The Importance of Properly Tracking Service Business KPIs

Grayson_JamesJuly 1st, 2015

One of the main questions you might have as the owner of a residential home service business is, “How well is my business performing?” You may know that your business is making money, but do you know how and why? Do you know if your marketing is effective, and how well your sales force is converting leads into sales?

More importantly, if you do not know the answers to those questions, how can you create and implement a strategy to improve and grow your business?

Key Performance Indicators (KPIs) are measures of performance a business uses to see whether its activities can be considered successes or failures. This information helps businesses understand how they compare to other similar businesses and gives business owners the data needed to set realistic goals for improving and increasing profitability. Tracking and monitoring your business’ KPIs through dedicated operational software is a way to do this.

Examples of KPIs include:

  • Gross profit margin
  • Annual sales
  • Income per lead
  • Lead conversion
  • Cost per lead
  • Job cost vs. profit
  • Unbilled time
  • Call conversions
  • Return calls per technician Measuring service business performance without the right tools can be difficult and time-consuming, but HVAC-dedicated software like ServiceTitan makes the process simple. ServiceTitan founders created this software with HAVC, plumbing and electrical service businesses in mind, and worked directly with these businesses in the development stages to offer a targeted software product not available in the marketplace.

KPI tracking needs change from year-to-year depending on individual business objectives and industry trends, so if you think your residential home service business could benefit from customizable tracking software, look no further than ServiceTitan.

Product IllustrationProduct Illustration

Related post

25 Essential Electrician Tools for 2020

Workers rely on tools for accuracy, resiliency, craftsmanship, comfort, and safety. This includes electricians who keep our homes illuminated, connected, and energy efficient. Below, we review the must-have electrical maintenance tools for the modern electrician's tool belt.

Thumbtack Competitors: 57 Apps and Websites To Expand Your Company’s Reach

Any entrepreneur will tell you businesses don’t just grow themselves. It takes hard work, quality service, a good reputation, and visibility. If your potential clients can’t find you, it’s going to be difficult to expand your business. Many in home and commercial services seek that increased visibility through Thumbtack. What is Thumbtack? It’s an app that is one of the biggest players in a changing technological landscape made up of a blend of apps, web pages, local directories, and review sites. 

32 Essential HVAC Tools for Service Techs in 2020

Servicing HVAC or installing new air conditioning or heating systems for residential and commercial clients requires a skilled workforce with access to the right HVAC tools and equipment to get the job done. Some companies require HVAC techs to bring a few of their own tools to the job, while others provide the equipment needed to complete larger-ticket items. Here’s an HVAC tools list with 32 pieces of gear your service techs need in 2020 to provide the most professional customer experience.