Running a property damage restoration business presents unique challenges, from handling emergencies and coordinating repairs to managing a team of skilled professionals. In the midst of these responsibilities, it’s crucial not to overlook the significance of financial planning. Maintaining a well-funded business is vital not only for survival but also for achieving growth and stability in the long run.
The restoration industry faces specific hurdles when it comes to managing cash flow effectively. Understanding these challenges is essential for implementing a successful financial plan. Let’s explore some common obstacles encountered by property damage restoration businesses:
Property damage can occur at any time, but certain seasons, like winter storms or hurricane seasons, tend to bring a higher volume of work for restoration companies. Conversely, other times of the year may experience slower periods, leading to reduced income. Balancing cash flow during these fluctuations poses a significant challenge, as businesses must ensure they have sufficient funds to cover expenses and retain skilled staff during slower periods.
“So then as you’re billing, you can maintain a higher amount in your account to help with the slow months,” said Jeremy Traasdahl, Co-owner of One Claim Solution. “That’s why it’s so important to continuously make sure you’re on top of your bills so that your numbers are telling you what to do and how to handle the next season or the next year.”
Conversely, not keeping track of billing data can negatively impact your business.
“It’s crucially important to make sure that your data is good because if you’re not plugging it in, if you’re not successfully going through the same process month after month, you can make bad decisions,” Jeremy said.
Property damage restoration businesses often rely on insurance claims to receive payment for their services. Unfortunately, the claims process can be lengthy and complex, resulting in delays in obtaining funds. The gap between completing a restoration project and receiving payment can strain a business’s cash flow, particularly when multiple projects are pending reimbursement from insurance companies.
Establish a clear process for handling insurance claims. One of the ways recommended here at OCS is using software to keep track of documents, claims, and client information.
“The software helps a lot with predicting the amount of work that contractors have. At OCS, we have the ability to see the number of claims a contractor sent and costs in a certain month,” said Jeremy. “Say May, June and July are really busy, that will help them make educated decisions in regards to staffing and accounts receivable.”
Restoring properties to their pre-damaged state requires specialized equipment, tools, and materials. Property damage restoration businesses must invest in these resources, which can be costly. Managing inventory and equipment costs, including regular maintenance and replacements, is crucial but can strain cash flow if not adequately planned for.
Regularly assess your inventory and equipment needs. Implement inventory management systems to track stock levels and ensure efficient utilization. Consider exploring equipment rental options for specialized tools or collaborating with suppliers to negotiate favorable terms. Additionally, establish a maintenance schedule to prolong the lifespan of your equipment and minimize unexpected repair costs.
Financial planning and keeping your property damage restoration business well-funded are paramount to achieving long-term success. By recognizing the impact of seasonal fluctuations, navigating through lengthy insurance claim processes, and effectively managing inventory and equipment costs, you can position your business for success. To learn more about our proprietary software that aids with financial planning, be sure to subscribe to our newsletter.
Hello! I’m Nicole, and I’m here to champion for our employees, recruit for new talent, and impact culture at One Claim Solution. I find satisfaction in supporting a memorable employee experience and bring innovation, problem solving, and strategic view to the process. Nothing is more important than our people, and a healthy culture is my top priority! I have had the pleasure of building my career in various sectors, specializing in small to medium size firms focused on high-growth. My experience is centered around driving and implementing change, leading high-performing teams, and driving process improvements. I am excited to make an impact at One Claim. Outside of work, my family and I enjoy getting outdoors as much as possible to explore beautiful Colorado!
Great to meet you! I’m Elizabeth, and I’m the one behind all the emails and advertisements you’ve been seeing. As the Demand Generation Manager at One Claim Solution, my mission is to connect with contractors like you who need our services. I’m passionate about having an impact on others and I bring a wealth of experience in demand generation and marketing strategy to create moments of delight, curiosity, and education for you.
Prior to One Claim Solution, I had the privilege of building marketing departments from the ground up at companies in a variety of industries, including IT consulting, first protection, and healthcare. Personally, I love being outdoors, playing Dungeons and Dragons and board games, singing, and traveling.
Welcome! I’m Alisha, and I’m here to champion your success as the Director of Customer Success at One Claim. With a passion for helping customers thrive, I bring a wealth of experience in onboarding, customer service, and account management to ensure your journey with us is nothing short of exceptional.
Prior to joining One Claim, I had the privilege of scaling SMB and Enterprise Customer Success teams at fast-growing SaaS startups. With over six years of experience at companies like Mavenlink, Teamwork, and ServiceTitan, I honed my expertise in building high-performing teams and fostering proactive, consultative customer relationships. This background has equipped me with a deep understanding of the challenges faced by businesses like yours, and I’m dedicated to helping you overcome them.
Hi there, my name is Eric! I am the Chief Technology Officer here at OCS, spearheading our technical strategy. I have a background in computer science, graduating cum laude from BYU-Idaho with a Bachelor’s degree in Computer Information Technology.
Before coming to One Claim, I served as the Director of Engineering at Slingshot Technology, Inc., a company later acquired by WorkWave in 2021. My professional journey has spanned both emerging startups and established corporations, with a steadfast focus on cultivating high-trust, low bureaucracy teams and innovating technology using agile methodologies.
In my free time, you can find me flying drones, enjoying the outdoors, and spending time with my family.
Hello, my name is Cam, I’m the COO of One Claim Solution! I come from a management consulting background (Bain & Company) and hold an MBA from the University of Michigan. I have worked at a wide variety of organizations, from Fortune 500 to small-cap, in an equally wide variety of industries. I have over 15 years of experience in operations and strategic growth, and I have spent much of my career focused on developing high-performing tech-enabled service organizations through early stage and high growth phases.
Outside of work, my wife Brittny and I have four kids, ages 13 to 6. As residents of Mesa, Arizona, we love to ski and explore the national parks of the southwest!
Hello, my name is Dan, and I am the CEO of One Claim Solution. I am super excited by everything we are doing at OCS to be the market leading insurance billing specialist that advocates on behalf of our restoration contractors.
My professional experiences are predominantly corporate in nature. My career started at General Electric in finance and accounting. Immediately prior to joining OCS, I spent time as an investor at Bondcliff Partners and management consultant with Bain & Company. I also hold an MBA from the Kellogg School of Management at Northwestern University and got my BS in finance and accounting from Northeastern University.
Outside of the office, I enjoy spending time with my wife, two young children, and our family dog, Whiskey. We live in Charleston, SC and take advantage of the beautiful weather by spending as much time as possible outside at the beach or adventuring around town
Hi, I’m Josh! In 2016, I co-founded One Claim Solution with my partner Jeremy Traasdahl, and I serve as General Counsel of One Claim Solution. Working in the restoration industry, Jeremy and I saw contractors struggling to get paid quickly and fairly and we knew there was a need for change. We founded One Claim Solution to be this change and it’s been my privilege to see our company grow and to advocate for our clients as general counsel.
Outside of my passion for helping the restoration industry, I enjoy spending time outdoors, fly-fishing, hunting, skiing, and coaching my kids’ baseball teams. I’ve been married to my amazing wife for 20 years and we have a beautiful family of 5 children.
Hey, I’m Jeremy! In 2016, I co-founded One Claim Solution with my partner Josh Ehmke. Working in the restoration industry, Josh and I saw contractors struggling to get paid quickly and fairly and we knew there was a need for change. We founded One Claim Solution to be this change and it’s been my privilege to lead our amazing team.
Prior to One Claim Solution, I started my career as an inside sales rep for Avnet, then moved to Pepsico as a district sales manager. Outside of work, I love spending time with my wife and four children, two boys and two girls!