Electrical Contracting Financial Tips
Troy Smith shares Electrical Contracting Financial Tips to Reverse Engineer Your P&L
This information may just save you and your electrical business from bankruptcy. You may need to watch it a couple of times but the value and methodology shared is invaluable. We electrical contractors often dream big and hope for good things to happen to us as electrical business owners but find ourselves stuck in financial difficulties too often and usually because there was no real electrical financial plan in place.
Strategic financial planning for electrical businesses is especially important but many electricians don't do it whatsoever. Make sure you take the time to follow the steps and protect yourself from failure from improper planning! Accelerate your electrical contracting business by using the strategy discussed in the podcast.
KEY TAKEAWAYS from Electrical Contracting Financial Tips:
- Start with your end in mind.
- What do you want to achieve as an electrical contractor? Reverse engineer what you want to achieve.
- Once you know your P&L figures, you have to figure out: Where does the money come from?
- Create your electrical contracting financial plan and put it into action.
- Always measure, track, or recognise your electrical contracting financial plan.