You Already Need To Look Past The Budget

The key fiscal event of the year is about to take place next week, and that is the Budget. I think we all know by now that it is not going to deliver much good news for people and businesses alike.

I don’t believe we have seen such a budget drip-fed to the public in the manner in which we have this one. Although no specific details about policy have been leaked…yet, we have had a fair dollop of ideas that the Chancellor has been batting around. Almost all of them are massively unpopular. One of which was the proposed idea to raise income tax by around 2p. That would have broken a key manifesto pledge, not that they are worth the paper they’re written on, and proved so politically poisonous that Rachel Reeves had to drop it. Instead, she’s going to tinker around with the rules on income tax thresholds, which will still be a technical manifesto breach, but that will be spun another way.

Right now, there looks to be nothing good for businesses in this upcoming budget. Unless there is some miracle rabbit out of a hat situation, which doesn’t look likely.

The most productive thing right now is to look past the budget already.

Digest tax, then move on

One area that our sector is going to have to keep an eye on is where any new tax thresholds are going to land. No doubt the Chancellor will aim to close loopholes and tinker around the edges of various thresholds to eek yet more cash out of businesses. If so, we all need to take a look at that and let our accountants tell us what damage it is going to cause. Then, digest it, work out where those costs can be absorbed or passed down the line, and then move on.

The budget is going to create negative waves for weeks, and we ought not to be consumed by it. Instead, our sector needs to remain level-headed, plan according to the new economic landscape, and then crack on.

I wrote earlier this year that we have to expect no help from this Government for our sector, and that we have to control our own destinies and fortunes. We are ultimately the ones in control. The same message I can apply here. There will be little to nothing in this budget for us, other than more taxes and excuses. It is not a productive exercise to dwell on doom that will be delivered next week.

So listen, digest, absorb, tweak plans if required, then crack on.

Focus on what you can control

We’re approaching the end of the year. A year that has probably disappointed more than it has pleased. It has been far more difficult a trading environment than we wanted it to be, and we have seen far too many business failures as a result.

But, in spite of next week’s budget and the year that has passed, there are still niches within our sector that provide opportunities, especially in the higher end of the market. And this is where we all have to focus our attention.

We have to really zero in and exploit the areas of our businesses that are in our own control. For example, we know that in aluminium, sliding sash windows, timber windows and doors and heritage products, there is a solid and growing demand. We can adjust our businesses accordingly to make the most of these parts of the market. Create more leads, produce more products, and sell more to the type of homeowners who actively seek out these niches.

It’s not a walk in the park. It takes time, investment, vision and solid delivery to make it happen. But a failure to do so would cause additional damage where it is not needed.

So let us not dwell too much on what is said at the budget next week. Remain focused on what we are good at as companies within the fenestration sector, identify areas that can be exploited and go after them with as much vigour and energy as can be mustered!