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6 Ways To Increase Profitability Of Your Appliance Repair Services
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From using technology to optimizing your team, below given some proven ways to increase your appliance repair service profitability.
First-Time Completion Rates
With every repeated trip to get a job done, your profitability reduces. It is necessary to minimize the possibility of going back to the same place again and again. For this, you should analyze your intake process. While scheduling a job, make sure that you will obtain all the necessary information, such as make and model no. of the appliance, problem with that appliance, and its history.
Once you get all the details, create a system, and add further information you discover that can be helpful to ensure better first-time completion rate. Examine the entire process that your technician can use and ensure that they will carry the correct parts with themselves before they leave.
You can also examine the first-time completion rates with the technicians who are good at it. It will help you to identify those areas where additional training is required.
Analyze the Warranty Contracts
There are a large number of home warranty and manufacturer contracts to provide support for the appliance repair business. You have to carefully analyze the cost you spend on doing a task and the revenue you collect, otherwise, it will directly affect your profit margin.
To analyze this, you must know how much does it usually cost to repair the parts, your labor costs (including workers comp, benefits, and payroll taxes), vehicle cost, and share of other costs that are required to complete the job. You may find out that the profits you make on the warrant contracts are not worth doing as written. Try to renegotiate the terms written in the warranty contract.
Standardize the Pricing That Applies In The Field
There are some appliance repair services that have standardized pricing model whereas other allow their technicians to decide rates based on the suggested methodology. Irrespective of the way you choose to go with, make sure that your company will price correctly because even if one person charges less than the others, you can have a noticeable loss.
Control Unused Parts
Develop a process where your technicians won’t lose any unused part in the shuffle, helps you to reduce the cost of buying parts. Your technicians might not unload or return unused parts at the end of the day, but it is necessary.
Ensure that your company follows a proper process where the unused parts get tracked and returned to the supplier if not required, or kept safe and available for the next job. You can save a significant amount when having a close look at the parts and don’t lose in the truck or anywhere else.
Optimize The Routes
By reducing the distance that your technicians need to travel, can decrease the time they take to complete given task. In addition to that, optimized routes also ensure that there would be less damage to your vehicles. You can have any route optimization feature to schedule your time effectively and ensure that you have optimized your time to maximum productivity.
Perform Routine Maintenance
It is necessary to take preventive measures on your vehicles to make them operate more efficiently and last longer. Make sure that your vehicle has routine maintenance including proper tire inflation, oil changes, tire replacement, and other recommended maintenance for avoiding unnecessary vehicle costs.
It surely takes time to implement some of these steps and getting more profits. You can invest in different technologies for your appliance repair service. To consider these opportunities and assigning tasks to your technicians would be your first step towards profitability.
Mr. John Nassar is the Founder of Hwisel Soft Inc. He has 18+ years of experience in the Residential HVAC, Home Security, Smart Home, and Consumer Finance industry. He is a serial entrepreneur who is also a consumer and advocate for the same products and services his companies provide. He is a change junkie who enjoys cycling, travelling, and spending quality time with family. He holds a Masters Degree in Business and undergraduate B.Comm Degree with a Major in Economics.
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