tag:blogger.com,1999:blog-48023810488205661422023-12-21T08:05:21.502-08:00Business MentorsPhillip Rosebrookhttp://www.blogger.com/profile/08127287840221021504noreply@blogger.comBlogger72125tag:blogger.com,1999:blog-4802381048820566142.post-91866854509340845272022-01-13T16:58:00.005-08:002022-01-13T16:58:49.078-08:002022 Trends in disaster restoration<p> <span style="font-family: Calibri, sans-serif;">2022 Trends in the Disaster Restoration Industry</span></p><style class="WebKit-mso-list-quirks-style">
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</style><p class="MsoNormal" style="font-size: medium;"><o:p></o:p></p><p class="MsoNormal" style="font-size: medium;"><o:p> </o:p></p><p class="MsoNormal" style="font-size: medium;">Making predictions in today’s business environment is very difficult due to the high speed of change, political uncertainty, health challenges and radically different feelings on the work environment. The next decade will bring changes that will be inconceivable to many, and will radically change the way we work, communicate, learn, travel, purchase and so much more. The reality of this change will be hard to anticipate and if you are not “looking around the corner,” it will take you and your business by surprise. We will not cover much of these concepts in this article because we are primarily going to discuss the near future and items that will be experienced in the next year. My recommendation is that you start to study the insure-tech industry, software, and technology to become aware of the developing trends so you will be able to put your company in a position to adapt and capitalize on these changes. With that cautionary note, let’s jump into the top trends that will impact your business and steps that you can take to help you and your business manage the impacts of these issues. <o:p></o:p></p><p class="MsoNormal" style="font-size: medium;"><o:p> </o:p></p><p class="MsoNormal" style="font-size: medium;">The items that will likely have the biggest impact on your business are going to be driven by macroeconomic issues that you should be very familiar with. The first trend to explore revolves around labor. Currently it is more challenging in most markets to find frontline employees than managers. The factors impacting this issue are many, but the biggest are competition for labor, covid fears, and government interference with the free market. These factors will continue to cause challenges in finding employees to fill vacant positions. Many companies have had to make changes to their growth plans and capacity due to limited available staff. Many have been able to locate great managers and staff for senior positions in their business – but it does require deliberate activity to locate great people. They are out there, but you need to make locating staff a daily and weekly business activity as this trend will continue through most, if not all, of the year. <o:p></o:p></p><p class="MsoNormal" style="font-size: medium;"><o:p> </o:p></p><p class="MsoNormal" style="font-size: medium;">Here are my recommendations to deal with labor shortages:<o:p></o:p></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l3 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]-->Make locating staff an important business function. Great employees are already working – you will have to find them and get them to want to be a part of your team. <o:p></o:p></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]-->Focus on and communicate the purpose of our work – restoring lives and livelihoods for people, and companies, impacted by disasters in their homes and businesses. <o:p></o:p></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]-->Focus on company culture – Create a great place to work and one that attracts and retains great people. <o:p></o:p></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]-->Pay competitively and consider adding bonus compensation plans that allow your staff to increase their compensation as the company does better. <o:p></o:p></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]-->Include your team on the company plans, direction, and strategy. This will help with engagement and improve individual performance.<o:p></o:p></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]-->Include families in company activities. Create a bond so that they families are involved and supportive of the company and their family member’s involvement.<o:p></o:p></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]-->Have routine company and department meetings so they staff know where the business is going and how you are doing. <o:p></o:p></p><p class="MsoListParagraphCxSpLast" style="mso-list: l3 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]-->Create upward mobility and a career path for your staff. Offer them opportunities to grow personally and professionally through the company. <o:p></o:p></p><p class="MsoNormal" style="font-size: medium;"><o:p> </o:p></p><p class="MsoNormal" style="font-size: medium;">The second macroeconomic influence in the restoration industry involves inflation and material availability. The combination of supply chain issues combined with rising prices will continue to be a challenge. I expect this to moderate through the year, but it will impact our ability to complete jobs and also the price we are paying for everything from 2x4’s to insurance. These issues are being driven by reopening a shuttered economy, covid workplace issues, reduction in the domestic energy production, massive government stimulus and incentives for people to not work. These issues all combine to influence everyday business. If you are properly updating your price lists then you may be able to stay ahead of rising costs for job related items, but this does not typically address indirect items such as fuel and vehicles, and definitely does not address rising insurance, utilities or administrative labor. <o:p></o:p></p><p class="MsoNormal" style="font-size: medium;"><o:p> </o:p></p><p class="MsoNormal" style="font-size: medium;">Material availability and inflationary recommendations:<o:p></o:p></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l5 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]-->Diligently perform your pricing feedback and also update your pricelists routinely. <o:p></o:p></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l5 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]-->I was thinking about making this a prediction, but it is a reality – Symbility is increasing market share in restoration and there is a good chance that your business is not aware of how prices are determined or how they are influenced. Someone in your business needs to be aware of this process and take ownership of the numbers that are being utilized. <o:p></o:p></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l5 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]-->I recommend that you put an expiry date on all your estimates so they can be updated if needed to reflect the most current prices.<o:p></o:p></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l5 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]-->Create and manage your budgets. If prices are increasing, then your production team needs to be very attentive to your project costs in order to meet budgets in a changing environment. You may also be able to supplement jobs where prices escalated unexpectedly (this is a discussion that needs to happen with the adjuster and may or may not happen – but at least you can try.)<o:p></o:p></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l5 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]-->Know the time for delivery of all special order and specialty items on your projects. Where applicable order far in advance of needed time to maintain your production schedule. <o:p></o:p></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l5 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]-->Communicate, commnunicate, communicate… Make sure that the client and adjuster know the availability, lead time, and cost over-runs that may be, or are actually encountered. Too often the production department does not include others in these challenges which leads to service failures and job challenges. <o:p></o:p></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l5 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]-->Manage your overhead. Understand that your cost of business is escalating. Set and manage a budget and review the actual to projected spend. If your costs are escalating, decide if you need to cut elsewhere or simply accept lower profits. <o:p></o:p></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l5 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]-->Improve your estimating and assure you are capturing the maximum revenue. <o:p></o:p></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l5 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]-->If fuel prices keep escalating, then you may consider charging fuel surcharges. <o:p></o:p></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l5 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]-->Change your work mix to higher margin work, or even higher margin clients. <o:p></o:p></p><p class="MsoListParagraphCxSpLast" style="mso-list: l5 level1 lfo3; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]-->I assume that you will encounter higher taxes, user fees, tolls, penalties, and other expenses. These items are usually not able to be passed on. If this is the case, then you will need to watch your available cash and capital to assure you will be able to manage these “cash” costs. <o:p></o:p></p><p class="MsoNormal" style="font-size: medium;"><o:p> </o:p></p><p class="MsoNormal" style="font-size: medium;">The competitive landscape of restoration changed dramatically in the past year due to mergers and acquisitions. I expect this trend to continue over the next several years. I also expect to see at least two of the equity companies roll over their equity and either sell to new players or roll their portfolio into another equity backed industry player.<o:p></o:p></p><p class="MsoNormal" style="font-size: medium;"><o:p> </o:p></p><p class="MsoNormal" style="font-size: medium;">Mergers and acquisitions recommendations. <o:p></o:p></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l2 level1 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]-->Even if you are not planning on selling your business, take steps to improve your business and make it saleable. This will provide opportunities, and more importantly, will make your business easier to run and more profitable. <o:p></o:p></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]-->Don’t be complacent in your market. The competitive landscape in your market can change overnight if your competitors are purchased. <o:p></o:p></p><p class="MsoListParagraphCxSpLast" style="mso-list: l2 level1 lfo4; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]-->Realize that the M&A trends are not exclusive to restoration. This is also occurring in property management, insurance brokers and insurance companies – make sure you have strong diversity in your work sources since your top competitor could be purchased tomorrow.<o:p></o:p></p><p class="MsoNormal" style="font-size: medium;"><o:p> </o:p></p><p class="MsoNormal" style="font-size: medium;">The final trend that I will explore this year is the rapid development in technology. This process will take years to become fully integrated but the first steps in radical change are starting now. This will include many activities from project management to jobsite tracking and will make a radical difference in operations. The first and very substantial example is using the metaverse to turn the real world into a digital replica which is what happens with Matterport. When the physical world has become digitized then the functions of measurement, drawing or even estimating will become automated. This process will allow an average estimator to be able to produce 3-5 times the estimates and become more accurate in the process. For the discussion of technology, I will list the technology to watch out for and some of the impacts, and then I will follow with recommendations. <o:p></o:p></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l4 level1 lfo5; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]-->Artificial intelligence and machine learning. This will impact everything from project management to client communications. Using this technology will have the same impact on production that the metaverse had on estimating. <o:p></o:p></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo5; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]-->Internet of Things and 5 G technology – the combination of this technology will provide immediate jobsite communications to the office and insurance companies. This will also be used by the insurance companies and homeowners to limit or eliminate many causes of damage. Jobsite documentation will also help minimize the drying process and speed drying time as well as improve the job tracking information. <o:p></o:p></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo5; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]-->LIDAR technology – (light detection and ranging) This process allows cameras and technology to measure distance and dimensioning and allows for safe autonomous driving technology.<o:p></o:p></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo5; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]-->Image recognition. This technology will help estimating technology identify structural scope items, equipment and contents that are included in a photograph. Imagine your digital capture system completing the majority of a fired, contents or drying estimate or billing – or being able to generate a pack out or non-salvage list for a contents project. <o:p></o:p></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo5; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]-->The metaverse will transform training, site inspections and the client experience. This is the process of digitizing objects in the real world. Imagine using virtual reality to train your technicians or even help the customer envision a remodeled or repaired home. <o:p></o:p></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]-->Blockchain will be used to verify data such as training or work history as well as connect buyers and service providers as well as improve collaboration on projects. <o:p></o:p></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]-->API (Application Programming Interface) This is the technology that will help our software programs interact. Currently most of the restoration-based industry software exists in its own world and this requires managing many moving parts and entering data into different platforms. API will help tear down some of these walls and allow communication across platforms when the software companies comply. <o:p></o:p></p><p class="MsoListParagraphCxSpLast" style="mso-list: l1 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]-->Finally, all of this technology will increase the cyber risks in your business so make sure you have a plan and protection. <o:p></o:p></p><p class="MsoNormal" style="font-size: medium; margin-left: 0.25in;"><o:p> </o:p></p><p class="MsoNormal" style="font-size: medium; margin-left: 0.25in;">Technology recommendations<o:p></o:p></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo6; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]-->Be deliberate and strategic. There will be a lot of technology failures through this process so do your homework and choose wisely.<o:p></o:p></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo6; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]-->The technology revolution is real and coming fast. Do your homework, create a nimble company, and look to leverage this technology. <o:p></o:p></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo6; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]-->Have a cyber plan and protect your business from the many controllable cyber risks. <o:p></o:p></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo6; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]-->Read books, listen to podcasts, study blogs and be prepared. <o:p></o:p></p><p class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo6; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]-->Realize that there is time and technology will need several years to be sorted out. At the same time, realize that the world will be radically different in 2030 than today. <o:p></o:p></p><p class="MsoNormal" style="font-size: medium;"><o:p> </o:p></p><p class="MsoNormal" style="font-size: medium;">The last several years have been very unpredictable and challenging due to coronavirus, government influences and global issues. It is most likely that this unpredictability will continue. Try not to get wrapped up in items that you cannot control and focus on the items that you can to impact in your business, family, and community. It is often easy to run a business when times are good - uncertainty requires real leadership. Now is your time to stand out and show real leadership. <o:p></o:p></p><p class="MsoNormal" style="font-size: medium;"><o:p> </o:p></p><p class="MsoNormal" style="font-size: medium; margin-left: 0.25in;"><o:p> </o:p></p>Phillip Rosebrookhttp://www.blogger.com/profile/08127287840221021504noreply@blogger.com0tag:blogger.com,1999:blog-4802381048820566142.post-89819195713324136472021-08-31T13:23:00.000-07:002021-08-31T13:23:31.315-07:005 Questions before selling your restoration business<p> <span style="caret-color: rgb(27, 27, 27); color: #1b1b1b; font-family: -apple-system-font; font-size: 15px;">If you are paying attention to the restoration industry news - you have seen the many high profile acquisitions occurring across the US. If you are thinking about selling, then you need to give consideration to the following questions. After you have thought about and answered then you may take the next step.</span><span style="caret-color: rgb(27, 27, 27); color: #1b1b1b; font-family: -apple-system-font; font-size: 15px;"> </span></p><p data-reader-unique-id="2" style="caret-color: rgb(27, 27, 27); color: #1b1b1b; font-family: -apple-system-font; font-size: 15px; max-width: 100%;">1. Who am I without my company and my job? Most entrepreneurs do not have an identity without their business because that is what they have done for much of their working life; pouring their blood, sweat and tears into their business. For many, the thought of selling and being able to step out of their business is a liberating thought, yet the reality of this decision is life changing as well. In assessing this process, you need to think about the impact on your life and lifestyle. I am working with a business owner that has been working in and on his business for over 50 years. His business is valuable, but he also does not know what life looks like without his company. If you have done a great job building your business, then it should be easy to own and manage. Before you decide to sell your company, you need to think about your life without the business, the families of the people working for you, your business purpose, and the satisfaction that is derived from owning and running your company. Once you know how you will spend your time and what the next chapter of your life looks like - and this makes your happy, then you are ready to think about what makes your business valuable to a potential buyer. </p><p data-reader-unique-id="3" style="caret-color: rgb(27, 27, 27); color: #1b1b1b; font-family: -apple-system-font; font-size: 15px; max-width: 100%;">2. The next question you need to answer is if your business will function without your direct involvement? No one wants to buy a low-paying job. People will be willing to pay a premium for a profitable business that operates without the direct involvement of the owner. Look at your time and make sure that you are working on your business and not in your business. This means that you are not essential to getting estimates out the door and projects complete. You need to assemble a great team and then empower them to run the activities of the daily business. Your job should become one of a great coach, conductor, and leader. When the company operates without your daily involvement, this is strong benefit to the future owners. A good test for your company is whether you can go away for a 2-week vacation without operations missing a beat. </p><p data-reader-unique-id="4" style="caret-color: rgb(27, 27, 27); color: #1b1b1b; font-family: -apple-system-font; font-size: 15px; max-width: 100%;">3. The seller of a house knows that the cub appeal is one of the key drivers of value and interest in a property. You need to take the same approach when you consider selling your business. Curb appeal is quite literally the physical appearance of your office workspace, assets, staff, website, paperwork, and outward representations of your business. Take an outsiders view of your company and think about how it looks. A sloppy or unprofessional appearance often hints of operational issues. Give prospective buyers a great first, and often lasting impression of your business. This is also how your client will look at your company – so it is especially important. </p><p data-reader-unique-id="5" style="caret-color: rgb(27, 27, 27); color: #1b1b1b; font-family: -apple-system-font; font-size: 15px; max-width: 100%;">4. When determining the value of your business, the financial statements will reveal the truth about your company. Make sure your financial house is in order, properly structured and very clear. All statements need to align and paint a clear picture of operational excellence. Be able to verify your numbers, tie your statements together (balance sheet and income statements) and show stability in revenue, profits, and cash. It is not enough to have your CPA or CAA run a monthly statement. You need to prepare monthly statements and be able to explain and defend the information that is presented. These numbers will be used by the buyers to determine value, and then critically and deeply analyze this information during the due diligence process. Having clean and quality numbers is essential to getting a strong price, and then assuring you have a successful transaction. </p><p data-reader-unique-id="6" style="caret-color: rgb(27, 27, 27); color: #1b1b1b; font-family: -apple-system-font; font-size: 15px; max-width: 100%;">5. The next question to answer prior to selling your business is, do you have a balanced client base? I have worked with companies that were dependent on two clients for over 80% of their work. This is a dangerous situation and one that will substantially impact potential buyers. Buyers want certainty, and are looking for a return on their investment. The element of risk will limit the buyers and will minimize the value of your company. A strong business will not be dependent on a single client for over 20% of overall revenue. If you lose any client, it may hurt, but will not be detrimental to your organization. You need to be able to report your top clients, all revenue sources and be able to show the source of your leads and sales. Buyers want to be able to predict future sales and profitability – having balance in work sources make these predictions more accurate and easier to forecast. </p><p data-reader-unique-id="7" style="caret-color: rgb(27, 27, 27); color: #1b1b1b; font-family: -apple-system-font; font-size: 15px; max-width: 100%;">If you are interested in selling your business, then make sure you have good answers to the above questions or issues. Having strong answers to these questions will improve your ability to sell your business and get the highest price possible. </p><p data-reader-unique-id="8" style="caret-color: rgb(27, 27, 27); color: #1b1b1b; font-family: -apple-system-font; font-size: 15px; max-width: 100%;">If you are looking for assistance in preparing your company, or planning the next steps, contact Business Mentors today. We have a great track record of helping owners prepare their business and then navigating the entire process. Phillip@businessmentors.net</p>Phillip Rosebrookhttp://www.blogger.com/profile/08127287840221021504noreply@blogger.com0tag:blogger.com,1999:blog-4802381048820566142.post-24624776300434805932021-05-12T08:53:00.002-07:002021-05-12T08:53:40.836-07:00A discussion on cost increases in restoration<p><span style="font-family: arial;"> <span style="color: rgba(0, 0, 0, 0.75);">This is an interesting time to be operating a business. Here are some of the major issues that are impacting your operation.</span></span></p><div class="ember-view" id="ember918" style="border: 0px; box-sizing: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><div class="reader-article-content" dir="ltr" style="border: 0px; box-sizing: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><ul style="border: 0px; box-sizing: inherit; color: rgba(0, 0, 0, 0.75); line-height: 3.2rem; margin: 3.2rem 0px; padding: 0px; vertical-align: baseline;"><li style="border: 0px; box-sizing: inherit; margin: 2.4rem 0px 2.4rem 3.2rem; padding: 0px; vertical-align: baseline;"><span style="font-family: arial;">Prices of lumber have tripled in the past year</span></li><li style="border: 0px; box-sizing: inherit; margin: 2.4rem 0px 2.4rem 3.2rem; padding: 0px; vertical-align: baseline;"><span style="font-family: arial;">Steel prices have more than doubled this year</span></li><li style="border: 0px; box-sizing: inherit; margin: 2.4rem 0px 2.4rem 3.2rem; padding: 0px; vertical-align: baseline;"><span style="font-family: arial;">Fuel prices have steadily increased due to reduction in domestic supply and increased demand. Now the East Coast pipeline shut down will add to that significantly</span></li><li style="border: 0px; box-sizing: inherit; margin: 2.4rem 0px 2.4rem 3.2rem; padding: 0px; vertical-align: baseline;"><span style="font-family: arial;">Most companies are having trouble finding both general and skilled labor. Unemployment is still high but the supply appears to be restricted due to generous payments to "not work" as well as increased demand for new workers.</span></li><li style="border: 0px; box-sizing: inherit; margin: 2.4rem 0px 2.4rem 3.2rem; padding: 0px; vertical-align: baseline;"><span style="font-family: arial;">Prices for required insurance has increased significantly</span></li><li style="border: 0px; box-sizing: inherit; margin: 2.4rem 0px 2.4rem 3.2rem; padding: 0px; vertical-align: baseline;"><span style="font-family: arial;">The supply of available building products is substantially limited from lumber to appliances</span></li><li style="border: 0px; box-sizing: inherit; margin: 2.4rem 0px 2.4rem 3.2rem; padding: 0px; vertical-align: baseline;"><span style="font-family: arial;">Taxes will no doubt increase to cover the size and scope of government spending. The amount of new "money creation" is astounding and will have significant long term challenges</span></li><li style="border: 0px; box-sizing: inherit; margin: 2.4rem 0px 2.4rem 3.2rem; padding: 0px; vertical-align: baseline;"><span style="font-family: arial;">The cost of new vehicles are increasing an the supply is diminishing due to demand increases and computer chip supply issues as well as covid shut downs</span></li></ul><p style="border: 0px; box-sizing: inherit; color: rgba(0, 0, 0, 0.75); line-height: 3.2rem; margin: 3.2rem 0px; padding: 0px; vertical-align: baseline;"><span style="font-family: arial;">All of the above issues should cause business owners to take a proactive approach. Here are some of my recommendations:</span></p><ul style="border: 0px; box-sizing: inherit; color: rgba(0, 0, 0, 0.75); line-height: 3.2rem; margin: 3.2rem 0px; padding: 0px; vertical-align: baseline;"><li style="border: 0px; box-sizing: inherit; margin: 2.4rem 0px 2.4rem 3.2rem; padding: 0px; vertical-align: baseline;"><span style="font-family: arial;">Know your costs when writing estimates and adjust your pricing as needed. Submit your price increase notices to X8 and insurance companies frequently</span></li><li style="border: 0px; box-sizing: inherit; margin: 2.4rem 0px 2.4rem 3.2rem; padding: 0px; vertical-align: baseline;"><span style="font-family: arial;">Have limits to your estimates of less than 30 days and maybe as short as 2 weeks.</span></li><li style="border: 0px; box-sizing: inherit; margin: 2.4rem 0px 2.4rem 3.2rem; padding: 0px; vertical-align: baseline;"><span style="font-family: arial;">Have suppliers offer bids for job materials and make sure you are getting a good value on the job and shop materials that you are purchasing</span></li><li style="border: 0px; box-sizing: inherit; margin: 2.4rem 0px 2.4rem 3.2rem; padding: 0px; vertical-align: baseline;"><span style="font-family: arial;">Proactively manage your inventory. Not having supplies will restrict your ability to complete jobs and purchasing too much will impact your margins later if the prices fall.</span></li><li style="border: 0px; box-sizing: inherit; margin: 2.4rem 0px 2.4rem 3.2rem; padding: 0px; vertical-align: baseline;"><span style="font-family: arial;">Protect your profits and cash. Make sure that you have capital to limit your risk and also meet future overhead expenses that may be unexpectedly higher than previous years.</span></li><li style="border: 0px; box-sizing: inherit; margin: 2.4rem 0px 2.4rem 3.2rem; padding: 0px; vertical-align: baseline;"><span style="font-family: arial;">Be cautious about creating long term solutions for short term pricing problems. Increasing wages is a strong temptation but will need to be maintained in the future regardless of short term pressures</span></li></ul><p style="border: 0px; box-sizing: inherit; color: rgba(0, 0, 0, 0.75); line-height: 3.2rem; margin: 3.2rem 0px; padding: 0px; vertical-align: baseline;"><span style="font-family: arial;">2020 was a real challenging year for business owners, families and employees across the county. Many of last years issues have subsided however they have been replaced by new and different challenges. It is import that you are both aware and nimble. Your leadership was challenged last year and it looks like it will be again this year - although in different ways. Be proactive and strategic in your business and create and manage your response to changing conditions.</span></p></div></div><div class="reader-flag-content__wrapper mb4 clear-both" data-ember-action-919="919" data-ember-action="" style="border: 0px; box-sizing: inherit; clear: both !important; display: flex; font-size: 1.5rem; justify-content: flex-end; margin-bottom: 16px !important; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding: 0px; vertical-align: baseline;"><br class="Apple-interchange-newline" /></div>Phillip Rosebrookhttp://www.blogger.com/profile/08127287840221021504noreply@blogger.com0tag:blogger.com,1999:blog-4802381048820566142.post-64938611859710207522021-01-26T09:42:00.000-08:002021-01-26T09:42:37.448-08:002021 Restoration Industry Trends Part 1<p>One of the challenges in making predictions is being
blindsided by items that you could never have seen coming. Before last year, imagine someone telling you
that the country would be shut down for several months, you could not go to a
restaurant or church service for months, college basketball would stop the week
before March Madness, and most schools would be closed for months (or in some
cases nearly 1 year), riots would break out in major cities across the country
and recently, the House of Representatives would be stormed and temporarily
occupied, 10 major hurricanes would make landfall, large portions of the West
would suffer from catastrophic fires and the list goes on. I am sure that you would think that person
was an idiot or was in need of major psychological assistance. When you look at my predictions for 2020,
written last January, they seem fairly mundane and reasonable in retrospect. </p><p class="MsoNormal"><o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Being a critic or having the benefit of hindsight is much easier
in times like we are currently experiencing.<span style="mso-spacerun: yes;">
</span>I like to think that anyone can lead a company during good times and
that real leadership is required in challenging times.<span style="mso-spacerun: yes;"> </span>Your business survival in 2020 proves that
you have added to your leadership skillset and have the ability to adapt to
unusual and unknown circumstances. <span style="mso-spacerun: yes;"> </span>The
ultimate person that you will become years from now, is the result of the
experiences, success and failure that you encounter between now and then.<span style="mso-spacerun: yes;"> </span><o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Here are a couple of salient points that are relevant and
worthy of a full article at some other time.<o:p></o:p></p>
<p class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Restoration is vital and needed regardless of
economic or social influences. <o:p></o:p></p>
<p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->The health of the indoor environment is becoming
more essential. <o:p></o:p></p>
<p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Outside people, companies and equity are
realizing that restoration is a great, long-term industry. <o:p></o:p></p>
<p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Restorers are uniquely suited to diagnosing,
triaging and then treating very challenging and unusual situations on a micro
and macro level. <o:p></o:p></p>
<p class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->The value of faith, community, family and our
close interpersonal connections are essential as we move through a challenging
and uncertain world. <o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">As in years past, I will critique and grade my predictions
from last year prior to making my predictions for 2021.<span style="mso-spacerun: yes;"> </span>I feel that this is a necessary practice to
establish credibility for my thoughts on the coming year.<span style="mso-spacerun: yes;"> </span>When I think about the critical issues that
impacted restoration last year, I think that I still have some credibility, but
you can be the judge of that.<span style="mso-spacerun: yes;"> </span>I recall
my friend Mark Springer, the President of RIA, calling me in April or May to
ask permission to be critical of my predictions in a written commentary for the
Cleaning and Restoration Magazine.<span style="mso-spacerun: yes;"> </span>His
commentary discussed how sometimes we simply cannot see the crazy curve balls
coming at us and the reality is that as small business owners we have to be
aware and nimble.<span style="mso-spacerun: yes;"> </span>That being said, let
the critique begin! <o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><b>2020 Trends reviewed:<o:p></o:p></b></p>
<p class="MsoNormal"><span style="font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;">Labor shortages is my number
one challenge facing the restoration industry in 2020.<span style="mso-spacerun: yes;"> </span>I have worked with several great companies in
the past year that have had to limit their growth due to a lack of good people
to fill open roles.<span style="mso-spacerun: yes;"> </span>This is a function
of a national unemployment rate of near 3.5% and much lower in many areas.<span style="mso-spacerun: yes;"> </span>With the overall lack of available workers,
it is essential that your business has a plan to both find new staff and to
retain your current workforce. <o:p></o:p></span></p>
<p class="MsoNormal"><b><span style="font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;"><o:p> </o:p></span></b></p>
<p class="MsoNormal"><b><span style="color: #666666; font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Grade
for this prediction – <span style="mso-tab-count: 2;"> </span>B.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="color: #666666; font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">I have
mixed feelings about this issue.<span style="mso-spacerun: yes;"> </span>The
reality is that most restoration companies are currently limited by access to
great staff in all positions of their business.<span style="mso-spacerun: yes;">
</span>My biggest criticism of this predictions comes from the statement that I
identified this as the biggest challenge facing restorers in 2020.<span style="mso-spacerun: yes;"> </span>It was a problem, but the biggest challenge
for most companies was figuring out how to deal with coronavirus – both as a
health issue and also the reality of operating a business in that environment.<span style="mso-spacerun: yes;"> </span>If I would have predicted that, I would
expect you start calling me Nostradamus! </span></b><b><span style="font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;"><o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;"><o:p> </o:p></span></b></p>
<p class="MsoNormal"><b><span style="font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;"><o:p> </o:p></span></b></p>
<p class="MsoNormal"><b><span style="font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;">Consolidation of systems</span></b><span style="font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;"> - In the past decade many new software systems
have been developed for the restoration industry.<span style="mso-spacerun: yes;"> </span>I think that this is the year that the
various software programs will start to communicate together, or their will be
a further consolidation of suppliers.<span style="mso-spacerun: yes;">
</span>Next Gear has been at the forefront of this movement.<span style="mso-spacerun: yes;"> </span>I predict they will continue to consolidate
or incorporate new technology into their system.<span style="mso-spacerun: yes;"> </span>Restoration Contractors are working to get
more streamlined expectation from vendor programs and also less redundancy from
the various insurance companies and TPA’s.<span style="mso-spacerun: yes;">
</span>This movement is being driven by the PIRC group and also through the
RIA’s AGA movement.<span style="mso-spacerun: yes;"> </span>I do not think that
this is a situation that will be solved – but I do think that there will be
progress.<span style="mso-spacerun: yes;"> </span>For this reason – this will be
tough to measure and it is a continuum rather than a destination. <o:p></o:p></span></p>
<p class="MsoNormal"><b><span style="color: #666666; font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><o:p> </o:p></span></b></p>
<p class="MsoNormal"><b><span style="color: #666666; font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Grade
for this prediction – <span style="mso-tab-count: 2;"> </span>C.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="color: #666666; font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">I think
that I was early with this prediction and that was somewhat qualified in the
prediction but in reality there was not noticeable movement in this area.<span style="mso-spacerun: yes;"> </span>The reality is that more, disparate software
programs continue to be introduced.<span style="mso-spacerun: yes;"> </span>They
all solve a real problem being experienced by restoration professionals, but
they are still not communicating with each other.<span style="mso-spacerun: yes;"> </span>I did expect more consolidation and perhaps
it was corona that slowed that trend or the fact that most are speaking different
languages and creating the link between programs is an immense
undertaking.<span style="mso-spacerun: yes;"> </span>I am excited to watch
companies like KnowHow, Encircle, AskAime, and Next Gear continue to work
toward solutions in this area.<span style="mso-spacerun: yes;"> </span>The
groundwork is being laid today for a more streamlined tomorrow. </span></b><span style="font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;">M&A Consolidation – the
pace of consolidation in the industry has been remarkable. There are more and
more large companies purchasing as well as new equity companies entering the
industry.<span style="mso-spacerun: yes;"> </span>There are no signs of this
process slowing. I am not sure if it will increase – or if it can.<span style="mso-spacerun: yes;"> </span>Over the past year the acquisitions kept
getting larger.<span style="mso-spacerun: yes;"> </span>I am not sure if it
happens this year – or in the next few – but I believe that some of the
companies that are making many of the purchases – will consolidate.<span style="mso-spacerun: yes;"> </span>Restoration is a big marketplace – so there
will be many players.<span style="mso-spacerun: yes;"> </span>As far as I know,
there are at least three companies performing more than $1 billion in
revenue.<span style="mso-spacerun: yes;"> </span>There will be more likely this
year.<span style="mso-spacerun: yes;"> </span>Last year all three of these
companies completed very large transactions.<span style="mso-spacerun: yes;">
</span>Small acquisitions and mergers will continue, but you can expect several
very large transactions again this year.<span style="mso-spacerun: yes;">
</span>I wish I had insider information on this – I do not – just doing my best
to read the market. <o:p></o:p></span></p>
<p class="MsoNormal"><b><span style="color: #666666; font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><o:p> </o:p></span></b></p>
<p class="MsoNormal"><b><span style="color: #666666; font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Grade
for this prediction – <span style="mso-tab-count: 2;"> </span>A.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="color: #666666; font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">The
pace of acquisitions has been steady and is very evident. <span style="mso-spacerun: yes;"> </span>I am consistently getting calls from either
individuals or equity companies looking to learn more about the restoration
industry. <o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="color: #666666; font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><o:p> </o:p></span></b></p>
<p class="MsoNormal"><span style="font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;">AGA progress - When the idea
of the Advocate and Government Affairs movement was imagined, Mark Springer
stated in his introduction article that we are in danger of waking up one day
and having an unrecognizable industry.<span style="mso-spacerun: yes;">
</span>The changes that are underway from pricing, to communication and
relevance are potentially detrimental to creating a successful and profitable
business.<span style="mso-spacerun: yes;"> </span>This frightening thought
caused Mark to layout a clear plan for change to advocate for restoration
professionals across the industry.<span style="mso-spacerun: yes;"> </span>The
original article clearly laid out a plan that could salvage the industry as we
know it.<span style="mso-spacerun: yes;"> </span>I don't think that this
movement will cover for poor management decisions, but I do think that it takes
steps to make your management easier.<span style="mso-spacerun: yes;"> </span>It
is important that this is not seen as an adversarial attack on our
clients.<span style="mso-spacerun: yes;"> </span>That being said, it is
essential that we advocate for the professionalism of our industry.<span style="mso-spacerun: yes;"> </span>The restoration industry is very fragmented
and if we do not join together, our voices will not be heard.<span style="mso-spacerun: yes;"> </span>As a group we will be able to create a
unified message on issues that impact every one of our businesses. <o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;"><o:p> </o:p></span></p>
<p class="MsoNormal"><b><span style="color: #666666; font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Grade
for this prediction – <span style="mso-tab-count: 2;"> </span>A+.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="color: #666666; font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">The
only challenge with this prediction is that not enough companies are
participating, or event know about the work of the AGA.<span style="mso-spacerun: yes;"> </span>Here is a quick list of items that have been
accomplished:<o:p></o:p></span></b></p>
<p class="MsoListParagraphCxSpFirst" style="margin-left: 42.6pt; mso-add-space: auto; mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="color: #666666; font-family: Symbol; mso-bidi-font-family: Symbol; mso-bidi-font-weight: bold; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><b><span style="color: #666666; font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Improvement with Xactimate pricing feedback and movement on some
consistently underpriced items which touches over 90% of restoration companies.
<o:p></o:p></span></b></p>
<p class="MsoListParagraphCxSpMiddle" style="margin-left: 42.6pt; mso-add-space: auto; mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="color: #666666; font-family: Symbol; mso-bidi-font-family: Symbol; mso-bidi-font-weight: bold; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><b><span style="color: #666666; font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">TPA and Third Party Consultant Position Papers reviewed and
submitted.<o:p></o:p></span></b></p>
<p class="MsoListParagraphCxSpMiddle" style="margin-left: 42.6pt; mso-add-space: auto; mso-list: l1 level1 lfo2; text-indent: -.25in;"><!--[if !supportLists]--><span style="color: #666666; font-family: Symbol; mso-bidi-font-family: Symbol; mso-bidi-font-weight: bold; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><b><span style="color: #666666; font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Industry advocate in place and making real progress in
representing industry challenges.<o:p></o:p></span></b></p>
<p class="MsoListParagraphCxSpLast" style="margin-left: 42.6pt; mso-add-space: auto;"><b><span style="color: #666666; font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><o:p> </o:p></span></b></p>
<p class="MsoNormal"><span style="font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;">Unions in Canada – I am not
sure if this is a Canadian challenge or if this will make an impact South of
the border.<span style="mso-spacerun: yes;"> </span>I am aware of two shops that
have been unionized in 2019.<span style="mso-spacerun: yes;"> </span>The process
for a union taking over a shop in Canada is much easier that in the States.<span style="mso-spacerun: yes;"> </span>Word on the street is that the unions are
looking to make inroads in the restoration industry because it is a good source
of labor for their other areas of their union.<span style="mso-spacerun: yes;">
</span>The union has had success in a national player’s office and a franchise
member.<span style="mso-spacerun: yes;"> </span>I am not certain of the impact
that they will have, it is dependent on the companies that are being
targeted.<span style="mso-spacerun: yes;"> </span>As an employer, I am not aware
of your abilities to fight the union movement, but I know that there are a lot
of rules that need to be followed. <o:p></o:p></span></p>
<p class="MsoNormal"><b><span style="color: #666666; font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><o:p> </o:p></span></b></p>
<p class="MsoNormal"><b><span style="color: #666666; font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Grade
for this prediction – <span style="mso-tab-count: 2;"> </span>Incomplete
<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="color: #666666; font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">The
reality is that this is a slow-moving process.<span style="mso-spacerun: yes;">
</span>There is a lot of groundwork to be laid, and that continues.<span style="mso-spacerun: yes;"> </span>As of today, I believe that this is a
Canadian challenge as they have very different laws around this issue.<span style="mso-spacerun: yes;"> </span>I believe that the new president and congress
will be more favorable to labor unions, but there is a long way to go to create
much movement in the US market. <o:p></o:p></span></b></p>
<p class="MsoNormal"><span style="font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;">Technology – Technology is
advancing rapidly and is now helping companies create real efficiencies in
their businesses.<span style="mso-spacerun: yes;"> </span>The most obvious
trends last year were in the area of estimating and scoping. Matterport and
Docusketch have automated the image capture and dimensioning process that allow
companies to massively improve efficiencies in this area of restoration. I am
working with several clients that are using this technology to allow for remote
estimators to prepare estimates from their desks.<span style="mso-spacerun: yes;"> </span>This has always been possible, but the new
technology allows for much greater speed and accuracy.<span style="mso-spacerun: yes;"> </span>If the estimator is able to specialize in
writing estimates rather than driving to and from jobsites, then the
productivity increases substantially. This technology can be combined with
artificial intelligence and machine learning to improve the details and
accuracy of the scopes.<span style="mso-spacerun: yes;"> </span>I understand
that Next Gear is working on this technology as well.<span style="mso-spacerun: yes;"> </span>I am also aware of a company called Ask Aime
- </span><a href="http://www.askaime.com/about"><span style="font-size: 11.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-hansi-font-family: Calibri;">www.askaime.com/about</span></a> that helps identify potential missing
items in Xactimate.<span style="mso-spacerun: yes;"> </span>Technology is also
being used to better communicate from the field to the office, and from the
restoration company, to the client and the insurance company.</p><p class="MsoNormal"><o:p></o:p></p>
<p class="MsoNormal"><b><span style="color: #666666; font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><o:p> </o:p></span></b></p>
<p class="MsoNormal"><b><span style="color: #666666; font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Grade
for this prediction – <span style="mso-tab-count: 2;"> </span>A.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="color: #666666; font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Whether
it was a natural evolution, or if the virtual work word enhanced the pace of
change, technology is rapidly impacting how restorers operate.<span style="mso-spacerun: yes;"> </span>If technology did not have a major impact in
your business, then you are falling behind. <o:p></o:p></span></b></p>
<p class="MsoNormal"><span style="font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;">It is not likely a 2020 issue
– but it will be in the next several.<span style="mso-spacerun: yes;">
</span>You should keep an eye on blockchain technology.<span style="mso-spacerun: yes;"> </span>Blockchain will allow for effective and
secure communication between several parties without additional needed
technology.<span style="mso-spacerun: yes;"> </span>Blockchain is the technology
that is behind Bitcoin – but it is much bigger than that.<span style="mso-spacerun: yes;"> </span>This will likely transform our economy and
the systems and resources that we have become accustomed to for everyday
transactions.<span style="mso-spacerun: yes;"> </span>Your clients will likely
find you, compare your services and potentially pay for your services using
Blockchain technology.<span style="mso-spacerun: yes;"> </span>Many insurance
companies are aware of the potential for blockchain technology and will be
integrating into their businesses in the next 2-10 years (I know that is a big
timeframe – but I suspect that this will take on several iterations and even
some creative destruction before it is widely adapted.)<o:p></o:p></span></p>
<p class="MsoNormal"><b><span style="color: #666666; font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><o:p> </o:p></span></b></p>
<p class="MsoNormal"><b><span style="color: #666666; font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Grade
for this prediction – <span style="mso-tab-count: 2;"> </span>Incomplete<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="color: #666666; font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Since
this was not a prediction for 2020, It is not fair to grade this idea.<span style="mso-spacerun: yes;"> </span>Bitcoin and other crypto currencies are
becoming more recognized which will impact the acceptance and understanding of
blockchain.<span style="mso-spacerun: yes;"> </span>If this technology were used
for public elections, it would assure a more timely, accurate and secure election
but that is an entirely different story and potentially volatile, so I will not
go there.<o:p></o:p></span></b></p>
<p class="MsoNormal"><span style="font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;"><o:p> </o:p></span></p>
<p class="MsoNormal">Given the uncertainty of the world in the last 12 months, it
would be easy to cause every prediction to be irrelevant.<span style="mso-spacerun: yes;"> </span>That being said, in your role as an owner or
leader of a small business, you need to look into a crystal ball and chart a
course to navigate uncertain waters.<span style="mso-spacerun: yes;">
</span>They key in navigating uncertainty is to study trends, make a deliberate
strategic plan and be very nimble so you can adapt quickly as needed. <o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Phillip Rosebrook, CR
has been active in the disaster restoration industries for 33 years.<span style="mso-spacerun: yes;"> </span>He is a partner in Business Mentors, a
consulting company that has been helping restoration professionals define and
implement a compelling vision for their business.<span style="mso-spacerun: yes;"> </span>He can be reached at Phillip@BusinessMentors.net<span style="mso-spacerun: yes;"> </span></span><span style="font-family: "Times",serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;"><o:p></o:p></span></p>Phillip Rosebrookhttp://www.blogger.com/profile/08127287840221021504noreply@blogger.com0tag:blogger.com,1999:blog-4802381048820566142.post-82188856828905882782021-01-18T16:34:00.004-08:002021-01-18T16:34:45.207-08:00Top Trends in Disaster Restoration for 2021<p> <b style="font-family: Calibri, sans-serif;"><span style="font-family: Times; font-size: 16pt;">Top trends for 2021</span></b></p><style class="WebKit-mso-list-quirks-style">
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</style><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Times;">Welcome to my mostly annual thoughts on the top trends that will impact your business in 2021. It is my hope that we do not ever see a year like 2020 anytime soon but as you take a look forward it is important to find the good, the growth and the opportunities created over the past twelve months. Last year should have lead to greater leadership skills and a more nimble and flexible business. If you lost family or friends to the pandemic, then I pass on my sincerest condolences and hope that we all realize how fragile and valuable our health and families are. The challenges of 2020 should cause us to take a longer look at the sunset, spend more time with our family and enjoy the simple and major blessings in the everyday. Now that we are armed with the values taught to us through the disruption of 2020, let’s roll up our sleeves and get ready to embrace 2021! <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Times;"> </span></p><p class="MsoNormal" style="font-size: medium;"><b><span style="color: #666666; font-family: Times;">2021 trends<o:p></o:p></span></b></p><p class="MsoNormal" style="font-size: medium;"><b><span style="color: #666666; font-family: Times;"> </span></b></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Times;">Insurance companies move toward underwriting profit –</span></b><span style="font-family: Times;"> this is a revenue and cost effort from their part. An underwriting profit means that an insurance company makes a profit on the ratio of premiums in to claims out. This pressure will come from unknown risks – or ones that are difficult to quantify combined with an equally unpredictable investing market. The good news is if the stock and bond market continue to be strong, it will offer a margin of security to the insurance industry. <o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo8; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Times; mso-bidi-font-family: Times; mso-fareast-font-family: Times;">-<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Times;">Insurance revenue strategies<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo8; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Times;">Increase in insurance for your business and personal policy driven by the realities of a hard insurance market and also the unknown risks following the pandemic and a big catastrophe year. Insurance companies are still trying to figure their loss exposure from the pandemic since many cases are working through the courts. Regional events including a record number of hurricanes, destructive wildfires along with regional wind and rain events. If you have not already experienced sticker shock for your new policy then get ready, it is likely coming. <o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo8; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Times; mso-bidi-font-family: Times; mso-fareast-font-family: Times;">-<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Times;">Insurance cost reduction strategies<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo8; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Times;">Increase in deductibles will be commonly encountered. Expect to start seeing deductibles as a percent of the policy. <o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo8; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Times;">I don’t think as common but due to increasing prices of labor and materials, you may find many insureds that are underinsured or maybe even at risk of a co-insurance problem.<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo8; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Times;">When I worked as a consultant for restoration companies during the beginning of the mold remediation “boom” in the early years of 2000, there was a fear of turning in a claim because the insured might get cancelled or their premiums would substantially increase. I am not sure if this is across the board but in high-risk areas this may be common. <o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo8; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Times;">Higher scrutiny of estimates, supplements and pricing for restoration services. This is nothing new, but I expect a continued pressure on pricing especially in managed programs and through TPA’s. I also expect pressures on the areas of our business where there is greater room such as mitigation, drying and contents processing. I don’t think that this is a one-way street because I do see movement in price lists and greater compensation for skilled restoration labor rates. If the contractors in the US think that prices cannot go lower then you need to take a look at the pricing in Canada, Australia, UK and likely most other insurance markets across the globe. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Times;">Response<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l6 level1 lfo9; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Times; mso-bidi-font-family: Times; mso-bidi-font-weight: bold; mso-fareast-font-family: Times;">-<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Times;">Higher deductibles and fear of raising insurance rates will increase the quantity of jobs that will not run through insurance. This trend will require several responses. The first is to make sure your web presence facilitates cash customers that are looking for information and resources to save costs. The second is to assure that you have a solid cash and collections policy. This may include credit card processing, building relationships with financial companies that will assist with home equity loans or other financing options and also building a solid collection team and processes. Protect your lien rights and make sure that your paperwork is complete and followed on every project. <b><o:p></o:p></b></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l6 level1 lfo9; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Times; mso-bidi-font-family: Times; mso-bidi-font-weight: bold; mso-fareast-font-family: Times;">-<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Times;">Develop, execute and adjust your web presence on a routine basis. In some areas, deductibles are several thousand dollars. If you average claim is $3,000 then you may have to find those jobs outside your insurance sources. This strategy will also help when the clients are given a cash out settlement and be in need of your services. <b><o:p></o:p></b></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l6 level1 lfo9; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Times; mso-bidi-font-family: Times; mso-bidi-font-weight: bold; mso-fareast-font-family: Times;">-<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Times;">Continue to investigate resources that help the accuracy of your estimates. <b><o:p></o:p></b></span></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l6 level2 lfo9; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Times;">Look at AskAime to assure you are using all the Xactimate line items. Even great estimators are leaving items off their estimates. <b><o:p></o:p></b></span></p><p class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l6 level2 lfo9; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Times;">Look at Actionable Insights to get clarification on price list changes, code upgrades and clarity on pricelist items. <b><o:p></o:p></b></span></p><p class="MsoListParagraphCxSpLast" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l6 level2 lfo9; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Times;">Provide updates to Xactimate on non-program and retail jobs. Look at your retail price list and make sure that it accurately reflects your costs and learn to adjust the yield as needed to reflect your cost of producing work. <b><o:p></o:p></b></span></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Times;"> </span></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Times;">Labor shortages</span></b><span style="font-family: Times;"> continue to make my top trends for at least the third year, but it is not as acute as last year. The covid shut down reduced much of the labor supply pressure. The stability of restoration as a essential service has increased the awareness of restoration as a service and also demonstrated that work in restoration is vital and will continue in uncertain times. With the overall lack of available workers, it is essential that your business has a plan to both find new staff and to retain your current workforce. The first area of pressure is in the skilled trades. Low interest rates and rising home prices has increased the demand for construction services. That makes locating subcontractors and in-house labor very difficult. The second area of pressure is for quality management staff. People with skillset to be marketers, estimators, department managers, and financial administrators are still difficult to locate and in some markets are expecting compensation in excess of their commensurate value in your business. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Times;">Recommendations</span></b><span style="font-family: Times;">:<o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l5 level1 lfo5; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Times; mso-bidi-font-family: Times; mso-fareast-font-family: Times;">-<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Times;">When looking for new staff, you will have to find them where they are currently working. Your job will be to convince them that they have a better opportunity in your business and in our industry. I am always skeptical of people that are out of work right now but you may find people that are not working due to the reality of a post covid world.<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l5 level1 lfo5; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Times; mso-bidi-font-family: Times; mso-fareast-font-family: Times;">-<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Times;">One of the primary responsibilities of an effective business owner is to be a talent-scout. Be on the lookout for great people and create a company that makes room for top performers. <o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l5 level1 lfo5; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Times; mso-bidi-font-family: Times; mso-fareast-font-family: Times;">-<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Times;">Create a company with a career path. It will be easier to develop ways to bring people up through your organization than it is to find new people that fit into your company culture. <o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l5 level1 lfo5; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Times; mso-bidi-font-family: Times; mso-fareast-font-family: Times;">-<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Times;">Focus on reducing turnover and invest in your existing staff. <o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l5 level1 lfo5; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Times; mso-bidi-font-family: Times; mso-fareast-font-family: Times;">-<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Times;">Utilize technology to improve efficiency. It will take years to come to fruition, but it is evident that technology will replace many jobs. It is important that you create a nimble company, that is able to exist in a changing environment. I predict that many jobs in administration and also estimating will cease to exist in the future. Keep an eye on this trend and create a nimble management structure that can react to this environment when it evolves. <o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l5 level1 lfo5; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Times; mso-bidi-font-family: Times; mso-fareast-font-family: Times;">-<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Times;">When looking for new subcontractors – make it a business activity. Make sure that you have someone – or ideally a group – looking for great subcontractors every day. Realize that they are not likely going to knock on your door looking for work. <o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l5 level1 lfo5; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Times; mso-bidi-font-family: Times; mso-fareast-font-family: Times;">-<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Times;">Create a successful compensation program that allows you to pay top dollar for great staff but first assures the company is making money first. <o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l5 level1 lfo5; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Times; mso-bidi-font-family: Times; mso-fareast-font-family: Times;">-<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Times;">Expand the industry – Find people looking for a new career path. Successful, growing companies are looking outside the industry to locate candidates with the character and work habits that will transition well into the industry. <o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l5 level2 lfo5; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";">o<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Times;">If you are hiring outside the industry then I recommend that you create a strong orientation, on-boarding and internal training program. This will allow you to “fast track” their skills in restoration. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Times;"> </span></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Times;">M&A Consolidation</span></b><span style="font-family: Times;"> – This past year had many significant acquisitions on a local, regional and national scale. I expect this trend to continue. I am expecting changes to the tax code that may impact some of the sales – but that is speculation at this point. The incoming administration has discussed changes to capital gains rates, top income rates and corporate taxes. This could change seller’s desire to sell for 3,4 or 5 times (or more) earnings if the top tax rates take a significant portion of the sale. That being said, restoration is a difficult business and the thought of receiving a significant paycheck in return for removal of hassle and risk will continue to drive this trend. There are many large companies looking to expand their national footprint, equity companies investigating the industry and I expect to see large vertical integration or interest from players outside of North America to look at the US restoration market. There is no doubt that the significant move by Blackstone (Servpro) and First Services (Paul Davis and Global Restoration) will lead to other large purchases by major corporations. I also expect that in the next several years you may see some of the larger companies merging or acquiring another major player. \<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Times;">Recommendations: <o:p></o:p></span></b></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo10; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Times; mso-bidi-font-family: Times; mso-bidi-font-weight: bold; mso-fareast-font-family: Times;">-<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Times;">Realize that a potential acquisition could change your competitive market overnight. Build barriers to entry by creating an exceptional, growing company. <b><o:p></o:p></b></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo10; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Times; mso-bidi-font-family: Times; mso-bidi-font-weight: bold; mso-fareast-font-family: Times;">-<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Times;">When you create an exceptional company that is the target of buyers, it also creates a company that is easier and more fun to operate. Create a saleable company (but you don't’ have to sell.)<b><o:p></o:p></b></span></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Times;"> </span></b></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Times;">AGA progress </span></b><span style="font-family: Times;">– Keep an eye on moves made by the Restoration Industry Association’s (RIA) Advocacy and Government Affair’s movement. In the past year they have created formal programs to address and change pricing, write position papers to address challenges with TPA’s and Third Party Consultants, hire an Advocate to speak for and represent the interests of the industry and much more. I expect more progress on key issues affect every restoration contractor. <o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="font-size: medium; margin-left: 0in;"><b><span style="font-family: Times;">Recommendations<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpLast" style="mso-list: l2 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Times;">Join the movement and attended the Restoration Industry Association’s annual convention in June. If you have not financially supported the movement this year – then send a check to support the AGA. www.RestorationIndustry.org<o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Times;"> </span></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Times;">Mainstream Technology</span></b><span style="font-family: Times;"> – I think that this year will create a tipping point for technology that will change your business. Artificial Intelligence and Machine learning are moving very quickly and will be integrated into systems and technology that you are currently using. Some of this will be driven by the restoration industry and much will come out of Insure-tech software that is driving changed in the insurance world. This technology will affect everything from estimating, first notice of loss, loss prevention, documentation and images, reduction cycle time and more. The hardest part of this transition will be identifying the winners and losers in this space to you meet the insurance world ahead of the curve in their transformation. </span><o:p></o:p></p><p class="MsoNormal" style="font-size: medium;"><b><span style="font-family: Times;">Recommendations:<o:p></o:p></span></b></p><p class="MsoListParagraphCxSpFirst" style="mso-list: l5 level1 lfo5; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Times; mso-bidi-font-family: Times; mso-bidi-font-weight: bold; mso-fareast-font-family: Times;">-<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Times;">Become a student of the industry and the movements in insure-tech. I am not sure if they will be a long-term significant player but if you have not heard of Lemonade (the insurance company) then you are not studying the trends. This is an example and not a recommendation. <b><o:p></o:p></b></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-list: l5 level1 lfo5; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Times; mso-bidi-font-family: Times; mso-bidi-font-weight: bold; mso-fareast-font-family: Times;">-<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Times;">Use digital process to increase accuracy and cut steps from your process (Docusketch, Matterport, Encircle and more)<b><o:p></o:p></b></span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l5 level1 lfo5; text-indent: -.25in;"><!--[if !supportLists]--><span style="font-family: Times; mso-bidi-font-family: Times; mso-bidi-font-weight: bold; mso-fareast-font-family: Times;">-<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: Times;">Learn how technology will improve service and add clarity to your process and procedures as well as improve your communication. (KnowHow, Encircle, DASH, Xcelarate, Job-Dox)<b><o:p></o:p></b></span></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Times;"> </span></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Times;">2020 taught us that we need to be prepared for the unexpected. I don’t expect social and political strife to disappear, but I suspect that this will subside at last for the short term. Protests, anarchy, destruction of personal property, civil disobedience and violence has been elevated to new levels, but a return to normal school, work and a slow-opening of society will diffuse some strife as well as a lower tensions between the media and governing officials and the coronavirus cases will diminish substantially due to vaccines and the move to herd immunity. Weather will continue to be in the headlines but my (non-scientific) prediction is that this will not be as large of an issue this year – especially because last year was so significant (wildfires and hurricanes). Although Wildfires will be here for the foreseeable future since nothing has been done to mitigate the causes. The lesson of 2020 is that change continues to accelerate. Given this uncertainty, your job is to mitigate risk in your business. Create a nimble structure, develop and execute a solid strategic plan, improve gross profit, reduce debt, upgrade your team (through training, hiring and getting rid of bad-fits), manage your overhead and create a deliberate company. Restoration is a great industry, and you need to take steps to develop and exceptional company. <o:p></o:p></span></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Times;"> </span></p><p class="MsoNormal" style="font-size: medium;"><span style="font-family: Times;">Phillip Rosebrook, CR has been active in the disaster restoration industries for 33 years. He is a partner in Business Mentors, a consulting company that has been helping restoration professionals define and implement a compelling vision for their business. He can be reached at Phillip@BusinessMentors.net </span><span style="font-family: Times;"><o:p></o:p></span></p>Phillip Rosebrookhttp://www.blogger.com/profile/08127287840221021504noreply@blogger.com0tag:blogger.com,1999:blog-4802381048820566142.post-88978037950207983012020-12-14T17:51:00.000-08:002020-12-14T17:51:04.408-08:00Creating Max Value in your business<p><span face="Calibri, sans-serif">2020 was a crazy year indeed with coronavirus pandemic, hurricanes and wildfires, it was easy to overlook all the mergers and acquisitions in the restoration industry.</span><span face="Calibri, sans-serif"> </span><span face="Calibri, sans-serif"> </span><span face="Calibri, sans-serif">Several of the larger national restoration companies such as BMS Cat, Global Restoration (Interstate), Kustom and ATI made significant moves and purchased large independent companies while outside private equity companies continue to have interest.</span><span face="Calibri, sans-serif"> </span><span face="Calibri, sans-serif"> </span><span face="Calibri, sans-serif">While there is considerable instability in the business world, restoration proved to be both essential and valuable.</span><span face="Calibri, sans-serif"> </span><span face="Calibri, sans-serif"> </span><span face="Calibri, sans-serif">One consequence of the M&A activity is that the competitive landscape has changed in many markets.</span><span face="Calibri, sans-serif"> </span><span face="Calibri, sans-serif"> </span><span face="Calibri, sans-serif">In an instant, through an acquisition, you may have a very significant competitor in your marketplace.</span><span face="Calibri, sans-serif"> </span><span face="Calibri, sans-serif"> </span><span face="Calibri, sans-serif">The thought of this market transformation should cause you to take steps to protect your business and your market position today.</span><span face="Calibri, sans-serif"> </span><span face="Calibri, sans-serif"> </span><span face="Calibri, sans-serif">Additionally, the steps you take to build walls to protect your business may also make your business an attractive target.</span></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><o:p></o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><o:p> </o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;">The first step in creating a defensible business is to understand your numbers. It may seem counterintuitive that in order to protect your business, rather than looking out, you look inward. Often in our consulting we discover that companies do not have a solid understanding of their numbers and frequently they are either losing money or losing an enormous amount of opportunity cost. That is they are letting money slip through their hands by not setting or hitting their job budget numbers. These companies are continually looking for new clients in order to pay their bills or create capital reserves. The effect of this inefficiency is to limit future growth, reduce access to capital, prevent acquisition of assets or to pay high enough salaries to attract and keep the best available talent. It is my recommendation that you first have good, timely and accurate reporting of your key numbers. You need to set job budgets and then put a plan in place to assure achievement of the numbers. After you have strong budgets then you need to have a proactive collection plan so you can turn your profits into cash. Whether you are looking to create a stable company or build value in your business get your numbers in order, capture your profits, track you numbers, finally, create consistent financial reports that you understand. <o:p></o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><o:p> </o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;">If you have a created a platform for reporting and understanding your numbers, you may feel that you are ready to build a formidable business through an effective marketing plan. One thing that I communicate to my clients is that it is easy to get work – the first time. It may take time and effort, but it is the result of consistent activity. The real challenge is getting the work back – if you fail in service or quality delivery. If you have a solid company that performs at an elite level and consistently delights your clients, now you are starting to build a solid wall around your market and your business. Consistent service delivery is the result of defining and applying a service delivery program and then working every day to perfect this program. I am a huge fan of Steve Toburen’s <i>Healing the Loss</i> program, available from Jon Don as it lays out an easy to follow program of identifying and managing <i>Moments of Truth</i> in every interaction with your clients and potential clients. After you have established a service system, then you need to define your control mechanism – whether it is JD Power calls, net promoter scores, online review (I recommend something more proactive), in progress service calls or other programs, then you will be able to monitor achievement. Quality control on projects is a function of great service, combined with a commitment to deliver a quality product on every job. <o:p></o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><o:p> </o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;">After you have assured that you are on solid financial footing and created a program to consistently deliver high quality work, now you are ready to focus on growth or at least securing the high value clients in your market. Sometimes companies focus too much on growth and top line sales numbers when in reality the important metric is defining and securing your ideal client. This step should lead to bottom line and cash growth. This is the ultimate measurement of maintaining market dominance. One of my principles is that competition is not a bad thing – as a matter of fact, I want to have competitors, but I want to keep them weak. A marketplace without competition is an invitation for quality companies to enter. If you target and focus on the high value and high-profile clients, then you can leave the unprofitable and undesirable work for the others to fight over. <o:p></o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><o:p> </o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;">The first step in your marketing plan should be to determine your company goals – in essence, what do you want to be when you grow up. The next step is to break these goals into desired revenue categories: Commercial or Residential; and reconstruction, contents, water damage, mitigation, biohazard or other. When you have clarity in your destination, you can start to assemble your team and create an action plan to get to your destination. The first step is to make sure you have the right people on your team and that they are in the right spots. If you have assembled your plan and you have the team in place along with great service, quality products and timely measurements then you can put a plan in place to financially reward your team. If you have a well-compensated team, clear goals, profitable work, then your protective walls just got a little taller. <o:p></o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><o:p> </o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;">The next step in delivering max value in your business is to make sure that your business development team has a great sales plan that helps target your ideal client and works to add value to their business. A value-added marketing approach will help you overcome the other marketing representatives that visited before you and will visit after. Perhaps another article will discuss some value-added approaches to your marketing activity, since that is a much more in-depth discussion. There are great resources in the industry to help drive this process as well, and if your marketing representatives are only filling candy dishes then you will have a difficult time standing out from the rest. The important point is that you have done the work creating a company of value – now you need to make sure you are telling your key target clients in a manner that influences their decisions. Assemble a marketing plan and budget that is reflective of your goals and then track your progress. <o:p></o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><o:p> </o:p></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;">When you take the above steps, you have started to secure your market and as part of that process you have improved your company value. After achievement of these items, you may now be the ideal and valuable target of an acquisition. Many owners do not realize that the companies that are buying today, do not want to fix broken and underperforming companies. Most companies want to purchase market leaders and top performers and will happily pay a premium for these businesses. If you are watching the acquisitions and concerned about how that will impact your business, then create a blueprint and start building walls to secure your business. At a minimum you will be able to build more wealth and create a company that is easier and more fun to run. <o:p></o:p></p>Phillip Rosebrookhttp://www.blogger.com/profile/08127287840221021504noreply@blogger.com0tag:blogger.com,1999:blog-4802381048820566142.post-36745496429303145352020-03-20T17:45:00.000-07:002020-03-21T09:57:33.453-07:00Your coronavirus business response<div class="ember-view" id="ember3988" style="border: 0px; box-sizing: inherit; font-size: 16px; margin: 0px; padding: 0px; vertical-align: baseline;">
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There have been many articles, webinars, newsletters and other communication about how to deal with the cleaning and decontamination of Coronavirus or Covid-19.<span> </span>I have not yet found many thoughts on how you should prepare your business.<span> </span>While this article is relevant for many small businesses, it is being written substantially for the disaster restoration industry.<span> </span>The good news for restoration professionals is that the fires and floods that occurred last month, and last year at this time will likely continue.<span> </span>The challenge is that many of the underlying issues, all over the world, have changed in the blink of any eye.<span> </span>In this article I want to address issues that you should consider taking in your business as a response to these changes. In an effort to shorten this article and to make it more actionable, I will present my recommendations in abbreviated format so let the bullet points begin! <o:p></o:p></div>
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<!--[if !supportLists]--><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">1.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]-->Challenge – cash management.<span> </span>As in any crisis, cash is king.<span> </span>There are many unknowns that will impact your cash position which include:<o:p></o:p></div>
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<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]-->Higher prices for potentially scare supplies<o:p></o:p></div>
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<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]-->Uncertainty in payments from our clients.<span> </span>Whether you work with insurance companies, property managers, or direct with the property owners – we do not know if these offices will be staffed as normal, or if they will maintain their typical processes for payment.<span> </span>It is safe to assume that there will be delays, even in established process. <o:p></o:p></div>
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<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]-->Uncertainty in mortgage company inspections.<span> </span>If a mortgage company is listed on a check then we cannot be certain the process for final inspections and approvals for releasing funds.<span> </span><o:p></o:p></div>
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<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]-->Banking challenges – I have already heard of companies that had their line of credit called.<span> </span>Banks will be cautious with risk. If you do not a low risk client, then make sure you invest in your banking relationship.<span> </span>Understand that their world just changed, and their risk tolerance may have as well. <o:p></o:p></div>
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<b>Recommendations: <o:p></o:p></b></div>
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<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]-->Plan purchases in advance to make sure that you are anticipating supply chain disruptions or delays that could impact project completion. <span> </span><o:p></o:p></div>
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<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]-->Contact adjusters to discuss the payment policies for drafts or final payments on jobs. <o:p></o:p></div>
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<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]-->Adjust staffing to assist with collections – your business development staff may find time in their schedule because they are not able to make office visits.<span> </span>They can assist in tracking down missing payments or defining payment process. <o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l0 level2 lfo2; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]-->If you are working on – or plan to start – larger projects that will have mortgage companies on the drafts, then contact their offices to determine approval and funding process for the projects you are working on.<span> </span>Ask if they can use Encircle, Matterport, Docusketch images for approval.<span> </span>These images should have time and date stamps to prove that the work is complete. <o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l0 level2 lfo2; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]-->Although I mentioned that you have risk in your banking relationship – you may move cash from your line of credit to your checking account.<span> </span>If you have room on your line – you may consider turning this into cash in case the bank restricts that later – or even requires approval or staffing to move money – and they may not even be allowed to work due to outside influeces. This may cost you a bit of money to increase your debt – but it might be worth the cost if your banker is not available.<span> </span>A good example of this is a discussion that I had with a client that has cash in the bank and their rather sizable line of credit was at zero – moving money was a good hedge and low risk activity.<span> </span>If you are near the top of your line then do not take this step.<o:p></o:p></div>
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<!--[if !supportLists]--><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">2.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]-->Cross contamination from sick employees.<span> </span>In the event that you have all your managers report to the office – and someone gets the Coronavirus – it has the potential to shut down your company for several weeks. <o:p></o:p></div>
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<b>Recommendations:<o:p></o:p></b></div>
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Work from home.<span> </span>If you have not already, take steps right away to disperse your staff.<span> </span>Work from home recommendations<o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]-->Define a list of employees that NEED to report to your office.<span> </span>Create a work from home recommended list. Provide technology needed to assure that they are able to effectively work and communicate.<o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]-->Create a best practice work from home list.<span> </span>Most people are not familiar with working with so many distractions.<span> </span>Additionally, spouses and kids may be in the house making this a less than productive work environment. The linked article offers great tips to effectively work from home:<span> </span><a href="https://www.propertycasualty360.com/2020/03/17/smart-ways-for-insurance-professionals-to-work-remotely/?kw=Smart%20ways%20for%20insurance%20professionals%20to%20work%20remotely&utm_source=email&utm_medium=enl&utm_campaign=agentbrokerinsider&utm_content=20200319&utm_term=pc360&slreturn=20200220185025" style="color: #954f72; text-decoration: underline;">https://www.propertycasualty360.com/2020/03/17/smart-ways-for-insurance-professionals-to-work-remotely/?kw=Smart ways for insurance professionals to work remotely&utm_source=email&utm_medium=enl&utm_campaign=agentbrokerinsider&utm_content=20200319&utm_term=pc360&slreturn=20200220185025</a><o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]-->Look into technology that improves processes such as Microsoft Team, Zoom.us, Google Hangouts and more.<span> </span>These tools will help improve the process and provide accountability for activity and actions. <o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]-->Create a meeting and communication strategy.<span> </span>Since employees will not be getting direct daily contact regarding company activities – make sure that you take responsibility for delivering messages in order to you avoid fear and rumors. Use your technology to have face to face communication and assurances of company activities and direction. <o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]-->Encourage your managers to use Facetime or other video calls rather than just phone calls.<span> </span>The video will help ensure better communication – and also help with personal connections with your new “virtual” staff. <o:p></o:p></div>
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<!--[if !supportLists]--><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">3.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]-->Expect supply chain restrictions and challenges.<span> </span>Some of our products are in high demand such as PPE and disinfectants. <span> </span>Other products will ultimately come from factories and plants that are not operational right now.<span> </span>Those products such as flooring and windows may be in stock today – but may be back-ordered when life returns to normal <o:p></o:p></div>
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<b>Recommendations: <o:p></o:p></b></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]-->Anticipate what you will need in advance.<span> </span>You may need to look down the road for a project in production and order materials sooner than you normally might.<span> </span>This is in direct contradiction to my earlier statement that you want to conserve cash.<span> </span>If you order materials sooner – then the bill is due sooner.<span> </span>You will have to make qualitative decisions on this based on the project, the materials and the anticipation of stock. My main recommendation is to look a little further down the road than you might ordinarily.<o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]-->If you can get your hands on additional Covid-19 cleaning supplies – PPE, Decontaminates, HEPA Vacs, air scrubbers, etc. – you may look at adding to your inventory. This is a situation that will get worse before it gets better. If you are staging for future work, then take a serious look at your supplies. <o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]-->Re-Use some of your PPE gear.<span> </span>This may not have been a consideration in the past – but is something to give strong consideration today.<span> </span>If you are not in a particularly contaminated environment, then set a plan in place to re-use. <o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]-->Realize that many M 95<b> </b>and 100 masks as no longer in stock. Take a look at professional gear that is more available such as PAPR masks, full face masks and ½ face respirators.<span> </span>Your employees need to be safe – so make sure they have the resources needed. <o:p></o:p></div>
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<!--[if !supportLists]--><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">4.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]-->Client communication – Your property owner clients and tenants have always been dealing with stress.<span> </span>This takes their stress to an entirely new level.<span> </span>Many have been told to stay home, shelter in place, watch out for sick people, that their job is in jeopardy and more. People’s lives have been disrupted and now here comes the restoration crew – dressed in full PPE gear showing up at the front door.<span> </span><o:p></o:p></div>
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<b>Recommendations: <o:p></o:p></b></div>
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Client Communication recommendations.<span> </span>Make sure your phone staff has a script explaining that your employees are going to show up at the front door in respirators and Tyvek suits.<span> </span>This is not because we are afraid of the clients – but because it is good practice for the health of all. Take a picture of your crew in PPE at the office and send this to clients letting them know what to expect. Reiterate that the health and safety of the property, and all occupants is our utmost priority.<o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l3 level2 lfo3; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]-->Add the photo of our crew in PPE on the website.<span> </span>Also add a page that describes our current policy in entering and working in homes and businesses during this crisis. <o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l3 level2 lfo3; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]-->Updated your social media to add to the communication.<o:p></o:p></div>
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<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo3; text-indent: -.25in;">
<!--[if !supportLists]--><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">5<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]-->Business activity – outside of the potential for additional work in cleaning impacted businesses, it is reasonable to expect that your work will decrease.<span> </span>This is due to many different factors including; people being home and more attentive to leaks, fire risks and more; people completing their own repairs to save money; construction jobs slowing down or stopping; adjusters not at their desks; non-restoration companies picking up some of the work; and other contributing factors.<span> </span><o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; caret-color: rgb(0, 0, 0); color: black; font-family: Calibri, sans-serif; font-size: medium; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; margin: 0in 0in 0.0001pt 0.5in; orphans: auto; text-align: start; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;">
<b>Recommendations</b>: <span> </span><o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l2 level2 lfo4; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]-->Stay in phone contact with your clients. Make sure they know that you are still working and available to serve them or their clients. <o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l2 level2 lfo4; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]-->Let them know about the technology that you are employing that allows them to survey damages without having to attend the jobsite – such as Matterport, Encircle, Docusketch or others.<o:p></o:p></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l2 level2 lfo4; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]-->Change the homepage on your website to let all visitors to your site know that you are available to serve their needs in these challenging times. Don't make website visitors read through different tabs and pages to make sure you are available – make it obvious. <o:p></o:p></div>
<div class="MsoNormal" style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; caret-color: rgb(0, 0, 0); color: black; font-family: Calibri, sans-serif; font-size: medium; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; margin: 0in 0in 0.0001pt; orphans: auto; text-align: start; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;">
<br /></div>
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General recommendations: <o:p></o:p></div>
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<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]-->You may have the opportunity to find great new staff members.<span> </span>It has been a long time since potential employees have been knocking on our door.<span> </span>Be very discerning in times like these.<span> </span>You may have employees from other departments or even subcontractors that are needing hours.<span> </span>You can re-assign these people before you hire others.<span> </span>On the other hand, if you are going to be hiring – only consider “A” players. <span> </span>Use this opportunity to really add to the team’s skills and competency. <o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo5; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]-->Take a look at your overhead. Some costs are naturally going to fall such as marketing expenses and potentially fuel.<span> </span>Seriously watch your costs and make sure you are protecting your bottom line and your cash needs. <o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo5; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]-->Realize that there may be real concern from your frontline staff.<span> </span>I have heard rumors from one company that the employees are disgruntled because they are being put in harms-way – while the managers are working from the comfort of their home.<span> </span>The first thing you need to realize is that this is a conscious or unconscious thought by some of your team.<span> </span>Reiterate your commitment to safety and health through this process. Take very deliberate steps to assure that all safety precautions are being provided and more importantly, followed.<span> </span>Continue to clarify the important service they are bringing to our clients and community as a whole – we are likely saving lives – that is a high purpose. <span> </span><o:p></o:p></div>
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<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]-->Have a media strategy.<span> </span>Since this is a big news event, if you are contacted about a story – have a plan who talks to the media and have a plan for what is said. This is a great opportunity – but also contains risk as your entire community may be watching. <span> </span>If you find this appropriate – you can make your own news by contacting the assignment editor at the TV station or the newspaper – they are always looking for a story.<span> </span>Make a pitch that tells them why this is newsworthy.<span> </span><o:p></o:p></div>
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<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]-->Over communicate to your clients, staff and community.<span> </span>Make sure everyone is aware of your status, your working conditions, your availability, your appearance, your commitment to safety and health and your values.<span> </span><o:p></o:p></div>
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At the end of the day, your company and community have a need for leadership.<span> </span>Most anyone can look good when things are going well.<span> </span>Now is the time to step up and provide confidence. Realize that there is fear and anxiety.<span> </span>Make your company a place where we can solve problems and make thigs better.<span> </span>Encourage your employees to come to work every day with a great attitude and a desire to serve – we will make it better.<span> </span>If your staff is not coming into the office every day then keep them informed with frequent messages and make yourself available to your staff.<span> </span>Take care of your health – your team will need you to be there to lead in uncertain times, so they can be certain that they are making a difference, and that you have their back.<span> </span><o:p></o:p></div>
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I am wishing you all well in your efforts to make a difference.<span> </span>I am praying for healing, grace and an end to the suffering caused by this pandemic.<span> </span>Feel free to contact me with any thoughts or questions. <a href="mailto:Phillip@Businessmentors.net" style="color: #954f72; text-decoration: underline;">Phillip@Businessmentors.net</a><span> </span><o:p></o:p></div>
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Phillip Rosebrookhttp://www.blogger.com/profile/08127287840221021504noreply@blogger.com0tag:blogger.com,1999:blog-4802381048820566142.post-51380734404213842812020-02-19T10:23:00.000-08:002020-02-19T10:23:25.870-08:00Top trends for in disaster restoration for 2020. <div class="MsoNormal" style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; caret-color: rgb(0, 0, 0); color: black; font-family: Calibri, sans-serif; font-size: medium; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; margin: 0in 0in 0.0001pt; orphans: auto; text-align: start; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;">
<b><span style="font-family: Times;">Top trends for 2020<o:p></o:p></span></b></div>
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<span style="font-family: Times;">Welcome to my mostly annual thoughts on the top trends that will impact your business in 2020.<span> </span>This is the start of a new decade that promises to be exciting and transformative.<span> </span>Perhaps I will attempt to discuss my thoughts on the decade ahead one of these days but that is not the purpose of this article.<span> </span>I do think that many of the issues that will impact your business from automation, blockchain, robots, artificial intelligence, machine learning and other new technology is well underway at this point. However, I do not see most being marketable in the next year or so.<span> </span>Because technology is moving so fast right now, it is in your best interest to stay in touch with these new trends.<span> </span>I find it remarkable that the insurance industry may start pushing some of this technology on our industry since insurance is notoriously slow to adopt new technology.<span> </span>I think that outside influences – including new competitors are pushing conservative insurance companies to adopt new ideas. <span> </span>There is so much movement in this space that it will be difficult to anticipate the successful platforms.<span> </span>I suspect that that winning players may not be the most productive solutions (consider Betamax versus VHS as an example.)<o:p></o:p></span></div>
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<span style="font-family: Times;">Prior to revealing my thoughts on 2020, I want to review my thoughts and provide a review on my 2019 thoughts.<span> </span>This is relevant for several reasons.<span> </span>The first is that it offers accountability on my perspective.<span> </span>The second reason is that it offers credibility on my newest predictions. I think that I was relatively accurate on my thoughts from last year although I think that I overlooked some big ideas.<span> </span><o:p></o:p></span></div>
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<b><span style="color: #666666; font-family: Times;">2019 Trends and Predictions <o:p></o:p></span></b></div>
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<!--[if !supportLists]--><span style="color: #666666; font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: Times;">My number one prediction for this year remains unchanged – Labor shortages.<span> </span>Labor shortages continue to be a big issue in most restoration companies today. If unemployment goes from 4 to 4.5% this will have little impact on your business.<span> </span>Looking through postings on various LinkedIn pages shows, literally hundreds of open positions at various restoration companies.<span> </span>One company that I am familiar with, stated they currently have 100’s of open positions in their company alone!<span> </span>I would expect some pressure to be relieved near the end of 2019 yet, I don’t think that will impact the pool of talent available in your company.<span> </span>This shortage covers all positions in restoration from frontline technicians to all management positions.<span> </span>In addition, it is very difficult to find skilled construction workers in most markets. The laws of economics tell me that this will lead to increased cost of labor.<span> </span>There are some companies that are severely limited in their growth because they cannot find needed people to fill the available positions in their company.<span> </span><o:p></o:p></span></div>
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<b><span style="color: #666666; font-family: Times;">Grade for this prediction – <span> </span>A.<span> </span><o:p></o:p></span></b></div>
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<b><span style="color: #666666; font-family: Times;">The only issue that I think I may have missed is that I predicted that the labor availability would lighten up a bit by the end of last year.<span> </span>I have worked with many companies that have had to limit their growth because they could not complete any more work.<span> </span><o:p></o:p></span></b></div>
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<!--[if !supportLists]--><span style="color: #666666; font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: Times;">Catastrophe and large losses are one of their biggest challenges for major client groups – TPA, property managers, insurance companies.<span> </span>This will start to drive claims decisions. These groups will start to make vendor decisions based on their ability to respond to local and regional events more than everyday claims decisions.<span> </span>In most areas it is easy to solve claims needs in a normal environment – it is during peak periods where companies are feeling exposed. I expect weather events to continue to be a challenge in 2019 and the foreseeable future.<span> </span>This includes cold weather, spring rains, summer storms, tornado events, wildfires and hurricanes.<span> </span>I am not brave enough to predict hurricane activity this year, I will leave that up to the scientists at Colorado State University.<span> </span>I do expect wildfires to continue to be a challenge.<span> </span>The forests in the West have such a high fuel load and forest management practices have led to a dangerous environment, especially when combined with low rainfall and mountain snowpack.<span> </span>I find it interesting however that the everyday restoration market is slow in many areas of North America, but catastrophe events are driving record insured losses.<span> </span>I am seeing companies outside the CAT zone struggling to maintain revenue and those inside struggling to keep up with the onslaught of work.<span> </span><o:p></o:p></span></div>
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<b><span style="color: #666666; font-family: Times;">Grade for this prediction -<span> </span>A<o:p></o:p></span></b></div>
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<b><span style="color: #666666; font-family: Times;">Last year was a big year for regional catastrophes even though there appeared to be a steady volume of everyday claims in most regions of the market.<span> </span>2020 has started slow in several regions but it does appear to be a very typical claims environment for many other regions.<span> </span><o:p></o:p></span></b></div>
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<!--[if !supportLists]--><span style="color: #666666; font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: Times;">Technology.<span> </span>This has been a slow-moving trend but it is starting to become a reality for today’s restoration and insurance companies.<span> </span>I have been watching the insurance claims industry as they assess new technology to streamline operations and provide better and more accurate service.<span> </span>This year many of these treads are becoming actionable. I know that franchise groups have specialists that are studying the technology options, so their companies are aware of the coming trends but are you?<span> </span>If you are not looking at technology for your business, then you will be left behind.<span> </span>Here are some things you should be aware of because they are becoming a reality in the claims world and the technology is affordable and available.<span> </span><o:p></o:p></span></div>
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<b><span style="color: #666666; font-family: Times;">Grade for this prediction <span> </span>A<o:p></o:p></span></b></div>
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<b><span style="color: #666666; font-family: Times;">If you are not researching how to utilize technology in your business then you are missing out of ways you can increase productivity and reduce costs in your business.<span> </span>One obvious example for the use of technology in restoration is the Matterport Camera and also Docusketch.<span> </span>Both of these tools have helped restoration companies to massively expand the capacity and also efficiency of one of the highest paid positions in restoration.<span> </span>I am aware of many restoration companies that area using the cameras to move a substantial portion of their estimating to a virtual estimating desk.<span> </span>This substantially removes windshield time from a high paid position and provides the estimator the ability to double their production – or more!<span> </span>The AI programs that are being used by some restoration companies to provide more accurate and complete scopes.<span> </span>Take a look at </span></b><a href="http://www.askaime.com/about" style="color: #954f72; text-decoration: underline;"><span style="font-size: 11pt;">www.askaime.com/about</span></a><span style="font-family: "Times New Roman", serif;"> to add that last percent to your estimates. <o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="color: #666666; font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: Times;">Cost inflation – This is not a new trend however it is a continuation of issues that have been building over the past couple of years.<span> </span>Input costs are increasing due to labor issues throughout the supply chain as well as pricing for many construction products and services.<span> </span>Your pricing database is measuring this, however I have not seen a commensurate pricelist increase.<span> </span>Contractors are in some-ways responsible for this situation as well, as they are not updating retail pricing.<span> </span>Every uploaded estimate is sent through pricing feedback which affirms the prices used in that estimate.<span> </span>It is my expectation that the construction industry will see continued price escalation throughout the year. If we experience another wildfire or strong hurricane season, then I would expect that to impact prices as well.<span> </span>Construction continues to be strong and the available pool of skilled trades and available employees are not growing with the demand. <o:p></o:p></span></div>
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<b><span style="color: #666666; font-family: Times;">Grade for this prediction – <span> </span>A <o:p></o:p></span></b></div>
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<b><span style="color: #666666; font-family: Times;">This is becoming an acute situation in many markets. It is difficult for many companies to work for some insurance companies and to provide expected service levels.<span> </span>I see restoration companies limiting service and cutting back on some clients due to lack of pricing elasticity.<span> </span>This is diminishing some as prices have started to increase in some markets. Understanding your costs and managing budgets is essential in this market.<span> </span>I am also starting to see an escalating wage reality in some markets.<span> </span>This is a problem when margins are compressing, and companies are also trying to maintain balance with their existing staff.<span> </span>Retention will perhaps be much more important than locating new staff. <o:p></o:p></span></b></div>
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<!--[if !supportLists]--><span style="color: #666666; font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: Times;">Cyber-crime – This is not a big deal; until it is.<span> </span>The attacks are targeted and will not hit companies at once or the the industry as a whole.<span> </span>It is not an industry trend, but it is a reality that your business needs to have a plan to address.<span> </span>Being hit with a cyber-crime can destroy your business – or at least be an unnecessary distraction that will keep you from properly serving your clients and may have a substantial financial consequence. <o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="color: #666666; font-family: Symbol; mso-bidi-font-family: Symbol; mso-bidi-font-weight: bold; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><b><span style="color: #666666; font-family: Times;">Grade for this prediction – <span> </span>B<o:p></o:p></span></b></div>
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<b><span style="color: #666666; font-family: Times;">This has been a big issue for some companies and a non-issue for others.<span> </span>I have not spoke to individual companies that were impacted but the news is full of stories of cybercrime. I personally was offered multiple insurance programs to protect my privacy after my personal financial information was compromised.<span> </span><o:p></o:p></span></b></div>
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<!--[if !supportLists]--><span style="color: #666666; font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: Times;">TPA – I am not sure if this is a prediction or just wishful thinking, but I expect to see some more flexibility for management of contractors in these programs.<span> </span>I am hearing developments right now that are very detrimental to contractors from previously strong insurance companies. In the current work environment – labor shortages, increasing costs, increasing customer expectations and a strong economy – I think that the contractors have some leverage. The TPA’s are not able to fill the demand for services in some key markets.<span> </span>Many of their best contractors are reducing zip code coverage.<span> </span>Right now, the claims examiners and adjusters are aggressively managing the claim and the contractor – I am hopeful that this will change.<span> </span>Perhaps a TPA will emerge that is friendlier to the contractors.<span> </span>This is not evident at the beginning of the year – but maybe it will start to change in Quarter 3 or 4 this year.<span> </span>Consider this a bonus prediction – because my confidence is low.<span> </span><o:p></o:p></span></div>
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<b><span style="color: #666666; font-family: Times;">Grade for this prediction<span> </span>B-<o:p></o:p></span></b></div>
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<b><span style="color: #666666; font-family: Times;">While some might offer an F for this prediction – I tried to lower expectations when this was written last year.<span> </span>The first thing that is in development is the emergence of Core.<span> </span>This has great potential to be a good – contractor-focused or contractor balanced program. If you have not heard about this, I recommend you at last investigate.<span> </span>It is a new program and I have not heard others that have any experience.<span> </span>I am not sure if they are actually offering work or just crating their network.<span> </span><o:p></o:p></span></b></div>
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<b><span style="font-family: Times;">There were several big misses from my predictions last year.<span> </span><o:p></o:p></span></b></div>
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<b><span style="font-family: Times;">The Advocacy and Government Affairs movement from the Restoration Industry Association.</span></b><span style="font-family: Times;"><span> </span>I was aware of the underlying issues prior to the start of 2019 and had been given an advanced copy of the <i>Our Greatest Need </i>article from Mark Springer.<span> </span>This article discussed the challenges faced by the restoration industry.<span> </span>He made case that if something was not done, then we would not recognize our industry in 10 years.<span> </span>Mark wisely not only made a big claim, but he also added a detailed action plan that needed to be followed in order to salvage our industry as we know it today.<span> </span>This detailed plan included a strong call to action.<span> </span>While the AGA did not make a big impact in 2019 – as a matter of fact there was little impact.<span> </span>On the other hand, the foundation of a major movement is being built.<span> </span>A group of intelligent, successful and influential leaders, are taking steps today that will make our industry, and your business better in the future.<span> </span>This was not a miss because of the impact, rather because of the momentum of this movement in 2019.<span> </span>Look out for this to be included in my 2020 predictions. <o:p></o:p></span></div>
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<b><span style="font-family: Times;">Consolidation</span></b><b><span style="font-family: Times;"><o:p></o:p></span></b></div>
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<span style="font-family: Times;">My 2018 predictions discussed consolidation that was taking place in restoration.<span> </span>I knew that this was a strong influence – but I also did not expect this to occur with the volume and size of companies.<span> </span>There were no fewer than 10 major (over $20 million) companies last year, that were purchased.<span> </span>This does not even consider the dozens of smaller transactions.<span> </span>I suspect this will continue over the next couple of years and will substantially impact the industry.<span> </span>Look for this trend to continue and be updated in my 2020 predictions. <span> </span><o:p></o:p></span></div>
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<span style="font-family: Times;">The restoration industry is in a real time of change. There are many influences from in and outside of our industry, as well as items that are in our control, and others outside our control. It is more important than ever that you are in control of your business and your strategy. The decisions you make today will allow you to be a victim, or a great success. Now it is more important than ever to be a leader in your business and your industry. <o:p></o:p></span></div>
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<b><span style="color: #666666; font-family: Times; font-size: 16pt;">2020 trends<o:p></o:p></span></b></div>
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<span style="font-family: Times;">Labor shortages is my number one challenge facing the restoration industry in 2020.<span> </span>I have worked with several great companies in the past year that have had to limit their growth due to a lack of good people to fill open roles.<span> </span>This is a function of a national unemployment rate of near 3.5% and much lower in many areas.<span> </span>With the overall lack of available workers, it is essential that your business has a plan to both find new staff and to retain your current workforce. <o:p></o:p></span></div>
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<b><span style="font-family: Times;">Recommendations</span></b><span style="font-family: Times;">:<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Times; mso-bidi-font-family: Times; mso-fareast-font-family: Times;"><span style="mso-list: Ignore;">-<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: Times;">Good people are already working. You will have to find them where they are currently working and convince them that they have a better opportunity in your business and in our industry. <o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Times; mso-bidi-font-family: Times; mso-fareast-font-family: Times;"><span style="mso-list: Ignore;">-<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: Times;">Take a look at new resources for finding good people such as RestorationJobs.com.<span> </span>This is a company that will be bringing new workers to our industry.<span> </span><o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Times; mso-bidi-font-family: Times; mso-fareast-font-family: Times;"><span style="mso-list: Ignore;">-<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: Times;">Focus on reducing turnover and invest in your existing staff.<span> </span><o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Times; mso-bidi-font-family: Times; mso-fareast-font-family: Times;"><span style="mso-list: Ignore;">-<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: Times;">Be selective in your future growth – consider screening your clients and working with the best fits for your organization. <o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Times; mso-bidi-font-family: Times; mso-fareast-font-family: Times;"><span style="mso-list: Ignore;">-<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: Times;">Utilize technology to improve efficiency.<span> </span>It will take years to come to fruition, but it is evident that technology will replace many jobs.<span> </span>It is important that you create a nimble company, that is able to exist in a changing environment. I predict that many jobs in administration and also estimating will cease to exist in the future.<span> </span>Keep an eye on this trend and create a nimble management structure that can react to this environment when it evolves. <o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Times; mso-bidi-font-family: Times; mso-fareast-font-family: Times;"><span style="mso-list: Ignore;">-<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: Times;">Expand the industry – Find people looking for a new career path.<span> </span>When locating new employees, there has been preference for candidates with industry experience. This is a challenge because in many cases that is not an option, and in other cases, the candidates come with some sort of personal or professional “baggage.”<span> </span>Successful, growing companies are looking outside the industry to locate candidates with the character and work habits that will transition well into the industry.<span> </span><o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: Times;">If you are hiring outside the industry then I recommend that you create a strong orientation, on-boarding and internal training program.<span> </span>This will allow you to “fast track” their skills in restoration. <o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Times; mso-bidi-font-family: Times; mso-fareast-font-family: Times;"><span style="mso-list: Ignore;">-<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: Times;">Provide upward mobility.<span> </span>You can attract great employees – especially at the frontline and mid-level management positions, if you have a clear path for upward mobility, and a career path.<span> </span>Restoration is a great industry – but you will have to tell the story that helps locate and retain great people. <o:p></o:p></span></div>
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<b><span style="font-family: Times;">Consolidation of systems</span></b><span style="font-family: Times;"> - In the past decade many new software systems have been developed for the restoration industry.<span> </span>I think that this is the year that the various software programs will start to communicate together, or their will be a further consolidation of suppliers.<span> </span>Next Gear has been at the forefront of this movement.<span> </span>I predict they will continue to consolidate or incorporate new technology into their system.<span> </span>Restoration Contractors are working to get more streamlined expectation from vendor programs and also less redundancy from the various insurance companies and TPA’s.<span> </span>This movement is being driven by the PIRC group and also through the RIA’s AGA movement.<span> </span>I do not think that this is a situation that will be solved – but I do think that there will be progress.<span> </span>For this reason – this will be tough to measure and it is a continuum rather than a destination. <o:p></o:p></span></div>
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<span style="font-family: Times;">Recommendations: <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l3 level1 lfo3; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Times; mso-bidi-font-family: Times; mso-fareast-font-family: Times;"><span style="mso-list: Ignore;">-<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: Times;">Take a look at the outputs from your software systems.<span> </span>Learn if you can accomplish the same – or even more by understanding the capabilities of your various systems. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo3; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Times; mso-bidi-font-family: Times; mso-fareast-font-family: Times;"><span style="mso-list: Ignore;">-<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: Times;">It is my belief that about 80% of the capabilities of most software is not utilized.<span> </span>Restoration companies are always out looking for the next best thing – without properly using what they have.<span> </span>This leads to inefficient system utilization and redundancies in process.<span> </span><o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Times; mso-bidi-font-family: Times; mso-fareast-font-family: Times;"><span style="mso-list: Ignore;">-<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: Times;">Take a deep look at the capabilities of your software and the desired results. <span> </span>Connect with other companies that are using the same systems and getting different results.<span> </span><o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Times; mso-bidi-font-family: Times; mso-fareast-font-family: Times;"><span style="mso-list: Ignore;">-<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: Times;">If you are increasing your utilization, then you will not need to continue to look for the next best program – there will always be something new.<span> </span>If you have good data and programs are consolidated, then the transition or additional capabilities will be easier to access. <o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Times; mso-bidi-font-family: Times; mso-fareast-font-family: Times;"><span style="mso-list: Ignore;">-<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: Times;">Work to move closer to a digital company rather than paper dependent. This will streamline your organization, improve communication and increase efficiency. <o:p></o:p></span></div>
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<span style="font-family: Times;">M&A Consolidation – the pace of consolidation in the industry has been remarkable. There are more and more large companies purchasing as well as new equity companies entering the industry.<span> </span>There is no signs of this process slowing. I am not sure if it will increase – or if it can.<span> </span>Over the past year the acquisitions kept getting larger.<span> </span>I am not sure if it happens this year – or in the next few – but I believe that some of the companies that are making many of the purchases – will consolidate.<span> </span>Restoration is a big marketplace – so there will be many players.<span> </span>As far as I know, there are at least three companies performing more than $1 billion in revenue. <span> </span>There will be more likely this year.<span> </span>Last year all three of these companies completed very large transactions.<span> </span>Small acquisitions and mergers will continue, but you can expect several very large transactions again this year.<span> </span>I wish I had insider information on this – I do not – just doing my best to read the market. <o:p></o:p></span></div>
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<span style="font-family: Times;">Recommendations:<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Times; mso-bidi-font-family: Times; mso-fareast-font-family: Times;"><span style="mso-list: Ignore;">-<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: Times;">A successful business strategy is to create a saleable company the day you open the doors. Even if you have no desire to sell your business, this will make running your company a much easier task.<span> </span>Buyers don’t want a “JOB,” they want to buy a well running company.<span> </span>In the same way, you don’t want a JOB – you want to run a successful business. <span> </span><span> </span><o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Times; mso-bidi-font-family: Times; mso-fareast-font-family: Times;"><span style="mso-list: Ignore;">-<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: Times;">If you want to create a successful and profitable company, then you want to create a market leading company.<span> </span>This may exist in a niche or could be the overall marketplace.<span> </span>If you are a market leader then your business will be sought out as a target for consolidation – or perhaps will keep outside companies away since it will be a more challenging marketplace to compete in. <o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Times; mso-bidi-font-family: Times; mso-fareast-font-family: Times;"><span style="mso-list: Ignore;">-<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: Times;">Create a solid team of leaders.<span> </span>If you want to become a target for purchase – or even be a formidable competitor for all comers, then you need to build a great team.<span> </span>This is a function of being a great leader and running an exceptional company.<span> </span>Potential buyers will pay more for a deep bench of strong players.<span> </span>It is important that the company is much strong than just the leader, since the leader may not continue with the company years down the road.<span> </span>If you have great leaders, then your company is more profitable today - and much more valuable to potential buyers. <o:p></o:p></span></div>
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<span style="font-family: Times;">AGA progress - When the idea of the Advocate and Government Affairs movement was imagined, Mark Springer stated in his introduction article that we are in danger of waking up one day and having an unrecognizable industry.<span> </span>The changes that are underway from pricing, to communication and relevance are potentially detrimental to creating a successful and profitable business.<span> </span>This frightening thought caused Mark to layout a clear plan for change to advocate for restoration professionals across the industry.<span> </span>The original article clearly laid out a plan that could salvage the industry as we know it.<span> </span>I don't think that this movement will cover for poor management decisions, but I do think that it takes steps to make your management easier.<span> </span>It is important that this is not seen as an adversarial attack on our clients.<span> </span>That being said, it is essential that we advocate for the professionalism of our industry.<span> </span>The restoration industry is very fragmented and if we do not join together our voices will not be heard.<span> </span>As a group we will be able to create a unified message on issues that impact every one of our businesses. <o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: Times;">I do not expect this movement to have an overnight effect, but I do expect that this will create incremental changes in the following areas:<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l0 level2 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: Times;">More accurate and timely pricing feedback that reflects more realistic market pricing.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l0 level2 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: Times;">A clear voice that reflects the inherent unfairness of outside third-party evaluators that cause major delays in payment and unfairly cuts pricing of work after it has been complete. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l0 level2 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: Times;">A unified voice that represents the contractors and reflects the realities of the jobsite needs rather than the opinions of program managers that have not ever been on a restoration jobsite. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l0 level2 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: Times;">A series of industry position papers that provide support for billing when the contractor is challenged with the statement, “No one else is charging for that!” These position papers will provide a basis for some of the key issues being dealt with by restorers across the country. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l0 level2 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: Times;">It is my hope that this movement helps create change that will make this a stronger industry that advocates for the customer, a professional project and fair payment for services rendered.<span> </span>I believe that this is a very large undertaking and is getting many skeptical looks.<span> </span>I know the group of leaders that are driving this movement – it consists of many of the best minds in the industry.<span> </span>They are great leaders and fair businesspeople that are advocating for what is right – and should work to create a stronger win-win-win relationship.<span> </span>There are many fragmented groups that are attempting to achieve the same results but do not have a strong and driving vision that has the potential to unify so many, and to respect the voices of the Insurance industry. <span> </span><span> </span><span> </span><o:p></o:p></span></div>
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<b><span style="font-family: Times;">Recommendations<o:p></o:p></span></b></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: Times;">Join the movement and attended the Restoration Industry Association’s annual convention this spring.<span> </span>If you cannot attend, then view the details and updates at www.RestorationIndustry.org<o:p></o:p></span></div>
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<span style="font-family: Times;">Unions in Canada – I am not sure if this is a Canadian challenge or if this will make an impact South of the border.<span> </span>I am aware of two shops that have been unionized in 2019.<span> </span>The process for a union taking over a shop in Canada is much easier that in the States.<span> </span>Word on the street is that the unions are looking to make inroads in the restoration industry because it is a good source of labor for their other areas of their union.<span> </span>The union has had success in a national player’s office and a franchise member.<span> </span>I am not certain of the impact that they will have, it is dependent on the companies that are being targeted.<span> </span>As an employer, I am not aware of your abilities to fight the union movement, but I know that there are a lot of rules that need to be followed. <o:p></o:p></span></div>
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<b><span style="font-family: Times;">Recommendations</span></b><span style="font-family: Times;">:<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Times; mso-bidi-font-family: Times; mso-fareast-font-family: Times;"><span style="mso-list: Ignore;">-<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: Times;">Provide a great working culture for your employees so they feel appreciated and valued.<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Times; mso-bidi-font-family: Times; mso-fareast-font-family: Times;"><span style="mso-list: Ignore;">-<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: Times;">Provide adequate opportunities for feedback from your frontline staff.<span> </span>Make sure that you solicit their feedback and take actions on issues that deal with safety, working conditions and opportunities.<span> </span>Employees want to have their voices heard and they want to feel “in on things.”<span> </span><o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Times; mso-bidi-font-family: Times; mso-fareast-font-family: Times;"><span style="mso-list: Ignore;">-<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: Times;">Reinforce to your staff that you care about them, and create opportunities for their success.<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Times; mso-bidi-font-family: Times; mso-fareast-font-family: Times;"><span style="mso-list: Ignore;">-<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: Times;">Create a strong company culture that creates a great atmosphere where employees love to come to work and contribute to something that is bigger than their own position. <o:p></o:p></span></div>
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<span style="font-family: Times;">Technology – Technology is advancing rapidly and is now helping companies create real efficiencies in their businesses.<span> </span>The most obvious trends last year were in the area of estimating and scoping. Matterport and Docusketch have automated the image capture and dimensioning process that allow companies to massively improve efficiencies in this area of restoration. I am working with several clients that are using this technology to allow for remote estimators to prepare estimates from their desks.<span> </span>This has always been possible, but the new technology allows for much greater accuracy.<span> </span>If the estimator is able to specialize in writing estimates rather than driving to and from jobsites, then the productivity increases substantially. This technology can be combined with artificial intelligence and machine learning to improve the details and accuracy of the scopes.<span> </span>I understand that Next Gear is working on this technology.<span> </span>I am also aware of a company called Ask Aime - </span><a href="http://www.askaime.com/about" style="color: #954f72; text-decoration: underline;"><span style="font-size: 11pt;">www.askaime.com/about</span></a> that helps identify potential missing items in Xactimate.<span> </span>Technology is also being used to better communicate from the field to the office, and from the restoration company, to the client and the insurance company. <o:p></o:p></div>
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<b><span style="font-family: Times;">Recommendations:<o:p></o:p></span></b></div>
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<!--[if !supportLists]--><span style="font-family: Times; mso-bidi-font-family: Times; mso-bidi-font-weight: bold; mso-fareast-font-family: Times;"><span style="mso-list: Ignore;">-<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: Times;">Learn the capabilities of your current software and systems. As I stated before, I believe that 80<span>% of most software is underutilized.<span> </span><b><o:p></o:p></b></span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo3; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Times; mso-bidi-font-family: Times; mso-bidi-font-weight: bold; mso-fareast-font-family: Times;"><span style="mso-list: Ignore;">-<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: Times;">Attend national events and take a learning approach.<span> </span>There are items that will be discussed from the stage and also things to learn from the trade show floor.<span> </span>Take a serious approach to both of these options because it can have massive impact on your business. </span><span style="font-family: Times;"><span> </span>The final step is to search out the leaders in the industry that have implemented new technologies in their business.<span> </span>Find out what works and also the benefits to their business. <b><o:p></o:p></b></span></div>
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<!--[if !supportLists]--><span style="font-family: Times; mso-bidi-font-family: Times; mso-bidi-font-weight: bold; mso-fareast-font-family: Times;"><span style="mso-list: Ignore;">-<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: Times;">Look into attending an ‘insuretech’ show to learn about the technology that is being talked about and implemented in the insurance industry.<span> </span>You can learn about these events by reading insurance magazines and blogs. <b><o:p></o:p></b></span></div>
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<!--[if !supportLists]--><span style="font-family: Times; mso-bidi-font-family: Times; mso-bidi-font-weight: bold; mso-fareast-font-family: Times;"><span style="mso-list: Ignore;">-<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: Times;">Look at trends in other industries to see how they are handling situations that we may encounter in restoration: Remote estimating, dimensioning, materials handling, project management, data collection, labor efficiencies, cost savings, client communication and more.<span> </span><b><o:p></o:p></b></span></div>
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<!--[if !supportLists]--><span style="font-family: Times; mso-bidi-font-family: Times; mso-bidi-font-weight: bold; mso-fareast-font-family: Times;"><span style="mso-list: Ignore;">-<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: Times;">Read – locate relevant blogs, technology magazines, books, tends magazines and newsletters. Since the pace of change is accelerating, it is important to be aware of issues that can and will impact your business.<span> </span>The insurance industry is following the same process and will drive some of the changes required by restorers.<b><o:p></o:p></b></span></div>
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<span style="font-family: Times;">It is not likely a 2020 issue – but it will be in the next several.<span> </span>You should keep an eye on blockchain technology.<span> </span>Blockchain will allow for effective and secure communication between several parties without additional needed technology.<span> </span>Blockchain is the technology that is behind Bitcoin – but it is much bigger than that.<span> </span>This will likely transform our economy and the systems and resources that we have become accustomed to for everyday transactions.<span> </span>Your clients will likely find you, compare your services and potentially pay for your services using Blockchain technology.<span> </span>Many insurance companies are aware of the potential for blockchain technology and will be integrating into their businesses in the next 2-10 years (I know that is a big timeframe – but I suspect that this will take on several iterations and even some creative destruction before it is widely adapted.)<o:p></o:p></span></div>
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<span style="font-family: Times;">The disaster restoration industry is moving quickly.<span> </span>Many new players are influences are driving change.<span> </span>I suspect that the above trends will impact many different areas of your personal life and your business.<span> </span>I recommend you put on your seatbelt and get ready for a fun ride.<span> </span></span><span style="font-family: Times;">Wishing you the best in 2020 and if you need assistance in developing a plan to meet these changes head-on and assure your success - contact Business Mentors – we have been helping create successful restoration companies since 1997. <o:p></o:p></span></div>
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<span style="font-family: Times;">Phillip Rosebrook, CR has been active in the disaster restoration industries for 33 years.<span> </span>He is a partner in Business Mentors, a consulting company that has been helping restoration professionals define and implement a compelling vision for their business.<span> </span>He can be reached at Phillip@BusinessMentors.net<span> </span></span><span style="font-family: Times;"><o:p></o:p></span></div>
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Phillip Rosebrookhttp://www.blogger.com/profile/08127287840221021504noreply@blogger.com1Unknown location.45.463775173751458 -122.723141657769745.10699967375146 -123.36858865776971 45.820550673751455 -122.0776946577697tag:blogger.com,1999:blog-4802381048820566142.post-42071275076880707412019-06-24T14:46:00.000-07:002019-06-24T14:46:06.830-07:00Using Financing in disaster restoration <div class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in 0in 0.0001pt;">
Disaster restoration is a notoriously cash-poor business. We typically pay our bills weekly – or bi-weekly for payroll, weekly or bi-weekly or monthly for our trades subcontractors and monthly for most vendors. A well-run restoration company typically collects money in around 45 days with the average being more likely between 50 and 60 days. The difference between cash-in and cash-out looks to be about 30 days. If this is the case in your business, then growing restoration companies need to have a cash solution. </div>
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If you run primarily a mitigation company, then you may find the above numbers to be different. Many mitigation-only companies are able to create a cash positive business. For mitigation the bills are often paid more promptly, and profit margins are high enough to cover the needed cash float. <o:p></o:p></div>
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There are several options for managing cash float. The first is the most challenging which is to work with your vendors to get them to have flexibility in payments and extending payment terms to 45 days or more. This can typically be arranged however, my thought is that this typically will come at a cost of higher prices. You may be charged higher prices for the services and products that you use – or you have to purchase from subs and vendors that have the ability to lend you credit. If you are able to pay your subcontractors within two weeks or less you may find that your prices are lower and margins are therefor higher. Think about it, if these companies can float labor and materials for 30 days or more then they either make more money or have the overhead that allows them to finance the business. Either way, there is a cost to using your subs or vendors to finance your business. Some companies have built in capital through the ownership group or even wealthy friends or family. Either way this will come at a cost – often more than more traditional sources like a bank. People with money will require security – or will price the cost of their cash at a premium to offset the risk. <o:p></o:p></div>
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The most common form of capital is a bank line of credit. Companies often complain that it is difficult to obtain a line from a bank. It is important to understand It that you should develop a relationship with a local bank prior to needing funds. If you share your business story with a banker and then prove to them over time that you and your business is a good risk then they are more likely to lend you money. One important step is to develop a great financial reporting system. You need to have accurate and timely financial statements – and more importantly understand them! You may have a great relationship with your business banker – but they have to answer to the board and the auditors. It has to be clear that your business will be able to repay any and all loans. After you have your financial house in order then set an appointment with your banker to review your business plan (does not need to be a formal plan – but needs to be clear and articulate.) At first you may be offered a relatively small loan to gain experience with your business. If you are able to receive funds then use them to help your cash float and perhaps even to lower your subcontractor payments or even take material discounts where offered. Practice using the loan and then fully paying off every 6 months. My recommendation is that you ultimately work your way up to obtaining a line of credit of up to 10% of your annual revenue that is secured by 80% of your under 90 day accounts receivable. If you have this line established, then you should be able to take advantage of any discounts as well as potentially asking for a prompt pay discount to those that will offer. The availability of a line of credit will help you take some of the pressure from immediate collections out of your business and allow you to focus on some of the other business priorities. <o:p></o:p></div>
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In the event that you are able to obtain an operating line, make sure that you have discipline in use of the funds. Don’t use your line to purchase assets, as asset loans as much easier to get and serve a different function in your business. Also, you should not use your asset loans to float cash since the repayment expectations are different. If you plan on buying assets (vehicles or equipment) then you can put together a secured loan or lease that will help you cover these costs. <o:p></o:p></div>
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Be careful that you don't use your line to finance business losses. This could get your business into trouble as you will not have the needed future income to make payments and if you are using your accounts receivable as collateral then the maximum line may diminish as your losses mount. This could result in the unfortunate situation where you loan is called by the bank. I have spoke to business owners that are operating near breakeven revenue and they are thinking that getting a line of credit will relieve pressure and allow them to grow their business. I advise these businesses to push to consistent profitability prior to undertaking any debt. When you insert debt into a breakeven or losing situation. This can create a downward spiral that is near impossible to escape. Your line is to finance profits and float your cash so you can take advantage of opportunities and improve your margins. You will have to learn other ways to accomplish this if you are struggling with profitability. <o:p></o:p></div>
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One final recommendation is that you maintain a focus on collection systems and collection discipline. A line of credit will make running your business easier if you develop systems and procedures that are consistently followed. I have seen companies that stopped monitoring collections because they have a solid bank line of credit. When they took their eyes of collections, they found that they days outstanding slipped and they were at the top of their credit line before they knew it. <o:p></o:p></div>
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Banking lines are helpful when used properly. If you are able develop a working relationship with your bank then make sure that you have an equal focus on the basic processes in your business. You should have timely and accurate financial reports that you are closely monitoring. Be able to predict future cash flows into and out of your business and be very responsive to changing situations. If you would like help developing your business cash management, banking relationships or management situations then contact business Mentors today! <b>Phillip@BusinessMentors.net</b> <o:p></o:p></div>
Phillip Rosebrookhttp://www.blogger.com/profile/08127287840221021504noreply@blogger.com0tag:blogger.com,1999:blog-4802381048820566142.post-41809807759116381142019-02-07T17:08:00.000-08:002019-02-07T17:09:54.421-08:002019 Trends in disaster restoration and 2018 review<div align="center" class="MsoNormal" style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; caret-color: rgb(0, 0, 0); color: black; font-family: Calibri, sans-serif; font-size: medium; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; margin: 9pt 0in 0.0001pt; orphans: auto; text-align: center; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;">
<b><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 18pt;">2019 Restoration Trends<o:p></o:p></span></b></div>
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<span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Welcome to my mostly annual restoration trends update. I have spent over 30 years working in the restoration industry which gives me a relevant perspective on the business of restoration. You mauy use the following list to assess strategy for your business or just as an interesting read. It is my belief that these issues will be the top drivers of change, not only this year. but into the future. <o:p></o:p></span></div>
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<span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Prior to starting the current years predictions, it is appropriate to assess my past predictions to provide credibility for my look into the future. Overall, I think that I was very timely on big issues that impacted your business, and our industry in 2018. <o:p></o:p></span></div>
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<span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 16pt;">Review - 2018 Trends</span><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 16pt;"><o:p></o:p></span></div>
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<span style="color: #666666; font-family: "symbol"; font-size: 10pt;">·</span><span style="color: #666666; font-family: "times new roman" , serif; font-size: 7pt;"> </span><b><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Labor shortages and wage increases.</span></b><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;"> This is my top tend for this year. There are many big changes happening in the industry but perhaps the biggest limitation to growth is the availability of labor resources to complete the work. This is true of front-line technicians, managers and subcontractors. There are more people working today according to The Bureau of Labor Statistics than any other time in the history or our country. Unemployment was under 4% for most of the year which according to many economist is statistically 0. This factor has driven up costs for many companies and limited growth in others. <o:p></o:p></span></div>
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<b><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Grade for this prediction A<o:p></o:p></span></b></div>
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<span style="color: #666666; font-family: "symbol"; font-size: 10pt;">·</span><span style="color: #666666; font-family: "times new roman" , serif; font-size: 7pt;"> </span><b><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Industry pricing challenges. </span></b><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">The way our industry prices jobs is creating a stagnant pricing structure and often the feedback program used by many restorers creates downward pricing. At a time where labor and material costs are increasing, the feedback component of the unit cost pricing fails to accurately capture true costs. Some of the feedback challenges are user based due to lack of understanding on how to update retail jobs or a lack of ownership of these processes. The current pricing structure is making it very difficult to achieve or maintain margins. Even if you are effectively updating pricing, this model is reactive and a lagging indicator of costs. <o:p></o:p></span></div>
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<b><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Grade for this prediction A<o:p></o:p></span></b></div>
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<span style="color: #666666; font-family: "symbol"; font-size: 10pt;">·</span><span style="color: #666666; font-family: "times new roman" , serif; font-size: 7pt;"> </span><b><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">TPA Influence</span></b><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">. There has been a lot of influence on this subject over the past year for several reasons. The first is the substantial increase in the amount of work handled by these programs. The next is the influence of these programs on the job scope. Although the top managers at these programs have an apparent intention to make sure the job is completed with the right scope and for a fair price, this is not always the case. There are many that believe the role of these programs is to minimize the scope at all costs. Others realize that it takes additional administrative, management and frontline resources to meet the program expectations. Regardless of your thoughts on the programs, you can expect them to continue to affect the insurance restoration market. I also expect these programs to continue to consolidate and also push for stronger compliance. I am aware of at least one new TPA program that will be entering the market most likely in 2018 and there may be others. Looking at the acquisitions by Vericlaim in 2017, I would expect to see more in 2018 as well. I suspect that as these programs try to differentiate in the market they will come up with new and better ways to measure and control the contractors – expect more and faster. I also would expect these programs to extend their reach outside of the Insurance market and into self-insurance, hospitality, medical and property management work. <o:p></o:p></span></div>
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<b><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;"><br />Grade for this prediction A<o:p></o:p></span></b></div>
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<span style="color: #666666; font-family: "symbol"; font-size: 10pt;">·</span><span style="color: #666666; font-family: "times new roman" , serif; font-size: 7pt;"> </span><b><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Continuing movement of outside groups.</span></b><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;"> Given the influence of the TPA programs and manipulation of claims by some insurance companies, I see an increased influence of the “outsider” groups that are standing up for the independent company. The programs are gaining traction through social media. I am not certain of their impact or influence in the industry because they are swimming upstream. I don’t want to minimize their potential impact, but I am also uncertain of how long any influence will take. I don’t necessarily see a change coming from these groups in 2018, but I also see more and more contractors publicly or even quietly joining their ranks. I don’t think they will have an immediate or strong impact in the industry – but they do have a place. You can see the influence of these types of groups of overthrowing governments around the world – so I would keep an eye on their influence. I also think that at the least they will help the independent companies improve their businesses and process.<o:p></o:p></span></div>
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<b><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Grade for this prediction B<o:p></o:p></span></b></div>
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<span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">I see movement in this area, but I don't think it had a big impact on the industry or individual companies. In fairness I did state that they would likely have a limited immediate impact. I wonder if change will more likely occur from inside the industry, rather than the outside groups? <o:p></o:p></span></div>
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<span style="color: #666666; font-family: "symbol"; font-size: 10pt;">·</span><span style="color: #666666; font-family: "times new roman" , serif; font-size: 7pt;"> </span><b><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Weather</span></b><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">. The top story of 2017 was the spike in weather events. There were events in nearly every quarter of the year and in nearly every corner of the country in 2017. This was great news if this was in your backyard. Some of the events were so significant that many companies hit the road to help for the first time in their history. One challenge was that the every-day claims appeared to be down in many markets. This was quite a dichotomy because peak work was followed by slow times. <o:p></o:p></span></div>
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<span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">I expect the trend of weather events to continue in 2018 which is already happening<o:p></o:p></span></div>
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<span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">throughout the East Coast and Midwest with record setting cold weather and snow. I would guess that the ice dams in the Midwest to be substantial as soon as it starts to thaw. In past years where we had dry weather in the West Coast in the winter and artic air in the Midwest, the hurricane season was very mild. I wonder if we are setting up for that again. The situations that lead to fires in Canada and the West appear to be setting up for a similar situation this year. I would expect large fires to be a factor again along with typical spring rains and windstorms. I am not a meteorologist – but my unprofessional opinion is that we will not see a repeat of the 2017 hurricane season. <o:p></o:p></span></div>
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<span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;"> Again – not a professional or educated opinion but It is starting to look more likely that the earthquake potential is picking up throughout the ring of fire and also in other regions of the country. I would not be surprised to see a major – 6.5 or greater earthquake somewhere in the US this year. <o:p></o:p></span></div>
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<b><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Grade for this prediction A or F <o:p></o:p></span></b></div>
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<span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">This was an interesting one to grade. I failed in my prediction of limited hurricane activity. I was feeling fairly smart until September when we were hit by Florence and then Michael shortly after. I did feel vindicated when the earthquake hit Alaska in December (not that it was a good thing – just accurate.) The A part of this grade comes from the entire prediction other than the hurricane activity. <o:p></o:p></span></div>
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<span style="color: #666666; font-family: "symbol"; font-size: 10pt;">·</span><span style="color: #666666; font-family: "times new roman" , serif; font-size: 7pt;"> </span><b><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Consolidation and M&A activity. </span></b><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Over the past decade both the restoration and insurance industry has seen a major wave of consolidation. This is coming from outside groups, private equity, growing restoration enterprises, and even publicly traded companies. This is not unique to our industry or even insurance, it is the nature of business. These trends appear to be accelerating as people with money are looking for yield. Acquiring companies and then driving value through efficiencies or increasing earnings multiples through larger EBITA numbers is an effective strategy. Given the strong economy, low yields for bonds or savings, as well as the large influx of cash due to the new tax plan, I expect 2018 to be a strong year for M&A activity – both in our industry and from our client groups. <o:p></o:p></span></div>
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<span style="color: #666666; font-family: "courier new"; font-size: 10pt;">o</span><span style="color: #666666; font-family: "times new roman" , serif; font-size: 7pt;"> </span><b><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Grade for this prediction A<o:p></o:p></span></b></div>
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<span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">M&A was active and alive in the TPA groups, property managers, brokers and restoration groups.<o:p></o:p></span></div>
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<b><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 16pt;">2019 Trends and Predictions <o:p></o:p></span></b></div>
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<!--[if !supportLists]--><span style="color: #666666; font-family: "symbol"; font-size: 10.0pt;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">My number one prediction for this year remains unchanged – Labor shortages. Labor shortages continue to be a big issue in most restoration companies today. If unemployment goes from 4 to 4.5% this will have little impact on your business. Looking through postings on various LinkedIn pages shows, literally hundreds of open positions at various restoration companies. One company that I am familiar with, stated they currently have 100’s of open positions in their company alone! I would expect some pressure to be relieved near the end of 2019 yet, I don’t think that will impact the pool of talent available in your company. This shortage covers all positions in restoration from frontline technicians to all management positions. In addition, it is very difficult to find skilled construction workers in most markets. The laws of economics tell me that this will lead to increased cost of labor. There are some companies that are severely limited in their growth because they cannot find needed people to fill the available positions in their company. <o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="color: #666666; font-family: "courier new"; font-size: 10.0pt;"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">The following are my recommendations to address this challenge in your business<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="color: #666666; font-family: "wingdings"; font-size: 10.0pt;"><span style="mso-list: Ignore;">§<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Create a culture that drives candidates to your company. Although there are many job openings, there are many people that would make a change if they felt they could find a company with an engaging and challenging culture – one that celebrates success, creates a sense of belonging and has a compelling vision. <o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="color: #666666; font-family: "wingdings"; font-size: 10.0pt;"><span style="mso-list: Ignore;">§<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Take a look at your compensation plans and make sure you are paying at or above market wages. Define and implement an effective compensation plan that allows you to reward great performance and pay top dollar while assuring the company makes money first. Our rules to compensation are that the company must win first, must win more and after that the employees can win – and potentially win a lot. A competitive compensation plan coupled with a great culture will help not only attract great people but it will also help retain your top performers. The cost of turnover is very high so make sure you take care of what you have. <o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="color: #666666; font-family: "wingdings"; font-size: 10.0pt;"><span style="mso-list: Ignore;">§<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Be a talent scout – always be on the lookout for great workers because they are already working. You will not likely get them to reply to an ad since they are likely not looking where you are posting your ads. Make sure the entire company knows that they will be rewarded when they refer great new team members. As a leader in your company this is a very important role – some would argue that the top role in the company is to locate great people. <o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="color: #666666; font-family: "wingdings"; font-size: 10.0pt;"><span style="mso-list: Ignore;">§<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Purchase the book <i>Who – Solve your company’s #1 problem</i>by Geoff Smart and Randy Street<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="color: #666666; font-family: "wingdings"; font-size: 10.0pt;"><span style="mso-list: Ignore;">§<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Make sure your jobs are properly prepared for subcontractors when they arrive. Realize that time is money and if they have to spend hours getting ready to work or understanding the scope then they will likely find other companies to work with. Make sure jobs and clients are properly prepped and when the work is successfully complete – make sure they are paid quickly. All of these items will not only help keep great subs, it will also help improve your margins. <o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="color: #666666; font-family: "symbol"; font-size: 10.0pt;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Catastrophe and large losses are one of their biggest challenges for major client groups – TPA, property managers, insurance companies. This will start to drive claims decisions. These groups will start to make vendor decisions based on their ability to respond to local and regional events more than everyday claims decisions. In most areas it is easy to solve claims needs in a normal environment – it is during peak periods where companies are feeling exposed. I expect weather events to continue to be a challenge in 2019 and the foreseeable future. This includes cold weather, spring rains, summer storms, tornado events, wild fires and hurricanes. I am not brave enough to predict hurricane activity this year, I will leave that up to the scientists at Colorado State University. I do expect wild fires to continue to be a challenge. The forests in the West have such a high fuel load and forest management practices have led to a dangerous environment, especially when combined with low rainfall and mountain snowpack. I find it interesting however that the everyday restoration market is slow in many areas of North America, but catastrophe events are driving record insured losses. I am seeing companies outside the CAT zone struggling to maintain revenue and those inside struggling to keep up with the onslaught of work. <o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="color: #666666; font-family: "symbol"; font-size: 10.0pt;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Recommendations:<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="color: #666666; font-family: "courier new"; font-size: 10.0pt;"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Make sure you have a diversified marketing started and create a marketing plan many different sources. Work to keep your top lead sources to less than 30% of your overall business – the lower and more diversified the better. This will help keep the phone ringing and also help in the even that any of your work sources is slow or cuts you off. <o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="color: #666666; font-family: "courier new"; font-size: 10.0pt;"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Define a catastrophe response plan for your market and if you want to travel then plan prior to hitting the road. I recommend holding a management retreat at your office or offsite to plan for the day when you get 100’s of phone calls followed by a second or third. Break down the entire process from intake to fulfillment and collection. If you are traveling for losses this is even more important. You need to plan for all the travel and marketing logistics as well as how you will maintain operations back home. Although it appears there is more than enough work in catastrophe zones, it is often hard to get on the paying jobsites that you want. <o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="color: #666666; font-family: "courier new"; font-size: 10.0pt;"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Know your numbers and have a responsive overhead. If you are clear on how and where you are making money and also see the signs when things are slowing, then you can create a plan for proactively managing this process. Being financially aware will help you manage peak work and proactively address the slow periods between. <o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="color: #666666; font-family: "courier new"; font-size: 10.0pt;"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">If you are always marketing, then you may find that you rarely slow down. Create a marketing and sales culture that is understood and owned by everyone. Make sure that your entire staff is aware of how they can impact sales in your company and there is a plan to reward this activity. <br /><br /><o:p></o:p></span></div>
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<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="color: #666666; font-family: "symbol"; font-size: 10.0pt;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Technology. This has been a slow-moving trend but it is starting to become a reality for today’s restoration and insurance companies. I have been watching the insurance claims industry as they assess new technology to streamline operations and provide better and more accurate service. This year many of these treads are becoming actionable. I know that franchise groups have specialists that are studying the technology options, so their companies are aware of the coming trends but are you? If you are not looking at technology for your business, then you will be left behind. Here are some things you should be aware of because they are becoming a reality in the claims world and the technology is affordable and available. <o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="color: #666666; font-family: "courier new"; font-size: 10.0pt;"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">There are several companies that are using Machine learning and artificial intelligence to help you provide better estimates. You can upload your estimates and they will be able to recommend scope items that you may have missed based on the other items that are present. This will be a great help in estimating accuracy for restorers and hopefully will be accepted by the insurance industry. <o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="color: #666666; font-family: "courier new"; font-size: 10.0pt;"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Better underwriting, claim communication and documentation into a seamless package. Companies like Encircle and Matterport lead with the technology to drive this trend. Both of these products/services help bring efficiency in estimating to your business and greater documentation and accuracy. In most companies the estimator group is among the highest paid in the company – this technology will likely change the way that data is gathered and estimates created. I expect that in 5 years or less the camera will document, measure and scope many jobs – at least where there is little structural damage. Right now, 3D images are being used for underwriting and can be connected to the claims process to properly follow the property through the claim. Images taken during the first notice of loss will help verify damages, assist in setting reserves and prevent fraud. I am not sure the role of the contractor in this process but it will be helpful to utilize the same platform. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l0 level2 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="color: #666666; font-family: "courier new"; font-size: 10.0pt;"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Internet of things will be used to identify risks and potentially limit damages. Now that many people have so many smart enabled devises in their homes and businesses insurance companies are better able to identify risk factors and potential damages before they happen or immediately. This technology may limit the overall damage - for example a broken waterline or water heater that shuts off the water and notifies individuals of the damage. I don’t see this impacting restorers much but it will eventually diminish damages. <o:p></o:p></span></div>
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<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="color: #666666; font-family: "symbol"; font-size: 10.0pt;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Cost inflation – This is not a new trend however it is a continuation of issues that have been building over the past couple of years. Input costs are increasing due to labor issues throughout the supply chain as well as pricing for many construction products and services. Your pricing database is measuring this, however I have not seen a commensurate pricelist increase. Contractors are in some-ways responsible for this situation as well, as they are not updating retail pricing. Every uploaded estimate is sent through pricing feedback which affirms the prices used in that estimate. It is my expectation that the construction industry will see continued price escalation throughout the year. If we experience another wildfire or strong hurricane season, then I would expect that to impact prices as well. Construction continues to be strong and the available pool of skilled trades and available employees are not growing with the demand. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l0 level2 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="color: #666666; font-family: "courier new"; font-size: 10.0pt;"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Response to higher prices:<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.5in; mso-add-space: auto; mso-list: l0 level3 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="color: #666666; font-family: "wingdings"; font-size: 10.0pt;"><span style="mso-list: Ignore;">§<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Be price-aware and work to lower your acquisition costs for materials. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.5in; mso-add-space: auto; mso-list: l0 level3 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="color: #666666; font-family: "wingdings"; font-size: 10.0pt;"><span style="mso-list: Ignore;">§<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Have a plan for updating your price lists and proactively reporting price increases. Take time this year to learn more about impacting the pricelists in your local market. The software programs you use have the ability to properly affect your pricing. If you need resources for this then send me an email and I will appropriately direct you in this endeavor. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.5in; mso-add-space: auto; mso-list: l0 level3 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="color: #666666; font-family: "wingdings"; font-size: 10.0pt;"><span style="mso-list: Ignore;">§<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Have really good metrics that allow you to understand your costs and profitability in all areas of your business. Just thinking or feeling that your costs are increasing or profits decreasing is not enough. You need to have information to properly manage your changing business. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.5in; mso-add-space: auto; mso-list: l0 level3 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="color: #666666; font-family: "wingdings"; font-size: 10.0pt;"><span style="mso-list: Ignore;">§<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Budget your projects and all major purchases. Too many companies overlook the need for managing all of your expenses. You should be in control of how you spend all of your money in your business – talking a look at your job cost sheets after the job is complete or the financial statements after the month is complete makes you an unnecessary victim. If you know your costs are changing, then take charge of where and how you are spending money. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.5in; mso-add-space: auto; mso-list: l0 level3 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="color: #666666; font-family: "wingdings"; font-size: 10.0pt;"><span style="mso-list: Ignore;">§<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Look to use time and materials rates where possible. This should help you properly reflect the cost of doing business regardless of the changes in your costs. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.5in; mso-add-space: auto; mso-list: l0 level3 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="color: #666666; font-family: "wingdings"; font-size: 10.0pt;"><span style="mso-list: Ignore;">§<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Take a look at your indirect costs. This includes the administrative team, your estimators, vehicles and other items that are not often job costed. If you do not have budgets or targets for these items then they can quickly and quietly inflate.<o:p></o:p></span></div>
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<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="color: #666666; font-family: "symbol"; font-size: 10.0pt;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Cyber-crime – This is not a big deal; until it is. The attacks are targeted and will not hit companies at once or the the industry as a whole. It is not an industry trend, but it is a reality that your business needs to have a plan to address. Being hit with a cyber-crime can destroy your business – or at least be an unnecessary distraction that will keep you from properly serving your clients and may have a substantial financial consequence. <o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="color: #666666; font-family: "courier new"; font-size: 10.0pt;"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Recommendations <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.5in; mso-add-space: auto; mso-list: l0 level3 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="color: #666666; font-family: "wingdings"; font-size: 10.0pt;"><span style="mso-list: Ignore;">§<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">This should go without saying but your business needs a cyber Insurance policy. This is to cover not only having your information hacked, but also in case that your client’s information is stolen through your company. There are many different types of policies therefore make sure you have a conversation about the options and risks to your business. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.5in; mso-add-space: auto; mso-list: l0 level3 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="color: #666666; font-family: "wingdings"; font-size: 10.0pt;"><span style="mso-list: Ignore;">§<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Training<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 2.0in; mso-add-space: auto; mso-list: l0 level4 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="color: #666666; font-family: "symbol"; font-size: 10.0pt;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Cyber insurance may only cover your business if you take steps to prevent and mitigate the risk. You should be aware of your policy, and your responsibilities. You should work hand in glove with your IT department to understand your policy and your responsibilities. I have worked with companies that have a several tier plan of ways that the company can prepare and prevent attacks – or respond in the event of an attack. There will always be more you can do, so you should have a plan and a budget for various options and then make an appropriate action plan based on your company, resources and potential risk. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: 1.5in; mso-add-space: auto; mso-list: l0 level3 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="color: #666666; font-family: "wingdings"; font-size: 10.0pt;"><span style="mso-list: Ignore;">§<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Continency planning – prepare a contingency plan to determine how long you can work without your network and various options for restoring your network in the event that you are held hostage. This is a very fast-moving world and I recommend that you think you consult with and work with specialists in this field. I am sure that Marriott, Target and Experian thought they had a good plan – until they didn’t. <o:p></o:p></span></div>
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<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="color: #666666; font-family: "symbol"; font-size: 10.0pt;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">TPA – I am not sure if this is a prediction or just wishful thinking, but I expect to see some more flexibility for management of contractors in these programs. I am hearing developments right now that are very detrimental to contractors from previously strong insurance companies. In the current work environment – labor shortages, increasing costs, increasing customer expectations and a strong economy – I think that the contractors have some leverage. The TPA’s are not able to fill the demand for services in some key markets. Many of their best contractors are reducing zip code coverage. Right now, the claims examiners and adjusters are aggressively managing the claim and the contractor – I am hopeful that this will change. Perhaps a TPA will emerge that is friendlier to the contractors. This is not evident at the beginning of the year – but maybe it will start to change in Quarter 3 or 4 this year. Consider this a bonus prediction – because my confidence is low. <o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="color: #666666; font-family: "courier new"; font-size: 10.0pt;"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Recommendations:<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.5in; mso-add-space: auto; mso-list: l0 level3 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="color: #666666; font-family: "wingdings"; font-size: 10.0pt;"><span style="mso-list: Ignore;">§<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Make sure that you limit your work from any one client to less than 20%. This way you are in control of your business and not beholden to the demands of any client.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.5in; mso-add-space: auto; mso-list: l0 level3 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="color: #666666; font-family: "wingdings"; font-size: 10.0pt;"><span style="mso-list: Ignore;">§<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Do what is right – you are the restoration professional. Make sure that you work to preserve the property and protect the occupants of any damaged property. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.5in; mso-add-space: auto; mso-list: l0 level3 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="color: #666666; font-family: "wingdings"; font-size: 10.0pt;"><span style="mso-list: Ignore;">§<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Look for ways to streamline and reduce the cost for repetitive items in your company. You may have estimators and project managers that focus on the relatively simple program jobs – estimating, reporting, job management<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.5in; mso-add-space: auto; mso-list: l0 level3 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="color: #666666; font-family: "wingdings"; font-size: 10.0pt;"><span style="mso-list: Ignore;">§<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">It is OK to be a ‘program’ contractor. There are a lot of great companies doing good work and making money while working as a part of programs – just make sure you have balance. Some things that I have seen from companies doing this type of work <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 2.0in; mso-add-space: auto; mso-list: l0 level4 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="color: #666666; font-family: "symbol"; font-size: 10.0pt;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Lower margins.<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="color: #666666; font-family: "symbol"; font-size: 10.0pt;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Smaller average job size.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 2.0in; mso-add-space: auto; mso-list: l0 level4 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="color: #666666; font-family: "symbol"; font-size: 10.0pt;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Being asked to do less than is required to restore the property.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 2.0in; mso-add-space: auto; mso-list: l0 level4 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="color: #666666; font-family: "symbol"; font-size: 10.0pt;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Having increased overhead due to the additional administrative responsibilities. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 2.0in; mso-add-space: auto; mso-list: l0 level4 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="color: #666666; font-family: "symbol"; font-size: 10.0pt;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Being overly dependent on a single work source that disappears overnight. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 2.0in; mso-add-space: auto; mso-list: l0 level4 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="color: #666666; font-family: "symbol"; font-size: 10.0pt;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">“Take it or leave it” settlements. <o:p></o:p></span></div>
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<span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">The restoration industry is in a real time of change. There are many influences from in our industry, and outside our industry, as well as items that are in our control, and others outside our control. It is more important than ever that you are in control of your business and your strategy. The decisions you make today will allow you to be a victim or a great success. Now it is more important than ever to be a leader in your business and your industry. <o:p></o:p></span></div>
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<span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10pt;">Wishing you the best in 2019 and if you need assistance in developing a plan to meet these changes head-on and assure your success - contact Business Mentors – we have been helping create successful restoration companies since 1997. <o:p></o:p></span></div>
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Phillip Rosebrook CR<o:p></o:p></div>
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President Business Mentors<o:p></o:p></div>
Phillip Rosebrookhttp://www.blogger.com/profile/08127287840221021504noreply@blogger.com0Beaverton, OR 97005, USA45.4923824 -122.8029665000000345.447861399999994 -122.88364750000002 45.5369034 -122.72228550000003tag:blogger.com,1999:blog-4802381048820566142.post-44151439081782443732018-07-11T14:19:00.000-07:002018-07-11T14:19:59.029-07:00The Role of an insurance agent in your restoration business<div class="MsoNormal" style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; caret-color: rgb(0, 0, 0); color: black; font-family: Calibri, sans-serif; font-size: medium; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; margin: 0in 0in 0.0001pt; orphans: auto; text-align: start; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;">
Restoration companies often find themselves conflicted when thinking about their personal and business insurance. Your insurance agent or broker is part of your professional team like your banker or CPA. They need to participate in managing the risk in your business, but the relationship is much more significant than just an advisor. The restoration industry is complex, so your agent needs to have a full comprehension of your business, risks and opportunities. Your agent needs to have a full grasp of your auto, personal, professional liability, employment practices, worker’s compensation, pollution, bailees, inland marine and much more. When you put together all the policies for your business it often is your largest business expense next to your direct labor and materials. Some companies choose to separate some of their insurance to several brokers for different reasons but often it is about the relationship or even as an opportunity to receive referrals and work from different resources. Some split their insurance policies in order to diversify risk. No matter your reason it is important to understand the role and opportunity, as well as expectation for your insurance team. </div>
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The first and most obvious is to find an agent that understands your business and provides the most complete coverage to properly cover your risk today and into your future.<span> </span>Your agent should fully understand your company, the complete business offering, know your top staff members as well as your vision for the future.<span> </span>When we operated a restoration company, our agent used to visit our office about every year to more fully understand our operation and the nature of our business and also to be on the lookout for changes in our business and potential gaps in coverage.<span> </span>There are a number of brokers that specialize in the disaster restoration industry.<span> </span>You may choose to consult with one of these individuals to have them review your coverage to assure you are properly covered.<span> </span>These reviews should not cost you money since often their expectation is that they may be able to work with your existing agent to offer products that you may not otherwise have access to or even write your entire business.<span> </span>I recommend using these as brokers not agents since they often do not have the ability to impact your local business.<span> </span>That being said, you should ask and you may find out that they can help in this area as well. <span> </span><span> </span><o:p></o:p></div>
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We would get our professional team together on about an annual basis to discuss our business, partnership, and vision for the future.<span> </span>This meeting assured that our professional team members (attorney, CPA and insurance agent) were all on the same page.<span> </span>During this meeting we discussed our partnership agreements, buy-sell options, insurance coverages, life insurance, corporate governance as well as any succession plans in the event of passing of one of the principals. This is not an essential meeting, but it is important and good practice.<span> </span><o:p></o:p></div>
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An obvious area of impact in this relationship is discovering how your broker can impact your revenue.<span> </span>I have seen many virtuous cycles (defined as a system where all parties benefit from the relationship) involving insurance professionals and contractors.<span> </span>This list only includes ideas that you may explore. <o:p></o:p></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]-->Will your agent introduce you to other commercial businesses and property owners?<span> </span>I have seen agents that offer a contingency plan to all commercial clients that is prepared by a restoration company with appropriate emergency phone numbers included (yours).<span> </span>This becomes a value-added program for the agent and also gets your business name in front of many different prospects without having to knock on doors to sell the need to develop a plan.<span> </span>Your agent can then use this to sell as they compete with other agents since they are not only offering a premium, but also a plan for a restored property and business resumption in the event of a disaster. <o:p></o:p></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]-->May introductions to other agents or brokers in the same professional circles as theirs?<span> </span>I would ask your agent to refer you to their peers in the industry?<span> </span>Captive agents often have regional groups that meet on a routine basis.<span> </span>I have seen many service providers invited to these regional meetings to discuss their company and service offerings. <o:p></o:p></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]-->Ask your agent to have the opportunity to offer a lunch and learn presentation to their entire staff – CSR’s, admin staff and producers. The purpose is an opportunity to introduce your company and explain how you are their partner in serving their clients and minimizing claims dollars through urgent response. <o:p></o:p></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]-->Your agent should be an advocate to having your company respond to claims for any of their other insureds that have experienced property damage.<span> </span>This is a simple step and one that I would expect in exchange for a relatively healthy premium.<span> </span>I would not expect an agent to steer work when a client of theirs already has a contractor, but in the event they do not, then this is a relatively simple step.<span> </span><o:p></o:p></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]-->Is the agent able to make introductions to any insurance companies they represent? <span> </span>I would not necessarily expect them to attend any meetings (although that would be helpful), but I would want them to provide contact names and even a phone or email introduction. <span> </span>It would be helpful if they could be an advocate to getting face to face meetings with individuals that you are not able to connect with on your own.<span> </span>Examples may include claims mangers in regional offices or risk managers. <o:p></o:p></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]-->Can your agent include you in their professional circles?<span> </span>Who do they do business with that may be influential, and can they help make connections?<span> </span>Examples may include bankers, real estate professionals, property managers, government officials, politicians, risk managers or other similar contacts. <o:p></o:p></div>
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This is not a complete list but one that offers some ideas on the assistance that your agent may be able to provide to assist your business growth. In the end this will be a mutually beneficial relationship because as your business grows, so will your insurance needs and premiums. <o:p></o:p></div>
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I have a client that created a unique strategy when shopping for insurance.<span> </span>The first unique step in the process was not to get a price quote because agents can protect a quote and not allow other agents to bid the same insurance company to a client.<span> </span>This hurt one client that really wanted a protection provided by a single insurance company that locked the other brokers out of the particular policy.<span> </span>This make sense so the companies can help protect the agency margins.<span> </span>Back to the point the restoration company approached 3 major brokers in their market and asked them to create a proposal about what they can do to assist the restoration company and their business.<span> </span>This process yielded some great and creative results along with a reasonable premium.<span> </span>The companies had to work to earn their clients business – not just assemble premium quotes from companies.<span> </span><o:p></o:p></div>
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Having a strong and proactive insurance professional on your team can pay huge dividends for your business.<span> </span>The cost of the premiums should not be the most important element when selecting an insurance agent or broker.<span> </span>That being said, no one wants to be taken advantage of, so check your pricing but don’t consider switching for a couple thousand-dollar difference. As you can see the value of your agent is much more than a low price.<span> </span>I would expect your agent or broker to be a core element in managing your risk AND in growing your business.<span> </span><o:p></o:p></div>
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Phillip Rosebrook<o:p></o:p></div>
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President Business Mentors<o:p></o:p></div>
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Business Mentors has been helping create successful restoration companies for over 20 years. For more information visit <a href="http://www.businessmentors.net/">www.businessmentors.net</a> <o:p></o:p></div>
Phillip Rosebrookhttp://www.blogger.com/profile/08127287840221021504noreply@blogger.com0tag:blogger.com,1999:blog-4802381048820566142.post-82201763287814660122018-02-13T21:05:00.000-08:002018-02-13T21:05:20.566-08:002018 Restoration Trends<div class="MsoNormal" style="text-indent: .5in;">
I did not create a list of trends
in 2017 however I did in 2016. Prior to starting the current years predictions,
it is appropriate to assess my past predictions to provide credibility for my
look into the future.<span style="mso-spacerun: yes;"> </span>In many ways it is
good to offer a 2-year review because it provides more time for things to play
out but it also lacks perspective of the year prior.<span style="mso-spacerun: yes;"> </span>Overall, I think that I was very timely on
big issues that impacted your business and our industry over the past 2
years.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Top 2016 trends – published in January 2016. <i style="mso-bidi-font-style: normal;"><o:p></o:p></i></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: .25in; mso-add-space: auto; mso-list: l0 level1 lfo2; text-indent: -.25in;">
<!--[if !supportLists]--><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">1.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Continued outside influence in industry.<span style="mso-spacerun: yes;"> </span>My prediction was that we would find more and
more businesses entering the industry.<span style="mso-spacerun: yes;">
</span>The example was Roto Rooter.<span style="mso-spacerun: yes;"> </span>I
think that this has been happening however not necessarily at the speed I
anticipated.<span style="mso-spacerun: yes;"> </span>Some might be surprised the
size and relevance of Roto Rooter on a national basis however most local
markets are not seeing much of an impact.<span style="mso-spacerun: yes;">
</span>There are many carpet cleaners, plumbers and service providers that are
developing a substantial restoration footprint and I think that this is still
playing out – especially because most of their core business are also expanding
– making diversification challenging and in some cases unnecessary.<span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: .25in; mso-add-space: auto;">
<b style="mso-bidi-font-weight: normal;">Grade for this prediction - <span style="mso-tab-count: 4;"> </span>B<o:p></o:p></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: .25in; mso-add-space: auto; mso-list: l0 level1 lfo2; text-indent: -.25in;">
<!--[if !supportLists]--><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">2.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Continued margin pressures – given the influence
of TPA’s and nuances of Xactimate – this was a significant challenge and my
prediction was right on with this item. <o:p></o:p></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: .25in; mso-add-space: auto;">
<b style="mso-bidi-font-weight: normal;">Grade for this prediction -<span style="mso-tab-count: 4;"> </span>A<o:p></o:p></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: .25in; mso-add-space: auto; mso-list: l0 level1 lfo2; text-indent: -.25in;">
<!--[if !supportLists]--><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">3.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Weather trends – if you recall back in 2015 the
US had not been hit by a hurricane in over 10 years.<span style="mso-spacerun: yes;"> </span>I predicted would play a big role and that
the US would be hit by the first hurricane in over a decade.<span style="mso-spacerun: yes;"> </span>Turns out that this prediction was very
timely and relevant.<span style="mso-spacerun: yes;"> </span>The East <span style="mso-spacerun: yes;"> </span>Coast was hit with a hurricane – not major –
but North Florida and the Carolina’s were hit.<span style="mso-spacerun: yes;">
</span>Then in 2017 there were fires, floods, ice, wind, and 2 very major
hurricanes.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: .25in; mso-add-space: auto;">
<b style="mso-bidi-font-weight: normal;">Grade for this prediction - <span style="mso-tab-count: 4;"> </span>A+<o:p></o:p></b></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: .25in; mso-add-space: auto;">
<br /></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: .25in; mso-add-space: auto; mso-list: l0 level1 lfo2; text-indent: -.25in;">
<!--[if !supportLists]--><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">4.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Race for FNOL.<span style="mso-spacerun: yes;">
</span>– If you can control the first notice of loss then you have a significant
advantage.<span style="mso-spacerun: yes;"> </span>This is true from new entrants
in the restoration market and also insurance.<span style="mso-spacerun: yes;">
</span>This is still playing out but has had a strong impact – especially over
the 2 years. This will continue to develop. <o:p></o:p></div>
<div class="MsoNormal" style="text-indent: .25in;">
<b style="mso-bidi-font-weight: normal;">Grade for this prediction -<span style="mso-tab-count: 4;"> </span>B
(or incomplete.)<o:p></o:p></b></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: .25in; mso-add-space: auto;">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: .25in; mso-add-space: auto; mso-list: l0 level1 lfo2; text-indent: -.25in;">
<!--[if !supportLists]--><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">5.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Continued growth in TPA programs – over the past
several years TPA’s have increased in size, quantity and significance.<span style="mso-spacerun: yes;"> </span>If you take a 2 year look at this trend this
is one of the major influences in the industry. <o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: .25in; mso-add-space: auto;">
<b style="mso-bidi-font-weight: normal;">Grade for this prediction <span style="mso-tab-count: 4;"> </span><span style="mso-tab-count: 1;"> </span>A<o:p></o:p></b></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: .25in; mso-add-space: auto;">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: .25in; mso-add-space: auto; mso-list: l0 level1 lfo2; text-indent: -.25in;">
<!--[if !supportLists]--><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">6.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Labor shortages:<span style="mso-spacerun: yes;">
</span>The need for quality employees continues to increase and the available
pool is shrinking.<span style="mso-spacerun: yes;"> </span>Look for an update in
the 2018 trends. <o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: .25in; mso-add-space: auto;">
<b style="mso-bidi-font-weight: normal;">Grade for this prediction <span style="mso-tab-count: 4;"> </span><span style="mso-tab-count: 1;"> </span>A<o:p></o:p></b></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: .25in; mso-add-space: auto;">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: .25in; mso-add-space: auto; mso-list: l0 level1 lfo2; text-indent: -.25in;">
<!--[if !supportLists]--><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">7.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Technology – When I made this prediction I did
so with a qualifier that it may take a while for technology to make a big
change.<span style="mso-spacerun: yes;"> </span>That was true as the process of
creative destruction takes a while.<span style="mso-spacerun: yes;"> </span>I
think that this still may be several years out.<span style="mso-spacerun: yes;">
</span>That being said there are many changes that are in the works right now
that are laying a foundation for the next iteration of radical changes. <o:p></o:p></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: .25in; mso-add-space: auto;">
<b style="mso-bidi-font-weight: normal;">Grade for his prediction <span style="mso-tab-count: 6;"> </span>B
- or incomplete. <o:p></o:p></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;">2018 Trends<o:p></o:p></b></div>
<div class="MsoNormal">
Now time to look into my crystal ball for the 2018
Restoration trends.<span style="mso-spacerun: yes;"> </span>It is my intention
to visit this subject again next year so I am looking at the top ideas that you
need to be prepared for this year. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoListParagraph" style="mso-list: l1 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><b style="mso-bidi-font-weight: normal;">Labor
shortages and wage increases.</b><span style="mso-spacerun: yes;"> </span>This is
my top tend for this year.<span style="mso-spacerun: yes;"> </span>There are
many big changes happening in the industry but perhaps the biggest limitation
to growth is the availability of labor resources to complete the work. This is
true of front line technicians, managers and subcontractors.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
<div class="MsoNormal" style="margin-left: .5in; text-indent: .25in;">
One development
that has helped and also created a challenge is the number of people that
specialize in recruiting specialists in restoration.<span style="mso-spacerun: yes;"> </span>This has increased the demand for people with
restoration skills – especially management positions.<span style="mso-spacerun: yes;"> </span>I am certain that people are often contacted
by recruiters looking for people with skill and experience in restoration.<span style="mso-spacerun: yes;"> </span>Also, websites such as Indeed, Zip Recruiter
and the like, allow job-seekers to increase the demand or their services by
searching for restoration jobs in other markets.<span style="mso-spacerun: yes;"> </span>People that are successful in restoration
have transferrable skills and getting out of the 24/7 grind has quite and
appeal as well. <o:p></o:p></div>
<div class="MsoListParagraphCxSpFirst" style="text-indent: .25in;">
A more substantial
issue is the lack of people with construction skills. I have had first-hand
experience with this issue as I am trying to get work completed at my home and am
having to increase my budgets and wait longer to get quality workers.<span style="mso-spacerun: yes;"> </span>This has been created for several
reasons.<span style="mso-spacerun: yes;"> </span>The first is a lack of the next
generation of workers – looking for technical jobs, fewer trade schools,
retiring workers, a spotlight on immigrant workers, and the strong economy
leading to more construction work with the same or even fewer workers.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
<div class="MsoListParagraphCxSpLast" style="text-indent: .25in;">
In some markets I
suspect that filling positions will be much more difficult than others.<span style="mso-spacerun: yes;"> </span>I also expect this shortage of the right kind
of staff will increase overhead, which is not addressed in unit cost pricing
updates.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
<div class="MsoNormal" style="text-indent: .5in;">
<b style="mso-bidi-font-weight: normal;">Recommendations<o:p></o:p></b></div>
<div class="MsoNormal" style="text-indent: .5in;">
in order to properly address this
situation here are my recommendations: <o:p></o:p></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Continually be on the lookout for talent.<span style="mso-spacerun: yes;"> </span>If unemployment is below 3% in your market,
you will have to be a talent scout for people that are already working.<span style="mso-spacerun: yes;"> </span>If you see someone that is showing the kind
effort you would like to see on your team then drop a card and ask them to take
a look at your business. <o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Develop a comprehensive orientation program that
allows you to effectively and efficiently on-board new staff.<span style="mso-spacerun: yes;"> </span>Give them the tools they need to feel a part
of the team and also be productive right away. <o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Don’t tolerate poor performance. In some ways
this may sound counterproductive, but you should get rid of people that are not
showing the kind of effort that you expect.<span style="mso-spacerun: yes;">
</span>This will show the top performers that they do not need to pull extra
weight for people not participating and will also help you attract top
performers. <o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Implement a solid review process so you let existing
staff know how they are doing as well as how they can improve. <o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Create a system where you provide upward
mobility and a career path for your staff.<span style="mso-spacerun: yes;">
</span><o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Focus on mission and culture.<span style="mso-spacerun: yes;"> </span>Create an environment that makes work fun. Recognize
great employees and form a connection and belonging.<span style="mso-spacerun: yes;"> </span>Your mission will create engagement as well
as a higher purpose for the work you do. <o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Develop a strong incentive program that allows
you to reward great performance and pay very competitively – while protecting
cash and the bottom line.<o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Develop lean practices that promote efficiencies
and maximize profits.<span style="mso-spacerun: yes;"> </span>Have a robust information
management system and financial tools and know how to use them to track and
maximize performance. <o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Develop a dynamic marketing and business
development program that allow you to focus on the most profitable types of
work and clients. <o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l1 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><b style="mso-bidi-font-weight: normal;">Industry
pricing challenges.<span style="mso-spacerun: yes;"> </span></b>The way our
industry prices jobs is creating a stagnant pricing structure and often the feedback
program used by many restorers creates downward pricing.<span style="mso-spacerun: yes;"> </span>At a time where labor and material costs are increasing,
the feedback component of the unit cost pricing fails to accurately capture
true costs. Some of the feedback challenges are user based due to lack of
understanding on how to update retail jobs or a lack of ownership of these
processes. The current pricing structure is making it very difficult to achieve
or maintain margins.<span style="mso-spacerun: yes;"> </span>Even if you are
effectively updating pricing, this model is reactive and a lagging indicator of
costs.<span style="mso-spacerun: yes;"> </span><b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></div>
<div class="MsoNormal" style="text-indent: .5in;">
<b style="mso-bidi-font-weight: normal;">Recommendations</b> <o:p></o:p></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Understand how to use the pricing feedback
mechanisms within your estimating software and teach others in your market the
same. <span style="mso-spacerun: yes;"> </span>This is a tricky situation since
discussing pricing is a violation of federal law.<span style="mso-spacerun: yes;"> </span>That being said, working with others in your market
to accurately reflect market pricing is a function of the pricing feedback
models. <o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Consider moving some unit cost projects to
T&M as this will allow you to accurately reflect job costs and pricing. <o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Use your marketing strategy to increase the most
profitable portions of your business and look to decrease the less profitable
types for work and consider getting rid of your least profitable clients. <o:p></o:p></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Set and manage budgets. Make sure you maximize
the profit potential in your company by reducing leakage that comes from lack
of focus on costs. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoListParagraph" style="mso-list: l1 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><b style="mso-bidi-font-weight: normal;">TPA
Influence</b>.<span style="mso-spacerun: yes;"> </span>There has been a lot of
influence on this subject over the past year for several reasons.<span style="mso-spacerun: yes;"> </span>The first is the substantial increase in the
amount of work handled by these programs.<span style="mso-spacerun: yes;">
</span>The next is the influence of these programs on the job scope.<span style="mso-spacerun: yes;"> </span>Although the top managers at these programs have
an apparent intention to make sure the job is completed with the right scope
and for a fair price, this is not always the case.<span style="mso-spacerun: yes;"> </span>There are many that believe the role of these
programs is to minimize the scope at all costs.<span style="mso-spacerun: yes;">
</span>Others realize that it takes additional administrative, management and
frontline resources to meet the program expectations.<span style="mso-spacerun: yes;"> </span>Regardless of your thoughts on the programs,
you can expect them to continue to affect the insurance restoration
market.<span style="mso-spacerun: yes;"> </span>I also expect these programs to continue
to consolidate and also push for stronger compliance.<span style="mso-spacerun: yes;"> </span>I am aware of at least one new TPA program
that will be entering the market most likely in 2018 and there may be
others.<span style="mso-spacerun: yes;"> </span>Looking at the acquisitions by
Vericlaim in 2017, I would expect to see more in 2018 as well.<span style="mso-spacerun: yes;"> </span>I suspect that as these programs try to
differentiate in the market they will come up with new and better ways to
measure and control the contractors – expect more and faster. I also would
expect these programs to extend their reach outside of the Insurance market and
into self-insurance, hospitality, medical and property management work. <span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
<div class="MsoNormal" style="text-indent: .5in;">
<b style="mso-bidi-font-weight: normal;">Recommendations</b><o:p></o:p></div>
<div class="MsoNormal" style="text-indent: .5in;">
The following are my thoughts on
reducing the impact of TPA’s on your business. <o:p></o:p></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Proactively create and manage your marketing program.<span style="mso-spacerun: yes;"> </span>If you increase your TPA work, then my
recommendation is that you have a greater impact on other sources of work.<span style="mso-spacerun: yes;"> </span>Consider the following<o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.5in; mso-add-space: auto; mso-list: l1 level3 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Wingdings; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"><span style="mso-list: Ignore;">§<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Property management programs <o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.5in; mso-add-space: auto; mso-list: l1 level3 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Wingdings; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"><span style="mso-list: Ignore;">§<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Develop a board up program and work to get to
the jobs before the preferred vendor<o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.5in; mso-add-space: auto; mso-list: l1 level3 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Wingdings; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"><span style="mso-list: Ignore;">§<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Become really good at the sales process – don’t
hire order takers. <o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.5in; mso-add-space: auto; mso-list: l1 level3 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Wingdings; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"><span style="mso-list: Ignore;">§<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Commercial direct. <o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.5in; mso-add-space: auto; mso-list: l1 level3 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Wingdings; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"><span style="mso-list: Ignore;">§<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Medical facilities including hospitals, clinics
and specialized care. <o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.5in; mso-add-space: auto; mso-list: l1 level3 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Wingdings; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"><span style="mso-list: Ignore;">§<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Municipalities<o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.5in; mso-add-space: auto; mso-list: l1 level3 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Wingdings; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"><span style="mso-list: Ignore;">§<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Education including: School districts; daycare,
colleges and universities. <o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.5in; mso-add-space: auto; mso-list: l1 level3 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Wingdings; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"><span style="mso-list: Ignore;">§<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Service providers including: carpet cleaners,
plumbers, janitorial companies, fire sprinkler companies and more. <o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.5in; mso-add-space: auto; mso-list: l1 level3 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Wingdings; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"><span style="mso-list: Ignore;">§<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Community involvement<o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.5in; mso-add-space: auto; mso-list: l1 level3 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Wingdings; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"><span style="mso-list: Ignore;">§<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Online – social media, SEO and referral sources.<o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.5in; mso-add-space: auto; mso-list: l1 level3 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Wingdings; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"><span style="mso-list: Ignore;">§<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Be creative and strategic – and measure results
as not all will work in your market.<o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l1 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><b style="mso-bidi-font-weight: normal;">Continuing
movement of outside groups.</b><span style="mso-spacerun: yes;"> </span>Given
the influence of the TPA programs and manipulation of claims by some insurance
companies, I see an increased influence of the “outsider” groups that are standing
up for the independent company.<span style="mso-spacerun: yes;"> </span>The
programs are gaining traction through social media.<span style="mso-spacerun: yes;"> </span>I am not certain of their impact or influence
in the industry because they are swimming upstream.<span style="mso-spacerun: yes;"> </span>I don’t want to minimize their potential
impact, but I am also uncertain of how long any influence will take.<span style="mso-spacerun: yes;"> </span>I don’t necessarily see a change coming from
these groups in 2018, but I also see more and more contractors publicly or even
quietly joining their ranks. I don’t think they will have an immediate or
strong impact in the industry – but they do have a place.<span style="mso-spacerun: yes;"> </span>You can see the influence of these types of
groups of overthrowing governments around the world – so I would keep an eye on
their influence.<span style="mso-spacerun: yes;"> </span>I also think that at the
least they will help the independent companies improve their businesses and
process. <o:p></o:p></div>
<div class="MsoNormal" style="margin-left: .5in;">
<b style="mso-bidi-font-weight: normal;">Recommendations<o:p></o:p></b></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Join the discussion.<span style="mso-spacerun: yes;"> </span>Look for these groups on LinkedIn, Facebook and
other <o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Consider attending industry events that increase
your awareness of the influence and areas of impact on your business. These
might be group specific – or just other industry events that help you to
network with professionals from other areas of the country.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Make sure the mission of these groups aligns with
your personal or company mission.<span style="mso-spacerun: yes;"> </span>It
might take a meeting or following the group for a while to assure alignment.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoListParagraph" style="mso-list: l1 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><b style="mso-bidi-font-weight: normal;">Weather</b>.<span style="mso-spacerun: yes;"> </span>The top story of 2017 was the spike in
weather events.<span style="mso-spacerun: yes;"> </span>There were events in
nearly every quarter of the year and in nearly every corner of the country in
2017.<span style="mso-spacerun: yes;"> </span>This was great news if this was in
your backyard.<span style="mso-spacerun: yes;"> </span>Some of the events were
so significant that many companies hit the road to help for the first time in
their history.<span style="mso-spacerun: yes;"> </span>One challenge was that
the every-day claims appeared to be down in many markets.<span style="mso-spacerun: yes;"> </span>This was quite a dichotomy because peak work
was followed by slow times.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
<div class="MsoNormal" style="margin-left: .5in; text-indent: .25in;">
I expect the
trend of weather events to continue in 2018 which is already happening<o:p></o:p></div>
<div class="MsoNormal" style="margin-left: .5in;">
throughout the East Coast and
Midwest with record setting cold weather and snow.<span style="mso-spacerun: yes;"> </span>I would guess that the ice dams in the Midwest
to be substantial as soon as it starts to thaw. In past years where we had dry
weather in the West Coast in the winter and artic air in the Midwest, the
hurricane season was very mild.<span style="mso-spacerun: yes;"> </span>I wonder
if we are setting up for that again. <span style="mso-spacerun: yes;"> </span>The
situations that lead to fires in Canada and the West appear to be setting up
for a similar situation this year.<span style="mso-spacerun: yes;"> </span>I
would expect large fires to be a factor again along with typical spring rains
and windstorms.<span style="mso-spacerun: yes;"> </span>I am not a meteorologist
– but my unprofessional opinion is that we will not see a repeat of the 2017
hurricane season.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
<div class="MsoNormal" style="margin-left: .5in;">
<span style="mso-tab-count: 1;"> </span>Again
– not a professional or educated opinion but It is starting to look more likely
that the earthquake potential is picking up throughout the ring of fire and also
in other regions of the country.<span style="mso-spacerun: yes;"> </span>I would
not be surprised to see a major – 6.5 or greater earthquake somewhere in the US
this year.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
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<b style="mso-bidi-font-weight: normal;">Recommendations: <o:p></o:p></b></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Develop a comprehensive catastrophe plan that
will prepare your company and your response in the event of a CAT event.<span style="mso-spacerun: yes;"> </span>This plan should layout your response, job triage,
equipment plan, client and employee communication, billing systems, partners,
as well as roles and responsibilities.<span style="mso-spacerun: yes;"> </span><b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level2 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Do not plan on a CAT event.<span style="mso-spacerun: yes;"> </span>Create a plan where you are successful and
profitable with everyday work volume. <b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></div>
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<br /></div>
<div class="MsoListParagraph" style="mso-list: l1 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><b style="mso-bidi-font-weight: normal;">Consolidation
and M&A activity.<span style="mso-spacerun: yes;"> </span></b>Over the past
decade both the restoration and insurance industry has seen a major wave of consolidation.<span style="mso-spacerun: yes;"> </span>This is coming from outside groups, private
equity, growing restoration enterprises, and even publicly traded companies.<span style="mso-spacerun: yes;"> </span>This is not unique to our industry or even
insurance, it is the nature of business. These trends appear to be accelerating
as people with money are looking for yield.<span style="mso-spacerun: yes;">
</span>Acquiring companies and then driving value through efficiencies or
increasing earnings multiples through larger EBITA numbers is an effective
strategy.<span style="mso-spacerun: yes;"> </span>Given the strong economy, low yields
for bonds or savings, as well as the large influx of cash due to the new tax
plan, I expect 2018 to be a strong year for M&A activity – both in our
industry and from our client groups. <o:p></o:p></div>
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<b style="mso-bidi-font-weight: normal;">Recommendations<o:p></o:p></b></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l2 level1 lfo3; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->If you are looking to sell your business, now is
a good time.<span style="mso-spacerun: yes;"> </span>Make the steps today
(should have been yesterday) to create a salable company.<span style="mso-spacerun: yes;"> </span><b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.75in; mso-add-space: auto; mso-list: l2 level2 lfo3; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Have balance in your work sources. <b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.75in; mso-add-space: auto; mso-list: l2 level2 lfo3; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Invest in your financial systems and
reporting.<span style="mso-spacerun: yes;"> </span>Buyers are looking for fit –
and a financial return – make sure you have both. <b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.75in; mso-add-space: auto; mso-list: l2 level2 lfo3; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Create a strong team – buyers need good people
to drive their investment. <b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l2 level1 lfo3; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Make sure that you have diversification in your
clients as any of them could sell tomorrow.<span style="mso-spacerun: yes;">
</span>I recommend that no single client is responsible for no more than 20% of
your work – the smaller that number the better. <b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l2 level1 lfo3; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Continue to expand your client base and grow our
business as this minimizes risk.<span style="mso-spacerun: yes;"> </span>One of
your top clients could sell – or one of your competitors could sell to a great
operator. <b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l2 level1 lfo3; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Continue to maximize cash and profits as this
provides sustainability.<span style="mso-spacerun: yes;"> </span><b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l2 level1 lfo3; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Manage your capital – which provides opportunity
and risk avoidance.<span style="mso-spacerun: yes;"> </span>You may be the one
that has the opportunity to acquire another company – but you need to have
access to capital.<span style="mso-spacerun: yes;"> </span>This will also offer
risk avoidance. <b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></div>
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<br /></div>
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<br /></div>
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The restoration industry is in a
real time of change.<span style="mso-spacerun: yes;"> </span>There are many
influences from in our industry and outside our industry as well as items that
are in our control and others outside our control.<span style="mso-spacerun: yes;"> </span>It is more important than ever to be in
control of your business and your strategy. The decisions you make today will
allow you to be a victim or a great success. Now it is more important than ever
to be a leader in your business and your industry.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
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<br /></div>
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Wishing you the best in 2018 and if
you need assistance in developing a plan to meet these changes head on and
assure your success contact Business Mentors – we have been helping create
successful teams in restoration since 1997. <o:p></o:p></div>
Phillip Rosebrookhttp://www.blogger.com/profile/08127287840221021504noreply@blogger.com0Beaverton, OR 97005, USA45.4923824 -122.8029665000000345.447861399999994 -122.88364750000002 45.5369034 -122.72228550000003tag:blogger.com,1999:blog-4802381048820566142.post-86060998460205755392018-02-08T11:02:00.000-08:002019-09-27T13:38:39.263-07:00Is your business a resource to achieve your personal goals? <div class="MsoNormal">
Do you ever feel that you are running in place in your
business – just another day full of the same tasks as the previous day?<span style="mso-spacerun: yes;"> </span>If you are stuck in your business, this is
often the result of a lack of a strategic plan, the wrong plan, or an inability
to focus on the action items in your plan.<span style="mso-spacerun: yes;">
</span>The team at Business Mentors can help you create a plan that helps you <i style="mso-bidi-font-style: normal;">know where you’re going</i> and then put an action
plan in place that helps you get there.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
We find that many restoration business owners have some or
all of the following questions. <o:p></o:p></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->You want to grow your company, but how?<span style="mso-spacerun: yes;"> </span>Get more TPA work, get less, more property
management or event retail services?<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Do you have the right people In your business
and are they in the right positions?<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->What are the industry benchmarks for departments
and individuals and are my employees performing at, above or below
expectations? <o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->How should I compensate my team members and how
will this affect my company profitability and cash position? <o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->What steps can I take in order to improve
collections and cash flow in my business? <o:p></o:p></div>
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<!--[if !supportLists]--><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->What is the role and what are the responsibilities
of an effective restoration business owner? <o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
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</span></span></span><!--[endif]-->If you have a partnership, is the owner team on
the same page, and filling the correct roles? <o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->How do I create an effective succession plan for
the business and then put the process in place to achieve this plan? <o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->Do I have the correct software systems in my
business and are we getting the information needed to effectively manage our
business?<o:p></o:p></div>
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<!--[if !supportLists]--><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]-->How can I create a more effective work-life
balance? <o:p></o:p></div>
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If you have the questions above, we can help provide the
answers and drive your company to the next level.<span style="mso-spacerun: yes;"> </span>When you work with Business Mentors, you will
have access to a veteran of the industry with decades of restoration management
experience.<span style="mso-spacerun: yes;"> </span>Our team will provide a
comprehensive, written plan, based on a detailed on-location evaluation of your
business.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
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<br /></div>
<div class="MsoNormal">
Contact our office today to learn why hundreds of
restoration companies have partnered with Business Mentors over the last 20
years to transform their business. <span style="mso-spacerun: yes;"> </span>You
will have the confidence to <i style="mso-bidi-font-style: normal;">know where
you’re going,</i> and a plan that helps you get there.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
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<div class="MsoNormal">
The best part is that our strategic planning program is
surprisingly affordable and comes with a low commitment. You can bring us in
for three days with no further commitment on your part.<span style="mso-spacerun: yes;"> </span>Contact our office to learn more – <a href="mailto:Phillip@BusinessMentors.net">Phillip@BusinessMentors.net</a> or
feel free to call 541 359-4117. <o:p></o:p></div>
Phillip Rosebrookhttp://www.blogger.com/profile/08127287840221021504noreply@blogger.com0tag:blogger.com,1999:blog-4802381048820566142.post-59273536546969487122017-10-13T12:31:00.000-07:002017-10-17T09:44:00.964-07:00White paper - TPA's<div class="MsoNormal">
<b>Below is a very long read. This is the details to the keynote speech I will be delivering at the RIA - strictly content event in November 2017. If you take time to review then I would also love your feedback. </b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
In this paper I will review the history, current state and
make some projections for the disaster restoration third party administration
programs (TPA).<span style="mso-spacerun: yes;"> </span>These programs have
grown over the years and as you will find in my conclusion, they will continue
to increase in market share.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Before I dig too deeply into the subject I think it is
important to announce my bias on the subject.<span style="mso-spacerun: yes;">
</span>Some may find my bias to be a cop-out but I think it is a realistic
approach.<span style="mso-spacerun: yes;"> </span>My bias is to create
successful businesses.<span style="mso-spacerun: yes;"> </span>There is not a
correct path to success – other than to operate with integrity.<span style="mso-spacerun: yes;"> </span>Given this bias, I believe that TPA’s are
both good and bad.<span style="mso-spacerun: yes;"> </span>I will explain the
various positive and negative factors later in this paper.<span style="mso-spacerun: yes;"> </span>It is important that restoration companies
create a strategic plan and then make deliberate decisions based on this
plan.<span style="mso-spacerun: yes;"> </span>I see many companies that jump
onto programs and then find that they become too large a portion of their
business or find that their business was not set to work well in the TPA
environment.<span style="mso-spacerun: yes;"> </span>Either of these situations
can set your business for failure.<span style="mso-spacerun: yes;"> </span>Paul
Gross the founder of Code Blue stated once that no source should account for
more than about 20% of your overall business.<span style="mso-spacerun: yes;">
</span>If you limited the influence of any work source then you remain in
control of your business and your strategy.<span style="mso-spacerun: yes;">
</span>When this gets out of balance, you run the risk of being manipulated in
that relationship. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
There are many in the industry that would state that if you
pursue relationships with TPA’s, are akin to lemmings jumping off a cliff and
then swimming to their death.<span style="mso-spacerun: yes;"> </span>They would
say that restoration companies jumping on these vendor programs lack creativity
in their marketing approach and are setting their business up for failure.<span style="mso-spacerun: yes;"> </span>This failure is due to the vendor influence
on scoping, price and claim treatment.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The other side of this dialog will state that you cannot
change reality and the TPA’s wil control the vast majority of claims.<span style="mso-spacerun: yes;"> </span>Their argument is that if you are not
participating in these programs then you are continually getting a smaller
piece of the pie.<span style="mso-spacerun: yes;"> </span>How can you argue with
the outward success of so many restoration companies?<span style="mso-spacerun: yes;"> </span>A visit to the Crawford Contractor
Connections event every year will show that thousands of restoration companies
are operating in this environment and achieving success. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Let’s take a look at the contributing factors to the
emergency of TPA’s.<span style="mso-spacerun: yes;"> </span>Back in the early
1990’s – maybe late 80’s, Mr. Paul Davis (founder of the franchise bearing his
name) started Prism.<span style="mso-spacerun: yes;"> </span>This program was
created out of an apparent need for better claims control and management in the
industry.<span style="mso-spacerun: yes;"> </span>The program was sold and then
later purchased by Crawford Companies.<span style="mso-spacerun: yes;">
</span>It took time to change the process for managing claims but there were
many contributing factors that drove the need for changes.<span style="mso-spacerun: yes;"> </span>Prior to the 1990’s restoration was very
fractionized.<span style="mso-spacerun: yes;"> </span>There were few large or
nationally recognized names.<span style="mso-spacerun: yes;"> </span>Franchises
existed but they did not have good control over work quality from location to
location and the standardization of process was loosely defined.<span style="mso-spacerun: yes;"> </span>The industry had no standards and work
quality and scope varied widely from contractor to contractor and market to
market.<span style="mso-spacerun: yes;"> </span>Pricing was inconsistent and was
largely dependent on the relationship between the restoration company and the
adjuster.<span style="mso-spacerun: yes;"> </span>This situation of lead to
opportunistic pricing as well as relatively arbitrary approvals by the
adjuster.<span style="mso-spacerun: yes;"> </span>These realities created a
comfortable situation where to a degree, all business was local. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The restoration environment was tainted by some faulty
assumptions.<span style="mso-spacerun: yes;"> </span>The first thought was that
insurance companies used competence as the top judge of contractor
selection.<span style="mso-spacerun: yes;"> </span>The reality was that the
company offering the strongest incentive often was selected as the approved
contractor.<span style="mso-spacerun: yes;"> </span>Often the incentive was
simply that they job would be done well and the customer would not constantly
complain to the adjuster.<span style="mso-spacerun: yes;"> </span>Other
selection criteria may not have been as innocent. Another misconception is that
the customer can tell the difference between the quality of work completed by
various companies.<span style="mso-spacerun: yes;"> </span>In reality most
property owners judge the quality of the work based on the relationship with the people completing the
work rather than the work itself.<span style="mso-spacerun: yes;">
</span>Another misconception was that restoration companies operated out of a
desire to create value to the insurance company and property owner.<span style="mso-spacerun: yes;"> </span>Too often this was not the case and the main
motivating factor was how much profit could be squeezed from each job. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
In the 1990’s thins started to change which set up and
allowed the realities that you see today.<span style="mso-spacerun: yes;">
</span>When I first learned to estimate, I would look at a job and then
determine the cost of materials and then required labor to install the products.
A realistic and defendable price would be applied and broke into units for
estimating purposes.<span style="mso-spacerun: yes;"> </span>It might have been
1991 or so when we purchased and estimating program called Project and shortly
after that we picked up our first copy of Xactimate.<span style="mso-spacerun: yes;"> </span>It turns out that standardized pricing was
essential to any vendor programs and Xactimate became the vehicle to make that
happen.<span style="mso-spacerun: yes;"> </span>About this time electronic and
digital communication was becoming a reality.<span style="mso-spacerun: yes;">
</span>I recall coming into the office to find a 30 page adjuster estimate
rolled up on the floor in front of the facsimile machine.<span style="mso-spacerun: yes;"> </span>We networked our computers and found that
this was becoming a means for immediate (although very slow compared to today’s
standard) communication.<span style="mso-spacerun: yes;"> </span>I recall
meeting with the Allstate claims manager in 1993 and was very excited to find
out that they were putting together their first mitigation (at that time they
called it drying) program.<span style="mso-spacerun: yes;"> </span>I knew we
were a shoe in because we were hands down the best drying company in our area –
we had made investments in drying equipment and training for years.<span style="mso-spacerun: yes;"> </span>I was very surprised when the claims manager,
who was disappointed, told me that ServiceMaster would be handling the claims
and it was out of her hands.<span style="mso-spacerun: yes;"> </span>I figured
that it was only a matter of time for them to come back and include us on their
program – it never happened.<span style="mso-spacerun: yes;"> </span>The
insurance world started to change in the 1990’s as well – Gieco was purchased
by Berkshire Hathaway.<span style="mso-spacerun: yes;"> </span>They quickly
proved that you had a competitive advantage when you could make money on the
claims loss ratio and have a negative cost of investing.<span style="mso-spacerun: yes;"> </span>This reality has continued to impact the
industry because previously it was assumed that in most years insurance would
lose money on claims but make it up from investing activities.<span style="mso-spacerun: yes;"> </span>There was a confluence of factors in the
1990’s that transformed our industry and made today’s claims programs
possible.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Insurance companies have been working in managed repair
programs for some time in other verticals of their business.<span style="mso-spacerun: yes;"> </span>HMO’s were started in the 1930’s to help
manage health care coverage and costs.<span style="mso-spacerun: yes;">
</span>Auto glass and auto repair programs have not been around that long but
have ben in existence for decades.<span style="mso-spacerun: yes;">
</span>Property restoration is more complex that many other areas that
insurance is covering however these companies are familiar with programs and
working through the restoration process is natural. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
I recall reading an article in Claims magazine about two
decades ago about the success of an auto vendor program.<span style="mso-spacerun: yes;"> </span>It was interesting to me to find the claim
that clients were much happier when utilizing the managed repair program.<span style="mso-spacerun: yes;"> </span>For many reasons I believe this to be true in
the restoration industry as well.<span style="mso-spacerun: yes;"> </span>As it
turns out the insurance companies desire for their clients to be happy with the
insurance they purchased.<span style="mso-spacerun: yes;"> </span>If people are
happier on claims where the insurance company uses a preferred vendor in a
managed environment then it makes sense that you will experience this more
often.<span style="mso-spacerun: yes;"> </span>It also make sense that insurance
companies are looking for big solutions to managing claims – not individual
project solutions.<span style="mso-spacerun: yes;"> </span>In the past companies
looked to the franchise group for claims solutions.<span style="mso-spacerun: yes;"> </span>It was about ten years ago when I attended my
first Crawford Contractor Connections event.<span style="mso-spacerun: yes;">
</span>I encountered what I call a color blind environment.<span style="mso-spacerun: yes;"> </span>Every color was represented: ServiceMaster
yellow; ServPro green, Paul Davis Black; First General blue; and more.<span style="mso-spacerun: yes;"> </span>It became apparent to me that insurance
companies that allowed them to choose the best available contractor regardless
of affiliation in each market – CCC took care of vetting and managing the
contractors. <o:p></o:p></div>
<div class="MsoNormal">
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<div class="MsoNormal">
The current insurance industry trends are favorable for the
TPA claim environment. The industry is in a quick and potentially radically
changing situation. If this first statement is true then it makes sense to
engage a claims specialist to manage this change.<span style="mso-spacerun: yes;"> </span>One of the biggest influences in claims
focuses on reduction of cycle time.<span style="mso-spacerun: yes;"> </span>Managing
dates and times appear to be a core competency for most TPA’s.<span style="mso-spacerun: yes;"> </span>Insurance companies and TPA’s by their
relationship have a large focus on reduction in cycle time.<span style="mso-spacerun: yes;"> </span>This focus is beginning with the first notice
of loss through payment and file closure.<span style="mso-spacerun: yes;">
</span>Many of the other trends are connected to this focus. <span style="mso-spacerun: yes;"> </span>Integrated communications systems will be used
quickly identify damages, verify coverage, improve subrogation and limit fraud.
These will also be utilized for improved client communications throughout the
process.<span style="mso-spacerun: yes;"> </span>New insurance products and
companies are being created.<span style="mso-spacerun: yes;"> </span>Often these
are virtual companies without claims resources.<span style="mso-spacerun: yes;">
</span>Video communication may be utilized to create a virtual adjusting
environment where much of the adjusting functions are completed from an office
or even utilizing artificial intelligence.<span style="mso-spacerun: yes;">
</span>A race to be the point of first notice of loss assures control of the
claim.<span style="mso-spacerun: yes;"> </span>I expect this to be a robust area
of competition and innovation as it is the key to the other portions of the
claim management. <o:p></o:p></div>
<div class="MsoNormal">
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<div class="MsoNormal">
The hurricanes that hit in the summer of 2017 left a lasting
impact on many insurance agents, companies, property managers and
corporations.<span style="mso-spacerun: yes;"> </span>They may have felt they
had an adequate catastrophe management program only to find that their
dependable solutions were maxed out and service was lacking.<span style="mso-spacerun: yes;"> </span>TPA programs will offer a solution that make
a lot of sense to many of these stakeholders. <o:p></o:p></div>
<div class="MsoNormal">
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<div class="MsoNormal">
For a contactor TPA’s offer many advantages. The first one
became apparent when working with a client in South Florida.<span style="mso-spacerun: yes;"> </span>The insurance market there is different than
most other areas in North America.<span style="mso-spacerun: yes;"> </span>There
is an unusual amount of animosity between the insurance companies and
contractors.<span style="mso-spacerun: yes;"> </span>There are many contributing
factors, which I will not get into in this paper.<span style="mso-spacerun: yes;"> </span>One result of the challenges is that the approved
insurance scope and prices vary widely with no apparent rationale.<span style="mso-spacerun: yes;"> </span>One benefit with TPA programs is that they
establish ground rules for claims handling.<span style="mso-spacerun: yes;">
</span>I am not certain if this is going to make the situation better but one
of the most challenging companies to work with has formed a recent relationship
with one of the major TPA programs.<span style="mso-spacerun: yes;"> </span>Time
will tell how this will work out but it is my hope that they will become a
reasonable arbitrator and establish predictable claims handling procedures that
are fair to all – especially the property owner.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
<div class="MsoNormal">
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<div class="MsoNormal">
There are many other benefits.<span style="mso-spacerun: yes;"> </span>One thing that has always been a challenge in
the restoration market is the lack of barriers to entry.<span style="mso-spacerun: yes;"> </span>It takes very little to start a restoration
company, establish several insurance relationships and you are in business.
TPA’s have stronger entry requirements and provide some barriers to entry. A
positive and negative to the program is the ability to get on a list and then
not need to continue to manage a marketing route to continue to get work from
that source.<span style="mso-spacerun: yes;"> </span>Most programs will provide
a consistent level of work on a routine basis so it keeps your equipment
utilized and staff busy.<span style="mso-spacerun: yes;"> </span>I have found
several companies that have utilized programs as an effective resource to opening
new locations. In the event they are successfully performing work for a program
and want to expand the restorer asks the program administrator where they need
additional contractors and a new office is established at that location with a
built in volume of work.<span style="mso-spacerun: yes;"> </span>One challenge
in restoration is the payment terms for insurance companies.<span style="mso-spacerun: yes;"> </span>The TPA’s usually have very established and
predictable policies that provide a reasonably quick payment.<span style="mso-spacerun: yes;"> </span>One additional benefit is that this is a
growing area of the industry.<span style="mso-spacerun: yes;"> </span>There are
not more claims but the TPA’s are handling more of the existing claims. <span style="mso-spacerun: yes;"> </span>There are many benefits of participating in
claims programs and deserve a close look for most restoration providers. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
While there are many benefits to working on programs, there
are also many challenges to consider as well.<span style="mso-spacerun: yes;">
</span>One of the top challenges that I have seen is that the insurance<span style="mso-spacerun: yes;"> </span>industry has shifted a lot of administrative
reponsiblitlies to the contractors without compensation.<span style="mso-spacerun: yes;"> </span>Companies performing program work often need
to increase the administrative staff just to handle the additional requirements
and they often need to be updated every day when work is occurring – including
weekends.<span style="mso-spacerun: yes;"> </span>Due to the urgent nature of
the projects it is difficult to prioritize projects – since they are all top
priority and you are being measured on every project.<span style="mso-spacerun: yes;"> </span>If you have a hundred thousand dollar job
next door and a two thousand dollar job across town, they both need to be addressed
immediately.<span style="mso-spacerun: yes;"> </span>The emergent nature of the
calls that are frequently smaller in nature may require different management
staff to oversee and manage these projects.<span style="mso-spacerun: yes;">
</span>I have found that TPA programs result in a high volume of smaller jobs
that all require same day attention.<span style="mso-spacerun: yes;"> </span>The
pricing for claims programs is highly structured and is very inelastic.<span style="mso-spacerun: yes;"> </span>The contactor does not have flexibility in
scoping and pricing decisions. The price guideline is often treated as a price
standard that cannot be adjusted.<span style="mso-spacerun: yes;"> </span>The
programs all have estimate reviews that assure you were complying with the
program limitations and that you followed the rules. This often is perceived by
the contractor as micromanagement of the jobs – (which it may be.)<span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>An
additional problem results from the program work as well due to the required
uploads of the estimate. My understanding of Xacatimate tells me that when a
job is uploaded it is used to verify market prices.<span style="mso-spacerun: yes;"> </span>If this true then it results in stagnant or
downward pricing.<span style="mso-spacerun: yes;"> </span>Job margins are also
influenced by the percentages paid to the program.<span style="mso-spacerun: yes;"> </span>Some make the case that you don’t have to
market to get the work once you are on a program.<span style="mso-spacerun: yes;"> </span>That is true however it also leads to lazy
marketing practices.<span style="mso-spacerun: yes;"> </span>Companies on vendor
programs tend to cut back on their marketing activities since you cannot market
to the companies that are using the TPA.<span style="mso-spacerun: yes;">
</span>When companies stop marketing then it is my opinion that you have lost
control of that part of your business.<span style="mso-spacerun: yes;">
</span>The more work you receive through vendor programs then I think that you
need to market harder on the other segments of your business.<span style="mso-spacerun: yes;"> </span>Some contractors are frustrated with the fact
that claims administrators that often do not visit the jobsites make decisions.<span style="mso-spacerun: yes;"> </span>These administrators may have a rudimentary
education in restoration practices however they often lack any real world
experience.<span style="mso-spacerun: yes;"> </span>As restoration professionals
know that jobs are rarely the same as the scripted hands on drying houses that
are used for the ASD classes.<span style="mso-spacerun: yes;"> </span>The
structured nature of the TPA programs removes a lot of flexibility on
jobs.<span style="mso-spacerun: yes;"> </span>The program is designed to allow
flexibility but in reality exceptions are hard to achieve.<span style="mso-spacerun: yes;"> </span>When I first entered the restoration industry
we were introduced to the claim triangle with the client, contractor and
insurance company on each point of the triangle.<span style="mso-spacerun: yes;"> </span>Managed programs often bring a fourth point
into the equation.<span style="mso-spacerun: yes;"> </span>This brings in more
complexity in job communication and allows for more conflict.<span style="mso-spacerun: yes;"> </span>As you can see the TPA programs have many
advantages as well as disadvantages. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
It is not be expectation that I am going to influence any
company one way or another regarding managed programs after all as I expressed
earlier I think they are both good and bad.<span style="mso-spacerun: yes;">
</span>My hope is that I encourage restoration companies to take a strategic
approach, not accidental, to working with these programs and then determine if
they are an important element of their business. I feel that it is
irresponsible to get so deep into program work that you cannot get out and
equally irresponsible for contractors to be on the outside of the program and throw
stones without an understanding of whether they might work for your
business.<span style="mso-spacerun: yes;"> </span>The restoration world is much
more complex than ever. Contractors need to be nimble, educated, aware and
strategic.<span style="mso-spacerun: yes;"> </span>With all the changes in the industry,
claims will be substantially different in ten years and quite reasonably much
sooner.<span style="mso-spacerun: yes;"> </span>Regardless of the direction for
our business, it is essential for the health of your business that no individual
source is responsible for more than 20% of your business.<span style="mso-spacerun: yes;"> </span>If you maintain balance then you will
continue to be in control of your business and not be at the mercy of any
client, adjuster or company.<span style="mso-spacerun: yes;"> </span>In the end,
having a great customer service program and learning to exceed your customer’s
expectations is a winning strategy.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
<div class="MsoNormal">
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<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
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<div class="MsoNormal">
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Phillip Rosebrookhttp://www.blogger.com/profile/08127287840221021504noreply@blogger.com0Beaverton, OR 97005, USA45.4923824 -122.8029665000000345.447861399999994 -122.88364750000002 45.5369034 -122.72228550000003tag:blogger.com,1999:blog-4802381048820566142.post-41179319082898871242017-09-21T12:28:00.000-07:002017-09-21T12:28:09.421-07:00Where there is profit, there is loss nearby<div class="MsoNormal">
It has been a banner year for restoration professionals
across Canada and the United States.<span style="mso-spacerun: yes;"> </span>Is
this good or bad for your business?<span style="mso-spacerun: yes;"> </span>If
your region has been impacted by disaster then it most likely has added to your
bottom line. Bottom line results don’t tell the entire story and often can be
masking much larger issues in your business.<span style="mso-spacerun: yes;">
</span>Please consider my thoughts below as you assess your business and your
strategy moving forward.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
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<br /></div>
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A friend of mine used to quote an ancient proverb that
states <i style="mso-bidi-font-style: normal;">Where there is profit, there is
loss nearby. </i><span style="mso-spacerun: yes;"> </span>This is a statement
that refers to the challenge that profits will hide inefficiencies and
loss.<span style="mso-spacerun: yes;"> </span>The bigger the profits, then
potentially you may be covering bigger hidden losses.<span style="mso-spacerun: yes;"> </span>Over the years I have found that many outwardly
successful companies were simply riding a great wave only to find that when
that went away, they were left with a struggling business.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
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<br /></div>
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The first time that I encountered this situation was when
mold remediation first became a focus for many restoration companies.<span style="mso-spacerun: yes;"> </span>The jobs were complicated, large and very
profitable.<span style="mso-spacerun: yes;"> </span>I recall asking one of the
restoration industry pioneers, Martin King his thoughts on the direction for
the mold remediation industry.<span style="mso-spacerun: yes;"> </span>He stated
that in his opinion, many thought there were a number of requirements for mold
growth but there was only one.<span style="mso-spacerun: yes;"> </span>As I ran
across the contributing factors to mold growth I was thinking that you needed
several elements for growth and they were all equally important (darkness, food
source, moisture, lack of air movement. etc.)<span style="mso-spacerun: yes;">
</span>He could see my confusion and then he smiled and said, “money.”<span style="mso-spacerun: yes;"> </span>When you remove the money, it will cease to
be an issue.<span style="mso-spacerun: yes;"> </span>In many ways he was
right.<span style="mso-spacerun: yes;"> </span>Mold did not cease to be an issue
but it diminished substantially when the money diminished.<span style="mso-spacerun: yes;"> </span>There were companies performing millions of
dollars in mold remediation and related work only to find that it went away
virtually overnight. Some of these companies found that they were losing money
in the other parts of their business, which ultimately lead to their
failure.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
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<br /></div>
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The second time that I encountered this situation was after
several years of hurricanes in the Southeast in the early 2000’s.<span style="mso-spacerun: yes;"> </span>Companies were buying equipment, hiring
people, paying large salaries and bonuses and even selling their business for
large amounts based on the thought that we would encounter storms every
year.<span style="mso-spacerun: yes;"> </span>Until last year it had been over
ten years since a hurricane hit the United States.<span style="mso-spacerun: yes;"> </span>Many large and outwardly successful companies
found that without the large losses, the rest of their business was not viable
due to inefficiencies and much higher overhead.<span style="mso-spacerun: yes;">
</span>Many of these businesses are not around any longer, including several
publicly traded companies.<span style="mso-spacerun: yes;"> </span>The profits
from the large losses and events were substantial and allowed these companies
to grow despite the fact that the rest of their business was losing money.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
2017 if not already, should be the largest year for insured
losses ever.<span style="mso-spacerun: yes;"> </span>Hurricanes Harvey, Irma and
Maria along with wildfires; hail; rain; freezing temperatures; and wind have
impacted nearly every part of North America.<span style="mso-spacerun: yes;">
</span>These events have lead to a much-needed relief for restoration
contractors that have been struggling with margin pressure, over-supply of
contractors, consolidation from insurance companies and other major client
groups, increased competition, and increasing costs.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
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<br /></div>
<div class="MsoNormal">
The challenge for you and your business is to pay attention
to the underlying trends that are impacting our industry and your business.<span style="mso-spacerun: yes;"> </span>Don’t let the profits from catastrophe events
cover the inefficiencies and loss in other areas of your business.<span style="mso-spacerun: yes;"> </span>If you are sitting on a large backlog of work
or profits from completed work, now is the time to look at your business and
assure that you are positioned for long-term success, not just short-term
profits.<span style="mso-spacerun: yes;"> </span>Use your resources to invest in
a winning strategy.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
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Phillip Rosebrookhttp://www.blogger.com/profile/08127287840221021504noreply@blogger.com0Beaverton, OR 97005, USA45.4923824 -122.8029665000000345.447861399999994 -122.88364750000002 45.5369034 -122.72228550000003tag:blogger.com,1999:blog-4802381048820566142.post-46519967610251228292017-07-20T16:36:00.000-07:002017-07-20T16:36:16.888-07:00What is happening with margins in disaster restoration? <div class="">
I have been asked recently if margins in reconstruction are changing and if it is still possible to achieve the same margins as they were several years ago. Below is my response: </div>
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Here are some differences of the influences: (The companies that I work with are not combining costs and revenue from water/fire and construction - they are separated into different ‘jobs')</div>
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Influences:</div>
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<li class="">Is the program work typically from Third Party Administrators? These jobs are smaller and managed much more strictly - they are doing there best to limit margins and cut areas that are more profitable than others. Many of the typical TPA projects are under $10,000 so this may not influence your discussion. Some other vendor programs are tight as well and it depends on which company you are working for. </li>
<li class="">States and regions impact margin. Some are easier than others. I have a client in Florida that has been averaging over 50% margins. They are not on any vendor programs and all is self directed - that being said they are typically working in the Xactimate environment. Not being on vendor programs will allow a small bit of pricing flexibility. Some states have higher costs of labor and limited subcontractors that drive costs higher and Xactimate does not keep up with changing costs since the TPA and vendor Xactanalysis feedback confirms the lower pricing causing downward pricing pressure. </li>
<li class="">Managing a group of in-house staff requires a lot of management - getting labor and materials to the job site with low costs is difficult. If you are running in-house labor then managing the staff is one of the most important elements in maintaining margin. </li>
<li class="">It is much harder to maintain a 45% margin than ever. Some companies are able to squeeze subcontractors and suppliers but that only goes so far and ultimately has an impact on quality. </li>
<li class="">Changing margin expectations is consequential for restorers. Accepting that margins are going to be 5 points lower has a huge impact on cash and profits. Managing the process and having coaching and accountability tied to the numbers helps companies hit expected targets. I think that 50% used to be achievable but difficult. Now 45% is achievable but difficult. I do think that 40% is more common. Companies that start to accept 35% need to be very focused on their overhead because there are many companies that are running a 32-35% overhead. The expectation of a 3% net margin is way too low - it should still be 10-15% depending on the revenue numbers (which impact the overhead %). </li>
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The reality is that the cost of labor is way up and materials appear to be stable or increasing and the Xactimate unit costs rarely increase. There is truth that margins are much more difficult to maintain. British Columbia was one of the most difficult pricing/cost markets that I have ever worked in. I worked with a company thad 14 project managers - each was able to maintain a minimum of 34% margins and some were able to hit 40%. This required focus on proper estimates, proper and consistent change orders, appropriate supplements and limiting the amount of customer credits and discounts. Too often companies write off deductibles, throw costs at jobs when they miss completion dates, don’t get signed change orders or ask the customer to pay for upgrades, don’t create a budget and then buy out the job before starting, etc. Making margins requires focus and discipline. </div>
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Phillip Rosebrookhttp://www.blogger.com/profile/08127287840221021504noreply@blogger.com0Beaverton, OR 97005, USA45.4923824 -122.8029665000000345.447861399999994 -122.88364750000002 45.5369034 -122.72228550000003tag:blogger.com,1999:blog-4802381048820566142.post-2978204669190693932017-05-25T16:04:00.000-07:002017-05-26T08:34:26.112-07:00Margins in diaster restoration<div class="MsoNormal" style="color: #666666; font-family: 'Trebuchet MS', Trebuchet, Verdana, sans-serif; font-size: 13.199999809265137px;">
The following information has been compiled through over twenty-eight years of direct involvement and empirical evidence in the industry. Business Mentors serves as a consulting firm specializing in restoration. We help restoration companies analyze and improve gross and net margins in addition to working in many other areas. Our background is in the restoration industry and we are business consultants and restoration business advisors. </div>
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For purposes of this paper we will examine margin by types of work and will also discuss the various deviations. There are many ways to figure job costs and this paper does not necessarily endorse any methodology. Individuals need to manage costs and have a plan to meet profitability expectations. The key in measuring margin is to be consistent in your approach. <o:p></o:p></div>
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For purposes of this paper the items included in job costs will include: direct labor plus direct labor burden, direct materials, subcontracted labor, and equipment rental. Some companies apply greater detail to their job costs. There is not a right and wrong way to manage your job costs. The material issue is that you are consistent when figuring job costs. The more information that you apply to the costs, the more information you will have for managing performance and understanding your operation. That being said, you want to measure information that you have the ability to manage. Most companies can measure and manage direct costs for jobs and for that reason that is the information that will be reviewed in this report. <o:p></o:p></div>
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<b>Construction</b><o:p></o:p></div>
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Construction gross margins range from 35-50%. This means that the direct cost are 50-65%. The margins can be achieved through direct labor or subcontractors. If you manage a large in house staff then you have the potential for higher margins. That being said it is very difficult to apply and manage staff labor in a manner that allows you to maximize job profitability. The challenge with staff labor involves facilitating labor and materials to the jobs as well as managing non-reimbursed time. When utilizing subcontractor labor either your company or the subcontractor can provide the job materials. It is strongly recommended to apply some indirect costs to the jobs, which includes shop materials, supplies, dumpsters and other unapplied indirect costs. In the event that you utilize a superintendent the costs for your job manager should be applied to the job either through direct labor costs or through an allocated percentage. <o:p></o:p></div>
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<b>Water Damage<o:p></o:p></b></div>
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Water damage margins are perhaps the most misleading and hard to measure gross profit item in a restoration company. A restoration company prepares and staffs to respond to jobsites in a marketplace twenty-four hours a day, three hundred sixty five days a year. Each company needs to provide training and equipment for each job and they are rarely costed to the job. There are formulas that a company can use that will figure an exact cost. Previous analysis has shown equipment costs to be approximately ten percent of the rental rate. Direct costs range between 75% to over 85%. Margins on water damage work have been decreasing due to the tracking and control of the claims management programs. Margins in the water damage industry are still strong and compensate for the specialized equipment, capital spending, training and staffing required in order to meet the needs of our clients. Companies need to look at the cost of being prepared to respond 24/365 and the substantial training and capital costs involved in mitigation services. The overhead involved with a mitigation service is substantially higher than for construction. <o:p></o:p></div>
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<b>Restoration Cleaning<o:p></o:p></b></div>
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This category of work includes contents and structural cleaning in order to remove contaminates and odor. The work consists of specialty techniques and cleaning solutions in order to remove the contaminate. Contents cleaning can take place on location or in the restoration facility. Companies measuring job profitability rarely take into consideration the substantial facility costs and equipment required to produce the work. Gross profit for this work ranges from 45-60% meaning the direct costs are 40-55%. The costs consist of labor and cleaning supplies, packing material and any other moving related costs. The capital costs for cleaning are substantial when you take into consideration vehicles, training, cleaning equipment - especially for in-house cleaning and storage facilities. A cleaning company will have a substantially higher overhead than a construction - or even mitigation company. <o:p></o:p></div>
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<b>Mold remediation<o:p></o:p></b></div>
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Mold remediation consists of the work to remove mold from contaminated items and also remedial demolition of items than cannot be properly decontaminated. This work does not include the actual replacement and repair. Job profitability ranges from 40-55% that means the job costs range from 45-60%. There are a variety of services that can be completed in house and others subcontracted. These services require a substantial capital commitment. If subcontracted the contractor may be limited to ten percent overhead and ten percent profit that relates to a 17 percent gross margin. These services range from laundry and soft contents to furniture refinishing.<o:p></o:p></div>
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The above information is a guideline and not a reflection of the margins that will be achieved on any given job. There is a dynamic that has changed the industry in the past decade or so. Previously contractors could assemble their costs and then apply a price that allowed the target margin to be hit. Today, in most cases, contractors will need to assemble the price and then put the costs in line to meet the margin expectations. Hitting job profitability numbers requires a concerted effort on the part of all participants involved in managing and producing a job.</div>
Phillip Rosebrookhttp://www.blogger.com/profile/08127287840221021504noreply@blogger.com0Beaverton, OR 97005, USA45.4923824 -122.8029665000000345.447861399999994 -122.88364750000002 45.5369034 -122.72228550000003tag:blogger.com,1999:blog-4802381048820566142.post-36762649984097763792017-05-25T13:03:00.004-07:002017-05-25T13:03:38.061-07:00Groundhog Day? <div class="MsoNormal">
One major difference between successful contractors and ones
that continually struggle is the presence of a strategic plan.<span style="mso-spacerun: yes;"> </span>Does it appear that your weeks are driven by crisis
and your days filled with busy activities – running to get nowhere?<span style="mso-spacerun: yes;"> </span>I am not saying that you are not getting
things done, but is it what you want to be working on?<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
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When you are working on your business, rather than in your
business, then you can change your opportunities and your future.<span style="mso-spacerun: yes;"> </span>I know of many business owners that know that
things need to change in their business, yet cannot make it happen.<span style="mso-spacerun: yes;"> </span>In the movie Groundhog Day, Bill Murray’s
character was stuck reliving the same day until apprently he got it right.<span style="mso-spacerun: yes;"> </span>Although it is not known for sure, some
people say that it took ten years and others (people with too much time on
their hands) say that it was more like 30 or 40 years, to break the cycle.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
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Are you stuck in the same endless cycle even though you know
that it should be different?<span style="mso-spacerun: yes;"> </span>The process
of getting out of your rut starts by acknowledging the realities of your
situation and then crafting a plan for change.<span style="mso-spacerun: yes;">
</span>This process should start with the following:<o:p></o:p></div>
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<ul>
<li><span style="text-indent: -0.25in;">What are the big picture goals for the future?
Does this align with our mission and vision?</span></li>
<li><span style="text-indent: -0.25in;">What items are currently limiting your business?</span></li>
<li><span style="font-family: Symbol; text-indent: -0.25in;"><span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><span style="text-indent: -0.25in;">Do you have quantifiable metrics that
objectively tell the story of how your business is performing?</span></li>
<li><span style="text-indent: -0.25in;">Have you properly identified the roles,
responsibilities and expectations of your team members?</span></li>
<li><span style="text-indent: -0.25in;">Are you key managers performing at least to
industry standards?</span></li>
<li><span style="text-indent: -0.25in;">Do you have needed capital to finance your
growth?</span></li>
<li><span style="text-indent: -0.25in;">Do you have the right people, in the right
positions in your business?</span></li>
<li><span style="text-indent: -0.25in;">Are you paying too much or too little?</span></li>
<li><span style="text-indent: -0.25in;">Do you have a marketing plan and regularly look
at the return on investment for your various programs or do you just perform
the same activities each year – and if you want to grow then just do more?</span></li>
<li><span style="text-indent: -0.25in;">Do you have the correct short term goals that
will put you on track to achieving your long term expectations?</span></li>
</ul>
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Your strategic plan should answer
the questions above and more.<span style="mso-spacerun: yes;"> </span>Growing
companies think that if they are going to double the size of their business
then all that is needed is to replicate and grow the current structure of the
business.<span style="mso-spacerun: yes;"> </span>In reality a five million
company is rarely built by doubling the staff of a 2.5 million company.<span style="mso-spacerun: yes;"> </span>Building a growing company requires
establishing a foundation that will support the desired growth. <o:p></o:p></div>
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<span style="font-family: "Times New Roman"; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: "MS 明朝"; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-fareast;">If you would like to
discuss the steps you are taking to grow your business or learn more about the
strategic planning services offered by Business Mentors please reply to this
email – <a href="mailto:Phillip@BusinessMentors.net">Phillip@BusinessMentors.net</a>
or call 541 359 4117. We have programs
that range from virtual strategic planning through 3-day on location </span><!--EndFragment-->Phillip Rosebrookhttp://www.blogger.com/profile/08127287840221021504noreply@blogger.com0Beaverton, OR 97005, USA45.4923824 -122.8029665000000345.447861399999994 -122.88364750000002 45.5369034 -122.72228550000003tag:blogger.com,1999:blog-4802381048820566142.post-72105462574123367012017-05-15T10:31:00.000-07:002017-05-15T10:31:43.030-07:00Monday Stress? <span style="background-color: white; color: rgba(0, 0, 0, 0.701961); font-family: 'Source Sans Pro', Helvetica, Arial, sans-serif; font-size: 15px;">Happy Monday! Were you one of the many that spent most of Saturday decompressing from the week and then most of Sunday stressing about the challenges of the week to come? If you live in this world it could be easy to understand how you can get burned out. I would also guess that many of these entrepreneurs also find it difficult to get away on vacation for fear of what will be happening in the business in their absence. From my experience I would also guess that these businesses also struggle to make money. I am sure that it often crosses your mind that you could simply work for someone else and get rid of so many problems and make the same amount without the risk of business ownership. The challenge is that you are an entrepreneur and know that you are just a few breaks away from having a great business. </span><br style="box-sizing: border-box; color: rgba(0, 0, 0, 0.701961); font-family: 'Source Sans Pro', Helvetica, Arial, sans-serif; font-size: 15px;" /><br style="box-sizing: border-box; color: rgba(0, 0, 0, 0.701961); font-family: 'Source Sans Pro', Helvetica, Arial, sans-serif; font-size: 15px;" /><span style="background-color: white; color: rgba(0, 0, 0, 0.701961); font-family: 'Source Sans Pro', Helvetica, Arial, sans-serif; font-size: 15px;">After a while the stress of running a struggling business starts to eat away at the company culture and you have staff that may care about you but they are not engaged in the business – just filling a space and getting a paycheck. If this sounds like your business – you not alone. Perhaps it is time to get a fresh perspective on your business and get out of this endless cycle. Business Mentors helps business owners create a solid plan for their future and take steps to create actionable change in their business. With the right direction you can become engaged in your business, develop positive accountability and start winning. </span><br style="box-sizing: border-box; color: rgba(0, 0, 0, 0.701961); font-family: 'Source Sans Pro', Helvetica, Arial, sans-serif; font-size: 15px;" /><br style="box-sizing: border-box; color: rgba(0, 0, 0, 0.701961); font-family: 'Source Sans Pro', Helvetica, Arial, sans-serif; font-size: 15px;" /><span style="background-color: white; color: rgba(0, 0, 0, 0.701961); font-family: 'Source Sans Pro', Helvetica, Arial, sans-serif; font-size: 15px;">We have many different programs from advisory services to full mentoring. Most of our programs start with a one-time 3 day on-location strategic planning program. This is a simple – low risk opportunity to have an outside review of your business from someone that has worked in the restoration industry for decades. </span><br style="box-sizing: border-box; color: rgba(0, 0, 0, 0.701961); font-family: 'Source Sans Pro', Helvetica, Arial, sans-serif; font-size: 15px;" /><br style="box-sizing: border-box; color: rgba(0, 0, 0, 0.701961); font-family: 'Source Sans Pro', Helvetica, Arial, sans-serif; font-size: 15px;" /><span style="background-color: white; color: rgba(0, 0, 0, 0.701961); font-family: 'Source Sans Pro', Helvetica, Arial, sans-serif; font-size: 15px;">If you would like to learn more about how our program works send an email with the subject line – ‘Winning’ to Phillip@businessmentors.net. You can also call 541 359 4117. </span>Phillip Rosebrookhttp://www.blogger.com/profile/08127287840221021504noreply@blogger.com0Beaverton, OR 97005, USA45.4923824 -122.8029665000000345.447861399999994 -122.88364750000002 45.5369034 -122.72228550000003tag:blogger.com,1999:blog-4802381048820566142.post-82410463582598491412017-04-27T11:23:00.000-07:002017-04-27T11:23:33.027-07:00A Path Less Traveled<div class="MsoNormal">
<br /></div>
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Over the past several months our family has been wresting
with the decision of where our oldest daughter will attend high school this
next year.<span style="mso-spacerun: yes;"> </span>I started to think about the
words of Robert Frost’s poem <i style="mso-bidi-font-style: normal;">The Road Not
Taken</i>.<span style="mso-spacerun: yes;"> </span>In the summary of the poem he
states that he took “the one less traveled by and that made all the difference.”
<span style="mso-spacerun: yes;"> </span>I suppose the only way to know for sure
is if he could have followed someone else taking the other path.<span style="mso-spacerun: yes;"> </span>Perhaps the other path would have lead to a
better destination.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
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<br /></div>
<div class="MsoNormal" style="text-indent: -12.0pt; vertical-align: baseline;">
<span style="color: #404040; font-family: Georgia; mso-fareast-font-family: "Times New Roman";">I shall be telling this with a sigh<o:p></o:p></span></div>
<div class="MsoNormal" style="text-indent: -12.0pt; vertical-align: baseline;">
<span style="color: #404040; font-family: Georgia; mso-fareast-font-family: "Times New Roman";">Somewhere ages and ages hence:<o:p></o:p></span></div>
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<span style="color: #404040; font-family: Georgia; mso-fareast-font-family: "Times New Roman";">Two roads diverged in a wood, and I—<o:p></o:p></span></div>
<div class="MsoNormal" style="text-indent: -12.0pt; vertical-align: baseline;">
<span style="color: #404040; font-family: Georgia; mso-fareast-font-family: "Times New Roman";">I took the one less traveled by,<o:p></o:p></span></div>
<div class="MsoNormal" style="text-indent: -12.0pt; vertical-align: baseline;">
<span style="color: #404040; font-family: Georgia; mso-fareast-font-family: "Times New Roman";">And that has made all the difference.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Life is a series of decisions and the person that you become
is the result of the choices you make and the impacts of the paths that you
take.<span style="mso-spacerun: yes;"> </span>The subject of the poem discusses
the potential of returning and taking the other path at a later time.<span style="mso-spacerun: yes;"> </span>In reality, the sigh of the author expresses
an understanding that paths not taken are rarely, if ever, explored. <span style="mso-spacerun: yes;"> </span>I guess this leaves the need to fully accept
the rewards and consequences of the paths you take. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
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<span style="color: #404040; font-family: Georgia; mso-fareast-font-family: "Times New Roman";">Oh, I kept the first for another day!<o:p></o:p></span></div>
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<span style="color: #404040; font-family: Georgia; mso-fareast-font-family: "Times New Roman";">Yet knowing how way leads on to way,<o:p></o:p></span></div>
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<span style="color: #404040; font-family: Georgia; mso-fareast-font-family: "Times New Roman";">I doubted if I should ever come back.<o:p></o:p></span></div>
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<br /></div>
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The introspection for you individually and in your business
is to first realize that there may be more than one path to take and secondly
to make good decisions along the way.<span style="mso-spacerun: yes;"> </span>My
father has told me that life is something that is lived forward and understood
backward.<span style="mso-spacerun: yes;"> </span>Wouldn’t it be interesting to
understand forward and then live the predictable results of the paths that you
take?<span style="mso-spacerun: yes;"> </span>It sure would be easier to have
full confidence in our daily decisions. <span style="mso-spacerun: yes;"> </span>In reality this would come with another set of
challenges as we try and cope with a predictable life.<span style="mso-spacerun: yes;"> </span>I would opine that we would also become less
of a complete person by avoiding the inevitable challenges that create the
character of the person we will become.<span style="mso-spacerun: yes;">
</span>I look back on my life and realize that true growth has come through the
challenges and setbacks, more than success. <o:p></o:p></div>
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<br /></div>
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Your opportunity is to make choices and walk a path to find
the joys, challenges and enjoy the journey.<span style="mso-spacerun: yes;">
</span>I think the best you can ask for is to have wisdom in your decisions and
where necessary to have good advice that makes decisions easier and help you
overcome challenges that inevitably will arise.<span style="mso-spacerun: yes;">
</span><o:p></o:p></div>
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<br /></div>
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You will create the ending to your own poem that states, “I
took responsibility for the path that I chose, and I own the results of those
decisions.”<span style="mso-spacerun: yes;"> </span>You will become the result
of the decisions you make and also the paths that you realized you should have
taken.<span style="mso-spacerun: yes;"> </span>It is important to occasionally
think about your previous decisions to learn the impact of those decisions and
to avoid similar mistakes in the future.<span style="mso-spacerun: yes;">
</span>It is also critical to realize that your current reality is the result
of your previous decisions.<span style="mso-spacerun: yes;"> </span>Taking
responsibility for where you are in life is an important step in accessing
opportunities in the future. <o:p></o:p></div>
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<br /></div>
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Consider embracing the attitude of those that practice Zen
and live fully in your day, today.<span style="mso-spacerun: yes;"> </span>If
you practice Zen then you understand that there is no tomorrow and no yesterday
– you only have today.<span style="mso-spacerun: yes;"> </span>I like to take
bits and pieces of this practice for my own use and enjoy the memories of
yesterday and also learn from the failures, so I can prevent them in the
future.<span style="mso-spacerun: yes;"> </span>I also will make decisions today
that will benefit my family, my business, my community and me, for
tomorrow.<span style="mso-spacerun: yes;"> </span>I endeavor to do all of this while
embracing the simple joys of today.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
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Wishing you much joy and success in your decisions today and
delight in the uncertainty of tomorrow. <o:p></o:p></div>
Phillip Rosebrookhttp://www.blogger.com/profile/08127287840221021504noreply@blogger.com0Beaverton, OR, USA45.476743971804 -122.7684402465820345.454477471804 -122.80878074658203 45.499010471804 -122.72809974658203tag:blogger.com,1999:blog-4802381048820566142.post-54825212245159448682017-02-21T14:05:00.001-08:002017-02-21T14:07:31.850-08:00Foundational building blocks for the next generation restoration company<div class="MsoNormal">
Radical changes are coming our way in restoration. It is
time to start a dialog about not only the changes that companies can make, but
also next-generation characteristics a successful restoration company.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
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This requires looking not only into insurance and
restoration trends, but also advances in the areas of business and technology.
Many dynamic elements are at work, with an endpoint that is unknown. What is
known, however, is the fact that things are going to look different than they
do today. Throughout the course of this series I will explore some of the root
causes of the challenges, as well as the resulting impacts and considerations
for excelling in an uncertain environment. <o:p></o:p></div>
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Claims management has become quite confusing with such
ongoing issues that need to addressed as internally managed vendor programs,
third-party administrators, working with the restoration franchises, specialty
vendors, full service restoration contractors and more. The challenge comes
with undertaking the challenge of trying to unwrap the contributing factors to
these challenges and then set a coarse to succeed in this ever-changing world. Making
predictions about claims management will be difficult given the fact that the
insurance world appears to be unclear on their own direction. <o:p></o:p></div>
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Setting the table for uncertainty, as well as a need for
insurance companies to adapt their strategy. One of the biggest changes to
insurance is the development of new technology. Things like mobile
communication, artificial intelligence, predictive analytics, and cloud
computing may seem futuristic, but are actually playing a role in insurance and
claims management today. When we understand how these issues impact and drive
the claims settlement, we can then be more aware of how we can support this
process.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
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The insurance world of yesterday was fairly simple. Property
owners would drive to their corner agent and purchase needed coverage from the
same company that had been writing their policies for years—and perhaps, for
that matter, even had their parent’s coverage prior. Today, people can sit at
their computer or smart phone and pull up quotes from dozens of companies
instantaneously. Analytics allow these companies to quickly determine if this
is a desired client for the company and offer a competitive or expensive policy,
thus speeding the underwriting process. Most every mainline insurance company
allows policy holders to purchase through agents or direct through their
website or ‘apps.’<span style="mso-spacerun: yes;"> </span>A new wave of virtual
insurance companies is hitting the market using analytics to screen clients,
A.I. (artificially intelligence) computers to fill the sales channels and even
the claims adjusting process. These new companies will offer a different
insurance price point and also service level. Many of today’s younger clients
are more comfortable communicating with and through computers, which will help
facilitate this process of automation.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
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The claims side of technology is nearly dramatic as the
sales side. Insurance companies realize that there are substantial cost savings
through utilizing technology. The first thing to understand is that nearly 80%
of an insurance company’s costs are associated with claims fulfillment. When
these companies need to make financial adjustments to their business, it is
natural to start reviewing settlement costs from first notice of loss through
conclusion. Technology will have a huge impact in all areas of this process. Companies
realize they need to take action to speed cycle time, reduce fraud, improve
service, eliminate redundant processes and cut claims administrative time. These
adjustments will have direct impacts on profitability in their business.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
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The future of claims relies on <a href="https://www.blogger.com/null" style="mso-comment-date: 20170213T1722; mso-comment-reference: CM_2;">tying </a>the
communication systems, starting with first notice of loss. The customer could
conceivably connect with the insurance company on their smart phone, showing
impacted areas and verifying actual damage. This limits fraud and also starts
the documentation process. This process will improve the subrogation success as
well due to more timely and detailed documentation. The in-house adjuster or
even artificial intelligence systems are able to properly dispatch services,
adjusters or even administer payments<span style="color: #1f1f1f; mso-fareast-language: JA;">.<o:p></o:p></span></div>
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<br /></div>
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than drawing any conclusions, the intention instead is to lay the groundwork
for influences in the insurance world that will impact restoration. I hope that
you are starting to see trends that are developing that will be pushed through
to contractors. In future columns, I will explore such topics as labor issues,
program expectations and contractor impacts. <o:p></o:p></span></div>
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Phillip Rosebrookhttp://www.blogger.com/profile/08127287840221021504noreply@blogger.com0tag:blogger.com,1999:blog-4802381048820566142.post-30281532788808723842017-01-30T11:51:00.000-08:002017-02-17T09:46:57.782-08:00Customer Service is a Choice<div class="MsoNormal">
Customer service is not an activity or a department rather
it is an attitude and series of decisions.<span style="mso-spacerun: yes;">
</span>You can take steps in your business to provide exceptional customer
service and you may find that this is one of the lowest cost and highest impact
changes that you can make in your business.<span style="mso-spacerun: yes;">
</span><o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Often great service is simply the result of how you do
something rather than what you do. When you understand this then you know that
great service is all about a decision to speak or act deliberately. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The other day I was at the airport in Chicago getting ready
for a flight to Portland.<span style="mso-spacerun: yes;"> </span>The captain
stepped up to the microphone in the boarding area.<span style="mso-spacerun: yes;"> </span>My first thought was that this is not going
to be good news.<span style="mso-spacerun: yes;"> </span>I have heard pilots in
the boarding area only about 2 other times and each was bad news. To my
surprise the pilot welcomed us to the flight and thanked us for flying United
Airlines.<span style="mso-spacerun: yes;"> </span>He continued to tell us about
the flight and then said that he looked forward to flying with us that
evening.<span style="mso-spacerun: yes;"> </span>I was surprised to hear good
rather than bad news.<span style="mso-spacerun: yes;"> </span>When I stepped on
the plane the flight attendant was in her typical place at the door of the
airplane and the pilot was standing right next to her welcoming everyone on
board and handing out a card that had information about the 757 that we were
flying on that evening.<span style="mso-spacerun: yes;"> </span>Due to my
frequent flyer status I was upgraded to first class on the flight that
evening.<span style="mso-spacerun: yes;"> </span>During the flight each of the
flyers in my cabin was handed a business card from the pilot with a personal
thank you note written on the back.<span style="mso-spacerun: yes;"> </span>Near
the end of the flight there was an announcement from the purser about the cards
that were handed out when we entered the plane.<span style="mso-spacerun: yes;">
</span>She asked us to look at the cards and if there was a particular mark on
the card, those two people should ring there call buttons and the attendant
would deliver a bottle of wine to take home, compliments of the captain.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
When I returned home I decided to send a thank you email to
Captain Flannigan, since I was holding his business card.<span style="mso-spacerun: yes;"> </span>I was surprised that not only did he return a
message, but he also visited our company website and made some personal
comments about the business that my father and I had built.<span style="mso-spacerun: yes;"> </span>I was struck by this attention by someone
that comes into contact with so many customers, every day. <span style="mso-spacerun: yes;"> </span>Once again I sent a follow up note to express
my surprise at his attention and to say thank you.<span style="mso-spacerun: yes;"> </span>I received another letter with his thoughts
and philosophy on customer service.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
This is an interesting story and when you look at the
details, there are a couple of really salient points to be taken from this
series of events.<span style="mso-spacerun: yes;"> </span>The first thing that
comes to mind is that if the pilots on every plane took the same time and
effort to appreciate their clients it could make a huge difference to the
company.<span style="mso-spacerun: yes;"> </span>Another thing that I noticed
was that this set of events cost very little if any money or time.<span style="mso-spacerun: yes;"> </span>This pilot did not spend any more time to
deliver exceptional customer service, rather he made deliberate decisions on
how to spend his time.<span style="mso-spacerun: yes;"> </span>At this point you
should realize that this example of great service was simply a personal
decision to deliver great service.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Since my flight I have seen Captain Flannigan featured in
the Wall Street Journal, several email updates and a book.<span style="mso-spacerun: yes;"> </span>What would be the impact if the airline could
harness this effort and embark on a companywide campaign to deliver exceptional
service on every flight?<span style="mso-spacerun: yes;"> </span>I suspect that
this would be an incredible undertaking but perhaps might be worth the effort –
this low cost, high impact campaign could transform an airline.<span style="mso-spacerun: yes;"> </span>At the same time this engagement would need
to be genuine rather than scripted. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
What can you do in your business that empowers and
challenges your front line staff to dramatically exceed your customer’s expectations?<span style="mso-spacerun: yes;"> </span>You may be lucky and have a couple of
motivated people that will perform exceptionally well, but that will not often
happen without your guidance.<span style="mso-spacerun: yes;"> </span>Your
challenge is to create a company culture that causes your employees to make a
decision and take steps to deliver their service in a deliberate and
exceptional manner – it could transform your business. <o:p></o:p></div>
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<br /></div>
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I had a great employee working for me about 15 years
ago.<span style="mso-spacerun: yes;"> </span>I knew that he had a desire to
create cheerleader clients on every project.<span style="mso-spacerun: yes;">
</span>I would challenge him in the morning before going to a new job to come
back with a letter of recommendation.<span style="mso-spacerun: yes;"> </span>He
came back one day and told me that we would definitely get a letter from this
client.<span style="mso-spacerun: yes;"> </span>Several days later we received a
glowing recommendation.<span style="mso-spacerun: yes;"> </span>After the letter
arrived I started to wonder what he had done to get the letter.<span style="mso-spacerun: yes;"> </span>Brian explained that the customer took a lot
of interest in what he was doing and would watch his work and talk. She
mentioned that she was having a problem with her interior doors sticking.<span style="mso-spacerun: yes;"> </span>He said that he adjusted the doors so they
would all shut properly.<span style="mso-spacerun: yes;"> </span>After
congratulating him for the great work it crossed my mind that this must have
taken a lot of time and perhaps I had to do a better job of defining boundaries
in serving our customers.<span style="mso-spacerun: yes;"> </span>He told me
that it was a quick fix and took about fifteen minutes and since he usually
only takes a fifteen minute lunch he took care of the doors during his
break.<span style="mso-spacerun: yes;"> </span>Brian and the crew that we had
working with us at that time consistently delivered exceptional customer
service.<span style="mso-spacerun: yes;"> </span>Our company was recognized for
consistently delivering great service.<span style="mso-spacerun: yes;">
</span>This become a competitive advantage for our company and helped us excel
in our market.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
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<br /></div>
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Both of the situations outlined above were similar since it
was a decision to exceed the customer’s expectation rather than a program,
campaign or department.<span style="mso-spacerun: yes;"> </span>In some cases
you may be lucky to have great employees that are driven to excel.<span style="mso-spacerun: yes;"> </span>In most situations you have great staff
members that will take the extra step when challenged or directed.<span style="mso-spacerun: yes;"> </span>As a leader in your business, it is your job
to provide an environment where your employees will flourish and take
initiative.<span style="mso-spacerun: yes;"> </span>Customer service is a
decision not a department.<span style="mso-spacerun: yes;"> </span>Provide a
foundation with training on customer service, define the client’s baseline
expectations and then create an environment where your staff is motivated,
encouraged and rewarded to exceed these expectations.<span style="mso-spacerun: yes;"> </span>When you take these steps, you are well on
your way to transforming your business and creating a sustainable competitive
advantage for your business. <o:p></o:p></div>
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<br /></div>
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<br /></div>
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<br /></div>
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Below is a copy of the email correspondence from Captain
Flannigan that he has given me permission to reprint.<span style="mso-spacerun: yes;"> </span>There are several great customer service
ideas here and it provides a great example of how exceptional service can be
delivered with an attention to detail and changing the way in which you
approach a job, not the time or money spent to exceed expectations.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
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<br /></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
I was given permission to use his thoughts in exchange
for posting Captain Flannigan’s email address - <a href="mailto:captdennyflanagan@gmail.com"><span style="color: #084de5; font-family: "helvetica"; font-size: 14.0pt;">captdennyflanagan@gmail.com</span></a>.<span style="mso-spacerun: yes;">
</span>Please reply to him if you have any thoughts or questions regarding
great customer service. <o:p></o:p></div>
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<span style="font-family: "helvetica"; font-size: 14.0pt;">In the service business
the recipe for success is quite easy. Choose your attitude for the day,
anticipate your customer’s needs and exceed their expectations. I have a few
work philosophies and they have proved effective over the years;<o:p></o:p></span></div>
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<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: "helvetica"; font-size: 14.0pt;">-- I believe that each
customer deserves a good travel experience whether on United, American,
Continental.........train, bus, taxi or with your best friend in his car. You
deserve a safe and comfortable ride.<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: "helvetica"; font-size: 14.0pt;">--Treat each customer
as if it is their first flight and have no expectations. ....I lead by example
and this helps motivate the crew to do a better job. When they see me stow
bags, assist moms with strollers and answer questions as if it is the first
time I heard it, they are brought back to their new hire days.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: "helvetica"; font-size: 14.0pt;">--It is easier to keep
the customers you have than to find new ones....United has a devoted sales team
to find new customers and it is time consuming and expensive but necessary. My
job is somewhat easier and less expensive and that is to provide a safe and
customer-oriented service. If I do my job then the folks in the sales
department will have less pressure on themselves.<o:p></o:p></span></div>
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<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: "helvetica"; font-size: 14.0pt;">Phillip, I Googled your
name and business and was quite impressed what you and your dad have put
together. I practice one customer at a time but would love to make a bigger
impact. I was on the front page of the WSJ and on the morning shows of CBS, ABC
and NBC. If you can use me as an example in your business feel free to do so.
It would be nice to know that I have a hand in making this world a better place
to live.<o:p></o:p></span></div>
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<br /></div>
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<span style="font-family: "helvetica"; font-size: 14.0pt;">Phillip, thanks for
flying "The Friendly Skies" of United Airlines. Your business is
greatly appreciated. If you are ever on one of my flights again stop up to the
cockpit and say hello. If we have time I will go out and buy us a ( cup of
coffee).<o:p></o:p></span></div>
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<span style="font-family: "helvetica"; font-size: 14.0pt;">Phillip Rosebrook JR.,
CR is a business consultant specializing in helping restoration companies
create and achieve a vision for their company.<span style="mso-spacerun: yes;">
</span>He has been active in the restoration business since 1988 and is nearing
1 million miles flying with United Airlines. He can be reached at </span><a href="mailto:Phillip@businessmentors.net"><span style="font-family: "helvetica"; font-size: 14.0pt;">Phillip@businessmentors.net</span></a><span style="font-family: "helvetica"; font-size: 14.0pt;">, twitter@busnsmntors or by calling 541 359 4117. </span><o:p></o:p></div>
Phillip Rosebrookhttp://www.blogger.com/profile/08127287840221021504noreply@blogger.com0tag:blogger.com,1999:blog-4802381048820566142.post-58069626696558717112017-01-26T12:02:00.000-08:002017-01-26T12:02:12.350-08:00Strategic Planning<div class="MsoNormal">
Strategic planning<o:p></o:p></div>
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<br /></div>
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After nearly 30 years working in the restoration industry
with near 20 years as an advisor to restoration businesses one of the biggest
challenges facing companies is a lack of a proactive plan.<span style="mso-spacerun: yes;"> </span>We operate in an on-demand emergency business
that often leads to justification for reactionary management.<span style="mso-spacerun: yes;"> </span>Companies feel that they cannot make plans
because they don't know what will happen next week, next month or next year in
their business.<span style="mso-spacerun: yes;"> </span>I understand this
feeling but in reality this is an abdication of responsibility as a leader.
When you fail to create a deliberate plan for your business then you are
allowing others to determine your priorities and perhaps even direction in your
business.<span style="mso-spacerun: yes;"> </span>Don’t get me wrong; I
understand that many of these companies may have a solid business and perform
great work.<span style="mso-spacerun: yes;"> </span>That being said they often
find that they are living the same day over and over.<span style="mso-spacerun: yes;"> </span>If you want to move your business forward and
take control of your future then you need a solid, written plan.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
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<br /></div>
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Your strategic plan should consist of the following: <o:p></o:p></div>
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</span></span></span><!--[endif]-->Core values/Mission/vision<o:p></o:p></div>
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</span></span></span><!--[endif]-->Financial goals and expectations both revenue
and profitability<o:p></o:p></div>
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</span></span></span><!--[endif]-->Marketing action plan to achieve goals <o:p></o:p></div>
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</span></span></span><!--[endif]-->Desired mix of work and desire marketing
referral sources<o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 39.35pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
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</span></span></span><!--[endif]-->Personnel action plan as well as roles and
responsibilities<o:p></o:p></div>
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</span></span></span><!--[endif]-->Budgeting for the following:<o:p></o:p></div>
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facilities<o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 75.35pt; mso-add-space: auto; mso-list: l0 level2 lfo1; text-indent: -.25in;">
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</span></span></span><!--[endif]-->Address limiting factors that will prevent achievement
of the plan<o:p></o:p></div>
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<br /></div>
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Business Mentors has a program where we will help facilitate
the development of YOUR strategic plan.<span style="mso-spacerun: yes;">
</span>This is a custom plan that is created for your business and includes a
three day visit to your company.<span style="mso-spacerun: yes;"> </span>We have
been providing this service for nearly twenty years and have helped hundreds of
companies develop an actionable plan that has been instrumental in creating
many successful restoration businesses across North America.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
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Please send an email - Phillip@businessmentors.net - if you would like more information on
our planning service.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
Phillip Rosebrookhttp://www.blogger.com/profile/08127287840221021504noreply@blogger.com0Beaverton, OR, USA45.47890323077543 -122.7700075156250345.389876730775427 -122.93136901562502 45.567929730775433 -122.60864601562503tag:blogger.com,1999:blog-4802381048820566142.post-36373861232469985422016-12-29T14:45:00.000-08:002016-12-29T14:45:54.506-08:00Growth is optional<div class="MsoNormal">
Welcome to 2017!<span style="mso-spacerun: yes;">
</span>Every year I look at that number for the new year and it surprises me –
actually doesn’t look right.<span style="mso-spacerun: yes;"> </span>This is a
great time for looking forward AND it is a great time to look back to gain
perspective.<span style="mso-spacerun: yes;"> </span>I four children and as hard
as I try, I cannot keep them from growing up.<span style="mso-spacerun: yes;">
</span>Perhaps if I used the same development plan as my business I could
finally keep my children the same age.<span style="mso-spacerun: yes;">
</span>My oldest daughter is now fourteen and will start high school next
year.<span style="mso-spacerun: yes;"> </span>If I look at my business in 2002 I
do not see that radical transformation that I have observed in the growth of my
daughter.<span style="mso-spacerun: yes;"> </span>Don’t get me wrong, our
business is not the same as it was at the time but perhaps much of that can be
attributed to simply getting older.<span style="mso-spacerun: yes;"> </span>My
plan for my business over the next twelve months is to create real development
– not just aging.<span style="mso-spacerun: yes;"> </span>We started in December
by holding a strategic planning meeting and challenging our business
assumptions and also looking at how the market is changing.<span style="mso-spacerun: yes;"> </span>We want to change with the market and take
leaps in our development.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
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<br /></div>
<div class="MsoNormal">
The interesting thing about business development is that you
are not constrained simply by a calendar or typical time. As much as my
children want to be older than they are it simply cannot happen.<span style="mso-spacerun: yes;"> </span>They may want to drive, but they do not get
to drive.<span style="mso-spacerun: yes;"> </span>On the other hand if your
business has been stuck in time, you are not limited by the calendar for
growth.<span style="mso-spacerun: yes;"> </span>Napolian Hill said that whatever
your mind can conceive and believe, you can achieve.<span style="mso-spacerun: yes;"> </span>The same is true for your business.<span style="mso-spacerun: yes;"> </span>If you aspire to radically change your
business then it can be achieved.<span style="mso-spacerun: yes;"> </span>In
reality business change is not as easy to accomplish as simply believing – it
requires a detailed plan and hard work.<o:p></o:p></div>
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<br /></div>
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The first step in changing your reality is acknowledgement -
recognition of your desire to change and then the status quo.<span style="mso-spacerun: yes;"> </span>After recognizing the desire to change then
you need to assemble a solid strategic plan.<span style="mso-spacerun: yes;">
</span>The details of a plan should be covered in another article.<span style="mso-spacerun: yes;"> </span>The point of this article is to get you to understand
and think about the reality that you are responsible and ultimately accountable
for your business development.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
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<br /></div>
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One of the new programs being offered by Business Mentors in
2017 is a strategic planning program.<span style="mso-spacerun: yes;">
</span>Previously we only offered our planning service as a part of our ongoing
consulting programs.<span style="mso-spacerun: yes;"> </span>We now offer a standalone
program where we will be present at your location for three days to provide a
detailed and actionable strategic plan for your business.<span style="mso-spacerun: yes;"> </span>Please contact me if you have any interest or
would like more information. <o:p></o:p></div>
Phillip Rosebrookhttp://www.blogger.com/profile/08127287840221021504noreply@blogger.com0Beaverton, OR 97005, USA45.4923824 -122.8029665000000345.447861399999994 -122.88364750000002 45.5369034 -122.72228550000003tag:blogger.com,1999:blog-4802381048820566142.post-2601485138267024862016-11-04T13:54:00.001-07:002016-11-04T13:56:37.100-07:00Financial expectations when running a restoration company<div class="MsoNormal">
In Business school we were taught that the purpose of a
business was to make money.<span style="mso-spacerun: yes;"> </span>This seems
like a very fundamental concept but in reality I think that this is overlooked
by many businesses.<span style="mso-spacerun: yes;"> </span>When the thought of
making money is discussed I think that it needs to be put into context to
understand the real challenge that many restoration professionals struggle
with.<span style="mso-spacerun: yes;"> </span>The first concept is opportunity
cost and the second is risk. Opportunity cost is simply the cost of the next
best use of your time and money.<span style="mso-spacerun: yes;"> </span>In this
context it refers to the value of the next best investment.<span style="mso-spacerun: yes;"> </span>The concept of risk simply implies that the
greater the risk, the greater the expected return. Both of these are simple
concepts that on the surface seem fundamental but when people are caught in day-to-day
business strategies this becomes secondary.<span style="mso-spacerun: yes;">
</span>Often I review company financials, I see that the financial performance
to be an after-thought rather than a driver of business activity and management
emphasis.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Opportunity cost is difficult because it is not easy to
quantify.<span style="mso-spacerun: yes;"> </span>We make investments in our
time and through our resources.<span style="mso-spacerun: yes;"> </span>This
often is done out of perceived need and frequently can be a response to another
stimulus.<span style="mso-spacerun: yes;"> </span>Examples of this include
advertising expenses, compensation or staffing.<span style="mso-spacerun: yes;">
</span>As business owners’ decisions are frequently made off the cuff and often
based on historical decisions or even worse based on the actions of our
completion – “everyone else is doing it” – or “that’s the way we have always
done it.”<span style="mso-spacerun: yes;"> </span>Through this process overhead
escalates and companies become reactive and often struggling to achieve desired
levels of profit.<span style="mso-spacerun: yes;"> </span>Owners of these
companies allow themselves to feel comfortable because they are making a
reasonable salary and the company squeezes out a 3% net profit.<span style="mso-spacerun: yes;"> </span>Comfort zones blind these business owners
from seeing the real situation.<span style="mso-spacerun: yes;"> </span>These
individuals could often receive a similar salary and have a job with much less
risk and certainly a lower level of stress.<span style="mso-spacerun: yes;">
</span>Maybe this situation is rationalized because there is the perception
that they can sell the business one day.<span style="mso-spacerun: yes;">
</span>However my question is, would someone really want to buy your
business?<span style="mso-spacerun: yes;"> </span>If you are rationalizing your
situation then you need to consider the opportunity cost – which is the
compensation and also the ability to apply the capital in the business to other
ventures or investments.<span style="mso-spacerun: yes;"> </span>Let’s face it,
restoration is a difficult business and the stress can be immense. As the owner
of a restoration company you need to be compensated appropriately and
secondarily your business should be making at least 10% net profit in exchange
for the risk and commitment. <o:p></o:p></div>
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<br /></div>
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This brings us to the risk factor in owning a business.<span style="mso-spacerun: yes;"> </span>The rewards in playing the lottery are
substantial and the risk of loss is quite high.<span style="mso-spacerun: yes;">
</span>On the other had the interest paid by a bank very low because the risk
of loss is negligible.<span style="mso-spacerun: yes;"> </span>Similar
considerations need to be made when looking at your business.<span style="mso-spacerun: yes;"> </span>Since the risk of failure is substantially
higher than a municipal bond fund you should consider an appropriate risk
premium.<span style="mso-spacerun: yes;"> </span>An investor can earn anywhere
between 3% and 6% after tax on municipal bonds and funds, so would you expect
to get a commensurate or larger return on your business?<span style="mso-spacerun: yes;"> </span>I understand that some of the money is
leveraged so it is not an exact comparison and there are other spurious factors
however I think that a business should expect to make 10% or more in net profit
at the end of the year.<span style="mso-spacerun: yes;"> </span>This appears to
be an appropriate return in exchange for the risk and also the time investments
in your business.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
When you look at your business and the relative success
measurements you should consider both of the above factors when putting
together your strategic plan.<span style="mso-spacerun: yes;"> </span>As the
owner you need to achieve an appropriate return on your business AND get a
reasonable paycheck.<span style="mso-spacerun: yes;"> </span>I am amazed at the
amount of business owners that do not take a consistent paycheck.<span style="mso-spacerun: yes;"> </span>Make sure that as you put your plan together,
plan your compensation and success.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
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<br /></div>
<div class="MsoNormal">
<br /></div>
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Phillip Rosebrook JR, Certified Restorer is a partner in
Business Mentors.<span style="mso-spacerun: yes;"> </span>He has nearly 30 years
of experience in the restoration industry and has helped 100’s of restoration
professionals over the past 20 years grow their business and improve profitability.<span style="mso-spacerun: yes;"> </span>He can be reached at Phillip@businessmentors.net<o:p></o:p></div>
Phillip Rosebrookhttp://www.blogger.com/profile/08127287840221021504noreply@blogger.com0Southwest Portland, Portland, OR, USA45.468317530328747 -122.7729034423828145.423759030328746 -122.85358444238281 45.512876030328748 -122.69222244238281