Market up...employment down...your earnings??

As the title states, that modus operandi seems to be the rule of thumb right now. So while your 401(k) - or at least what's left of it - is rebounding nicely now, it's unfortunately happening because companies are realizing profits while revenues are sliding. And that can only happen when costs are dropping lower than those aforementioned revenues. To accomplish that trick (and not have former accountants working on the payroll who are using math formulas that no one has ever heard of), you generally have to reduce services and/or employees. Rick Newman has some interesting and very good insight into these current trends on one of his recent money-management articles on U.S. News & World Report.

What does this mean for today's HVACR service professional? Well, I don't have to tell you that the market is considerably tougher today than it was a few years ago. Convincing a homeowner to put in a high-efficiency heat pump or a building owner to replace their current system with a new ductless mini-split setup is no easy sell these days. But there still are opportunities out there. And from the people I've been talking to in the trade, there is revenue to be had - if you and your company can be nimble on your feet to grab it.

• Get online. If you (or your boss' company) don't have a presence on the Web, get one. Consumers are using the Internet more than ever to review purchase options, gather information and make intelligent buys. This is increasingly apparent when they are purchasing "big ticket" items such as HD televisions, appliances and - yes - heating and air-conditioning equipment. If you don't have a presence on the Web and your competitor does, who is getting more visibility?
• Offer options. Money is tight. We all know this. But if you give your customers' choices on how they can pay (credit, installment payments, options based on tax rebates earned), and supply options on what kind of work should vs. could be performed, you can increase your bottom line.
• Know the rebates. There are a myriad of tax rebates and incentives out there for consumers to purchase more energy-efficient systems. In addition to Federal programs, most states - and even some municipalities and utility companies - have additional dollars available to hand back to consumers if they upgrade or make changes. Do you know what programs are available in your service area? Can you or your technicians communicate these effectively to you customers? Doing so could mean the difference between making a sale or upgrading a customer, or walking away with nothing at all. To find out more about what programs are available for customers in your area, check out the Energy Star rebate information page. There is a lot of useful information to be had there.

Got a service idea or way to help take the question marks from behind your earnings? I'd love to hear them! Feel free to leave a comment, or send me an e-mail over at the RSES Journal. The more we can share in this forum, the more we all can work to make more positive things happen in 2010.