Starting and Growing an Electrical Contracting Business
If you are considering starting an electrical contracting business or looking to grow your current business, you might be asking yourself what efforts you can make to ensure a successful business. With so much competition amongst subcontractors, clear and precise business strategies can help give you a leg up on your competition.
Below I will discuss a few tips for starting and growing your electrical contractor business.
Hire Competent Employees
When you hire new employees, make sure to take your time. The people that work for you represent your company so make sure they are competent and trustworthy individuals! If you take extra precaution in the hiring process, you’ll avoid having to fire and rehire different individuals. This can end up saving you time and money in the long run. Once you find and hire quality employees, be sure that you treat them right. The happiness of your team will ensure loyalty and respect for your business.
Foster Team Relationships
Focusing on relationships is one huge way to grow your electrical contracting business. In any industry, close-knit relationships build better business and more of it. The more contacts you can gain, the more likely you are to win contracts and surpass your competitors. One way to foster more relationships is to ask your employees about their past connections. Sit down and have a discussion with your team to get the ball rolling. You might be surprised how much a conversation can bring to light. Before you know it, your contact list could be doubled!
Encourage Word of Mouth
One of the most powerful forms of communication can be as simple as word of mouth. You’d be surprised how much mouth-to-mouth references can spread and build up a business. This is exactly how social media platforms (e.g., Facebook, Instagram, Twitter, etc.) have become so popular over the years. So how do you do encourage this form of communication? Provide amazing customer service and make them remember you.
Manage Contacts Effectively
Once you have secured your contacts, arrange and store them in a single database. Having one central system will make your life much easier and will make your contacts much more accessible.
Develop a Clearly Defined Marketing Strategy
Failing to define a clear marketing strategy can quickly lead to disaster. To avoid this, gather your team and brainstorm. Discuss which areas of work generate the most profit, what geographic regions you serve, and what resources you need to deliver this work. Once you know the answer to these questions, ask yourself if you are marketing to these areas effectively. If you aren’t, then you will likely need to redefine your marketing strategy.
Receive Feedback from Customers
One great way to enhance your marketing strategy is to survey your customers after you’ve completed a project. This could be as simple as a phone call. It allows you to ask them questions, gain insight, and leave a positive end impression. Make sure that you develop a consistent survey system that you implement after every project. Keep this structure in place and be sure to communicate with your team about the feedback so that you can learn from your past projects. One simple and popular survey tool is Survey Monkey.
Pay Attention to New Technology and Trends
Consider investing time and money into new technology and new trends. The market is constantly evolving, meaning that you need to stay ahead of your competition. If you keep up with emerging technological advances and implement new technology, your customers will notice. In addition, changing trends such as the increase in green building can have large impacts on your business. Think about implementing alternative energy and you might be surprised by the positive impact it can have on how you are perceived by potential customers.
Starting and growing a business is no easy task, but you can achieve success if you take the time to know your employees, customers, and industry. Changes might not happen overnight, but with a little hard work and strategic thinking, your electrical contracting business will be turning out record quarters.