The Top 3 Ways to Increase Profits for Your Business Post-COVID
18th October 2021 - During August 2021, we engaged the research consultancy Opinium to survey field service businesses about how they fared since the UK government eased their strictest lockdown measures.
Although, for the most part, many companies are doing better now than they were in July 2020, the survey revealed that 13% of organisations are still struggling. In fact, those in the worst affected category fear they will go out of business in the next year as costs continue to rise and COVID-19 support measures are phased out.
At BigChange, we’re committed to making a difference to the way you work and helping your business grow stronger. In this article, we’ll share the top three ways to increase profits for your business and bounce back post-pandemic.
How to Boost Your Profits
1. Reduce Travel Expenses
One of the best ways to maintain a healthy profit margin is to reduce business expenses. With petrol prices rising by 18% and diesel leaping by 16% to a near-record level over the last year, it’s worth looking at your current travel costs and devising ways to minimise them.
If you’re currently relying on spreadsheets to schedule your technicians’ working days, you could be missing out on the opportunity to optimise their routes. Thankfully, technological advancements in recent years have made it simple to assign relevant workers to jobs based on their location, skills and qualifications and vehicle type.
A job management platform optimises routes, which helps to reduce the amount of time each technician spends on the road. Lowered travel times increase the number of appointments technicians can attend each day, making it a worthwhile investment.
2. Improve First-Time Fix Rates
Did you know, companies that achieve a high first-time fix rate of over 70% enjoy a 4% increase in revenue? Subsequently, it’s crucial to equip your technicians with everything they need to complete their assignments the first time.
Keeping a close eye on your stock, equipment, and assets will ensure that you always have the correct items for each job and allows you to attend more reactive appointments. Modern asset management systems give you complete, real-time visibility over your inventory and allow you to assign gear directly to jobs.
By allocating equipment before each job, your technicians can rest assured they have the right tools to finish the work there and then. Plus, an increase in first-time fixes will liberate more time for your workers to take on additional jobs — which will prove to be particularly lucrative, as the workload has increased by 70% across the field service industry.
3. Digitise Your Processes
On average, we found that users of job management software grew faster than businesses still relying on spreadsheets and paper processes last year. Better still, those that made the most of the latest technology are now in a better position to take on further work and deliver it profitably in 2022.
Using job management software like BigChange, you can digitise all your processes and manage them on one easy-to-use platform. As a result, your back-office team can handle bookings — from the moment the client makes an appointment right up to invoicing and payment — at the click of a button.
Furthermore, the system records all customer interactions, meaning you’ll have a comprehensive record of information to refer back to whenever you need it without having to sift through mountains of paperwork. Additionally, you’ll reduce business costs by eliminating the need to store documents on-site or pay for storage.
Consequently, your team will have more time to spend on activities that contribute directly to business growth, leading to significant profits further down the line.
Job Management Platforms are the Future
It’s no secret that COVID-19 has taken its toll on field service organisations. Currently, fewer than half of field service firms are profitable. That’s why business leaders will need to think outside the box and look for innovative solutions that will help their companies bounce back.
In order to stay ahead of the curve and thrive in a turbulent economic landscape, you must consider how technology will help you overcome the obstacles you’re facing presently. Job management platforms arm you with all the tools you need to boost profitability and provide a great return on investment, which will benefit your business long after the effects of the pandemic have disappeared.
Help Your Business Bounce Back Stronger than Ever on BigChange
BigChange’s job management software is helping field service businesses across the UK win more work, take control of their operations and deliver winning customer experiences.
Bring your customer relationship management (CRM), job scheduling, workforce management, financial data and business intelligence onto one easy-to-use platform and begin enjoying the benefits of a smarter way of working today.
Want to find out more?
Discover how your business can grow stronger on BigChange, arrange a free demo today!
SIGN UP FOR BIGCHANGE NEWS AND RESOURCES
By clicking ‘Subscribe’ you confirm you are happy to receive regular email newsletters from BigChange. You can unsubscribe from these emails at any time.