Top tips for how to keep your business afloat during hard economic times.
Last year, Australia experienced the highest inflation rate since 1990, at 7.8%. Coupled with rapid wage growth, it’s a challenging time for pest management businesses. Finding ways to survive the rising costs of electricity and salaries can seem daunting. Pest control has always been a resilient sector, some might even say recession-proof, but the uncertainty of the current economic climate makes inflation the number one concern for business owners.
Here are three strategies your company can put into action to protect your bottom line.
Raise your prices
It might seem like the wrong time to raise prices. However, if it’s been a while since you last updated your rates, now is a good time to adjust them. As with all dealings you have with your customers, there are best practices you should consider before taking the leap. First, look up what the competition is charging. The increase must be worth it for your business, but you also need to ensure your pricing stays competitive. Secondly, communicate the change clearly and diligently with your customers. Software such as ServSuite by FieldRoutes can help simplify the process by automating these messages via text or email. Last but not least, consider psychological pricing. Take advantage of the way people perceive prices and set them accordingly. You might even consider offering a bundle of services for an established fee; customers often prefer a stable, predictable option when finances are uncertain.
Cut costs with automation
As expenditure climbs, running a lean operation has become of critical importance. Cutting costs may seem easier said than done, but there are several efficiencies your business could quickly implement to make significant savings. Consider scheduling. If you aren’t automating schedules, you’re missing out. Not only are unnecessary employee hours being spent on the task, but manual scheduling simply doesn’t optimise technician time in the way that technology does. The same goes for billing, appointment reminders, collections, and more. Every aspect of your business stands to benefit from automation, so now is the time to partner with a software solution that cuts the mustard.
Focus on excellent customer service
Retaining current customers is more cost-effective than acquiring new ones. Keeping customers happy is fundamental if you want to maintain their custom. Focus on maintaining quick response times, giving a consistently professional impression and keeping your customers informed about their services. One easy way to facilitate this is by using mobile technology. By using a mobile app to manage services, technicians are empowered to keep customers informed and relay service information with just a few clicks. Consider investing in robust software that enables your staff to maintain professionalism in the field and update customers about their services in real time.