I believe that, for the most part, people in our industry do an excellent job initially earning the opportunity to help our clients. We even go as far as convincing them to enter a committed relationship with us. We make promises much like that of marriage vows. However, like many frayed marriages, I often notice that the customer holds up their end of the deal, and yet we as contractors fall short.
A consistent message across all industries is that each month should be closed out by the 10th of the following. It allows for a company to review the prior month’s performance and make any necessary changes in the current period.
If you are in the HVAC world, peak season is either here or rapidly approaching. This is the time of year when you and your team have the opportunity to put some money in the bank, while at the same time truly helping customers in need.
I didn't invent the rule. I discovered it during my Nexstar interview process with Jack Tester and Julian Scadden. I immediately discovered what makes Nexstar so much different than the majority of other organizations.
Is your call center slowly but surely devolving into a factory assembly line? Does your team show up each day, only to deal with customers in a routine, mechanical motion that is missing a personal touch? Are your employees engaged and motivated to provide exemplary service to each and every customer, or are they simply shouting “Next!” at the end of each call?
I work with a lot of companies, and sooner or later the topic of deferring revenue always comes up. Some companies do it, some don’t. Those that do tend to be happy with the process and accuracy of their numbers, though occasionally there will be a company that will be unhappy with the added work of deferring revenue.
I was recently speaking with a contractor who created an Inside Sales position in his company. He made this change because he recognized that recovering revenue that would otherwise be lost is a huge opportunity. To him, it was a no-brainer. An Inside Sales person can recover a great deal of revenue.
I was startled to learn that many owners and managers could only recite a portion of their mission statements. Some of these leaders are the same people that created their missions! Some managers said they didn’t know what their mission statements were, but they could recall seeing them in a handbook or paperwork somewhere. And a few managers said that they only saw them when they were hired.
Depreciation is one of, if not the largest, vehicle expense for a company. So, it’s very important to record this every month. You wouldn’t go a whole year without recording your fuel expense or any other expense representing roughly 3-5 percent of your income, so why is it accepted to ignore depreciation?