Looking to grow a small electrical business into something more? There are many ways to boost your business in the year to come and beyond. While it may seem like growing your business is out of reach, many steps can be put into action in just a few days or weeks. These smaller changes could, in turn, become the building blocks for plans that will take months to fully apply.
From updating your electrical business plan to considering electrician insurance, here are six ways to take your business to the next level.
1. Review your electrical business plan
A business plan is a vital document for running any type of business. It serves as a guide for making important decisions, keeps you on track to reach your goals, and helps you understand where you are succeeding.
As your business changes, your electrical business plan should change too. If you’re ready to take your electrical business to the next level, now is a good time to review your original plan. You might ask yourself these questions as you do:
- Are the goals you set still relevant?
- How has your cash flow changed? Do the budgets you created need updating?
- Do you have new competitors? Have your old competitors changed how they do business or advertise?
- Are you still offering the same services?
- Has your ideal customer changed?
These questions and others could help you start to update your existing business plan.
But what if you never had a business plan to begin with? That’s ok! It’s not too late to write one with your plans for growth in mind.
2. Protect your electrical business
Business insurance is a simple way to protect your business and set yourself up for growth. A claim or lawsuit brought against your electrical business could cause more than just a headache. They can stall growth by diverting cash away from your business or, in a worst-case scenario, spell the end of your company.
Lawsuits and claims can be expensive to deal with. They often create unexpected expenses, such as:
- Repairs or replacement of tools and equipment
- Repurchasing damaged stock or materials
- Property damage that must be repaired
- Legal fees and court costs
- Compensation to customers, third parties, or employees
Without insurance, costs like these would fall on your shoulders. Different types of electrician insurance, such as General Liability coverage, are designed to pay for unplanned events that might otherwise drain your bank accounts or destroy your electrical business.
3. Find places to save money
You may need more money to grow your small electrical business. Reviewing your budgets and cash flow might be a good place to start. There may be significant savings available to get you started in the coming weeks or months.
Areas where you may be able to save include:
- Supplier contracts – Negotiate with your suppliers to ensure you are getting the best price on supplies, particularly the ones you buy in bulk. If they can’t go any lower on material prices, they might be able to offer free delivery or shipping.
- Track your inventory – Accurate inventory records help you avoid buying supplies and materials you don’t need. You can make use of your existing supplies before ordering more. It may also help you identify items you don’t use often and might be able to order less often.
- Compare electrician insurance – Shopping around for your business insurance coverage may help you find policies that better suit your needs at a lower price. Doing this every year at renewal could help you find the best coverage for your business year after year.
4. Hire an apprentice
You may have enough cash on hand to grow your small electrical business, but you just need an extra pair of hands to get the job done! An apprentice can be an excellent way to hire help for your business while providing hands-on training for the next generation of electricians.
Apprentices are students who are paid to learn on the job. You will be providing them with valuable experience and knowledge that will help them become a fully trained and licensed electrician. New apprentices can be assigned grunt work that can help you work more efficiently and basic jobs that allow you to tackle more advanced contracts.
An apprentice can also become a model employee for your electrical business. While they are learning essential electrical skills, they are also being trained in your preferred way of working. Once they are fully qualified, they might become a valuable employee who helps you train your next apprentice.
5. Consider office admin help
An electrical apprentice can help with hands-on work, but you might also need admin support to grow your business. Time spent on tasks like bookkeeping or creating ads may be better spent meeting new clients or securing larger contracts. This may be especially true if these office tasks take you hours to complete each day.
Hiring someone to assist with admin (even on a part-time or freelance basis) could help your business run better and more efficiently. Experts in accounting and bookkeeping, office management, customer services, and marketing might be able to get this work done in a fraction of the time it takes you. They are likely to get better results and make fewer mistakes, too.
6. Focus on your online presence
The internet is often people’s first stop when looking for a local electrician. Making sure they can find you is vital. Just as important, you want to present your business as a professional and knowledgeable option that people want to hire.
There are many ways to build a successful online presence for your electrical business, including:
- Creating a website – You can hire a web designer or graphic designer for this or take advantage of user-friendly templates and hosting sites.
- Setting up social media – Creating business profiles on one or two platforms can help you reach new customers. Focus on the sites your ideal customers use most and share informative posts that showcase your work, expertise, and special offers.
- Ask for online reviews – Many people read online reviews before hiring an electrician. Asking your happy customers to write one for you could help you get hired more frequently.
- Get to the top of Google – Search Engine Optimization (SEO) is what helps your website appear higher in online searches. You may want to seek advice from a digital marketing expert to help you optimize your website for the best results.
Growing your electrical business this year and beyond
Building and then growing a small business takes a lot of work. But with the right moves, you could take your electrical business to even greater success!
BizInsure makes it easy to protect your growing electrical business. Compare electrician insurance from A-rated insurers today.