With An Electrical Business Coach

Growing Your Electrical Business

Electricians running their electrical businesses can have significant opportunities in both residential and commercial sectors.
Repairs, maintenance and new appliance installations are ongoing concerns that homeowners and property managers need to address.
This means plenty of work and considerable growth and profits for the businesses that can implement and act on the right business strategies.

The number one factor with modern-day business owners getting successful is having the right MENTOR or COACH.

An electrical business coach or mentor can shorten your learning curve and open your mind to new ideas and possibilities. 

It’s also a great way to keep yourself accountable for reaching milestones to achieve your ultimate goal.

By surrounding yourself with people who want you to succeed and have experience in getting to the lifestyle you wish to obtain, you will get there faster with fewer costly detours.

A coach or mentor will push you and hold you accountable. However, they are not there to be your friend or let things slide if you are not doing the work.

There are lots of business coaches and mentors out there. Just make sure you work with one with the trades and building industry knowledge and business skills you need for your business.

All businesses hit bumps in the road at one point, and this is when the harsh realities that so many small businesses face become apparent – Not all areas of the business are working to it’s potential. A pair of outside eyes are needed to see where the weak points are.

The areas that are important to understand and improve upon are typically these.

• Your Business Vision – What is the purpose and direction
• Cashflow
• Profit Margins – Understanding your numbers!
• New Leads and Job Scheduling
• Staffing structures
• Suppliers And Stock Management
• Your Branding – Website, Uniforms and Logos
• Technology

As Australia’s focus continues to shift towards renewable energy, the future of a successful electrical business has never looked brighter. 

 If you’re looking for an electrical business coach to help you tap into a successful trajectory to achieve your goals, however lofty they may be, reach out to BusinessSight.

One 12-minute phone call could change your life!

The Current Challenges For Electricians Running A Business

These are the current main challenges of running an electrical contracting business in Australia, including:

Competition: The electrical contracting industry in Australia is highly competitive, with many established players and new entrants vying for a share of the market. This can make it difficult for new businesses to establish themselves and compete effectively.

Regulations: The electrical contracting industry in Australia is subject to strict regulations and compliance requirements, including licensing and safety standards. Compliance with these regulations can be complex and time-consuming, and failure to comply can result in significant penalties and reputational damage.

Labour and staffing shortages: The electrical contracting industry in Australia needs more skilled labour, making it difficult for businesses to find and retain qualified employees. This impacts the quality of work and your ability to grow and expand.

Changing technology: The electrical contracting industry constantly evolves, with new technologies and techniques always emerging. Staying up-to-date with these changes and investing in new equipment and training can be expensive and time-consuming.

Economic factors: The current economic conditions in Australia are impacting what people are spending, and the cost of materials is affecting business profitability. Interest rates and inflation has impacted the cost of doing business and the ability to secure financing.

Let’s Dive In Some Of The Areas An Electrical Business Coach Works On

Find Your Area Of Genius – What Makes Your Business Different

When surrounded by dozens of other electrical businesses all chasing the same jobs and being the same, it’s hard for your customers to see you differently.
What could you do to set yourself apart?
It needs to be scalable and more challenging for your competitors to replicate.

You may decide to focus on one niche or industry and be the best, the fastest, the most reliable, the most memorable (For the right reasons) or have the best payment options or terms – This does not mean being the Cheapest!

Spark New Life at Your Company

If you want to fix below-average sales or stagnation at your company, expert coaching from our experienced trainers is just the jump start your electrical company needs. 

First, we’ll identify your problems with your pricing models, service system, and company forecasts. Then we’ll stand by you as we work together to make plans and set them in motion. Finally, we’ll increase customer satisfaction by improving company culture and thoroughly training employees. With our coaching and training programs, your goals will become a reality.

Setting Goals and Planning for Success

Setting clear goals and developing a plan to achieve them is critical for the success of any business, including your electrical business. 

Having a clear vision and goals allows you to align strategies and implement the steps required to achieve those goals. 

Setting goals provides the roadmap for the business, which keeps you and your staff focused and motivated, which is essential for long-term success. The goals need to be broken into different levels.

Small goals that can be quickly implemented and achieved are part of the bigger goal and picture.
The significant goal will be easy to reach and manageable by ticking off the small pieces. 

Business Plans

A business plan is yours; there is no right or wrong version. The plan has to be about you and your business.

Your first business plan may be written on the back of a serviette! Business plans are supposed to be kept updated so that the first Business plan of a couple of ideas will soon be a document you can keep coming back to.

A proactive business is a successful business. A business coach will help you create a proactive, not reactive, business plan. 

As a result, our strategies make your business run more smoothly and profitably.
It will include financial projections, marketing strategies, and operational goals: 

It should include financial projections, marketing strategies, and operational goals. 

Financial forecasts help the business owner understand the business’s financial requirements and ensure a positive cash flow. 

The marketing strategies will help the business to reach its target market, and operational goals will help to ensure the business runs smoothly and efficiently. 

Understanding the numbers

It is crucial to understand the importance of financial management for the success of electrical contracting businesses. 

This helps businesses to make informed decisions and ensure financial stability, which is essential for long-term growth and success.

The key areas that we need to look at are:

• Creating a budget that includes all projected income and expenses, including operating costs, wages, taxes, and equipment purchases.
• Monitoring cash flow closely to ensure enough money to cover expenses and invest in growth opportunities.
• Implementing an effective invoicing and payment collection process to ensure that payments are received on time
• Controlling costs by negotiating better prices with suppliers, reducing waste, and streamlining processes
• Regularly reviewing and understanding the financial reports, such as profit and loss statements, to identify areas for improvement and adjust the budget as needed.

The one area that will help your business flourish is once the numbers are done, and the business owner understands how the numbers work and what to look at.

We can help you establish a better pricing system and then train your electricians to ethically have suggested add-on services and products when they are with customers when doing checks and audits. 

With this coaching, your company will soon meet your revenue and profit expectations.

The People – You And The Team

You have to look after yourself and the team! By working towards achieving life balance, leadership, and support for our team. 

We believe in helping people reach their greatest growth, contribution and satisfaction.

Do you own an electrical company that owns you? 
Is your company taking up your time and not bringing in nearly as much income as you’d like? 

Bring your staff along for the ride. 
If your staff are to contribute meaningfully to your business goals, you must:

(1) be able to communicate what these goals are

(2) ensure each staff member understands how their contribution impacts the business.

When your team understands the plan for the business and the steps on how the goals are to be reached, it will motivate the team. 

It will also show you which team members DO NOT have the motivation or drive to help the business succeed.

Building a solid team of employees and subcontractors: Building a strong team of employees and subcontractors is essential for the success of an electrical contracting business. A strong team helps to ensure that work is completed on time, to a high standard, and within budget. 

They can also help build a positive reputation for the business, leading to repeat business and referrals. A strong team can also create a sense of employee pride and ownership, increasing motivation and productivity and working towards the goals to reach your vision and reap the mutual benefits.

Lead Your Company to Greatness With A Manager

Finding a manager will transform your business and team.

When you give your manager the skills and techniques to reach their leadership potential, the following results will happen:

• Increased Productivity: An effective manager can streamline operations, optimize resources and motivate employees, resulting in increased productivity and better utilization of resources.
• Improved Communication: Managers are crucial in facilitating communication between team members, departments, and stakeholders. Effective communication promotes transparency, fosters a collaborative environment and helps align everyone towards the same goals.
• Stronger Team Morale: A competent manager can inspire and empower their team, leading to stronger camaraderie, higher job satisfaction and reduced turnover rates.
• Higher Customer Satisfaction: A manager who can identify and address customer needs can help improve the overall customer experience, leading to higher customer retention rates and better business outcomes.
• Increased Revenue and Growth: With improvements in operations, productivity, and better customer relationships, a capable manager can help your business grow and achieve sustainable revenue growth over time.

A manager with training can also recruit quality employees – even in a competitive job market. 

The manager will also take on the role of induction and onboarding new staff members and fostering a positive and productive workplace culture: Fostering a positive and productive workplace culture is essential for building a solid team. 

An electrical business coach will help your managers bring new life and energy to their work and your electrical company.

The Businesses Online Presence And Reputation

Never underestimate the importance of branding and marketing for electrical contracting businesses!

Marketing and branding are essential for electrical contracting businesses to attract and retain customers, increase brand recognition, and build a positive reputation. 

Effective marketing strategies help businesses to reach their target audience, communicate their unique value proposition, and differentiate themselves from competitors. 

Building a solid brand helps create a sense of trust and reliability among customers, leading to increased customer loyalty and referrals.

Your electrical contracting business will grow when we start working on these points!

• What is the business’s unique value proposition and target audience?
• Create a memorable and distinctive brand name, logo, and tagline that communicate the business’s values and services.
• Be consistent with your brand image across all marketing materials, including website, social media, business cards, and uniforms.
• Create a marketing plan that includes targeted advertising, online marketing, and community engagement.
• Look at what promotions or referral incentives can attract new customers and increase customer loyalty.

Your Electrical Website

Some electrical businesses need a website when we start working together.
And there can be pushback from an owner about why it is required

The most significant point is that this is the FIRST impression a potential customer will see.
They will not see snazzy uniforms or expertly wrapped vehicles.

They will not see how well-trained your electricians are, they will only see an underwhelming online presence, and that is how they will decide to contact you!

A professional and easy-to-read website with clear directions on how your clients need to contact you – Call Now or Request A Quote.

You will have a prominent phone number or contact forms.

People are impatient – if they cannot see what they are looking for in a few seconds, they will click away from your site and go to the following website.

A website is also critical for all trades – Not just electricians!

• In today’s digital age, a website is essential for any legitimate business. A well-designed website will establish credibility and trust with potential customers, helping to differentiate your electrical contracting business from competitors who may need an online presence.
• A website allows your electrical business to provide information and services to customers 24/7, regardless of business hours or location. 
• Your website is the way people can find you with search engine optimization (SEO). 
• It is how your customers can request quotes and book callouts. Your job management system can be integrated into your website.

Electrical Business Coaching Makes Sense

BusinessSight is ideal for electrical business coaching in Australia. 

With extensive experience in the electrical contracting industry, BusinessSight has the expertise and knowledge to help businesses set and achieve their goals. BusinessSight’s coaching focuses on key areas such as financial management, team building, marketing and branding, and growth strategies. 

Do Not Try to Reinvent the Wheel!

BusinessSight knows the proven practices, systems, and strategies that will allow you to operate with industry-leading net profit margins.

We want you to have a successful business and a successful life. You cannot be chained to a business 24/7. Soon we will have a business that can operate without you there!

Suppose you are an electrical contractor looking for an experienced business coach. 

In that case, BusinessSight is the perfect partner to help you take your business to the next level, so let’s book a 12-minute call that could change your life!