6 Tips for Growing Your Electrical Business
Do you feel like your business can be doing much better? According to IBIS World, there are about Two lakh ten thousand five hundred eleven (2,10,511) registered electrical businesses in the USA with a market size of 180 Billion dollars. Looking at the current trend, the number of electrical businesses is just gonna keep on increasing.
The current truth is that there are a lot of electrical service provider companies who are able to manage their workflow efficiently and generate quite a lot of revenue and on the other hand there are some companies who are not able to do so well, but the difference is not because of the quality of work, or the service charges. In fact, it’s because of the difference in their business plans.
For an electrical company, branding is the most important parameter, generating jobs is going to be an issue if people don’t know about you. It’s all about creating your presence in front of the customer. Once you have that you need to be able to make them trust you by providing them the best service and following basic marketing tips and once you are able to make them trust you, then you will see exponential growth in your business, they themself will work as a marketing engine and refer you to their friends and family. Following are 6 tips you need to follow to help you grow your business:
- Business Plan: Running a successful electrical business requires a plan on how to reach and implement your vision. You need to be able to think through all the problems you are going to face and get through it all. If you don’t have a business plan then it’s high time you get one. It’s also important to constantly change your plans depending upon the circumstances.
Like now, during this coronavirus epidemic, you need to take care of the safety of your technicians and get the job done as well. Now the question is how do you make a business plan? One of the best and simple ways of doing this is by creating a SWOT analysis (Strengths, weaknesses, opportunities, and threats). This will help you position your business properly and move forward accordingly.
- Branding – It plays a major role in creating your presence in front of the world. Have you seen a lot of companies having their own t-shirts and caps? Well, there’s a reason for that, it helps them get exposure whenever they go for a job. What about your website? Have you thought about it? If you don’t have a website then you need to make one right now, and if you have an old version of the website then get it modified.
Presence on social media and web platforms like BBB, yelp is a must. People need to know about your company, they will call someone whom they have seen and can trust and that will only develop if they can search about you on the web platform, and read customer reviews. You need to present yourself as a brand in order to be one.
- Relationship with vendors: When it comes to commercial business, keeping a reputation with contractors, property dealers, architects & construction companies is very important. You need them to get information about any new project which might be coming up, and they need a person who they can trust and get the work done in quality time. But what if you don’t know anyone of them? Then you will never get notified of the new projects that are coming up, no matter how much you are ready to bid, you might just end up losing the job.
These relationships are not only important in maintaining your electrical business but they also help you in your personal life. Having a friend who not only does business with you but also goes out with you and looks out for you is something anyone would love, isn’t it?
- Marketing: This is where you can overtake your competitors. It’s not always about who does a better job will get more jobs, in fact, the one who is able to showcase what they do, gets the job. In order to start your marketing, first, you need to have a website, without it, you really can’t do anything. Once you have a website you need to start with content marketing. Hire a guy or write it yourself. Choose topics your customers would read like “How to save electricity”.
Get your SEO boosted up with the help of content. Search for what are the short and long keywords people would search on google and use of those keywords in your blog. Just like we did to reach you. Make sure you are able to showcase the core values of your company with the help of social media. Keep posting regularly, be careful with the content which helps in creating a connect with your audience.
- Use Technology: Almost everyday new software hits the market that enhances productivity and helps you generate more revenue. I know you feel like you are doing great without using any of these tools and software but that’s a very big misconception. A perfect field management software will help you smoothen your workflow, cut extra work hours of manual data transfer, generate quick invoices, get fast payment transfer, generate upsell opportunity, generating work efficiency, and so on.
You just need to pick the right software for yourself, and you will see exponential growth in your revenue generation but a false one will only result in you losing your money.
- Fast Payments: One of the major problems faced by electrical companies is in managing their cash flow. This almost occurs with every electrical business owner during the month-end. A good solution to this will be generating the invoice right after the job and getting it signed and paid right then. In the case of commercial contracts, try to get a milestone payment contract, so that you have a source of revenue even when the job is going on. Use field service management software to generate invoices quickly and efficiently.
Managing an electrical business is tough, you need to plan for a lot of things, and prepare your business for the worst conditions, but if you use these 6 simple tips then you will be able to plan for your business and keep it running in during worse circumstances. Planning is very important for your electrical business, and modifying it according to the situation is even more important.