As financial tensions rise, most field service company leaders are wondering, “Where should we go from here?” Everything from supply chain disruption to inflation to cost uncertainty has shaken the industry. Now, as nearly 70 percent of CFOs in one survey predict an upcoming recession, it may seem impossible to build out a strategy with confidence.
In the midst of economic uncertainty, we’re seeing planned maintenance emerge as the answer to the industry’s concerns about strategizing in uncertain economic conditions. As the market remains unstable, we’re seeing companies beef up their planned maintenance efforts, add stability in a shaky landscape, lift burdens off of employees, and build more agile workflows. Here are a few of the wide-sweeping benefits of planned maintenance that are quickly grabbing field service leaders’ attention:
1. More equipment maintenance histories equal more sales.
Tracking equipment maintenance history positions your business for higher sales—even when customers are more cautious about how they spend money. As your company conducts ongoing service on a piece of equipment, you become the go-to source when equipment breaks or requires upgrades. That positions your company to land more sales without spending additional time or money on customer outreach.
2. More cash flow lifts financial pressure off your company.
Planned maintenance provides a consistent stream of cash flow that your company can rely on—even during recessions. That means, even if customers cut back on new spending, you’ll still have a solid revenue source increasing your company’s value. The more continuous cash flow your company can generate, the less pressure you’ll feel to reduce your workforce or cut back on new investments if a recession drags down the economy.
3. Planned maintenance carves a path to more flexible scheduling.
By mastering planned maintenance into your business operations, you build more stable processes into your employees’ routines. Because you can weave more predictable and less time-critical processes into your employees’ days, your dispatchers and technicians gain the freedom to mold more flexible scheduling.
4. Planned maintenance can automate processes and streamline workflows.
Planned regular maintenance adds an element of predictability to field service operations that open the door to more automation—and more revenue. By enhancing your company's focus on planned maintenance and mapping out a strategy, you make room to automate everything from service and billing to scheduling and contract renewal. That ultimately results in more efficient employees and more time to reach more customers.
Historic inflation, supply chain losses, and a looming recession have made planned maintenance more important than ever. As customer spending continues to shift with the circumstances and your clients adjust to new economic landscapes, field service companies can lean on planned maintenance as the centerpiece of their profit-centered strategy.
Wondering how to use planned maintenance to set up a strategy that pads your company from economic shock? This is a key focus of our on-demand webinar, “The Importance of Planned Maintenance and How to Build a Strategy.” In this session, you’ll learn:
- How to use earned revenue tracking to create more consistent financial reporting
- How to set up different billing practices for contract customers versus noncontract customers
- How and why you should be differentiating between planned maintenance and emergency service
- How to lay out your planned maintenance item lists
- How to use planned maintenance to lift customer retention, enhance planning, streamline tracking, and promote process automation
Watch our free on-demand webinar, “The Importance of Planned Maintenance and How to Build a Strategy” now.