Money Conversations for Techs
In today’s podcast, Bryan and Jesse talk about how technicians can talk about finances and money in the HVAC business.
The first step for any successful business is to provide customers/clients with a product or service of value. However, there must be a balance between providing something of value to customers and providing excellent customer service.
When starting an HVAC business, one of the biggest mistakes is making money the top priority. Money can only become a factor after a business establishes the value of its services and communicates its value to its customers. There is no hard line for fair pricing, so the contractor and customer must communicate to establish a price tag and the expectations for the work performed.
That same mistake applies to employees who want raises or promotions. Employees may feel as though they are owed more for their work, but they must establish their value before they get a raise. Again, the goal is to avoid unmet expectations.
Profitability and value are not just important to the managers and bookkeepers of an HVAC business. Technicians are the ones who bring profitability and value to their organization. Labor is expensive, but it must be valuable if you want to turn a profit (either for the business or in the form of increased wages). Technicians can increase their value and profitability by mastering skills and learning unique practices (IAQ, duct design, etc.).
When a business becomes more profitable, it can invest in better training for its techs. It can also have more control over the customers it chooses to serve.
Jesse and Bryan also discuss:
Misunderstandings about tax write-offs
Bundling and flat-rate pricing
Establishing value with commercial customers
How to communicate price ranges
Treating difficult clients with respect
Check out information on the 2022 HVACR Training Symposium HERE.