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Mike Barnhart

👤 Person
282 total appearances

Appearances Over Time

Podcast Appearances

The Home Service Expert Podcast
Harnessing AI for Financial Insights with Mike Barnhart

So I mean, I'm actually kind of famous in the company of not telling anybody when I change the prices or increase prices. I don't usually tell anybody that's happening because I don't think the price is the price. This is what we need to do in order to be profitable. I don't think I actually need to communicate it out. And people ask like, hey, did the prices change? And I'm like, yeah, they did.

The Home Service Expert Podcast
Harnessing AI for Financial Insights with Mike Barnhart

So I mean, I'm actually kind of famous in the company of not telling anybody when I change the prices or increase prices. I don't usually tell anybody that's happening because I don't think the price is the price. This is what we need to do in order to be profitable. I don't think I actually need to communicate it out. And people ask like, hey, did the prices change? And I'm like, yeah, they did.

The Home Service Expert Podcast
Harnessing AI for Financial Insights with Mike Barnhart

But that should just be part of business. It shouldn't be really important.

The Home Service Expert Podcast
Harnessing AI for Financial Insights with Mike Barnhart

But that should just be part of business. It shouldn't be really important.

The Home Service Expert Podcast
Harnessing AI for Financial Insights with Mike Barnhart

Yeah. I don't think that they're looking at, you know, they're trying to understand the entire cost of the business and what our sold hours should be, what our efficiency should be. You know, obviously we want to become more efficient as a company. If we can, we'll become more profitable. But you're not going to plan on becoming more efficient.

The Home Service Expert Podcast
Harnessing AI for Financial Insights with Mike Barnhart

Yeah. I don't think that they're looking at, you know, they're trying to understand the entire cost of the business and what our sold hours should be, what our efficiency should be. You know, obviously we want to become more efficient as a company. If we can, we'll become more profitable. But you're not going to plan on becoming more efficient.

The Home Service Expert Podcast
Harnessing AI for Financial Insights with Mike Barnhart

You're going to plan on operating your business as it currently is.

The Home Service Expert Podcast
Harnessing AI for Financial Insights with Mike Barnhart

You're going to plan on operating your business as it currently is.

The Home Service Expert Podcast
Harnessing AI for Financial Insights with Mike Barnhart

So in the HVAC, we're testing this. It's a product we're testing in HVAC sales right now. So it's not across the entire business, but we are seeing some positive results. And it's a third party company, so you could sign up for it if you were selling HVAC.

The Home Service Expert Podcast
Harnessing AI for Financial Insights with Mike Barnhart

So in the HVAC, we're testing this. It's a product we're testing in HVAC sales right now. So it's not across the entire business, but we are seeing some positive results. And it's a third party company, so you could sign up for it if you were selling HVAC.

The Home Service Expert Podcast
Harnessing AI for Financial Insights with Mike Barnhart

systems but they you know the way that they present to their customer is the way they present to the customer is it is you know very much a toggle method of like here's the options and but you can see very if I don't want you know this humidifier I just press a button and toggles it back off and it's the price changes and you can see you can really you're putting that power into your

The Home Service Expert Podcast
Harnessing AI for Financial Insights with Mike Barnhart

systems but they you know the way that they present to their customer is the way they present to the customer is it is you know very much a toggle method of like here's the options and but you can see very if I don't want you know this humidifier I just press a button and toggles it back off and it's the price changes and you can see you can really you're putting that power into your

The Home Service Expert Podcast
Harnessing AI for Financial Insights with Mike Barnhart

customer's hands rather than service side and somewhat static, like here's the estimate. The other thing, you're building the financing fees in. Another cool aspect of it was that you are, anytime they cut, like if you don't close right there and a customer re-engages with that estimate, like they open it back up. You know when they get notified. And the salesperson gets notified.

The Home Service Expert Podcast
Harnessing AI for Financial Insights with Mike Barnhart

customer's hands rather than service side and somewhat static, like here's the estimate. The other thing, you're building the financing fees in. Another cool aspect of it was that you are, anytime they cut, like if you don't close right there and a customer re-engages with that estimate, like they open it back up. You know when they get notified. And the salesperson gets notified.

The Home Service Expert Podcast
Harnessing AI for Financial Insights with Mike Barnhart

And it prompts the salesperson to say like, hey, do you have any questions you want to ask about this or is there anything I can help you with? So it's better communication. It's better buying experience. HVAC, it's a newer thing to us. If you took it back, we've only been doing it for three years. I mean, our conversion rates used to be like 25%. Now they're pretty much 50% on a regular basis.

The Home Service Expert Podcast
Harnessing AI for Financial Insights with Mike Barnhart

And it prompts the salesperson to say like, hey, do you have any questions you want to ask about this or is there anything I can help you with? So it's better communication. It's better buying experience. HVAC, it's a newer thing to us. If you took it back, we've only been doing it for three years. I mean, our conversion rates used to be like 25%. Now they're pretty much 50% on a regular basis.

The Home Service Expert Podcast
Harnessing AI for Financial Insights with Mike Barnhart

So we've been doing a lot better. Um, and then our average sales gone up to, I mean, that, you know, that's the crazy part of our business. Like when you look at, if you look at a business that's going down this year, um, well, you know, in HVAC, well, we've got the 454 transition, which will probably raise your price is 10%.

The Home Service Expert Podcast
Harnessing AI for Financial Insights with Mike Barnhart

So we've been doing a lot better. Um, and then our average sales gone up to, I mean, that, you know, that's the crazy part of our business. Like when you look at, if you look at a business that's going down this year, um, well, you know, in HVAC, well, we've got the 454 transition, which will probably raise your price is 10%.

The Home Service Expert Podcast
Harnessing AI for Financial Insights with Mike Barnhart

And then you've got tariffs, which might raise your material price is 10%.

The Home Service Expert Podcast
Harnessing AI for Financial Insights with Mike Barnhart

And then you've got tariffs, which might raise your material price is 10%.