Tips for Building Your HVAC Business in 2019

It’s mid-Q1 2019, so now is the perfect time to meet with your management team to make sure you’re on target for a successful 2019. Here are some tips to help you organize your staff meeting and put together a successful plan 

  1. Revisit Your 2019 Business Goals

It is vital to have goals for your business, as well as a plan to accomplish them. It’s also a good idea to step back regularly and evaluate those goals and your company’s ability to meet them. Take a good look at what makes you stand out from the competition. Next, think about your financial goals. What are your goals in terms of sales, and gross vs. net profit?

Since the HVAC industry is a seasonal business, you know you will have ups and downs throughout the year. Make your plans with this in mind. Consider how many sales you will require, both in terms of general inspections and premium services, such as installations.

Another key factor is staffing. How many HVAC technicians are you going to need throughout the year? How many salespeople will you require? Your staffing plan, and its associated costs, will help you establish your revenue needs to ensure that you have a strong profit margin.

Where is your business going to come from? How much will you rely on repeat customers? How many referrals do you expect? How much new business will you have to acquire through advertising? You should revisit your sales and marketing plan to ensure you enough qualified leads coming into your sales funnel.

  1. Analyze Your Numbers

With each passing month, you should perform a review of your company finances, including all statements and balance sheets. Determine where your profits and losses are. You’ll need to stay on top of average sales, sales per worker, and losses. Then, carry out comparisons between times of the year, seasons, and years. This will allow you to better understand your market, learn how to improve sales, and plan for the future.

Data is key. You’ll need good data on service calls, leads, service contracts, and your cash flow balances. Ensure that your bookkeeper keeps track of all of these records, so that you can easily access them throughout the week.

  1. Recruit New Talent

Another fundamental aspect of running a contracting business involves recruiting new staff. Always keep an eye out for potential newcomers into your business. Take note of individuals who you believe may make a great addition to your company. If you aren’t in a position to hire someone immediately, start forming a relationship. That way you know you’ve always got someone trustworthy when you suddenly find yourself in a better position.

  1. Internal & External Communications

As the face of your company, it’s important to maintain great communication and trust among your staff and the local community. You can easily boost your company’s reputation and awareness by participating in local activities and organizations. Spending time with the Chamber of Commerce, other business organizations, and your local HVAC trade school can bring potential customers closer to your company.

Always strive to maintain good, positive communications with your staff and they will feel appreciated and know where they can make improvements. You should hold group staff meetings on a regular basis. This gives employees the chance to air concerns and provide you with feedback that you may find useful.

  1. Trust & Delegate

As the owner and person who has probably invested far more into the business than anyone else, it can be difficult to let things go. However, you have to share the burden and trust your team. They may not do everything in the same order or exactly how you would do it, but you will have to let go of some control in order to truly grow your business. Create a team and a set of standard operating procedures that will make your business run smoothly without your involvement, and you’ll achieve growth.

  1. Be a Lifelong Learner

Things change all the time, and the HVAC industry is no different. New legislation that impacts the industry is a given, and new innovations and technology are constant realities. Therefore, it’s essential to stay prepared and commit yourself and your team to a life of learning and knowledge seeking.

 

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