If 2020 has taught the business world anything, it’s that companies must shift from simply surviving to thriving. With a vaccine still months, maybe even years away, businesses must adapt and start to rapidly recover as much revenue lost as possible.
This can’t happen without a solid plan in place. Many companies will go into the New Year without changing much about their day-to-day business. This could be detrimental. Speed is key when recovering from loss. And having just this simple piece of knowledge puts you in a good position to make positive changes to your HVAC business in 2021 and stand out among your competition.
Where does it all start? With a solid HVAC business plan.
Why Do You Need an HVAC Business Plan?
When you’re running a business or even starting a business, sometimes it’s easy to get lost in the everyday operations and never leave yourself time to think about the big picture. Developing an HVAC business plan forces you to walk away from the details and focus on creating your overall business goals. It is a document that takes all the ideas floating around in your head and turns them into an action plan for starting, managing, and operating a business.
An HVAC business plan is the best way to solidify what your goals are and how you actively plan to achieve them. Plus, if you are looking to find an investor to help fund your business growth, a business plan gives you a document to provide them.
Ultimately, an HVAC business plan is designed to provide you with a strategy for what to do next with your company. Using a business plan can help you to:
- Set realistic goals
- Maintain focus on what’s important
- Raise funds for your business
- Identify your weaknesses or business threats
- Create a roadmap to success
- Develop a marketing and sales strategy
Creating Your HVAC Business Plan Template
There are thousands of HVAC business templates online. A simple Google search will garner hundreds of options for you to use. But, it’s easy to get overwhelmed by all the options and lose sight of what you’re really trying to accomplish.
Diving into the components of a successful business plan will help you find a template online that will work for or give you the confidence to create your own.
- Executive Summary and Company Description
The executive summary and company description provide the framework for the entire business plan. You need to be able to articulate exactly what your business offers, why it’s important, and how you will differentiate yourself from the competition.
When building an executive summary, include your company’s goals and objectives, unique selling propositions, and a short about us section. When developing this introduction to your brand, think about the importance of speed when it comes to your overall growth after the setbacks brought on by COVID-19. Include your unique selling points as it will be your go-to messaging for why someone should choose your company over a competitor.
- Market Research and SWOT Analysis
This section of your HVAC business plan is probably the most important. This is your chance to explore your market, identify opportunities, and analyze your competition. Do your due diligence on this section so that you are educated about who your customer is and how you can work harder to target them than what your competitors are currently doing.
Identify your target market by asking yourself where the most potential is for your business. If you are located in a larger city, you might want to adjust your messaging and offerings to cater to commercial properties, if you are in a more residential area, you might want to tailor your services to the common household.
Be sure to identify a few top competitors and explore what they are doing really well and where they are falling short. Use a SWOT analysis to pull apart your current business structure and see how you stack up against the competitors in your area.
- Marketing Strategy and Operational Plans
Given everything you’ve learned about your target audience and your key competitors, it’s time to develop your operational plans. How many employees will you have? How will you manage growth? Who will be the leaders of your team? What do your financial projections look like?
Once you have developed an operational plan for the next 6, 12, and 24 months, you can start to create a marketing strategy that will set you apart. Break it up into phases so that you can feel confident that you can feasibly accomplish everything in your business plan.
If you plan to use your HVAC business plan as a jumping-off point to attract investors, this is the section where you make your final request. Be sure to reiterate your unique selling points and summarize your financial projections.
At the end of the day, you are the only one who has the ability to make your HVAC business a success. Use all the tools you can at your disposal to build your HVAC business plan for 2021 that can serve as a roadmap for the coming year. Don’t let the failures or setbacks of 2020 stop you from growing your company in the best way possible.
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