Brandon Loveridge, CFO
I read an article recently about Steven Schwarzman, the chief executive of Blackstone Group Inc., who talked about setting big goals for himself and his company. If “you’re going to commit yourself to something, it’s as easy to do something big as it is to do something small,” he writes. I’m a big fan of goal setting, both personally and with our business, because it keeps us working together on what really matters and it challenges us to accomplish things we might not otherwise.
As an organization, BPC has several overarching goals that influence the way we do business. The first is that we want to be the authorized inspection agency of choice. This simply means that we want to provide a better customer service experience for our customers than our competitors do. Accomplishing this means we have to do a lot of little things well, day in and day out. With rare exception, everyone is doing a great job communicating with customers, turning reports in quickly, taking extra time when needed to make thoughtful recommendations and keeping overdue objects to an industry leading minimum. In fact, our JO ranking of 23 straight months of lowest overdues has really made the industry sit up and take notice. We have heard that several of our competitors are scrambling to match our lead in this area. So, well done!
Our second major goal is that we want to be the employer of choice for inspection professionals. This means that we want to be the place where inspectors want to come to work. We recognize that there are several other places you could take your skillset to earn a living. But BPC simply can’t be the AIA of choice without a superior field team. And great people recruit other great people. Thanks to many of your referrals, we have hired a record 12 new employees this year, and expect to bring on several more before year end. We plan to increase the competitiveness of our wage and benefit package best as we can, and will continue to emphasize employee training and development. We are very much open to your input in this area, so feel free to pass on any ideas you may have.
Our third broad goal is to be financially nimble. This means we strive to keep our inspection pricing as competitive as possible while maintaining a high level of customer service. Inspections are what we do. We don’t have millions of dollars of insurance premium to cover engineering costs. Being competitive price-wise means that we will continue to win and renew business which gives each and every inspector more work in his territory. This is why we track the profitability and average inspection time of each account, each inspector and each region. The more efficient we are in the field, the more aggressively we can be with our pricing. Efficiency = wins and renewals = more work for everyone.
Thank you again for your diligent work in the field. You are the face of BPC and AXA XL to our 750+ customers, and we would not be here today without your professionalism day in and day out.