Your long term success is dependent on how you plan strategically for growth and decline. Those two things are rarely predictable. However, putting efficient processes into place can help companies maintain stability and continuity in a.
- Understand asset utilization. The ability to track assets is crucial to the success of a repair and maintenance business. Underutilization can harm your business in big ways and leave money laying on the table. You should always know exactly where your assets are located, how they are being used, and when they are available.
- Accurately track billing. Keeping track of your billing is one of the simplest ways to tighten up your business. This will help you predict revenue and plan for a growing company. Further, eliminating discrepancies between what is bid and what is billed is an easy way to mitigate concessions and other unforeseen costs.
- Manage personnel utilization. Nothing is more important to your business than having the right people in the right places at the right times, and nothing is more costly than not utilizing your personnel to their full potential. You should always know that you’ve placed the right people in the right jobs.
- Manage safety on the job. Safety on the job site has become a top priority and you and your company are at risk by not knowing who has had safety training as well as what pieces of equipment have a history of failing. Tracking these can reduce your risks and increase your productivity.
- Eliminate redundancy. Repeating processes and data entry due to lack of infrastructure is costly. Make sure you have a foundation in place for tracking all aspects of jobs. Transcribing written notes to a spreadsheet is a waste of time. Having a comprehensive platform in place to track important data puts you a step ahead and keeps you from guessing. This allows you to make the best decisions all the time.
- Use real-time data from both sensors and people. Imagine if everyone in your company could access real-time data from the field to the office and everywhere in-between. With technology today, this is not unreasonable. It will save you time and money having your entire team on the same page. The upfront investment of solid, real-time technology could save you millions.
- Simplify your processes. Activity in the field moves quickly. Help your team keep up and get the most out of their workday by putting simple processes into place that don’t require tedious steps and redundancy. When you’re implementing new processes, plan for appropriate training and implementation procures. This will save you time and money in the future by preventing mistakes.