2024 Home Service and Facility Management Business State of the Industry Survey
The Home Service and Facility Management Business State of the Industry Survey aims to provide valuable insights into the dynamics of the home service and facility management industry. By offering an objective perspective on how executives and decision-makers perceive their companies, segments, and the industry as a whole, this annual survey not only comprehends their sentiments but also tracks their evolution over time.
Conducted through a comprehensive survey targeting professionals in our industry, this research seeks to understand and monitor the industry’s pulse. The responses to the survey not only empower businesses in this industry but will help move the industry forward by asking important questions focused on timely topics such as financial outlooks, business trends and operational challenges.
The survey reflects the home service and facility management industry’s sentiment on current conditions and future expectations through six key questions. The results of the first annual Home Service and Facility Management Business State of the Industry Survey show a mixed yet cautiously optimistic outlook among industry professionals. Many respondents feel their financial situation is stable compared to last year, with a significant portion expecting improvement in the near future. Key challenges include inflation, talent acquisition and retention, and competition, while primary growth strategies focus on marketing, employee management, and cost control. These insights highlight both the resilience and strategic focus of businesses in navigating current economic conditions and planning for future growth.
Below are the results for the 2024 survey.
01.Would you say that your company today is financially better off, worse off, or just about the same compared to a year ago?
02.Do you think that a year from now, your company will be better off financially, worse off, or just about the same as now?
03.Do you think that during the next twelve months, there will be good times financially, bad times, or just about the same as now in your specific service industry?
04.Which is more likely in the next five years: your service industry will have widespread good times, widespread bad times, or just about the same as now?
05.What are the main challenges your company faces in the current economic environment, and how have these challenges affected your financial outlook?
Top Challenges:
- Inflation and Rising Costs
- Talent Acquisition and Retention
- Competition
- Interest Rates
- Customer Spending
- Product Availability
06.Looking ahead, what strategies do you plan to implement to grow your business?
Top Strategies:
- Marketing Strategies
- Employee Management
- Cost Management
- Customer Service
- Business Transition
- Efficiency Improvement
- Geographic Expansion
The survey captures the sentiments of industry participants regarding the performance and outlook of the home service and facility management economy. By highlighting key challenges and growth strategies, Brentwood Growth is committed to providing actionable insights to help businesses navigate and thrive in the ever-evolving economic landscape.
The Home Service and Facility Management Business State of the Industry Survey will be conducted in 2025 as well.
Thank you to all who participated.
Contact Us