Written by Suyash Kaushik | November 10, 2021
There are numerous HVAC commercial service contractors out there. Despite their diverse needs and preferences, all these contractors share one thing in common. They all want to provide market-leading services to their clients.
But how can they make it possible? How can commercial HVAC contractors determine the best route to growth and execute their business strategies? By adopting the best business practices and supporting themselves with the right technology.
What do you really want to achieve apart from the broader goal of business growth? In case it’s increased performance, then how are you going to measure your current and future performance levels? Well, to do that, you can set certain KPIs (key performance indicators) to track your growth and achieve your goals. The following are the most important KPIs for the growth of any HVAC field service business—
An HVAC contractor that provides commercial services must consider revenue growth. This is how much capital you have been able to bring into your business. To get a more accurate picture of your performance, you should break this down further. This will allow you to see your net profit, which is the amount of revenue after you have taken out the costs. You might see an increase in revenue if you hire more people, but what is the cost to your business for this additional staff you hire? If it’s outstripping your profits, then automating your field service management operations would be the best bet.
A key part of growing your business is increasing your customer base. You can measure how many customers you bring in each week, month, and year. To achieve genuine growth, it is important to manage both ends of the customer nurturing funnel for your HVAC business. However, gaining customers doesn’t ensure cent percent success, you need to ensure that you retain your customers to witness real growth in your customer base.
This is the key to real business growth. What amount of revenue do you generate per customer and how much of it is converted to pure profit? This can be done by examining how much money you spend on customers, retaining them, and how much it costs to deliver the services. This will give you a clear picture of the revenue you’re making from each customer.
Delivering on the Key Performance Indicators of your HVAC Commercial Service: The growth plan
Once you have identified your KPIs, it is time to start executing your growth strategy. These are the key elements to build a strong and growing HVAC service business.
Automated HVAC field service solutions can help you achieve all of the above performance benchmarks. The software will be able to do more for your business and will help you stay relevant in the current business environment.
When it comes to software, integration is key. It is not necessary to have a complex setup with different field service software, enterprise planning software, customer relationship management software and all of them operating in isolation. You need a single interface. Hence, you should choose an HVAC software that can integrate with your existing infrastructure to help you gain real-time data insights while you work, without needing to have your attention all over the place.
Your relationships with customers are crucial in the service industry. It is essential to understand your customers and identify the resources needed to fulfill them. This is where data plays a key role.
A good HVAC contractor’s software allows you to use data from customer interactions and job completions. This data can be used to help you plan your resource and personnel availability over the long term. You’ll be able to retain customers better by having customer data at your disposal.
Planning goes beyond resource allocation and is an essential part of any ongoing growth strategy. Planning and forecasting are two of the most important aspects of any business. They help you to create a sensible path towards growth.
It means creating expenditure plans that help you keep your finances in check for longer periods of time so you can make smart investments in your business. It also involves scheduling repairs and maintenance and customer check-ins to ensure your clients are satisfied with your service. This results in a business that’s ahead of the curve, ready and able to meet increased demand.
Integrated planning tools will give you complete control over future projects and long-term operations.
When it comes to business growth, automation is indispensable. Automation not only frees up your staff’s valuable time that could be used to grow your business but also makes it easier to perform various key business tasks efficiently. Automating repetitive, laborious administrative tasks can not just help you save money but also reduce the chance of human error.
Automated tools can be used to improve your scheduling and routine tasks. This will also ensure that your inventory and teams are always available for deployment. Besides, it will allow you to create and execute work orders in an Omni-channel manner so that your team members, both in the office and in the field, can receive real-time updates.
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