To make sure you’re operating at your peak and truly maximizing your profit margins, make it a point to implement the following tips. From offering new services to eliminating operational headaches and leveraging automation, here’s the inside scoop on how your security business can make the leap from good to great this year.
Set up your service offerings for recurring monthly revenue
One of the biggest breakthroughs in security dealers’ business models in the past few years has been the introduction of service subscriptions that can generate significant recurring monthly revenue (RMR). Rather than having to depend on one-time customers for the bulk of their income, security dealers are taking a more sustainable approach and building recurring monthly revenue into their business model.
According to the SDM 2024 Industry Forecast Report, companies that currently generate recurring monthly revenue are seeing significant increases in revenue growth. Some of their top choices for software-as-a-service offerings, and ones that you might consider, include:
- Monthly maintenance plans
- Managed access control
- Video surveillance as a service
- Network health monitoring
- Cybersecurity services
- Cloud storage capabilities
- …and more
Enhance customer retention through education
Keeping your current customers happy now is the best way to ensure that they’ll stay with you in the future–especially if you’re betting on an RMR business model that makes the most of existing customer relationships.
You know what it takes to serve customers well: being responsive to their needs, getting the details right, simplifying frustrating processes like invoicing and payments, ensuring your services work flawlessly, and respecting their time. But there is another avenue that security dealers don’t explore quite as often, and that is educating customers and making them partners in their own security.
Here’s what’s for certain: you and your customers will always have a new security challenge waiting on the horizon, whether it’s risks associated with the Internet of Things or new advances like AI. When you choose to advise and educate customers about these risks, you demonstrate that you’re well-informed, up to date on current threats, and will always have their back.
But you also set the stage for a productive sales relationship down the line. After all, your customers will need the right equipment and solutions to tackle these emerging threats, and educating them about these things lays the groundwork for eventually serving their needs in those areas. Treating them as trusted partners, and taking the time to educate them on security, can help strengthen relationships and keep you working together for years to come.
Leverage technology and automation
What would you do with several more hours per month? Could you pursue new business, build better customer relationships, or even make time to explore new product lines and subscription possibilities? Maybe some of the ideas above sound great…if only you had the time to implement them.
Before you chalk this up to wishful thinking, there is a way to get a lot of your time back, and the key is in using technology and automation to do a lot of the tasks you’ve currently got stuck on “repeat.”
For instance, Bold Group offers multiple software solutions uniquely suited to the challenges security dealers face. We know what it means to be stuck in a cumbersome cycle of paperwork, or to constantly be updating data across spreadsheets and paper files, or to be drafting contracts and sending and tracking invoices manually.
And we know it doesn’t have to be that way. A great software solution can automate your most common business processes and take care of them in minutes, not hours, with features like:
- Digital document management that lets you see everything you need, from contracts to work orders, in a single digital dashboard.
- Automated proposals, contracts, and payments that allow you to transform proposals into contracts, and then into automated invoices, within seconds.
- Automated billing and payment processing that lets you set an invoicing cycle and forget it. Let your software take care of automatic invoicing, send timely payment reminders, and provide customers with an easy online payment interface.
When you let technology automate and speed up your most repetitive business tasks, you create an abundance of time–and that’s the time you can use to be building your business and your profit margins.
Get set for bigger profit margins
At Bold Group, our goal is to help you attract and retain more customers, streamline your business operations, and make better financial decisions. That’s why security dealers turn to us for modern, streamlined, and powerful software that helps maximize their time as well as their profit margins. We are honored to work with dealers across the nation and would be happy to show you what’s possible, too.
Our software is designed specifically for alarm security dealers and the challenges they face day in and day out, helping to streamline operations, drive higher profits, and set the stage for sustainable growth. Please contact us today to see how our solutions can help simplify your business operations, grow your profits, and open up new avenues of opportunity. We look forward to helping you grow!