1. Relying on cash
Cash might be convenient and easy, but it’s not the best way to handle business transactions. Not only does it make it difficult to keep track of your finances, but it also puts you at risk of fraud and theft. Instead, switch to accepting online payments with a credit card reader – it’s safer, more efficient, and more convenient for your customers.
2. Using outdated pricing
It’s easy to think that offering the lowest price will get you ahead of the competition, but that’s not always the case. Make sure you do your research to know the current HVAC market prices and calculate your costs to make sure you’re not losing money. Don’t hesitate to raise your prices as needed.
How can we set the right price?
- Research your market and competitors
Knowing the prices of your competitors will help you determine the right price for your product or service.
- Consider customer feedback
Ask customers for their feedback on your pricing. Their input may help you decide on the best price.
- Analyze your costs
Make sure to factor in all the costs associated with your product or service. This includes labor, materials, overhead, and more.
- Assess your value
Consider the value of your product or service and compare it to competitors. A low price may not be the best choice if it doesn’t reflect the value of your offering.
- Select pricing strategies
Select a pricing strategy that best fits your business model, such as competitive pricing, premium pricing, or penetration pricing.
- Set price bands
Establish price bands that reflect the quality of your product or service.
- Offer discounts
Offering discounts can help customers feel like they’re getting a good deal.
- Stay flexible
Be open to adjusting your prices as needed to remain competitive.
- Monitor pricing
Monitor pricing regularly to ensure your prices stay competitive and in line with the market.
3. Skipping insurance
HVAC work can be risky, and you don’t want to be caught unprepared if something goes wrong. Thankfully, there are many insurance providers that offer insurance specifically for HVAC professionals that will cover you in the event of auto accidents, personal injury, and more.
How much does it cost?
A quick research (among our members) shows that on average HVAC technicians pay 29$ to 69$ a month meaning 360$-840$ per year which is now (in our opinion) worth the risk of skipping your insurance payment.
4. Forgetting about marketing
Marketing is an essential part of any business, and it’s especially important for HVAC professionals who need to find new customers. Online marketing is affordable and easy to do, and it can be as simple as posting content on social media and being active in local groups.
Top 5 marketing channels for local business
- Social Media Marketing
- Search Engine Optimization (SEO)
- Email Marketing
- Local Advertising
- Local Networking Events
* top Social media marketing sites:
5. Not asking for reviews
Did you know that 93% of users say online reviews have an impact on their buying decisions? If your business doesn’t have reviews for people to browse online, you’re probably losing out on a lot of customers.
To take advantage of the power of online reviews, be sure to ask all of your customers to leave you one once you’re done with your job for them. With Workiz, you can even set up automatic review request text messages and emails so you don’t have to do it manually.
6. Doing your own accounting
Doing your own accounting is one of the least fun parts of running an HVAC business. But trying to do it manually puts you at risk of making costly mistakes. Invest in accounting software and use Workiz to integrate with popular programs like Quickbooks to streamline your finances.
7. Using too many business tools
Running an HVAC business requires you to engage in a lot of different processes: price estimates, invoices, dispatching jobs, accepting payments, and managing inventory – just to name a few. Having multiple tools for different processes can be just as inefficient as trying to do it all manually. Choose a single, all-in-one tool like Workiz that will let you do everything in the same place and save you time.
8. Neglecting customer service
Finding new customers is one thing, but retaining your previous ones is just as important. After all, returning customers spend 67% more than new customers, and increasing your customer retention rates by only 5% can help you increase profits by 25% to 95%! And one incredibly important way to retain customers? Good customer service.
It all starts with effective communication. Give your customers a way to easily contact you if they have any questions or concerns, and be sure to respond to them quickly when they do. To help, Workiz comes with a full communication suite that you can use to manage your calls and messages.
9. Ignoring data
If you want to grow your business, there’s no way around it: you’re going to have to crunch some numbers and analyze how your current campaigns, workflows, and strategies are performing. Failing to do so is losing a huge opportunity for improvement and growth. The good news is that any good HVAC business management software doesn’t just give you a place to store and organize your data, but it will also analyze it for you to help provide insights that you can use to improve your business.
10. Forgetting about automation
As a business owner, you have to do so much more than just actual HVAC work. After all, just look at all of the hats we’ve told you to wear already – marketer, customer service rep, accountant, and more. How could you possibly find the time to get it all done? Here’s the trick: automation. Instead of doing the same repetitive tasks again and again, allow Workiz to automate your workflow, from requesting reviews to reminding customers of your upcoming visit to sending reminders about unpaid invoices. This will make a world of difference to your operation, saving you time and helping you get everything done.
What can automation do for your business?
- It saves time.
- It improves efficiency.
- It standardizes processes.
- It reduces errors.
- It increases productivity.
- It increases employee satisfaction.
- It increases customer satisfaction.
- It leaves a paperless trail.
- It improves compliance.
- It improves the bottom line.
Following these tips and tricks will help you avoid common mistakes and make sure your business is running smoothly. Try Workiz today and see how it can help you reach your goals!