How to Increase your Revenue and Expand your Business
Running your own electrical business is tiresome and requires lots of hard days on the tools.
While this is the case for you and so many other hard working electricians who are great at their jobs, what you probably really want to know is how to decrease your workload while simultaneously increasing your revenue.
As the saying goes: We work to live, not live to work. As a result we want to fill you in on some of the best ways to increase revenue and expand your business without breaking a sweat doing so!
If expanding your business intrigues you, you’ll want to note down these vital tricks of the trade!
Set tangible goals and targets
Goal setting is one of the oldest (but most effective) ways to start expanding any business. Start by writing down what you are hoping to achieve. Do you want to:
Increase profit?
Increase efficiency?
Do you want to get higher paying jobs?
Whatever your goal may be, the purpose of setting a goal is to help you create a strong strategy to make sure you accomplish them.
To make your goal tangible, create objectives that are SMART (specific, mesurable, attainable, relevant and timely).
For example, if your overall goal is to increase profit, your objective may be to increase online bookings.
You may want to pose your objective in this format: “To increase online bookings among returning customers by 5% in 12 months”.
This goal is made trackable through two variables: a monetary growth percentage and time frame.
Finding qualifying customers
While getting any work may seem great initially, you probably know not all customers are great to work for. This is why finding quality customers who require less time, energy and attention is the best way to grow your electrical business.
From your industry experience, determine what qualifies as a good customer for your business. Identifying your ideal customers will enable you to increase your revenue through one of these four methods:
Increase pricing
By increasing your pricing you will be able to collect more revenue from every purchase a customer makes. Given that your work frequency and transaction size remain the same, increasing your prices will bring in more revenue.
Increase customers
If you're looking to increase your customer base because you don’t have enough work, you may be looking for more work. This will help you increase revenue given your prices and transaction size remain the same.
Increase Frequency
If you have happy customers you’ve done jobs for in the past, you can earn more revenue by encouraging them to call you again when they have a job. Given that your transaction size and pricing is the same, if you increase the regularity of work you are going to increase your revenue.
Increase transaction size
You can increase your business revenue if you do more in one job. Now we know this isnt always needed but given the work is there and your pricing and frequency remains the same, your revenue will increase.
Get a business mentor
Finding the right way to go about expanding can often be difficult if your best work is completed in your trade. If you are struggling to identify how to increase revenue without working more, you might want to consider investing in a business mentor.
It is a business mentor’s goal to help your business succeed. So while you do what you do best, your mentor can guide you through the business side of everything to help you earn more while living your best life.
If you're looking into expanding your business and don’t know where to start, save some time by contacting the professionals at Electricians Success Academy. Electricians Success Academy world class business experts who know everything about growing electrical businesses. Our business growth solutions are designed to help business owners maximise their time and increase financial success. Contact a mentor today to get your advantage !