If your business is taking over your life, Bright Business Advice could be the catalyst for change you’ve been requiring.
Being an expert in your trade or profession doesn’t necessarily make you an expert at running a business. However, with the right tools and support – such as those available from Bright – you can much better focus on the job at hand. Utilising its award-winning 7 sector model – the Orbit – electrical contractors can concentrate on three key areas:
Leadership in a crisis
How to ensure your workforce feel safe and motivated, even in uncertain times. For this to happen, you need to really connect with your team on an emotional level and lead the way in adapting the business to meet both customer and staff expectations, helping to minimise anxiety and even improve morale. This is also a key time for planning and making sure everyone understands their role and the value they bring to the organisation.
Cash is king
It’s really important to know how secure your cash flow is, how fast the cash from your customers is coming in and, as importantly, what is going out. It is a great time to agree payment terms and even negotiate new terms, that mean you will always have cash in the bank. There are many ways you can get a cash injection for your business, look what Government grants are available, the new schemes for furloughed employees and the bonuses for bringing them back. With all this, you can now create one of the most important documents for your business: the cashflow forecast; a 12-week rolling forecast which will help you easily see and appreciate, that cash is king!
Communication (internal and external)
This is all about creating and delivering the right message to your team and your customers. Understandably there is still some fear as well as frustration, so you need to show that you care and understand. You need to set the guidelines for your company; it’s no different to how you would refer to an installation drawing or set of plans, in order to provide an estimate/quote. Here you need to have your plans to show how you want the team to do the work. Tell them the standard you expect and an attitude of ‘right first time’ so the profit from the job isn’t lost by returning to make up for shoddy work.
“Your business is a direct reflection of you, and we’re all about making the best version of you,” says Emerson Patton, owner and founder of Bright Business Advice.
“One client recently contacted us to say they’d closed a deal with their third brand new customer of the year. The value of the order was £250,000, which now totals over £500,000 in orders from new customers alone this year. Previously they’d averaged a new customer every two years, but with our help they’ve now secured three in just six months.”
For more information on how you can advance and grow your business with Bright Business Advice click here.
Alternatively, you can call 01933 697667 or email: [email protected]
Article first seen at professional-electrician.com