As the economy has gotten back to a stable status, you may be looking at growing your HVAC empire. I will warn you though – tread carefully.
While growth of your HVAC business is encouraged, there is much more than meets the eye when it comes to this pivotal decision in your company.
Here’s a short diagnostic to determine if your HVAC business is ready:
- Strengths, weaknesses, opportunities and threats
The first step you may want to consider is to perform a SWOT analysis. This is the part where everyone gets honest. There may be vulnerabilities in the area of meeting the 24-hour service promise that has been made to customers. Perhaps strength lies in the team’s attention to detail. Weigh in how these may be helped or compromised by HVAC business growth.
- Capital and staff to grow
Money for growth and staffing are always huge concerns for our HVAC dealers, and there’s reason for such. First, if you don’t have the money to ensure profit once you do expand, where will you get it? Also, once you have that money, will you be able to competitively recruit staff that will meet the attention to detail standards you have in the first place?
- Knowledge of new areas of HVAC business
Perhaps your growth goal is to expand your area of service or open up a second location in order to accommodate that. Once you research the new market and area, you might find that the population will not bring you the new unit sales you were expecting, or that the new market is flooded with competition. It’s all about research.