It’s a paradox. The plumbing industry contributes more than $442 billion to the U.S. economy and supports nearly 1.8 million jobs. But the industry could face a shortage of approximately 550,000 plumbers by 2027, making recruitment, training and workforce development increasingly important for contractors.
In Part 1 of this series, we looked at the areas of your business — beyond revenue — that affect your bottom line. These key performance indicators tell the story of how you’re doing, what you’re doing right, and where you can improve. In Part 2, we’re going beyond those numbers. That’s become the numbers are only half of the equation. Knowing what to do with all of that data is the key to a more efficient, effective, and profitable business.
Are you as profitable as possible? You’re probably tracking revenue, but that number alone isn’t telling you the whole story behind your bottom line. Beyond revenue, you should be looking at six key metrics, or key performance indicators (KPIs), to get the full picture. It’s the key to understanding how efficient your operations are, and the roadmap to make changes that can increase profits.
