The electrical business is constantly growing, but that doesn’t guarantee your business will increase every year. Without constantly working to increase your bottom line, smart competitors can pass you by, leaving you with a shrinking client list.
If you’re ready to take your electrical business to the next level in 2019, plan to spend more time working on your business, not just in it.
Improve Your Company Branding
When was the last time you updated your company website? Do you even have a website? What about a memorable logo? If it’s been a while since you even considered these things, it’s time to take a look at how the public sees your business.
About 75 percent of all potential clients look online first when looking for a new electrician. You need a modern website that’s mobile-friendly and has a great user experience. If you don’t have a blog, considering hiring someone to write one for you on a regular basis. The more familiar people are with your brand, the more likely they are to hire you when they need electrical work.
The same goes for your company logo and other branding decisions. Picking a color scheme, font and the shape of a sign might seem like a waste of time, but these are the things that stick in peoples’ minds when done right.
Turn Clients into Partners
Create a program for all past and present clients where they can earn a percentage off any future work, or a gift card to a local business, by referring a new customer who becomes a client. A nice steak dinner or a gift card to a big box home improvement store is often enticement enough to encourage past clients to recommend you to their friends.
Invoice Your Customers Sooner
The more cash you have on hand, the sooner you can use it to invest in growing your business. Don’t let cash get tied up in clients’ pockets. It makes no sense to wait until the end of the month to send out job invoices. Make it a company practice to invoice customers three days after finishing a job. This gives them time to contact you with any concerns, but not enough that they’ve forgotten about paying your bill.
Invest in New Types of Marketing
If you only use one or two methods of advertising, you’re missing out on some great income opportunities. Turn your creativity toward ways to get potential clients to know about you, including:
? Run a contest on your website
? Put up yard signs on every house you do work in
? Purchase magnetic signs to turn every employee’s vehicle into a work truck
? Create a program at a local high school to teach electrical basics
? Support local sports teams and bar quiz bowl teams
? Become a member of local Facebook groups and become a helpful expert in the group
The idea is to make your name and logo so common in your community that your name is the first one anyone thinks of when needing any type of electrical help.
Comparison Shop Your Vendors
Are you getting the best price from all your vendors, or are you just shopping there because you’ve been a customer for years? Check the prices for everything from tools and work t-shirts to wire and coffee. If you find a better price elsewhere, ask your current supplier for a discount. If he can’t or won’t do it, move on to the less expensive supplier. Every dollar you save here can be invested in growing your business, helping to make 2019 your best year ever.
If you’re finishing up a great year for your business, what’s one thing you did that really made a difference?