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Xero's 2022 Predictions & What They Mean For Fabricators

WorkGuru | Xero's 2022 Predictions & What They Mean For Fabricators

Xero has released their new insights for 2022, so we’ve taken the top predictions to explain what they might mean for fabrication businesses heading into 2022. 

The past few years have seen massive changes, but one thing that has stayed consistent from their 2021 predictions is the improvement of technology to help small businesses. It makes sense, as the right tech can help businesses do more with less. And with labour shortages and supply chain delays, businesses have certainly had to learn how to work well with fewer resources. 

View Xero’s full article with more info and even more predictions. 

“Gearing up for nearly normal”

Businesses are preparing for things to see more stability in the new year. As businesses start to get comfortable, Xero reports that there may be an upturn in demand faster than businesses can act on.  

If this prediction is accurate, fabrication businesses will need to balance increasing their operations to match demand. This might be difficult where currently back-ordered supplies like steel and timber. 

Entering 2022 with a good idea of your stock, stock costs and supply chains will help you to prepare for increased demand. Additionally, having tools to track and understand your team’s capacity and workload can help you meet increasing demand. 

“Rethinking supply chains”

38% of businesses are still having difficulty getting inventory into their business, according to the Xero article. Steel has been one of the areas affected by these disruptions, with hugely volatile prices. Because of delays and hard to predict pricing, a lot of businesses are predicted to be reorganising their supply chain for 2022. 

If you supply businesses, it might be something to be aware of to give your top clients some extra love and see what you could be doing to support them more. If you’re looking to improve your own supply chain, then look into methods to improve your visibility and understanding of your stock.

If you haven’t made the switch already, 2022 might be the right time to look into implementing a perpetual inventory system. Looking for ways to track your real costs can help you to understand your actual profit made on each piece of stock you use.  Having visibility over your stock levels can help you manage your volatile costs and fluctuating demand better. 

Read more: Ins & outs of FIFO Inventory Management

"Getting stuff done with less help"

It’s no secret that finding new staff has been difficult, and that’s not looking to change in the near future, so what can businesses do to help meet the increase in demand expected? 

With fewer staff, owners have found themselves back on the tools and unable to spend more time working on their business growth. To combat this, more Aussie business owners are leaning on tech more and more to bridge the gap.

Quoted in the Xero article, Ya-Wen How of AccountServe says businesses are “learning to integrate technology for things like procurement, sales, inventory management and accounting.”

Tech can definitely play a part in fabrication businesses to help free up your time and get more from all your current resources. Especially when it comes to stock, quoting, job costing, and managing projects, technology can help you to get your work done faster. 

Learn how WorkGuru.io can help your fabrication business in 2022

View Xero’s full article with more info and even more predictions. 

WorkGuru.io can help you get ready for 2022

If you’re interested in leveraging tech to help you grow and manage your business, then WorkGuru.io could be a great fit for your business. Get in touch with the WorkGuru team today. We can take you through a free training session to help you assess if WorkGuru is a good fit for your business.