Whether it’s prospecting and serving customers, reducing truck rolls, or increasing margins, installing and monitoring security systems companies are evermore dialed in to maximizing efficiencies as a mandated path to realizing higher profitability. There’s a rainbow and pot of gold at the end of that road but the trip is riddled with challenging potholes. They include customer retention, finding qualified salespeople and technicians, intensified competitive pressures, compliance requirements, rising costs of doing business, and adapting to and developing effective pricing models for a whirlwind of technological advancement. Like a highly sophisticated GPS navigation tool, SSI’s sixth annual Operations & Opportunities Report (OOR) reveals crucial data points to successfully navigate this potentially treacherous terrain.
This unique, original research pinpoints security integration, dealer and monitoring companies’ top money-making and cost-saving ideas, leading growth opportunities, and surveys operational metrics. Nearly 300 executives, supervisors and managers from across the United States and Canada, representative of all sizes of operators, were queried about a wide range of topics aimed to not only ascertain how to most effectively grow profits and cut costs, but also the specifics of implementation. Respondents were additionally asked to identify new technologies and services with the strongest upside potential, as well as the most thriving vertical markets. Several financial and operational questions were also posed.
Some of the most compelling findings include: video surveillance is associated with the top three project-based revenue sources; health care, government, education and retail are vertical markets on the move; managed/hosted access control, PERS, interactive services and managed network security services are growing recurring revenue areas; not selling maintenance & service contracts or charging enough for services is costing contractors money; pursuing customer satisfaction is perhaps at an all-time high; and it’s a sellers’ market as company stakeholders expect higher multiples to sell their businesses.
Check out our slideshow for so much more — literally a wealth of data and analysis. Note all changes from the prior year are referred to as percentage points rather than percent as the latter would actually be a larger figure because it would reflect the percentage of change rather than purely points. Also, especially significant shifts are highlighted in bold face type. Use the OOR to gauge if your business is on the right course to close out this year or get a jump on 2015.