CEDIA View: It's Never Too Late to Operate More Efficiently
It's easy to stay in the same business mindset, especially if things are going well. But that doesn't mean you shouldn't continue to look for ways to operate more efficiently or bring in more business. It's better to have a few strategies in the hopper than to be left wondering what you could have done better or how you could have avoided a problem or pitfall.
Let us give you a few ideas, because it's never too late to start incorporating new strategies into your business plan…
Garnering New Business
What does that look like? It depends on your goals. It depends on the strengths of your business and employees. It depends on if you're at the frantic beginning stage of getting your company off the ground or if you're in a steady groove of taking your business to the next level.
No matter where you're at in the process, CEDIA has resources to help the process along. One of the most unique ways to build your company and its peer network is through the CEDIA Outreach Instructor (COI) program. This program allows home technology professionals to present continuing education to the professional services sector of our industry. This includes architects, builders and interior designers.
The COI program is focused on helping home technology professionals establish vital business-to-business networking contacts and raising awareness of CEDIA, its members, and the home technology industry.
CEDIA members can take the first step in becoming a COI by taking the "Train the Trainer" course. Heavy on peer-evaluation and packed with the tools necessary to successfully leverage this member-to-member benefit in your local market, this strategic course can help you build your new business pipeline. Visit cedia.net/train to learn more.
Watching the Money
It's not enough to see the money coming in and see it going out to expenses. To be successful, you must understand how profitability works. To begin understanding profitability, you need to know these three figures: gross margin, EBITDA and net income. All of these speak to your business's profits, just in a slightly different way.