What’s Your Breaking Point?
Sept 1, 2022
In tough economic times, total trade business software can help you weather the storm and remain confident in your business.
If you’ve ever learned how to ride a bike, a surfboard or even tried your hand at yoga– you know how difficult it can be to find balance. You can focus on a fixed point in the distance and shift your weight around all you want. But at the end of the day, there are often things out of your personal control that can send you tumbling.
We’re all experiencing what it feels like to be thrown off our balance right now with looming economic uncertainty.
If this uncertainty has already impacted your business, you’re not alone. How can your business continue to thrive in the face of challenges out of your control?
To start– focus on what you can control.
Below are the major three issues electrical businesses like yours are facing right now.
1. Cost Control
We all know that inventory is an up-front cost. And bad inventory management can be even more costly for your business. Are you able to see which materials you have in stock? Do you know where those materials are located? These sort of unknowns cost your business even more money. You also run the risk of having to rush to order more materials if what you have in-stock has already been taken to a jobsite. On top of that, suppliers will most likely overcharge your business because you were not able to plan ahead.
2. Visibility & Profitability
Visibility is important beyond inventory. You also need to have visibility into how you collect payment once the job is complete. Sending invoices and collecting payment on-time is a huge reason many electrical businesses struggle to report profitability. Not knowing when you will receive payment disrupts cash flow, and means you’ll need to take more money out of your pocket just to take on the next job.. When considering which jobs to take and how to prioritize them, have you also taken a look at which jobs are profitable and which ones you lose money on?
3. Efficiency
It is obvious that taking on jobs that are less profitable is inefficient. But have you thought about where else your business is inefficient? If you are operating your business with pen and paper or with multiple softwares, you are likely wasting time and money on administrative tasks. With these systems, you also might be paying even more for your administrative employees to chase down payments you still haven’t received for completed jobs.
Do any of these issues around business operations sound familiar to you? There’s a better way. simPRO is a total trades-business software that replaces time-consuming pen and paper or spreadsheets with one end-to-end solution to manage your business.
● Get greater visibility over the materials you have in stock and know where to locate
them.
● Quickly collate important data. Customize and schedule reports. Gain valuable insights.
● Streamline workflows. Enhance visibility. Increase growth potential.
You don’t have to face these challenges alone. Let’s face tough times together, head-on. Visit simprogroup.com or call us at (855) 338-6041 to schedule your free customized demo today
