As a business owner you are constantly looking for ways to give your business more stability, right? And it’s even better if you can increase the value of your business and provide more regular cash flow at the same time, correct?
Did you know 45 percent of home technology professionals within our industry are offering one thing to help their business’s stability and profits? (Oh, and by the way, you can bet some of your competitors are doing this too).
What’s the formula to their secret sauce for success? It’s simple…and, man, do the profits taste good.
The formula for success is through offering recurring revenue services to clients.
According to the 2012 CEDIA Benchmarking Survey, 45 percent of home technology professionals are currently offering these services – primarily through service contracts, remote security system monitoring, and remote network monitoring and diagnostics.
On a basic level, recurring revenue offers a way to get more regular cash flow, which in turn, gives your business more stability and increases its value.
Outside of the obvious, why else would you want to offer these services?
Given the rapid shift in our industry, there is no better time than now to shift your high-margin, product-driven model to one that revolves around customer service and support. One way to do this is through Client Care Programs (service contracts).
Client Care Programs is a fantastic way to establish long-term business relationships with your clients and increases customer satisfaction. So, how do you start the discussion with your clients starting on day one? How do you teach your technicians to increase recurring revenue opportunities? What are the different forms of recurring revenue other than service contracts?
Learn it all in just one hour in CEDIA’s Business Toolkit webinar, Increasing Profits: How to Incorporate Recurring Revenue into Jobs from Day 1
(free to CEDIA members).
Led by Leslie Shiner of The ShinerGroup, this webinar uncovers ways to increase your profits through recurring revenue. Topics include starting the discussion with clients on day 1 of a job, forms of recurring revenue, and teaching your technicians how to increase recurring revenue opportunities. Get started now!