You have plenty of customers in your HVAC business and are always business. But, you are not satisfied with your profits. How can you increase profits in your HVAC business? The first thought is usually to find more business and work harder. But, there are only so many hours in the day, days in the week, and weeks in the month. A better choice is to make your current HVAC business more profitable. There are several things that you can do to get profitable HVAC contracts, reduce unnecessary expenses, make your business more efficient, and guarantee a profit from the very first month.
You need to have work in order to make money in your HVAC business but you also need to have HVAC contracts that pay your expenses including parts and labor while leaving money for business overhead and profit. The key to getting this right is good bookkeeping. Many businesses outsource their bookkeeping to reduce expenses. But, the best reason to outsource your bookkeeping is to get a clearer picture of the finances in your business. Too many businesses and not just in HVAC have hidden expenses that eat up their profits. When you have competent help in this regard you can outsource your bookkeeping and it will pay for itself. This starts with profitable HVAC contracts where your custom reports tell you which contracts to take, which to renegotiate, and which to turn down.
No matter how good you are in your HVAC business, you need customers to survive. In this day and age that means a presence on the internet with a website, advertising on Google My Business, and search engine optimized content that attracts visitors to your website. Just as you are an expert in all things HVAC, there are people who are experts at setting up websites and generating useful content. If you need a little direction in this regard, contact us for advice.
At Exigo Business Solutions we use a business management method called Fix This Next. This approach to business addresses the business hierarchy of needs that starts with sales and works its way up the line to profits and business efficiency. Too many business owners spend too much time dealing with small but nagging business issues. With the Fix This Next system you can spot the basic issues that are generating the bulk of your problems. You can fix these issues and set up tracking systems that keep those problems from coming back. These tracking systems can be part of your QuickBooks bookkeeping software where you can customize your reports and get a clear picture of how your finances are doing, where any problems are, and what you can do to run your business more profitably.
In every trade technology advances and keeping up is important for getting work, doing it well, and getting more work. Continuing education for yourself and for your employees is necessary to stay current with advances in the HVAC field. And, hiring employees with specialized skills will give you access to better paying work. This approach will let you expand to different niches in the HVAC field and bid for the best paying jobs. Investing in the newest technology will let you work more efficiently and, again, get profitable work that was previously unavailable to you.
Too many bosses only pay attention to individual employees when there is a problem. An effective way to prevent problems and retain skilled workers is to reward them for doing the job right. When you routinely thank your employees for their efforts they will work harder, let you know if they see problems that can be solved, and tend to stay with you instead of looking for other work. Retention of a skilled workforce is the payoff for routinely thanking workers for a job well done.
You need good business advice when there are problems in your business. But, getting sound advice up front can usually help you avoid problems. Exigo Business Solutions does not just do your books and your taxes. We help our clients run successful and efficient businesses, profitable businesses, and businesses with an impact on the community. Using the Profit First approach, we help them earn a profit from day one and turn profit into a habit instead of a possibility.
For help with profitable plumbing contacts in your business, contact us at Exigo Business Solutions.