I grew up hearing the saying, money doesn’t grow on trees, and as much as I searched and searched I couldn’t find any evidence to debate that statement. Recently though, I had somewhat of a paradigm shift. I was talking to a wealthy business man who asked me if I believed money grew on trees to which I told him that I wished it did, but I’ve search and it most certainly does not grow on trees. He replied by saying, “Of course it does! Money is everywhere you just have to know where to find it and then go get it.” My next logical response was to ask him where I might find his wallet. But in all seriousness, money is everywhere; those that know where to find it and how to get it are the ones that possess it.
Month-end reports often prompt management to seek ways to increase profits and decrease costs. Although, if revenue was easy to spot, I’m sure you’d already have thought of it. But there are ways to find hidden revenue within your business, maybe even in places you least expect. Here are 5 places you can find hidden revenue in your workforce management operation:
- Workforce management software helps manage inventory on the trucks and in the office. By properly keeping track of your inventory, you can avoid overspending on goods. This type of bookkeeping is crucial to help you save money in the long run. If you keep overspending on inventory and purchase too much, items can be easily lost or become obsolete and essentially become wasted money. This is likely an unexpected place to save money that will really help you appreciate this software.
- Incentivize your team
- According to Aberdeen in the Service Revenue: Unearth an untapped stream of dollars, top service providers are nearly 3.5 times more likely than other organizations to incentivize their sales team for selling extended warranties and service contracts.
- Customer Satisfaction
- Workforce management software can schedule employees in a way to maximize efficiency. This can increase the satisfaction of the customers and increase their loyalty which will keep them returning. This software can help allow for field technicians to easily contact call centers. This can also create a way to conveniently and quickly bill customers and receive payment. It will also allow for easier upselling products, which can make a huge increase in your profits. Efficiency is a huge money saver by reducing costs. This savings is an easy way to add to your revenue.
- Value Added Innovation
- By bringing innovation to your service offering such as M2M predicative scheduling you can wow your customers with the assurance that they will never experience down time again. A service I’m sure many would pay extra for and would rely on for years to come. Only workforce management software can enable your organization to offer innovative service offerings.
- Planning the Work For You
- Workforce management software can help forecast sales trends so that you know how many employees you will need. This can minimize the downtime of employees if you have too many on staff at a particular moment. It can also help you decide to employ part-time employees during particularly busy seasons. Some software, like ServicePower’s enables you to utilize 3rd party networks decreasing the amount of full-time benefited service field technicians you need to employ. This software simply saves you money by not having to pay employees for sitting around waiting to work. Additionally it helps save your business money by matching techs to jobs where their skills and talents lie. The savings from this can add up to the thousands or even millions when properly implemented.
Utilizing the right software is a great way to help you maximize your profits by helping you find ways to save money in your business. In addition to increased employee efficiency and inventory control, this software can help link into backend systems in order to directly handle billing and take the place of non-essential staff.
So don’t worry, you don’t need to search your neighborhood for money trees you simply need to consider adding workforce management software and modify a few business processes to increase your service revenue all while satisfying your customers. It’s a win win.
Download Aberdeen's report Service Revenue: Unearth an Untapped Stream of Dollars.