Profit Opportunities
Sep 8, 2014 7:53 PM
Nine months into 2014, how are your profits looking? Do you even know? Step one: check your finances; avoiding crunching the numbers does no good for anyone. If you do know where you stand are you happy with the current trend? Even if you are, there is always room for more profit right?
Maybe you think you are already doing everything you can to increase profits, but maybe you’re missing out on some opportunities and CEDIA has resources to help you tap into some new profit pools. Here are just a couple:
Recurring Revenue
At this point, Recurring Monthly Revenue (RMR) should not be a new term for you. Chances are you’ve at least considered it if you are not already offering it. Though adding RMR seems like a no-brainer, knowing where to start can be a challenge.
The benefits of RMR are obvious, including establishing a long-term relationship with your clients and creating a steady cash flow. However, RMR isn’t a one-size-fits-all type of business strategy. To establish a successful RMR program, every company must find their own mix that works best for them and their customers.
This year, CEDIA’s entire Business Toolkit webinar series has focused on the steps to start RMR programs. Webinars feature Leslie Shiner, The ShinerGroup, facilitating conversations between fellow home technology professionals who have found success with RMR while also giving her own tips to designing, implementing, and maintaining a successful RMR program.
The Business Toolkit series is a CEDIA member benefit and archived versions are available on demand. Visit cedia.net/train to learn more.
Partner Up
What if there was a way you could foster new relationships in the industry, grow your profits, become a community expert while also edging out the relevancy of your competition? With the CEDIA Outreach Instructor (COI) program you are able to deliver home technology education to design and build professionals in your community. COIs consistently build their portfolio of business contacts, helping them stand out as THE home technology professional in their community. The average COI gains three projects from presenting education (to design and build professionals) and earns an additional $99,000 of revenue per year.
Taking the first step to becoming a COI is easy and affordable, and is ranked as one of the most valuable CEDIA member benefits. Typically providing this type of education can cost companies up to $10,675 up-front and $1,175 annually. The CEDIA Outreach Instructor “Train the Trainer” course (this is the first step to becoming a COI) gives you everything you need for $399.
CEDIA will be offering a COI “Train the Trainer” this fall. All it takes is one day to learn how you can add this unique skillset to your business. Why wait? Visit cedia.net/train to learn more.
