Blog
21
Jul 2015
Eliminate Revenue Leakage From Your Field Service Business

When you run your own business, it’s vitally important to be on top of every aspect of it. If you’re not actively micro monitoring your business, you could be …well, brace up…leaking revenue. So, in order to maximize your revenue, it is extremely important to plug every possible leakage point from your business. While this rule applies to every business in the world, the application of it is hugely relevant to the field service industry. This is particularly the case, because unlike many other industry sectors that have adopted automation as a part of their mix, a good number of field service companies even today have themselves immersed in reams of paper. Automation….what’s that? Blame it on a recalcitrant force of habit. So, long story short, this article attempts to offer you a better understanding about revenue leakage, how to go beyond the paper and in the process how to effectively eliminate revenue leakage points from your business and business model alike.

So, what really is Revenue Leakage?

Simply put, revenue leakage is a common term that refers to the loss of money that results out of certain inefficient operational processes of your business. Primarily talking about the field service industry, revenue leakage is quite a big deal. Some of the more common revenue leakage points include:

  • Paperwork Done Manually - Sorry to be the bearer of bad news, but humans make mistakes. Businesses may quite agree with Alexander Pope when he says ‘to err is human’ (but may not really concur with the second part ‘to forgive divine’). Paper driven work is prone to human errors and often result in incorrect billing or loss of revenue. Now if we were to throw up some stats about the monetary losses caused by human error, I would be quoting a certain number followed by the term billion. Good enough reason to go paperless? Are you listening, HVAC, plumbing, landscaping, lawn services, garage door and every other general contractor or company?
  • Misplaced Paperwork - Have you or has one of your employees ever lost a highly important piece of paperwork? Worse still, have you had to face up to your boss after that happened? If you did, I feel for you. I’ve been there. When paperwork is lost or misplaced, you have another revenue leakage point. Human beings can be disorganized, and losing an important business ‘paper’ document happens from time to time for most service-based businesses.

Now that we understand and appreciate the fact that paper based work leads to a lot of avoidable errors, let’s explore certain ways one can eliminate these errors in total. Do I hear you say automation?

Let me go ahead and recommend a system that we’ve developed especially for the field service industry. It’s called Field Promax and has been developed out of a simple premise that the best way to successfully eliminate leakage points from any business is to use a simple yet effective management and automation software – starting with work orders.

Field Promax helps you automate your work orders, create and manage current and previous orders, and ultimately keep a historical record of billing and other vital information. Using this work order management system, you can also effectively define workflows in a way that result in standardized and timely bill processes for more accurate billing.

In the course of developing FieldProMax, I have had the opportunity to use quite a few work order management systems and that’s what spurned me on to create something that shines in its simplicity and comprehensiveness (try it to appreciate the paradox). In other terms, Field Promax sets the bar. By injecting Field Promax into your business model, I can tell you with more than a fair measure of confidence that you can completely get rid of revenue leakage from your business.

Go ahead and try it out totally free. Visit our page http://fieldpromax.com/ and see what difference it can make to your business.

Recommended Posts
17
Jul 2017
Build Customer Relations through Marketing
In the service sector, it is imperative to establish good and long term customer relationships. Marketing is probably the last department to get recruited in any new start up whereas it should be the first to be filled. Without marketin...
Read More
22
Jun 2017
How to handle lack of communication skills and ownership in the modern marketplace?
Skill Gap is a serious issue in most industries, especially for new and small start-ups and businesses. Skill Gap is essentially the mismatch between your employees’ current skills and the skills expected of them. According ...
Read More
START ORGANIZING
YOUR WORK BETTER FOR FREE
Get 30 days free trial
FieldPromax
318 First Ave. SW, Suite 913
Rochester, MN 55902
Email: info@fieldpromax.com
Phone: +1 952 679 8900