What are Fast-Growth Field Service Businesses Focusing on in 2022?

Read this blog for the five key areas that field service businesses are focussing on to grow stronger in 2022

2021 was a challenging year for any business but it was particularly hard for those running field-based operations for multiple reasons.

Costs for services rocketed, but shortages in supplies, skilled field technicians and fuel played havoc on operations and made it difficult to maintain excellent customer service.

During this time, we ran a study to see how other field service companies were mitigating these issues. The full findings are just here: The State of the Field Service Sector. 

In this blog, we’ll delve into the five key areas that businesses said they are focussing on to grow stronger in 2022. 👇

5 areas of focus for field businesses to drive growth

Regardless of differences in service industries, there were several key strategies that field service businesses were concentrating on to better position themselves for long-term success and growth.

Let’s jump straight in to them: 

#1 CASH 💶

📊 Research findings

The good news:

• Firms have performed significantly better across the field service sector since the end of the first strict lockdown in July 2020.
• Turnover was up by 79% on average, compared to the previous 12 months
• A third of businesses saw profits increase by at least 50%. 

However:

• Less that half (48%) of leaders reported their companies were profitable during this period
• And 70% said their margins were under continued pressure from the rising cost of materials, fuel and labour.

Key learnings: In addition to increasing the profitability of every job, firms are focusing on freeing-up cash for growth. Practical steps to support this goal include instant invoicing with proof of service or delivery and offering a wider range of convenient payment options.

#2 CAPACITY 🍽

📊 Research findings

The good news:

• Most firms expect to be busier in 2022, with nearly one-in-five (17%) anticipating workloads to double in the next 12 months.
• Growth expectations are highest among building maintenance, facilities management, cleaning and waste management firms.

However:

• Businesses are starting to feel the effects of a skills shortage, limiting their ability to complete this work – 56% of field service leaders reported difficulty in retaining frontline operators.

Key learnings: The best companies are taking measures to meet this issue head-on. We see firms using intelligent scheduling to increase the number of jobs teams complete each day and improving first time fix rates by ensuring the right stock, equipment and parts are available when and where field service operatives need them.

#3 CLIMATE 🧊

📊 Research findings

The bad news:

• The ban on the sale of fossil fuel vehicles by 2030 will have a massive impact on field service businesses. It’s a change that leaders need to be ready for.

However:

• The smartest firms are already aware of the impact running large field-based teams has on the planet (as well as their bottom line), and are taking incremental steps to improve their sustainability. 

Key learnings: Using smart scheduling to plan routes and jobs more efficiently can have a dramatic effect on both fuel efficiency and the amount of time spent on the road.

In fact, individual field service workers at organisations adopting field service management software reduce travel times and therefore typically achieve a 10% reduction in fuel usage and spend 10 fewer hours on the road each month than they did before 🚀

#4 COMPLIANCE 🔐

📊 Research findings

This one paints a bit of a bleak picture:

• With more significant safety regulations brought about through the pandemic, compliance remains a crucial concern for field service businesses. And it’s one that many are struggling to stay on top of.
• More than half (53%) reportedly breached industry regulations in the last 12 months.
• For ambitious companies, compliance problems can present a real challenge to growth.
• Of the reported breaches, 19% resulted in a loss of reputation.
• Nearly one-quarter (24%) of firms said rules and regulations were currently stopping their business from working as efficiently as they would like.

Key learnings: Field service business leaders we speak to recognise that meeting compliance requirements at scale requires oversight of all parts of their field service operations. One way businesses cut through lack of visibility is with real-time information. On top of this, they need method statements and documented ways of working that can be followed easily in the field. 

#5 CUSTOMER EXPERIENCE 🤝

📊 Research findings

• Limited opportunities to offer ‘competitive prices’ has meant more firms are turning customer experience into a new source of competitive advantage.
• More than two-thirds of leaders (68%) said ‘good’ service delivery now requires same-working-day fixes for reactive jobs

… And so companies are optimising their operations to be able to deliver that more consistently.

Key learnings: Another area we see field service businesses focusing on to improve customer experience is the use of digital tools. More and more are introducing online booking as part of digital experiences that keep clients fully informed on things like arrival times and job progress.

The future of field services

Whilst field service businesses are faced with challenges, focusing on these five areas has proven to support growth in 2022.

Going beyond this, field service businesses that concentrate on leveraging tech for automation, supporting sustainability objectives, and real-time analytics for better business reporting can position themselves for long-term success.

How BigChange supports field service business growth beyond 2022

BigChange is the complete field service management platform that’s helping field service businesses across the UK to win more work, take control of their operations and deliver winning customer experiences.

How?

Thanks to features built specifically for field services, businesses can access real-time data and analytics, which can be used to make better business decisions, identify areas for improvement, and optimise performance.

✅ Job scheduling

✅ Job tracking

✅ Business intelligence reporting

✅ Financial management

✅ Customer Relationship Management (CRM)

With a centralised platform for all of the business operations, field service managers can make informed decisions. The ultimate benefits of field service software? Better use of resources, delivering to customer expectations and ultimately supporting growth.Ready to put us to the test? See how BigChange’s field service management software can make your business grow stronger here and arrange a free demo today.