Working as a residential electrical contractor is challenging for many reasons. First, it’s a small-scale business with limited resources. Asides from satisfying clients, you’re also expected to monitor every detail about the establishment, from finance to marketing and supply chain management.
You’ll need to earn a reasonably consistent amount of money to stay in business. But it’s easier said than done. That’s where a business coach comes in. It’s safe to say that business coaches are more or less a magic fix for business-related challenges. This expert can proffer solutions to unlock your business potential and take you to the next level.
Imagine a scenario with a residential electrical contractor, Jamie, in charge of a booking family business. He organizes schedules with clients and oversees projects himself. He has several teams to attend to clients and lots of equipment too. Jamie keeps operations afloat for many years, and the enterprise grows. The business is doing well but has stagnated, earning under $20 million for the past three years.
At this point, Jamie works 70 hours per week but plans to reduce it to 25 hours per week. He wants to handover to his son. However, he fears leaving the reins of a stagnant company to his protege. His last administrative task is to boost revenue and give his son a great head start. Jamie is confused about how to tackle this new challenge.
Now that we’ve explored the challenge faced by Jamie. Let’s review how to eliminate it and how a business coach can help you. As a residential electrical contractor in Florida looking to increase your company’s revenue, there are several strategies you can consider. Start by assessing the market demand and consider expanding your service offerings beyond residential electrical work.
A business coach will consult with you to learn your business model, including an in-depth analysis of strengths and weaknesses. This process may identify operations that have been wasting revenue. The professional guidance of a business coach will reveal feasible and most profitable revenue streams based on current strengths.
Next, develop a comprehensive marketing strategy to raise awareness about your company and attract more clients. A business coach will use information about your business to create a feasible promotional plan. Continuously invest in the professional development of your employees. For instance, Jamie can organize communication workshops and weekly leadership coaching for his son and the next leadership team. A business coach can organize business development training for you and your employees. They’ll ensure your team stays updated with industry trends, safety protocols, and technologies.
By hiring and following the tips of a business coach, residential electrical contractors like Jamie, can raise their revenue by up to 50%. This would, of course, have a significant effect on profit. Their investment in the new leadership team will birth innovative ideas to grow the business. Without the overwhelming pressure of leadership, the founder of the business can shift attention to other activities, such as leisurely ones like golfing.
You’re probably wondering, where can I find a business coach? Look no further. My name is Charlie Janes, and I am a business and executive coach. As a business growth catalyst, my role requires constantly offering innovative ideas that will take client businesses to the next milestone. As an executive, I have grown sales and customer engagement organizations from the ground up to the $70 million-$100+ million revenue plateau three times. Also, I’ve partnered with several startups to gain investors, develop initial products, acquire initial customers, and define a market niche. It’s my job to help my clients identify their goals and strategies to achieve them.
