Boost The Efficiency of Your HVAC Business
Every HVAC business wants to at least grow a little bit more each year. Some companies want to grow far faster than others. One thing that you must keep in mind is that business operations is the core of any business. Your leadership as a business owner and CEO of your company is critical. It is important to adopt a set of productive business and technical standards for your company. It all begins with You!
Here are 5 hacks that will boost the productivity and efficiency across your entire business!
1. Implement and Utilize Project Management Tools
Even if you’re a small HVAC company, having a project management tool will allow your team to work on projects in more of a seamless fashion. Long ago are the days of using Excel sheets to manage various work projects. There are a few free project management tools available which you can find via a simple Google search.
After using a project management tool to manage all of your ongoing projects (administrative & technical), you will see how much of a positive impact it will have on your business. Be prepared as the learning curve on some of the project management tools can be steep.
2. Outsource Non-Core Jobs & Tasks
If the core of your business is HVAC, it most cases it will make more sense to outsource marketing, IT and HR related jobs and tasks. Many business owners become completely overwhelmed in trying to learn all facets of their business.
The key is to focus your time and attention on the core jobs of your business. Given that the field of HVAC is always evolving, it would make more sense to stay current on industry specific news. When you outsource your non-core tasks, you will no longer be bogged down on those tasks that aren’t revenue producing in our business.
3. Cash Flow is King
Cash flow is the name of the game. When running a successful business, you must have a very good sense of your cash flow at all times. You must have certain measures in place to understand how many days of cash your business has on hand. Understand all short term obligations of 6 months or less is the area of focus.
Once you have your financials in order, you will have a good sense on how to best utilize short term resources. Whether it be a short term cash injection or a business loan that is repaid over time. You must have good financial sense on when the opportunity arises to leverage funding at a long term discount.
4. Track & Measure Performance
When it comes to tracking and measuring performance, you will want to focus your attention on the most costly jobs/tasks in your business. You can measure performance of front office staff but that won’t always have a tremendous impact on your bottom line. The better approach would be to focus on productivity measures for service technicians and your sales team if you have one.
The key is to start off with those job categories in which you pay the highest salary. You will then want to put in place some key metrics to measure performance such as time per service call, time per furnace installation, etc. Once you have enough data, you can then look to see which job tasks are eating away at worker productivity. Begin to set standards for each job category once performance has been measured.
5. Goal Setting
Setting goals is a great practice for every business owner. Working with your team to set team goals would also be a great exercise. The idea of working together with your team to set goals can help foster an environment of comradery and trust. There is a tremendous amount of momentum that can be gained when you successfully set goals for your business. Every successful company utilizes one form or another of goal setting in their company. If you want to seriously grow your business much more efficiency, setting and tracking key metrics in your business is vital!
SMT Digital Solutions Team – We’re Your Business Growth Partners!