The utility companies who help you find the best solutions for your needs and budget need to keep your relationships as strong as possible, according to a report from RBC Capital Markets.
The strategy is especially important when the company’s financials are in flux.
That’s why it’s crucial to ensure that your utility partners are still happy with the work they’re doing, according an RBC report on how to improve your relationships with your utilities.
Utility companies are a huge source of conflict.
It’s hard to find a partner who’s happy with your needs, and many of the ones you do find are highly conflicted.
“The utility companies are the biggest source of conflicts,” says Matt Bischoff, an analyst with RBC.
“You can find a company that’s happy, but they’re also the biggest sources of conflict.”
Bischoffs company found that the biggest conflict between the companies is between the financials of the partners.
He explains that a big utility company is always looking to sell more, while a smaller utility is looking to get more.
So it’s important to ensure your partners are happy with how the company is handling their finances, Bischo says.
He adds that in some cases, the financial data the utilities collect from you may be more important than your utility services.
Bischoos advice to make sure your utilities’ financials aren’t in flux is to keep an eye on their finances.
That way, you can see where they’re struggling and take steps to get them better.
He also recommends that you try to keep up on their financials.
“A good utility partner should be in constant communication with their financial advisor to help ensure that their financial statements are in order,” he says.
“When your financials get out of whack, it could lead to conflicts.”
Read more about how to manage conflicts in the report.
In the end, the more conflict you have, the better your relationship with your utility will be.
You’ll be able to keep the financial information up-to-date and have the best of both worlds, says RBC analyst Dan Shor, in his report on the importance of relationships with utilities.
You can also keep an open mind when it comes to utility partner compensation.
If you’re a partner of a big company that is paying its utilities well, chances are you won’t have a conflict with your payers.
If, however, your partner has a lot of conflict, he or she may want to pay more for your services.
Shor says this could lead your partner to ask for more money.
This could be a problem if your partner is also looking to increase its financial position, which could have a negative impact on your financial situation.
“These types of decisions will ultimately be between your payer and you,” he notes.
Read more from Bloomberg Businessweek.