Growth is one of the most important issues a business owner faces — to ignore it is to be stagnant.
Improving and growing your business doesn't happen overnight. It requires thought, and the best contractors — High Yield Contractors — have a specific plan for growing their revenue.
Two-thirds of HVACR contractors are more active than their competitors when it comes to managing for success and describe themselves as leaders in selling state-of-the-art HVACR systems and solutions.
A majority of High Yield Contractors sell to all three market sectors — residential, light commercial and commercial/industrial customers. All totaled, each contractor is now selling to almost 3,000 different customers and prospects.
High Yield Contractors expect to close even more new business over the next few years ... with more than three-quarters projecting their residential and light commercial customer base to grow even larger.
To be among contractors who are considered High Yield, you need to have specific goals for growth. While these goals should be ambitious, at the same time they need be realistic and achievable. And, your goal will remain a dream if the strategy and objectives to achieve growth are not put in writing and communicated to your organization.
One way High Yield Contractors plan for success is by keeping up to date with new equipment being offered by manufacturers. Today, consumers are always looking for state-of-the-art — why else does Apple get a line outside their store the night before they release a new product?
When choosing your product offering, don't simply settle for what you've always offered. HVACR manufacturers are always improving their products, and consumers want the best of the best.
In addition to wanting state-of-the art products and services, consumers also want choices. High Yield Contractors (33 percent) identify adding product lines as an obvious way to grow sales.
Adding new products and services is a common way to grow any business. Factors such as evolving homebuilding methods, changing consumer preferences and increased awareness of health and safety issues often open new product or service opportunities for High Yield Contractors.
Many High Yield Contractors (36 percent) also see value in expanding their businesses to better service customers. This could include adding services such as plumbing, electrical or home performance solutions.
Your technicians are already servicing existing homes and commercial properties. By emphasizing additional market sectors — such as plumbing or building performance — they may find potential opportunities to generate additional revenue for your company.
The key to adding new product lines is to remember customers look to you as the expert to provide the best possible solution to make their home or business a comfortable, healthy and safe place to be.
Be proactive in managing for success and set up a specific plan for growing your revenue, and you'll soon be on your way to becoming a High Yield Contractor.