Snapshot Survey Results | Scaling a Contracting Business
In the January 2022 Snapshot Survey, we asked owners to share their approaches for scaling a contracting business to uncover best practices to share with you. Here’s one survey question and its results from the “Scaling a Contracting Business” summary report, which will be available in its entirety to EGIA members on 2/18/22.
Over the next 5 years, which of the following are you looking to implement to help you scale? (Select all that apply)
Scaling a contracting business isn’t just about driving more sales, it’s about delivering on those sales with the same consistency and culture that your customers have grown to expect. Streamlining processes, investing in technology, and finding the right people to deliver your brand experience is critical to growth. Of the contractors who took our survey, the majority (90%) said they will invest in employee training and development in order to scale their company over the next 5 years. Another 81% said they will focus on standardizing processes and procedures in order to grow. These two categories represent a focus on finding the right people to do the job and making the job as replicable as possible for maximum results.
Only 29% of companies surveyed said they would invest in new software, such as a field management tool or accounting program, to make the task of scaling their business more successful. This either means that most companies already have the right software or they do not find the value in software tools. Contractors should consider investing in software, as technology often makes it easier and less expensive to scale a business, with less demand on labor resources.
Here’s what an HVAC contractor from Maine said in the survey:
“Our top priorities are to hire qualified personnel, use more technology to monitor and control jobs, automate more functions, develop detailed standards, incorporate more training, and research all available tools that can help us grow.”
