The 2024 Restoration Benchmarking Survey Report
The restoration industry has responded, and the data and statistics are now available. Get ready to dig into the 2024 Restoration Benchmarking Survey Report, sponsored by Legend Brands. In the following pages, you will get the information you need to compare your numbers to those of your peers and see where you might be on par with the industry or—perhaps—need to readjust some of your business strategies.
As part of the survey invitation sent to qualified disaster restoration professionals, Cleanfax asked respondents to share their top concerns they see as instrumental in shaping the industry’s future and making it, as one called it, “a better place to work.”
All responses Cleanfax surveys are confidential.
Cost of doing business
Rising costs were among the top of the concerns for many who responded to the survey. While costs increase, insurance companies are reluctant to increase what they pay contractors who perform the work. “There is a lack of price increase,” one respondent said, “and the cost of goods is increasing too rapidly. The higher cost of doing business is a concern.”
One indicated that the cost of doing business spans the entire spectrum of company financials. From cash flow issues resulting from slow payment for services to third-party invoice analysis, many fight the battle of “pricing and adjusters scrutinizing every line item and potential profit item” on invoices.
Labor issues—again!
We can’t seem—as an industry—to get away from ongoing labor issues and the lack of willing and qualified workers. As indicated in “The top 5 challenges” in this survey, recruiting and retaining quality staff was by far the biggest concern, with 83% declaring this as the main issue in their business.
One respondent said the pool of workers is nowhere near where it needs to be. While he did say he can find workers—after much effort—“finding productive employees, good labor,” is an ongoing challenge.
Read on and compare this year’s survey results, data, and statistics to what your company is doing.
About this report: The data recorded in this survey is based on results from restoration contractors who responded to invitations to participate. Results are not necessarily based on audited financial statements.
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