It’s that time of year again in which Cleanfax brings you the data necessary to compare your own restoration business to your peers’. The 2016 Restoration Benchmarking Survey Report gives you the chance to analyze insider information to help you make better decisions for future growth.
Thinking of giving your employees a raise? Check out our question on hourly compensation, broken down by region.
Considering adding new services?Find out which ancillary services offer the lowest competition but paired with growth potential.
Dive in. You’ll find these answers and more within our survey results.
While technicians, project managers and sales and administrative staff were all represented by respondents, a whopping 94 percent were in corporate management, including owners or supervisors.
Of all companies responding to the survey, 61 percent expect annual revenue in 2016 to exceed $250,000, with more than 21 percent expecting to see $1 million or more. And 87 percent of all companies anticipate a positive year on the books.
Restoration business owners also brought in nice salaries in 2015: 38 percent earned $100,000 or more, and only 24 percent reported earning less than $50,000.
Of course, not everything was sunshine and roses in the 2016 Restoration Benchmarking Survey Report. That all-too-common grievance among restoration professionals — insurance relationship issues — reared its head, with nearly half of all survey-takers naming problems with insurance companies as their biggest business challenge. From uneducated adjusters neglecting to consider S500 changes to rising insurance costs for homeowners to preferred vendor preferences, insurance companies continue to present problems to restoration companies.
“Giving the insured the control with insurance money is hurting contractors.”
Insurance company payment issues also arose, as a tenth of respondents reported they waited, on average, two months or longer for payment.
“I wish technology was integrated into one easy system.”
The second most common challenge reported? Finding and keeping employees. Many respondents said their companies had trouble finding qualified and hardworking employees. And those who did had trouble retaining those employees, finding it especially difficult to lose technicians they’d sent through formal training.
“ There’s been an increase in competition by untrained vendors.”
With annual revenue averages continuing to increase and businesses seeking to expand, the 2016 Restoration Benchmarking Survey Report shows a strong future for the industry. And more innovations in software and equipment will only solidify this.
So examine your contemporaries to see where your company stands to help your own plans for the future.
Download the complete report HERE or see below.