Scale Your Home Service Business Growth the Right Way: Define Your Vision, Evaluate Your Business and Get Some Help
Right now, the home service industry is valued at $90.46 billion in 2023 and is expected to reach $156.29 billion by 2030, according to Verified Market Research.
And, if you are a home service business owner, you probably wonder how you can develop a pathway for growth so you don’t get left behind while trying to scale your business and provide quality work.
Here are three straight forward steps to take:
· Define Your Vision: You will more effectively build your business if you’ve crafted your company vision with your team. Collaboratively document that vision, live it, and incorporate it into your culture.
· Utilize digital platforms: From AI to inventory control management, digital tools are key to maximizing productivity and managing costs. Both are key to profitability.
· Get expert help: Growing your home service business is no longer just about adding customers. You have to grow intelligently, which often takes business coaching. By getting the right training and implementation support, you can manageably scale and move to the next level more confidently.
Utilizing these three steps will help you maximize your growth potential. Let's explore using digital tools.
AI Boosts Productivity
You are probably aware that artificial intelligence (AI) is revolutionizing many of today’s businesses. But what you may not know is that it is useful for the home service industry to help boost productivity, improve the customer experience and supplement a limited labor market.
For smaller contractors, AI applications like ChatGPT or CopyAI can help you develop processes you can use companywide, assist technicians with their ongoing training or create more personalized marketing campaigns. In addition, AI can help your team develop data on customers in real time so they can better serve your clientele.
Manage Your Equipment
It’s hard to grow if you can’t get a handle on costs. Outside of labor, one of your biggest expenses is managing tools and high-dollar equipment.
As part of your overall budget, you often have to predict when equipment will fail or need to be replaced. You not only have to schedule maintenance for your company trucks, but you have to have a good inventory of your tools and when they may need to be tuned up or replaced.
While there are digital tool management systems you can use to help keep track of your tools, Home Depot (HD) Supply’s inventory management solutions is a commonly used platform on the market and is a CEO Warrior strategic partner. HD Supply’s management system gives you greater visibility into your stock so that you can provide improved customer service levels at reduced costs. The HD Supply inventory management platform helps companies plan so that they will not lose revenue by acquiring and holding inventory too long.
Home service business owners have so many opportunities to grow and scale their businesses. But growing intelligently takes intention and planning. Defining your vision, seeking expert help and using digital platforms to fill in the gaps can help you scale your business the right way.
Scott Bohannon is the CEO of CEO Warrior, where he supports entrepreneurs and their teams in the trades by helping them improve their business performance. Bohannon previously served as the president and CEO of the Center for Creative Leadership, CEO of AchieveForum, and CEO of Info-Tech Research Group and McLean & Co.
He received his bachelor’s degree in public policy from Centre College in Danville, Kentucky. He later received a master’s degree and Ph.D. in economics, as well as a J.D., from the University of Virginia. For more information about Bohannon and CEO Warrior, please visit https://ceowarrior.com/.