In the last issue of the Online Communicator the discussion was about how much our industry has changed in the last 25 years. Additionally we discussed how important it is that you not deviate from the Core Structure that has been responsible for your success.
Let’s take a look at another interesting question that we should probably ask: “If I had it to do over again, what would I do differently?” When you stop to think about it this is a very interesting question. What was your background when you made the decision to start your company? Was it system sales, technical installation, equipment manufacturing or some other business background? Regardless of how you found yourself as an owner of an alarm company I am confident that there are a few things you would do differently if given the chance. The good news is that it is never too late for you to make some of those fundamental changes that will improve your business operations and therefore your bottom line.
Do you feel like your technicians are speaking latin when they talk to you? How many installations have you worked on with your technicians? Regardless of how busy you are the more time you spend on job sites with your technicians the greater understanding you will achieve regarding the challenges your technicians deal with. The impact this could have on the both the quality and scheduling of your technical training program would be amazing. The result from an operations perspective could lead to more efficient scheduling and inventory control.This could also lead to more efficient cash management and expense predictability.
When you meet with you accountant to review your P&L statement do you feel like you just watched a bad movie you didn’t understand?
Regardless of how busy you are it is never too late to take a few business and accounting courses. The financial side of your business is equally as important as the technical side. Do you have a signed contract with all of your customers? Are your contracts reviewed by your attorney and insurance carrier on a periodic basis to assure that they are current? Does your insurance carrier offer a liability product designed specifically for our Industry? Are your accounting and billing systems in good order? If a catastrophic event were to occur in your life what would happen to your business?
Better business practices on both the technical and financial sides of your business will lead to a business that is easier to manage, more profitable and therefore more valuable.
Bob Scales, President ESA of Missouri