What will your business look like in 10 years’ time?

David Fraser, Group CEO, Capricorn Society Ltd

If you have got a business plan tucked away in a drawer or on the shelf, maybe you have a clear answer to that. Maybe you don’t have a plan at all.
We know from the 2022 State of the Nation report that nearly two-thirds of Capricorn Members don’t have one. But it is not too late to make it your New Year’s resolution.
Whether you’ve got a plan or not, that 10-year time frame is one which should really concentrate the minds of everyone running a business in the automotive aftermarket in Australia.
Why? By 2033, most carmakers will have switched to only manufacturing electric vehicles.
Many, including Alfa Romeo, Lexus, Mercedes-Benz, Volvo, and BMW, have committed to producing only electric vehicles (EVs) by 2030.
Nissan, Toyota, VW, GM, Honda and Hyundai all have similar commitments — promising to be all electric by somewhere between 2035 and 2050 (if economic conditions, government regulations or consumer demand don’t compel swifter change).
It is a safe bet that by 2033, a lot of the cars about to come out of warranty and make their aftermarket debut will be electric vehicles.
In the years thereafter, we can assume the percentage of EVs rolling onto workshop aprons will only increase, and the number of internal combustion engine vehicles will proportionally decrease.
Will you be ready for that transition when it comes? If not, the good news is you have the next decade to watch, learn, and plan.
Let that research and planning task start today if you haven’t begun already. Capricorn’s blog, CapHub, is brimming with insights and knowledge designed to help you meet the challenges not just of today, but of tomorrow.
Our plan is for us all to be stronger together today, in 10 years, and for many years beyond that.
To read CapHub, go to www.cap.coop/caphub

For more on Capricorn Society membership, visit www.capricorn.coop