It was another great year for Inspections Midsouth. Since starting October 2018, 2023 marks the 5th full calendar year in business and it generated an increase of 16% in revenue with a 17% increase in work.
Compared to other years, I believe the business is in search of some middle ground…
Quarter over quarter saw increases in the first, third and fourth quarters with the second quarter losing steam at -23%. And now that I look at it, the second quarter in every production year, except 2021, is in the negative since starting Inspections Midsouth.
But, just like any business work fluctuates, 2024 will be an interesting study.
One decision I made in 2021 was getting rid of vendors with low per inspection numbers. At the time I thought, “What am I doing?”, I lost 5% by the end of 2021 but soon turned out to be a positive for the business as revenue increased 29% in 2022 with a 21% decrease in work.
Less inspections, more revenue. A win win.
Among the regulars, TN, MS, and AR, I traveled to six different states and visited 250 cities between them all. My usual suspects, TN had 82, AR and MS buzzed in at 54 each, kinda weird but there it is…
Among all other states Louisiana had 31 cities visited and 145 inspections. Love the Bayou but just like any other major metropolitan area it has its hot spots, head on a swivel.
Work between the nine states had it's heavy weights, AR with 142 inspections, MS bust'n up 197, and TN the winner with 321.
Georgia and Alabama were the newest states added to the mix in 2023 with 36 inspections between 32 cities.
There were a few one-offs, MO, NC, and TX with three cities and five inspections between them. This year I hope to add a few more states to the portfolio.
Last year I decided to try and collect reviews from folks and gathered 12 positive reviews. Several from inspections I performed. vendors, and a few friends…
Gathering reviews is not an easy task. I ask for them at most inspections, more like when I can remember, and I always get “Absolutely!” .. but then it's crickets.
Some did come through and for that I'm grateful. I'm hoping to increase reviews going forward in 2024.
I also started “The Journey” in 2023, a blog series on how I started this business along with all the tools, tips, and strategies I use when operating Inspections Midsouth.
As of this writing I'm on the 6th installment, Accountability. This will be released soon along with completing the entire series.
Another idea roll'n around in my noggin is a complete breakdown of my secret sauce, the Excel Workbook I use to track and measure Inspections Midsouth.
There have been multiple versions up until 2023 when I revamped the entire workbook. Screenshots are sprinkled throughout the site, and I'm constantly updating the workbook with things I'd like to measure and track.
When I first started the business, I toyed with the idea of creating an Access database that would allow me to track how many re-inspections to one insured I'd do.
And while I could track revisits, it's not really that important when it comes to business operations.
I also realized that number crunching was not something I could program in Access to the depth and level I want.
I've been a spreadsheet geek for decades (yea, I go back to Lotus 123), so I opted to create the workbook.
In 2024 I am looking forward to creating the “Secret Sauce” series. Until then, Happy New Year to all, hoping it's fruitful and meaningful to you and yours. Thanks for reading…
