Commercial HVAC Service Contractors: Your Strategy for Growth
Here at Fieldpoint, we work with a diverse range of HVAC commercial service contractors. While these clients may be diverse and therefore have very different needs, they are all united by one common factor. They all want to be the best they can be — providing market-leading services to their customers.
But how is this achieved? How do commercial HVAC service contractors identify the correct route toward growth and then execute this strategy? By adopting the right practices and supporting themselves with the right technology.
Let’s explore how you can develop the ideal strategy for growth, along with commercial HVAC software that works for you.
Hitting Your Key Performance Benchmarks
What are you aiming for as you grow your business? What does high-level performance look like to you? There are many different KPIs — or key performance indicators — that you can target as you measure your growth and reach your targets. Here are a few of the most important for any business in the commercial service industry.
Revenue growth is a crucial consideration for an HVAC commercial service contractor. This involves measuring the increase in capital flowing into your business. Of course, to get an accurate picture of performance, this should be broken down further so that you can see your net profits, i.e., how much revenue you are making after costs have been factored in. For example, your revenue might increase if you bring in more staff, but how much is this new staff costing your business?
Growing your customer numbers is an important part of expanding your business. Measure how many new customers you are bringing in on a weekly, monthly, or annual basis. In order to target genuine growth, you need to be managing both ends of your HVAC business’s customer nurturing funnel. As you increase the numbers of customers you are bringing in, you also need to make sure you are holding onto customers you have already converted.
Revenue Per Customer
This is key to genuine growth and income increases over time. How much revenue are you generating per customer, and how much of this is being converted into pure profit? To analyze this, you need to examine how much you are spending on bringing customers in and retaining them, as well as how much it costs to provide the required services. From here, you will be able to gain a clear idea of how much you are earning from each customer.
How to Achieve Growth Across Your HVAC Commercial Service KPIs
With your KPIs identified, you can begin executing your growth plan. These are the elements you need as you build a robust and constantly growing HVAC service operation.
Comprehensive Commercial HVAC Software Infrastructure
The right piece of automated HVAC field service software will certainly help you to get closer to hitting these key performance benchmarks. However, in the modern business landscape, your software needs to work a little bit harder for you and your business.
Integration is the order of the day here. You don’t want a granular setup, with a separate field service software, enterprise resource planning software, and customer relationship management software all operating independently. Instead, you need a unified front. Select software that integrates with your existing infrastructure, leveraging real-time data insights as you work.
Data-Driven Customer Relationships
In the service industry, your relationships with your customers are critical. You have to know what your customers want and then identify the resources required to meet those needs. Data plays a crucial role in achieving this.
HVAC field service software helps you to draw upon data from customer interactions and jobs completed. You can then use this data to understand the evolving needs of these customers, helping you to plan resource and personnel availability on a long-term basis. With data on your side, you’ll be able to retain customers more effectively and augment lifetime value by providing the services they need, when they need them.
Implement Planning Tools
The idea of planning goes far beyond resource allocation — although resource allocation certainly is an important part of your ongoing growth strategy. You need a forward-thinking approach to all aspects of your business, planning and forecasting a wide range of different elements as you support a cohesive path toward growth.
This means implementing spend plans that keep your finances under control for longer so you can make shrewd investments in your business based on knowledge and insight. This also means scheduling repairs, maintenance, and customer check-ins that keep your clients happy with your service, as well as planning future contractor needs and installation requirements. The result is a business that is ahead of the curve — ready and able to meet the increased demand that comes with growth.
Look for HVAC field service software that supports these aims. Choose a platform with integrated planning tools that offer complete control over your future initiatives and long-term operations.
Automation of Key Aspects of Your Service
Automation is your friend when it comes to business growth. Not only does automation free up valuable working hours that can be spent on other areas of your business, but it also makes many tasks easier and more efficient to execute. By automating repetitive and laborious admin tasks, you are saving money and reducing the risk of human error.
Deploying automated tools can help you to optimize your scheduling and routing, ensuring that your inventory is always well stocked and your teams are always ready for deployment. You will also be able to create and execute work orders on an omnichannel basis so that all team members — both in your office and out in the field — can benefit from real-time updates and up-to-the-minute information.