Inventory management is a critical part of any home service business. Without proper inventory management, you can run out of essential items and materials, which can lead to unhappy customers and lost sales. There are a number of different inventory management software systems on the market. When choosing a system, there are several factors you should consider. 1. The ability to track your inventory levels in real-time The best inventory management software systems will provide…
Running a field service operation can be both challenging and rewarding, and there are many motivating factors when making the decision to start a business. Similarly, there are many different reasons that the owner of a field service company might choose to sell their business. You may have started your business knowing you would ultimately sell it if it were successful; you might simply be ready to move on to retirement or your next project;…
In a perfect world, all business owners, be they painting professionals, electricians, or handymen, would be trained accountants and know exactly which levers to pull, and when, to ensure long-term profitability. Whether you are thinking about purchasing expensive equipment, hiring more people, or expanding into a new market or service, your balance sheet is the most reliable source from which to make important business decisions. The Building Blocks of a Balance Sheet There are three…
Steady cash flow is critical for business owners to avoid borrowing capital. But, with more and more federal rate hikes, everything from credit cards to loans is costing you more than ever! If your sales are not growing at the same pace as your debt, you’ll find yourself upside down unless you can streamline receivables. In this economy, collecting and processing in the most efficient manner is absolutely necessary to encourage steady cash flow and…
As the age-old adage says, you have to spend money to make money. For small-to-midsize businesses (SMBs) like a service company or locksmith business, this is frequently easier said than done. Finding the funding you need to run your business and help it grow can sometimes prove to be a challenge, but the right prepaid business card can be the solution. The Benefits of a Prepaid Business Card Traditional credit cards and business loans can…
For many field service companies, the inability to control the finer points of what happens behind the scenes in regards to payment processing often becomes the starting point for a snowball effect that can have a huge impact on a business’s financial health. This is especially pronounced in small and midsize businesses (SMBs) for a number of reasons. Many businesses feel trapped when it comes to coping with various pain points associated with payment processing.…