Every industry has its challenges, and the propane industry is no exception. Navigating the ins and outs of the business can be challenging, so knowing exactly which obstacles to avoid can save you time and money. To help, we’ve compiled a list of the top 5 heating oil and propane industry mistakes, so you can be on the lookout and stay on track.
Rapid Expansion
Many companies make the mistake of thinking growing your business can only yield benefits, when that isn’t actually the case. Growing too fast can lead to neglecting to update protocol to account for higher capacity, overpaying for acquisitions, and – moving into our next pitfall – running out of money.
Mismanaged Finances
Managing cash flow requires minute, dedicated supervision of your business’s actions, which is something that is quite easy to lose track of. Without the proper planning, including fall backs like reserve savings or lines of credit, your business will inevitably fail.
Inaccurate Billing
Time and accuracy are paramount when handling all billing matters between your company and your customers. When this is done improperly, you allow the risks for not being properly compensated, not receiving payment in a timely manner, accumulating debt, unhappy suppliers, and more.
Undercharging
Sometimes, propane business owners try so hard to please their customers and attract new ones that they undercharge for their services. A major cause of this is only taking into account the price of the propane they are supplying, not also the work put into each customer’s services.
Poor Customer Service
This is a big one. No matter how great your company is, things will surely take a turn for the worse if you don’t prioritize the relationships you have with your customers. Maintaining such relationships requires superb customer service offered to your customers at any time of the day or night for whatever their issues may be.
For handling that, Insta Answer is here to take your customers’ calls 24/7 with the experience, knowledge, and kindness they deserve. Get started today with Insta Answer.
