As you plan for the new year and look back on this year’s accomplishments, key performance indicators, or KPIs, can help you gain insight into your business’s performance. Learning more about your company’s performance through roofing KPI reporting enables you to identify weaknesses within your current processes and create action-oriented short- and long-term goals to drive success in the future.
With so much data that you could evaluate, it might be overwhelming to decide where to start. Here are 4 recommendations for important roofing KPIs to track when monitoring 2022 business success.
Roofing KPI #1: Time in Process
With the new year right on the horizon, growth and revenue expansion might be a top business goal for 2022. Increasing the efficiency of your work can help grow your business and increase profitability. By tracking how long it takes for your jobs to move through the pipeline, you can evaluate how efficient your company is.
The Time in Process report in AccuLynx makes this easy for you to do. With this report, you can quickly identify where bottlenecks are occurring by tracking how long it takes for a job to move through the pipeline. For example, maybe invoices are consistently paid late. Incorporating automatic emails to homeowners reminding them when an invoice is due could help keep the job on schedule.
Roofing KPI #2: Closing Percentage
Your sales team plays a vital role in bringing in revenue, and knowing how many jobs they sell on average can help you forecast how your business will do over the next year. By keeping track of your sales team with the Closing Percentage Report in AccuLynx, you can see the percentage of leads that converted to jobs, broken down by sales representative. This way, if one salesperson is underperforming, you can quickly identify them, discuss why, and help make changes to their selling process.
Keeping track of how many leads your team closes monthly and yearly can also help you create realistic sales goals and help your sales team stay on track to reach those goals. You can set up this report to automatically send out to your teams on a weekly or monthly basis, and they can see how they are doing and make any needed adjustments to the way they sell.
Roofing KPI #3: Dead Leads
Not only should you track those leads that your team closes, but you should also understand why a lead does not turn into a sale. By tracking leads marked as dead through the dead leads summary report in AccuLynx, you can start to see patterns that might help you understand why a lead didn’t turn into a sale.
Looking at your dead leads summary monthly alongside the leads that converted to sales can help you optimize your sales and marketing efforts by concentrating on where your best leads come from. Not only that, being aware of areas where your business has lost leads helps you make changes in those areas. For example, if you’ve lost many leads due to cost, you can offer financing options or different payment options, such as credit cards, to help your customers afford the cost of repairs. Once you make that change, you can continue to monitor those specific areas to see if the changes you’ve made make any difference.
Roofing KPI #4: Profitability
Knowing how much you make per job can help you identify gaps in your financial projections, improve your profit margins, and ultimately grow your revenue. With the profitability report in AccuLynx, you can compare the estimated profit with the actual profit of each job. This report breaks down profitability by salesperson and location to help you drill down into the reasons why a job was more or less profitable than expected.
You should check this KPI monthly to ensure your company is growing in profitability at a steady pace. If you discover a specific area where you are consistently losing money, you can audit your processes with your sales and production team to see where the issue is coming from. This provides a way to catch where you are losing money early and make changes to improve your profitability overall.
For example, many businesses lose out on profits due to inaccurate estimates. After identifying this problem, you can incorporate estimating tools in AccuLynx, such as aerial measurements or templates, to help create more accurate estimates that can help increase your profit margins.
Tracking KPIs in AccuLynx
AccuLynx makes it easy to track these four KPIs and more with ReportsPlus. With over 20+ pre-built reports, you can easily track whatever might be important for your business right from the dashboard. These reports are customizable, and you can automate them to send out to team members on a predetermined schedule.
Start 2022 on a high note by easily keeping track of those important KPIs. Schedule a custom demo and check out how AccuLynx and ReportsPlus can help your roofing company.