5 Reasons Your Plumbing Business Loses Money & How to Fix It

Why is my plumbing business losing money? If this question is currently on your mind, we’ve got the answers for you. Owning a plumbing business can be a rewarding and profitable experience. However, every successful company has ups and downs. Fortunately, if your company is experiencing a few setbacks, you can take several proactive steps to help get things back on the right track.

We’ve put together this guide to help you identify some typical reasons your plumbing business is losing money and some tips and tricks to turn things around.

Schedule Free Consult Call

Table of Contents

Why Is Your Plumbing Business Losing Money?
Tips for Turning Your Plumbing Business Around
Turn to Coachfirm to Get Your Plumbing Company Back on the Right Track

Why Is Your Plumbing Business Losing Money?

If you find yourself facing challenges and your business isn’t prospering, there could be a few logical explanations behind your problems. Here are the top five reasons your plumbing business could be losing money.

1. Losing Employees

High turnover can be costly, so if you find yourself losing staff, step back and consider why. Plumbing can be a risky profession because of the equipment and expertise involved. Some elements could expose you and your employees to potential injuries or sickness. If an employee gets hurt on the job, you may need to pay for their treatment or payroll while they are out of work. You might also need to hire a replacement, costing you even more money in the long run.

If you find yourself needing to recruit and train new employees more often, you’ll lose the extra time needed to focus on your appointments and promote your business, resulting in your company failing to earn much profit.

2. Bypassing Energy-Saving Solutions

Many homeowners are environmentally aware and appreciate eco-friendly home solutions that will help them save money on utilities and positively impact Mother Nature. If your business isn’t focusing on green solutions or technology, you could be losing potential customers.

You can address several plumbing issues with energy-efficient solutions that use less water and power. You should stay up to date with the latest technology and provide the best solutions for your customers. Bypassing these green solutions could be another reason your company is struggling to succeed.

3. Suffering From Equipment or Property Damages

Improperly stored tools and equipment can result in loss or damages, resulting in the need to replace them more often. If you aren’t securely storing and organizing your equipment, you could damage its longevity, decreasing your profit. You might also miss out on potential appointments if you don’t have the correct tools to get the job done.

If you don’t have any plumbing business insurance, you could lose money from property damages. You never know when an accident might occur, and property damages could hurt your reputation and your financial bottom line.

4. Ignoring the Competition

Learning from your competition is the best way to pull ahead of them. If you ignore your local competitors, they might take you by surprise and start stealing your customers. It’s crucial to monitor their marketing strategies, websites and services to see how your business compares. If your business isn’t measuring up, it’s vital to take the necessary steps to stand out from the pack. Missing out on completing this crucial business tactic could result in losing potential customers and cause your business to take a turn for the worse.

5. Overloading Appointments

Many plumbing business owners are guilty of overloading their schedule with too many appointments and jobs for their team to handle reasonably. While this may seem like the best way to earn the most money, that isn’t always the case. Piling too much on your plate can cause you and your employees to feel burned out, resulting in less focused work.

When you’re suffering from work burnout, you don’t usually have the energy to devote 100% of your focus to your tasks, and your customers could notice. Trying to juggle too much at once is the recipe for subpar work that doesn’t impress your clients and could cost you money in the long run.

Tips for Turning Your Plumbing Business Around

Luckily, if your business is experiencing some setbacks, you can take a few steps to get out of your slump. Here are our top tips for turning your plumbing business around.

Maximize Your Knowledge

One of the best ways to stay ahead of your competition is to maximize your knowledge and stay abreast of innovations in the plumbing industry. Research your competition to analyze their marketing strategies and services and identify where your business is falling short. Once you understand your shortcomings, you can address and use them to kick-start your marketing strategy to stand out from the competition.

You will also want to keep up with the latest developments in technology and equipment. Using the best energy-saving solutions and completing your jobs with top-notch equipment and tools can help your customers save money and time. Maximizing your plumbing industry knowledge is essential to earning new clients and keeping your current ones coming back for more.

Set Fair Prices for Your Services

You may think offering the lowest prices in the area will win you favor with the locals, but this isn’t usually the case. Many savvy property owners instinctively associate lower prices with inferior quality, so this strategy could cause you to miss out on potential customers. Strive to set rates that reflect the work and services you perform. Reasonable pricing signals to your clientele that you take pride in your work and your ability to resolve their plumbing issues.

Make a Plan With a Business Coach or Consultant

If you’re struggling to figure out where to start, an experienced business coach can help you create a business plan to turn your company around and get back on the right track. A dedicated business coach will listen to your goals and struggles and advise you on how you can move your company forward. They can also help you solidify your business strategies and provide guidance to help propel your business to new heights.

Turn to Coachfirm to Get Your Plumbing Company Back on the Right Track

At Coachfirm, we understand the struggles many plumbing business owners face. That’s why we provide a listening ear to discuss your ups and downs with someone who appreciates what you are going through. We offer business consulting and coaching services to help you achieve your business goals and build a successful company.

Contact us today or fill out our business assessment questionnaire to start getting your plumbing business back on the right track.

Schedule Free Consult Call

Bob knows business. His breath of experience in the field of entrepreneurship is invaluable. His perspectives are diverse and well-informed. A combination of Zen master, PT Barnum, and street fighter, Bob’s opinions are always worth your time.

Greg Sobo, CEO & Founder, Sobo & Sobo LLP

As a small business owner of a general construction company, Bob was a major help, if not a lifeline for me. After making a few mistakes in trying to grow my business, I was fortunate enough to find Bob to help teach and guide me along the way and dig out of a hole.

I would recommend Bob to anyone thinking about growing their business to help prevent the errors I made. I am very thankful for Bob’s mentorship as we are in a far better place now than we were eighteen months ago when I first found him.

It is much better to be proactive in your growth by partnering with someone who has the knowledge and the foresight to prevent the mishaps along the way.

Jason Dohl, Dohl General Construction, LLC

I’ve always wanted to work with a business coach, but just couldn’t seem to find the right person until I met Bob. He is incredibly knowledgeable, genuine and focused on how I can live my best life while excelling in my career. He’s taught me so much in a short amount of time and continues to keep me on track with professional and personal goals while enjoying the journey. As Executive Vice President of the Greater Lehigh Valley Chamber of Commerce, I highly recommend Bob to any business out there looking to get organized, increase sales and strategize for the future, all while enjoying life!

Marlyn Kissner, Executive Vice President, Northern Region
Greater Lehigh Valley Chamber of Commerce
Carbon Chamber and Economic Development

We, fortunately, found Coach Bob online after trying in vain to find an outside source to help us revamp our successful niche refinishing business.

After years of trying to run our company by myself and two partners, it became quite evident that although we knew how to make money, we had slowly lost the ability to expand our lives away from the business.

After initial discussions with the “coach”, we entered into an agreement, with no strings attached, to try Bob out.

It didn’t take long for us to realize that running a successful business is not a complicated process if you have proper systems in place…..and a few important hires that we had been hesitant to do previously.

With Coach Bob’s dedicated assistance, we have begun to feel big changes, not only in our business life, but in our personal lives. Next project… learning to use our new-found leisure time!

Bob Koeck, The Keck Group Inc.

I have worked with Bob for a number of years and he has provided me the focus to pursue my goals and achieve them. Bob was not afraid to give me an accurate assessment of my business and challenged me to stick with those areas I enjoyed and delegate the balance. Bob took a genuine interest in both my professional and personal life so he better understood how to motivate me. With the help of Bob I was able to transition my business which is allowing me faster growth and a better quality of life.

Jeffery Roth, Jeffery Roth Insurance Agency

I have had the privilege to work with Bob Scott for many years. He has had a tremendous impact on my success as both an employee and a business owner in the diamond and jewelry industry. Bob has a wealth of business knowledge, practical real world experience, and an unique ability to communicate with all types of people. I feel confidant to have someone as talented as Bob Scott as a business coach, mentor, and friend by my side as I encounter any future business challenges.

Jay Scharf, J. Scharf Jewelers

I have had the pleasure of knowing Bob for many years. His unique view of business has provided my with tremendous insights into my business. Many of these insights are game changing and Bob has a way of explaining the issue and solution in a concise manner, which helps in the implementation. More importantly I would call Bob a friend and that means more to me then any business we do together.

Robert M. Bowen, Jr. , Commercial Insurance

Just wanted to say thanks Bob, for the planning and guidance you provided to me. The numbers speak for themselves. Our sales have more than doubled, our net retained earnings are up 7%, our overdue receivables have declined by 40% and our workforce has doubled.

Many thanks…everyone deserves to reach the “top of the snowman.” All it takes is education and hard work.

Andy Culuris, HIG Services

I started working with Bob after I suffered a personal tragedy. With the direction from Bob I was able to return my company to profitability in less than one year, and have a different outlook on life.

Jim Turner, Universal Automotive

I just want to thank Bob for all he’s done for me and the business. When you change my business, you changed my life. Thank You!

Angelo Ferrante, Hudson Valley DKI

I’ve been meaning to tell you for a while, it took another goal, as in the Florida home to make it come out and start. We are up 25% and holding GM and expenses. I have a budget for the first time in five years and this month put us on the money. You were a huge part of scratching my record to get changed to happen. It’s a little delayed but never the less, you were a major help to me to nudge me into a leadership role looking at my business as an asset. Thank You!

Ed Engle, Astar Heating & Air Conditioning

Working with Bob gave our company a fresh perspective backed by experience, accountability, and results that had a direct, positive return both financially an spiritually.

Within a few months, Bob rejuvenated our Company spirit, marketing, and direction. We were rewarded with more than just the financial gains.

After sixteen years in business, my partner and I thought we understood our company, our market and ourselves. It took Bob’s strategy to show us how much we didn’t know then and how much we are certain about now.

Bobs methods, structure and design of how my business should look, act, and perform were tracked and proven. When we began using Coachfirm, my partner and I both knew immediately that this was the missing piece to our puzzled business.

Robert Marsh, IDJNow

I hired Bob as a coach a couple of years before the recession. At first, it was to work with me to create a plan for the family and growth issues we were facing. Right away he went to work increasing sales and profits by working directly with the sales team three times a month. He organized and attended the meetings, energized the staff and helped us interview and hire a Sales Manager. Most of all he held everyone accountable and was there, on site, to coach one on one.

Did it work? At the height of the recession, we were in good enough shape to move to a new 90,000 square foot manufacturing facility in New Jersey, purchase needed equipment and open up new markets. Now, five years later we have paid down equipment loans and are poised for the best sales and profit year ever.

Michale Sklar, Manhattan Door Company

Bob has helped us grow both professionally and personally by opening our eyes to different approaches to management. We have worked hand in hand to institute strategic changes and have seen a steady increase in our productivity, profitability and peace of mind.

Joe Cupoli, P & A Auto Parts Group

Bob Scott is an excellent business coach! I have referred him to many of my clients to help them with expansion and growth of their small business, as well as, overall company improvement & leadership development. I have received wonderful feedback from my clients regarding Bob’s involvement with them and their companies! Bob has also referred me many of his business clients and upon meeting them, they have raved about Bob! The common comment amongst them, is they trust Bob completely and wait to consult with him regarding any business decision they make. I would highly recommend Bob Scott, business coach!

Nikki Regina, MBA, Financial Advisor

Cookie	Duration	Description
cookielawinfo-checkbox-analytics	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional	11 months	The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy	11 months	The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.