Measuring and keeping track of KPIs or “key performance indicators” is important for your HVAC business. Having the best HVAC KPI reporting software will make it easy to keep track of these indicators so you can identify problem areas and opportunities for growth.
The most difficult issue that many HVAC business owners encounter is finding a way to track these metrics without taking too much time away from their other responsibilities. Doing everything manually is impossible and some KPI reporting software is so expensive that small business owners cannot afford it.
The bottom line is, understanding the importance of KPI reporting software may make you realize all the business opportunities you’re missing out on. Let’s take a look.
KPI Reporting Software Importance: 5 Main Reasons
Here are the five primary reasons why every HVAC company should be tracking KPIs.
1. Monitor company health
When you’re taking a look at the overall company as a whole, it’s much easier to get the big picture. Think of your KPIs like your company scorecard. They’ll show you how well you’re performing in many different areas of the business including customer satisfaction, employee morale and productivity, revenue, and profitability.
Best of all, when you choose HVAC KPI reporting software online you’ll be able to choose what KPIs you want to track so you can develop the software in a way that appeals most to your business.
2. Measure progress and growth
Once you see those KPIs and you take a look at all the figures, it’s time to figure out what to do with that information. The data you receive from the reporting software will help you determine what actions you need to take next. For example, if you find that your profitability is down because certain employees are taking longer on certain jobs, you’ll be able to address that situation.
Without the reporting software, you’d have to figure that out on your own which could be difficult. Perhaps they need training on something or they’re struggling with a specific task which is causing the bottleneck. You can set targets and see how you either hit or miss them based on your performance as a company.
3. Keep track of goals
Keeping track of your company goals is crucial to your success. When every business owner opens the doors for the first time, they have some goals in mind. In the beginning, it could be nothing more than to get a few customers and make enough to do it again next month.
Once you’ve been in business a while, you’ll track more micro-goals such as average maintenance tickets and equipment sales. For example, if you wanted to try and increase your total equipment sales by ten percent this year, you’ll be able to track that using the P3 HVAC KPI dashboard.
The ease of use of the dashboard is important as well because you’ll need each employee to properly enter information into the system for the dashboard to compile the data properly. Simplicity will take less time away from the job and your customers while still tracking those valuable KPIs.
4. Solve problems and identify new opportunities
The ultimate goal of tracking anything is to identify the problem and figure out a way to solve it right? That’s the importance of KPI reporting software. When you have all this information at your fingertips, it’s easier to identify areas where you’re lacking and determine a plan to fix it. Let’s say your sales are down and the dashboard tells you that your sales team has been making less calls and booking less appointments lately. That right there could be your opportunity to improve. Find out why they’re making less calls and determine what steps you’ll take to improve upon that issue.
You can also use KPIs to identify new opportunities. Perhaps you want to try out a new service with your customers but you’re not sure if it will perform so you want to “soft-open” it. Test it out, track it using your KPI reporting software, and see how it does. If it’s going over well you can ramp it up.
5. Analyze patterns and compile data for the future
One of the greatest things about KPI reporting software is that you’re tracking everything and compiling data that you’ll be able to use for years to come. This data will help you identify trends and patterns in your business. Maybe you have a slow period each year around the holidays, knowing this will help you plan accordingly with staff and sales.
Understanding HVAC KPI reporting software capabilities should help you determine whether or not you need this in your business. We think all HVAC companies could benefit from better tracking of valuable data. Schedule a demo today!