Why you need to get your electrical business foundation right
When I started my own electrical contracting business, it was really important from the start to set up a foundation, a scraper instead of a little house so that I could build a big structure on top of it.
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When you have got a solid foundation, which is good business management system, good accounting software, and a good team then you have got your solid foundation. You want to build that team and all of that systemisation early so that you can build up. You don't have to build all the way up, if you were to build a house on that foundation, it would be solid AF. But if you had a house foundation and tried to build up a 50-story skyscraper on top of it, it would sink in the sand!
You can create a firm foundation for your startup electrical contracting business by ensuring that you are --
- Doing something that you are passionate about
- Solving a real problem
- Building an inner circle
- Being resourceful
So you need to set up all your foundations early, automate your training process, that's what the academy is all about -- helping you to automate training for your staff. It doesn't take long to train them in the systems. They will make mistakes in the trial but you can help them to understand where they made a mistake so that they can fix it. It's not like losing a lot of money when an electrician makes a mistake at $40/hr, but when a VA makes a mistake it is a fraction of the cost. So think about it and go and do it.
When you are setting the foundation for your business, you need to keep a few things in mind:
Keep your personal life and business life separate.
Remember to pay yourself!
Make sure to plan for your own bonuses and retirement.
Do frequent job performance (your performance review as well as your staff’s).
Make a business plan. Implement it.
Have a buffer amount in case of cash flow problems.
So, how do you plan to get your electrical business foundation right? Leave us a comment and let us know!
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