapting to industry trends, we believe 2025 holds significant potential. With a proactive approach, we’re ready to meet the challenges and opportunities that lie ahead.