The electrical contractor sector has been enjoying a period of growth,1 with performance improving over the last five years. In fact, 2018 figures show an increase of almost 25% since 2012.2
So how can you take advantage of this upturn in the sector, and help your business grow?
Top tips for business growth
Business growth is about more than just market statistics. To grow sustainably, you’ll need to take active steps to progress, develop and diversify your business model for good.
Follow our top tips to help kick-start your business growth today.
- Update your client list
Keeping an up-to-date client database is essential. Not only will it speed up your day-to-day processes, but it will also help you manage client relationships. Update your client list regularly, to make sure you always have the correct details.
- Expand relationships
Relationships are the building blocks for all successful businesses. It pays to keep in regular contact with your current clients, as well as reaching out for new business. Face-to-face is always better than tele-sales. Make time for business lunches and networking events. Remember, business is all about people.
- Pull your resources
Encourage your staff to reach out to their own contacts. A team of just five people making two contacts a week, could bring over 500 new leads a year!
- Invest in your branding
Word-of-mouth is the best form of advertising. Create a clear brand that can be displayed on business cards, hard hats and company vehicles to help you stick in people’s minds.
- Have a long-term strategy
Open yourself up to contracts that will provide regular income. If your current client base is primarily domestic, why not consider commercial property as your next move? Or perhaps, the public sector? Local councils, schools or hospitals? This regular guaranteed work should be the staple of your business.
- Invest in skills
Hiring additional or more specialist staff can help you complete more niche projects, or even win new business. It is also a positive step to develop your existing staff by investing in training to up-skill them as well. However, be aware all employees, even temporary, need to be covered by your Employers' Liability insurance.
Future-proof your business
It makes sense to assess your current market position so you can clearly see where your growth strategy is or isn't working. Equally, make sure you have a contingency plan in place should something not go to plan.
This should include evaluating your electrical contractor insurance policies in order to best protect your growing assets and workforce. By taking the time to plan ahead, and discuss changes with your stakeholders, you can create a more future proof business.