Staying Profitable
By: MarketingA few weeks back we talked about the positive outlook of the HVAC job market. In doing some more reading, we came across this interesting article in The News that addresses how HVAC contractors can stay profitable in an unstable economy. The article was written in June 2018 but it has some great points that we thought we’d share with you – hopefully they can help you drive more business and increase your profitability.
The key points include:
- Planning Ahead – Do you have a plan in place for when you don’t meet your revenue goals? You need to make sure you are following your business so you know when things are starting to slow down or if you are lighter on work BEFORE it’s too late to make adjustments.
- Pricing and Strategizing – How are you priced in the market? Can your rates carry you through a downturn?
- Preparation – Do you have a cushion? What can you do to bring in more business and add value without lowering your prices – which will be harder to raise later.
We encourage you to look at your business on a quarterly basis to ensure you are prepared for any bumps along the way. Looking ahead is the best way to keep your business running smoothly and efficiently – even in tighter times.
