Accounting automation can benefit your security business in a variety of ways.
First, you’ll be able to complete many of your accounting tasks in less time. There will also be less opportunity for human error, which comes with its own costs. But one of the most important ways it can benefit your bottom line by providing consistent cash flow.
Cash flow is one of the most critical aspects of any company’s finances. It needs to be positive and predictable. Yet, more than 40% of small business owners with cash flow issues were caught off guard by the problem.
Running a security business can be challenging.
Along with trying to grow your overall business you have a variety of other tasks on your plate. You have to manage marketing, customer service and administrative tasks to ensure your company is running efficiently. There may even be times when business management processes aren’t particularly effective or efficient.
Recurring revenue is at the center of almost every security business model. It is the lifeblood that every dealer either thrives on or struggles to build. However, not all recurring revenue is equal. Recurring monthly revenue is both the revenue that you earn on a recurring basis and efforts to improve that number. Many security dealers could benefit from investing in their RMR processes.
The cloud has had a huge impact on how many organizations do business. However, many security and alarm monitoring companies have been slow to adopt it. This may be because many do not fully understand the potential of the cloud. Plus, with the inherent security concerns that come with any operational changes, industry leaders have been unmotivated to make the switch.
Despite this slowness, there is a lot of potential value to be gained by using cloud-based alarm monitoring. Understanding the benefits will help you decide if making such a change is right for your business. (more…)
As a security dealer, you likely work with a patchwork of systems that covers your financial and operational needs. This mishmash of systems is often viewed as temporary or short-term until you have the time to review, purchase, and integrate an all-encompassing system. All too often, though, that day never comes, and you’re left with several disparate data systems that work, at best, awkwardly with each other.
This means your organization is wasting energy, time, and money trying to gain control of their snowballing data needs. If you find yourself in this situation, it’s time to review the ways disparate data from disparate systems are causing active harm to your company. (more…)
How well do you know your customer data? When you need to make a strategic decision, can you make it based on data, or do you need to follow your gut? In the security business, collecting data and making it visible can help you to run a more successful company. Below, learn what data visibility is and how through good customer data visibility, security companies can thrive. (more…)
No matter how time changes or which organizational fads come and go, one thing remains true: companies continuously strive to turn a profit. To increase your profit margin, you have two choices: increase revenue or decrease costs. Here we discuss what effective security companies are doing to lower costs, streamline processes, and increase their profit margins. (more…)
“That’s the way we’ve always done it” is a commonly heard phrase at many security businesses. Some would say that if a process isn’t broken, you shouldn’t fix it. However, what happens if the process is broken but you don’t realize it? Processes at security dealers should be audited and actively managed. Otherwise, you may be risking (or already experiencing) significant harm to your business. (more…)
What makes a great business? Is it branding? The customer experience? A quality product? For central stations in the security and alarm monitoring industry, each business aspect plays a role and combines to create a successful business model. When focusing on the major business functions, such as marketing and sales, financial health and cash flow, etc., it is easy to overlook some of the essential operational functions that impact your bottom line. Here is why performing a process audit is important and what it reveals. (more…)
The alarm industry is rapidly evolving right now. Technology advancements outpace the speed at which many central stations make network and software upgrades for their alarm monitoring processes. IT security and consumer demand drive innovation, yet many central stations operate with disparate systems and inefficient processes. Process improvements don’t have to be cost-prohibitive, behemoth projects. Here are six ways you can improve efficiency in your alarm monitoring central station. (more…)