New Report Reveals Money-Making Opportunities, Cost-Saving Ideas for Security Pros
The 2018 SSI Operations & Opportunities Report reveals methods to fostering more operational effectiveness, identifies top challenges and much more.
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How many entrepreneur-centric industries can boast that four of five companies are better off financially today than they were three years ago? It stands to reason not a lot, yet nearly 80% of security dealers and systems integrators polled in the latest Security Sales & Integration research report that level of fiscal success.
Realize this is not comparing the landscape to the downturn or post-recession — this is in comparison to 2015 when security business was for the most part already humming along just fine.
Furthermore, survey respondents say their realized profit margins are almost 7 percentage points higher than they were a year ago. Aside from the solid footing of today’s economy, what else is contributing to the plumping of these dealers’ and integrators’ coffers?
Here are some direct reasons offered in the new study: “More RMR; improved sales; companies are spending money; annual increasing of client base; more commercial sales; federal tax reform boost; staying up with new services and products helps us continue to grow each year; reduced costs of doing business; increase in return percentage; developed a strong backlog of work; improved systems for billing and collections; now have local funding; improved efficiencies; large commercial fire jobs and camera jobs to supplement residential burg and fire alarm sales; lower attrition; and growth through winning larger job bids.”
That is one compelling list, in most cases promoting proactive management techniques the less fortunate 20% might seriously consider and those currently thriving might want to look at to extend their winning ways.
That data and respondent remarks are among the bounty of business-bettering intelligence inside the pages of this article summarizing the 2018 SSI Operations & Opportunities Report. Now in its 10th year, the OOR was designed to assist installing security dealers and integrators in being well prepared for whatever may come and positioned to seize the best possible chances for success.
The unique OOR instrument pinpoints top money-making and cost-saving ideas, leading growth opportunities, and operational metrics. As in the past, owners and managers were queried about a wide range of topics aimed to ascertain how to most effectively grow profits and cut costs, as well as the specifics of implementation, plus financial and operational perspectives.
Respondents were also asked to flag new technologies and services with the greatest potential upside, as well as the vertical markets currently demonstrating the mightiest appetite for security and related systems solutions.
Among the most arresting results regarding rising opportunities were: general video surveillance, general access control, Cloud-based services, video monitoring, and the healthcare, higher education and multifamily residential markets.
Methods to foster more operational effectiveness included: reduce expenses associated with callbacks, sell more to existing client base, turn more leads into sales and do a better job of prospecting new customers.
Among the top challenges: finding qualified sales-people and technicians, competitive pressures, maintaining quality of installations and/or technical service, and maximizing efficiencies.
Perhaps the most gratifying news for company owners is the rising value of their security businesses, as those seeking a multiple of 45x or more almost doubled from 2017. View the slideshow for the full OOR experience.
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