Get in on Recurring Revenue
Oct 15, 2013 4:17 PM
We shouldn’t need to sell you on the idea that recurring revenue is a good thing for your company. But maybe you’re hesitant to start implementing a recurring revenue model. So here are a few benefits of recurring revenue that you may or may not have thought of.
Easier revenue projections: The main benefit of a recurring revenue model is that it gives you a good idea of how much money will be coming in next month.
Easier budgeting: Budgeting and revenue projections go hand in hand. If you know what’s going to be coming in each month you can budget accordingly and there are fewer surprises around the bend.
Easier process improvement: Having a strong foundation of recurring revenue also allows you to focus on other business operations. According to the Annual CEDIA Benchmarking Survey, in 2012, home technology professionals had a stronger commitment to operational efficiencies. Are you part of that group? Worry less about the money and more about how to streamline your processes.
So recurring revenue is not a hard sell from a budget or operations perspective, so maybe the thing holding you back is that you don’t know where to start. Maybe you don’t know what your options are for recurring revenue. Whatever the case, CEDIA is bringing you solutions with this month’s Business Toolkit webinar, “How to Incorporate Recurring Revenue into Jobs from Day 1”.
Join Leslie Shiner of The ShinerGroup to discover ways to increase your profits through recurring revenue. Topics include:
- Starting the discussion with clients on day 1 of a job
- Forms of recurring revenue, other than service contracts
- Teaching your technicians how to increase recurring revenue opportunities
This webinar is will be presented on Wed., October 30 from 12:00 p.m. - 1:00 p.m. (EST) and is available free to CEDIA members.
Additional archived webinars from the Business Toolkit series are available at your convenience. Recent topics have included: How to Best Utilize Subcontractors, How to Keep the Money You Earn by Implementing Internal Controls, How to Create Job Cost Reports to Stay on Track, and How to Create Attractive and Motivational Pay and Bonus structures. Visit www.cedia.net/elearning to learn more or to register for this months’ webinar.
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