Grow, Thrive, and Become Profitable In a Covid-19 Landscape

According to online reports, AVIXA’s Pro AV Business Index report shows strong growth in sales in the month of April this year. While the report includes many survey respondents mentioning COVID-19, it reveals some optimism about increased spending.

Similar growth was noted by the AV employment index at 57.2 in April, higher than in March (51.8). However, the report says that despite marked growth, there were notes of caution regarding lingering uncertainty. Companies with growing sales prefer to turn to temporary staffing instead of choosing to hire in-house.

Growth plans for AV company or your AV businesses can include some of the following considerations:

1. Tracking growth and embracing change

For businesses that survived COVID-19, or restarted operations from scratch, the question of growth persists. Embracing change is one of the ways in which businesses can prepare to move to the next level, when it comes to further growth and development.

Action item: Assess your business. Also examine the ways in which change has occurred in the COVID-19 landscape. You can include elements such as trained AV staff laid off, clients reduced, reduction in available cash, etc.

2. Rehauling business model

You may need to take a new look at how you conduct operations; changing or adapting new methods and processes may be necessary.

Rehauling the way you conduct business does not mean changing quality parameters. If you have paying customers, your business needs to ensure projects and deliverable requirements are met. While making sure projects are executed per requirements, it is vital to ensure that quality parameters are adhered to. If either of these are tampered with, even existing revenue can be negatively impacted.

Assessing your business for its current status is vital. Planning to close the gaps is an exercise that can be taken once you have assessed the current situation and understood what solutions can be applied.

Action item: Explore external assistance instead of trying to fox everything in-house. Consider outsourcing to augment existing staff resources.

3. Add value to existing deliverables

One of the ways in which you can grow your AV business is by ensuring you gain customer loyalty by adding value to existing business. While this may seem difficult in the beginning, it can help to ask for assistance, especially with low margin work or tasks that are high in volume.

Action item: Outsource critical tasks like AV CAD technical drawings to help your existing resources deal with workload. Outsourcing critical tasks will help your clients get high-quality work, while freeing up your in-house resources to contribute to other, more demanding tasks.

4. Opening new revenue channels

You can only grow AV company if you continue to boost your funds. Opening new revenue channels, adding more clients, and pursuing new business, however, need investment of time and attention. Outsourcing your current tasks can help you focus on exploring market needs in the pro AV segment and planning ways in which your business can contribute.

Action item: Expand your business planning to include pursuit of new business. This can include identifying new pro AV markets, clients, and more importantly, requirements. Understanding requirements can help you better align your business deliverables.

Harnessing the potential of outsourced AV assistance

It is no longer enough to simply expand. If you want to grow AV company or business, you have to ensure you are making informed decisions and pursuing plans that help your firm to grow as well as thrive and remain sustainable.

Adding value to existing deliverables works best for smaller room designs. You can upload your site survey information along with your design concept sketches, Bill of Material (BOM) at your end of day. Our team at Analytix will work on the CAD drawings and can submit final drawings first thing to you in the morning.

Outsourced AV assistance is no longer about simply utilizing resources of a professional partner. It helps your business to:

• Make informed decisions
• Empower existing in-house staff and resources
• Help save on costs, time, and efforts

All of these can be judiciously channeled into business building efforts.

Next steps

• Learn more about Analytix Audiovisual solutions that streamline your operations and boost profitability.
• Email us at sales@analytix.com or call us on 781.503.9002 today.
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