While adding new customers and increasing recurring monthly revenue drive your top line income, it’s your employees – your internal staff and field technicians – that keep your alarm business alive. Many businesses, however, neglect employee training, seeing it as a nonessential expense. But ongoing training can be helpful to both employees and your company,…
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As you’re working to grow your security alarm business, you have likely focused on increasing the number of your customers, but what about increasing the value of each customer you already have. Focusing on your existing customer base has an added benefit: not only does increasing customer value potentially add to your monthly RMR,…
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When a buyer is looking at your alarm business, most often their major goal is to gain market share or they see some financial synergy. Beyond the surface and first impressions, it’s the quality of reporting that tells the real story of the strength of a potential deal. The very nature of reporting, however, dictates…
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Who likes paperwork? Nobody we know, but when it comes to buying or selling your business, the value you get is closely tied to your sales/monitoring contracts. We are often surprised at how frequently we begin negotiations and due diligence with a company only to find out that the contracts which the owner was planning…
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If you run a family business, you have challenges many outsiders find hard to understand. But you’re not alone. Family businesses represent approximately 60% of the jobs in America. One of the issues that can seem more complex with family businesses than others is succession planning. According to The Family Firm Institute, only about 30%…
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Previously, we talked about the importance of succession planning and uncovered some missteps many business owners make that you can avoid. Now let’s take a look at what you can do to be successful. One of the biggest causes of failure in succession planning is unmet expectations. At best, when a plan has a different…
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In a recent blog about succession planning, we asked that you share your stories with us.
Offering video will help differentiate your company from the dealer who is not keeping up with advancing technologies.
There comes a point in every business when you need to start succession planning.
When we lose a customer to another company, the tendency is to blame the competitor for stealing the account.
