What’s in Your Review? Maximizing the Value of Weekly Management Meeting
As Monday morning begins, your team gathers for the weekly management meeting. To make the most of this time, it’s essential to have a clear purpose and agenda. A heating company juggles many operations simultaneously, from sales and marketing to service and installation, deliveries, customer service, collections, cancellations, banking, and financial reporting. With so many moving parts, deciding what to cover in your weekly meeting is critical and can greatly impact your company’s performance.
True, there’s no one-size-fits-all approach, as important topics differ by company and season. However, your meeting agenda should be well-planned, relevant, and consistent. Drawing from our experiences with successful companies, we’ve compiled a few essential topics that merit consideration in your weekly reviews.
Margin Review should be a cornerstone, with budgeted margins broken down by month, product, trade class, and pricing code. Each meeting should include an assessment of month-to-date performance to identify and address any discrepancies in volume or per-gallon margins.
Customer Gains and Losses need weekly attention, as they directly affect your business’s growth and stability. While some customer losses are hard to reverse, “sold property” or “moved” customers can offer new opportunities if approached strategically. Regular reviews, comparisons against budgeted figures, and follow-up action assignments can help capitalize on potential gains.
High Delivery Volume Variances deserve scrutiny. Significant differences between expected and actual delivery volumes can be costly. For monitored accounts, confirm that monitors are working and installed correctly. For non-monitored tanks, analyze K-factors, baseloads, and delivery intervals. When established, a review process and follow-up responsibilities can help minimize variances and associated costs.
Tracking Missing Miles and Hours is crucial for accurate NET profit calculations. While “gallons and price” data are usually reliable for billing, drivers often forget to record miles and hours. Implementing a system to ensure consistent tracking, via incentives or consequences, is vital for comprehensive financial analysis.
While these topics provide a strong foundation, the most effective weekly meetings are tailored to your company’s specific needs and seasonal priorities. By focusing on relevant, actionable items, you can turn your weekly management meeting into the most valuable hour of your week, driving continuous improvement and success for your heating company.