6. Do I have low margin business I should exit? Typically, this is residential new construction. It can be profitable at scale. Few companies manage this. If you’re not one of them, walk away.
7. Can I boost average tickets? Slowing down and running fewer calls per tech can perversely raise revenue and profit. It gives techs time to be more thorough, to talk with customers, and to offer accessories.
8. Am I cash focused? Companies close when they run out of cash. Hoard yours. Watch it. Conserve it. Sweep the excess and put it in low risk interest bearing accounts.
9. Do I know my numbers? As a business owner, it is essential that you know your way around an income statement, balance sheet, cash flow statement, ratios, and key performance indicators.
10. Am I giving customers options? Lots of homeowners are struggling too. Some might opt for a system rebuild over a replacement. Some will want the budget offering. Some will want top-of-the-line. Some will want all accessories. Give people choices.
11. Are my trucks wrapped? Hire a good graphic designer and wrap your trucks. This is the biggest bang for the marketing dollar you can get. Each truck gets over 30 thousand exposures a day.
12. Does my marketing work? Are you even marketing? Constantly test, tweak, and adjust your marketing. Never stop marketing. When it gets harder to find a customer, put forth more effort, not less.
13. Am I marketing to existing customers? Do you send them consumer newsletters? Can you email them? Text them? They are your best source of more business.
14. Are we following up? Do you continue to follow up on every sales proposal until either the sale is made or the prospect tells you to stop? Do you send end-of-season “second chance” letters to customers who opt to repair instead of replace?
15. Am I training frequently enough? Training is like bathing. It wears off, so repeat it frequently, even daily. Training is an investment, not a cost.
16. Am I in a buying group? Most best practices groups have a buying group. Buy from the preferred partners and you can save tens of thousands of dollars.
17. Am I getting information from reliable sources? Facebook groups, the Internet’s self-proclaimed experts, and sketchy business coaches can sink a company. There are lots of good coaches and good groups to explore.
18. Does my software match my needs? There are more software options for contractors than ever. Have you outgrown your? Conversely, are you paying too much for software that’s overkill for your business today?
19. Am I attending conferences and meetings? Industry conferences, association meetings, and supplier dealer meetings are where you will learn about new innovations in service and, more importantly, where you will run into other contractors who have overcome the problems you are facing. Most contractors love to share business ideas and talk shop with other contractors.
20. Are there people I should cut? This is a hard question, but must be asked. Are there people in the office you need to cut? Are there poor performing techs?
Looking for a best practices group and buying group? Check out the Service Nation Alliance. For inspiration, buy Matt Michel’s book, “Contractor Stories” from Amazon.
Whether you require installation, repair, or maintenance, our technicians will assist you with top-quality service at any time of the day or night. Take comfort in knowing your indoor air quality is the best it can be with MOE heating & cooling services Ontario's solution for heating, air conditioning, and ventilation that’s cooler than the rest.
Contact us to schedule a visit. Our qualified team of technicians, are always ready to help you and guide you for heating and cooling issues. Weather you want to replace an old furnace or install a brand new air conditioner, we are here to help you. Our main office is at Kitchener but we can service most of Ontario's cities
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