Money Conversations for Techs
09.02.2021 - By HVAC School - For Techs, By Techs
In today’s podcast, Bryan and Jesse talk about how technicians can have conversations 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 have productive conversations 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 those things 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 niche practices. 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: Maintenance agreements Service repairs Misunderstandings about tax write-offs Bundling and flat-rate pricing Establishing value with commercial customers Technician skillsets Warranty challenges How to communicate price ranges Treating difficult clients with respect Check out information on the 2022 HVACR Training Symposium HERE. If you have an iPhone, subscribe to the podcast HERE, and if you have an Android phone, subscribe HERE.