Why you need to Measure and Track On Your Way To Success

As an electrical business owner, you have got to ask yourself -- “How do I know that it is okay for me to go home early today? And how to clearly measure performance?”

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So you need to tell yourself -- Here's a to-do list, let's get through as much as possible. If you bust your arse to get as much as done by 2 PM then there is always the next job. So you need to start to drive with that. Positive Performance Coaching recommends that you maintain checklists to keep a tab on your progress and to give yourself a reality check, time and again.

If you get more staff, will you be more motivated to go out and get more work in? If you get more work in, you will be driven to get more employees. Mark Smith suggests that you get more work in because the employees are a cost to your business and the benefits need to outweigh the cost.

Be sure that you are profitable on every employee that you hire. To achieve this, you need to measure it. But if all of your staff is busy in a way such that every time they are on work, they stare at a wall for a few minutes while sipping on their coffee, then you need to address this inefficiency first. Get the five of them working to their best potential before you even consider hiring a new person. Make sure to maximise all the resources available to you before you include a new person.

Run a lean and strong company, be efficient, measure your training, measure your progress. To do this you need to choose your metric carefully so that you are measuring correctly.

Forbes recommends these 6 ways in which a small electrical business can measure its success.

  1. Look at the balance sheets and financial statements of your SME.

  2. Keep a tab on customer satisfaction.

  3. Count the number of new customers.

  4. Hold job performance reviews.

  5. Measure what the industry is up to.

  6. Keep a check on your own expectations.

So, do you plan to measure and track on your way to a successful electrical contracting business? Share your thoughts, ideas, and strategies with us!

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