Business owners in the HVAC, Plumbing and Electrical Contractor industry in Edmonton, Alberta, may focus on keeping their customers comfortable as the seasons change, but that doesn’t mean they’re not dealing with uncomfortable business challenges on a daily basis. We’re going to take a look at a few here.
But first, the good news: according to Alberta’s Short-Term Employment Forecast 2019-2021, there is future demand for the following contracting trades and occupations:
- Refrigeration & Air Conditioning Mechanics
- Industrial Electricians
- Power System Electricians
- And other skilled contracting trades and occupations.
Contracting business owners that use a strategic approach to deal with their business challenges will have lots of opportunities to enjoy in the years ahead. Read on to learn more.
What is The Alberta Short-Term Employment Forecast (STEF)
It shows the demand for prospects in Calgary and Edmonton, AB and the surrounding area of more than 450 occupations over the next three years.
According to the site, STEF statistics are useful to and help inform decisions made by:
- the Government of Alberta;
- local employers and industry in the development of strategic workforce plans;
- educational institutions and training providers;
- students in their education, training and career choices; and,
- career counsellors who design career and labour market information
It also provides awareness to new Canadians on the short-term job outlook of different trades and occupations that are available in Alberta.
STEF determines which occupations in Alberta are expected to be in high, moderately high, medium or low demand over a three-year span. This is the ninth consecutive year the Government of Alberta has released this short-term forecast report.
There are a lot of Plumbing, Heating and Air-Conditioning contractors in the marketplace. This is good for consumers with demands for these services. But it can make it challenging for contracting companies to differentiate themselves in the marketplace.
With the amount of competition from local outfitters to major chains, it may be tempting to differentiate based on price. It may work in the short term but will make it more challenging in the long term to sustain profits and growth.
“The long term growth strategy,” says Jack Devetten, President of Pinnacle Contractor Group, “is to differentiate your contracting business with a higher level of service—regardless of the area of specialization—so the company can build a loyal base of long-term customers through word of mouth marketing.”
The phone rings off the hook when it’s hot and, now that winter’s here when it’s freezing cold. Naturally, contracting businesses tend to boom during these weather fluctuations. As people’s HVAC, Plumbing and or Electrical systems work harder during extreme weather changes, they naturally need more maintenance. Aside from being busier when the weather rears its ugly head, technicians are at higher risk for accidents on the road and outdoors in the elements.
What this means for the contracting business owner is that cash flow fluctuates seasonally. As does do hiring schedules and calls. As a result, it can be a challenge weathering the storm. Forcing you to identify other related services or sales offers to entice customers to address their needs in the off-season.
HVAC, Plumbing and Electrical businesses require an investment to get up and running and need ongoing capital to run the business. Ongoing costs may include:
- Specialized equipment
- Skilled technicians
- Vehicles and maintenance
- And more.
In order to defer high costs and manage cash flow, consider taking advantage of industry financing and loan products from top HVAC and Air Conditioning vendors.
Running a contracting business is a wire balancing act. But it can be rewarding and profitable.
Are you a contracting business owner and want to boost your top-line revenue, increase profits and achieve a better work/life balance? If so, you’re in the right place. Become THE PROFITABLE CONTRACTOR in 2020 by contacting Pinnacle Contractor Group today at 888-307-1114.
If you live in Calgary and or Edmonton, Alberta, Join us on December 4th, 2019, for our FREE Success Day Workshop – How to Earn More Profits in 2020. Dec. 4th, 2019. Book today!