Owners of a restoration business are always studying their budgets in an effort to increase their return on investment. After all expenses are paid – from worker salaries, to equipment, to transportation – an owner wants to know how much money the business actually brought in from a restoration project. Smarter spending and more efficient work practices can improve ROI, which in turn gives the entire company a chance to grow.
One way that ROI can increase is through cloud software such as DASH. The technology assists in tracking both expenses and revenue, which helps process insights business owners can use in their everyday work. By creating a greater understanding of how money is flowing in and coming out of a company, an owner can make adjustments to raise profits.
Here are five ways DASH can help the owner of a restoration business improve her or his ROI:
Understand where jobs are coming from
A primary task of business owners is locating future jobs and attracting new customers. The cost of seeking out this future business impacts a company’s bottom line, and in turn, its ROI when a job is done. The more effort and resources invested into marketing and recruitment, the less there is to spend on the actual job.
The U.S. Small Business Association stated that for companies with a revenue of less than $5 million a year, roughly 7 or 8 percent of the budget should go to advertising. Spending less than on marketing that will make it difficult for enough customers to find a business, and going over that amount could lead to either too many jobs that the company is unable to handle, or a negative ROI.
DASH helps track where jobs are originating, so that a company can better focus its advertising and marketing strategies. Locating who is making referrals that lead to future jobs, or how much is being spent on customer service, can focus a restoration company’s efforts. By streamlining job management, DASH allows owners to easily determine the best ways to attract future business.
Study how bills are being paid
Not every aspect of a restoration company will have the same expenses, and organizing those different categories can help business owners determine where negative ROI takes place. Instead of taking a broad view on expenses, DASH focuses in on specifics, allowing business owners to take a closer look at why certain areas of a company spend more than others. Having the information on hand that determines how bills are being paid can help budgeting moving forward, because it informs business owners of where resources should be allocated to increase profits.
Reporting on expenses
It is impossible to measure ROI without knowing how much money is being spent up front, which is why in-depth expense reporting is so vital. Using cloud-supported software like DASH makes this process easier. The program helps track when payments are made and where those costs are going, so that moving forward, a business owner can evaluate how his or her company is spending money. DASH tracks work progress as it happens, so that when expenses are made and items are purchased, the software is able to evaluate how that helps the company as a whole. With DASH, every penny is accounted for and nothing important falls through the cracks.
Cleaning up workflow issues
A common loss of income comes from time and resources being used incorrectly. When every member of a restoration team knows the tasks they must complete and who to report to, a lot of that waste can be cleaned up and repaired. Developing a strong workflow chart can make this process easier. The Houston Chronicle explained that a detailed chart serves as an important analytical tool for businesses, because it helps define the process for accomplishing work and identifies problem areas.
“A common loss of income comes from time and resources being used incorrectly.”
DASH helps a company design and implement its workflow process. Owners can customize the process so that every task is accomplished by the right person within a business. As staff is added and projects change, the cloud-based software can be updated as well, so that everybody within a business is on the same page about the work they are assigned to do.
When everybody is doing their job, the chance of time and resources being wasted drops, while potential ROI rises.
What happens when one decision or project has a ripple effect and impacts the entire company’s profits? That can happen in restoration work, and is something business owners need to know about. Given the tremendous ramifications of a mistake or error, having timely information is needed.
DASH provides real-time updates, so that business owners can track progress on multiple projects simultaneously. By collecting accurate data as it happens, business owners can make instantaneous decisions that improve ROI. Instead of letting a simple error lead to more problems down the road, using cloud software gives business owners the chance to make corrections before they become huge drains on the company’s bottom line.
For a restoration business that doesn’t have DASH, or one that doesn’t study its ROI closely, it is never too late to start. By analyzing data to determine ways to improve efficiency and save money, a company can better plan for its future. DASH is the top restoration management software on the market because of its customizable features that give business owners the ability to better study costs and profits. Integrating DASH into a restoration business will lead to better results from the top down.