For most contractors, the past year turned out to be a great time to be in the residential HVAC business. Consumers were staying at home and spending on comfort rather than leisure. But now the situation is returning to something more like normal. At the same time, costs of everything from equipment to vehicles are rising. Now is the time for contractors to pay more attention to how they manage their money.
That was the message delivered by Chris Crew, president of the Blue Collar Success Group, during a recent webinar. Crew said events turned out well for HVAC contractors last year. They were deemed essential businesses, meaning they could keep working while others had to shut down. The government provided stimulus money to consumers to pay for their services and guaranteed Payment Protection Program loans to keep staff employed.