7 minute read
UPFRONT
PERFECT STORM
THE RETURN OF IN PERSON INDUSTRY EVENTS, IN THE FORM OF ASSOCIATION MEETINGS, SUPPLIER EVENTS AND MAJOR TRADESHOWS HAS brought a true sense of normalcy to the industry and given us a sense of a return to the way things were.
But in the past two years things have changed, and the in the past few months the level of attention being paid to the way home and building owners heat and cool their properties in the near future has become a greater topic of interest among main stream media.
On March 29th the Minister of the Environment released the 2030 Emissions Reduction Plan: Canada's Next Steps for Clean Air and a Strong Economy. The Plan addresses multiple issues, including sections on carbon pricing, the production of clean fuels, the electricity grid, heavy industry, the oil & gas sector, transportation, agriculture and yes, buildings.
Among the $9.1 billion of investments recommended in the Plan, $150 million is earmarked for the development of a Canada Green Buildings Strategy, designed to lead to new policy, programs, incentives and standards required to "drive a massive retrofit of the existing building stock, and construction to the highest zero carbon standards."
In an attempt to share how contractors will be affected and can participate in the transition that will be affecting the industry, we at HPAC pulled together a virtual panel discussion on April 25th inviting a contracting company, HRAI, NRCan and the Electro-Federation of Canada to discuss the topic. Generously sponsored by Mitsubishi Electric and Eaton, the free webinar covered many issues, from heat pumps to the stability of the grid (see more, page 11).
One key topic was about selling heating and cooling systems today based on the price of carbon in the future. While in many jurisdictions across Canada the cost of electricity, and even the greenhouse gas emissions from electricity production, is not favourable, but going forward the economics and sustainability strategies suggest electrically-powered HVAC will be the more cost-effective and climate friendly in the near future.
These same trends were also key to discussions at the Ontario Geothermal Association meeting held in Mississauga on April 26th. The well-attended event shared research on the benefits of geo-exchange technology when it comes to reducing peak demands on the grid, and attendees heard from developers who are keen on the technology and see the interest in geothermal for multi-unit residential exploding over the next three years.
Many in this geothermal community foresee a perfect storm gathering as carbon taxes rise, net zero demands increase and developers sharpen their pencils and realize the future economic benefits of geo-exchange technology. However, the storm clouds may be heavy, because the industry worries about having the capacity to meet the demand. The opportunities for designing, drilling and installing geo systems could be massive, but will there be a workforce to fulfill the demand? This is a question that reverberates across the entire HVAC and plumbing industry - hopefully a return to in-person gatherings can ignite a spark to solve the demand for more resources industry wide. <>
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3 ways to improve cash flow in your HVAC business
Cash flow. It’s the most important yet easily neglected part of business management. As a business owner, it’s easy to get wrapped up in the day-to-day running of your business. However, it doesn’t take long for cash flow mismanagement to catch up.
Discover how to ensure cash flow and keep your business running smoothly with these three tips. and auto-populate invoices to extract cost information from a document, and integrate with your accounting software to ensure your financial data is accurate.
IMAGE: ©ARTYWAY / ADOBE STOCK 1. Ensure business clarity Can you deep dive into each job, look at dispatch times, track how long it takes to invoice and receive payments? Maybe you can do one, or a couple of things, but not all of them. Business clarity means having all your business data in one organized place. It means not having to click through a pile of spreadsheets to find the answers you’re looking for.
Many times, this lack of clarity comes from running your business on a variety of software that doesn’t link well. Or, you could still be using paper and data isn’t being updated in your system.
Whatever the situation, businesses who prioritize having their data organized all in one location often have better clarity on where their cash is coming from and going to.
One way to do this is to switch to field service management software where you can collect data from all the workflows of your business. Not only will this help you see where you are making and losing money, but you’ll also be able to run comprehensive reports that dig into the core issues of your cash flow woes. This insight can then help you to make strategic decisions and help boost profitability.
Speed up processes with invoicing software Once you’ve implemented an all-2. in-one software, you can focus on making it easier to invoice customers and have them quickly pay you. This cycle is a vital part of good cash flow management, so it’s important to ensure it’s running smoothly and efficiently.
Invoicing software can help you save time when a job is finished. You can set up automatic invoicing for recurring jobs
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Provide flexible payment options Next, it’s time to look at how you 3. can make it easier for your customers to pay you. Provide a variety of options so that customers can choose which payment option suits their needs. By doing so, your customers are more likely to pay promptly, improving cash flow.
Another option for payment flexibility is payment automation. For example, if you have recurring maintenance jobs, or your business is working on a larger project, you may be working on a progress billing agreement. In these cases, you can easily set up automatic invoicing and payment processing to reduce staff stress with less invoice chasing and ensure your payments stay up to date.
Want more cash flow tips?
Request a personalized 1:1 session with a talented simPRO consultant.
