Ecmweb 7939 Bill Murdy Pr 9
Ecmweb 7939 Bill Murdy Pr 9
Ecmweb 7939 Bill Murdy Pr 9
Ecmweb 7939 Bill Murdy Pr 9
Ecmweb 7939 Bill Murdy Pr 9

It’s the Time of Year to Give Thanks and Assess Your Business

Dec. 14, 2015
t’s a great time to show thanks and appreciation to all who helped you achieve your success.  
Bill Murdy

Time flies — and never as fast as in December. As the year draws to a close and the holidays come upon us, there never seems to be enough time to get everything done. It’s important now more than ever to prioritize your tasks.

You would not have survived another year in business without your customers. A simple holiday card or mailing at this point will help keep your business in their thoughts in the coming year. Adding a gift card toward their next purchase may help even more.

Your employees also deserve a thank you. Even though it’s typically a busy time of year, it’s important to set aside a little time to get together and let them know you appreciate all they’ve done for you throughout the year.

Your operating budget for the coming year should have been taken care of last month. This is a good time to review it and see how you performed against your previous budget. You should have been making adjustments throughout the year and, if all went well, you should be on track or at least know the reasons why you fell short of expectations. As I have reviewed budgets over the past years, I have often found that we will have ups and downs, and there are differences other than what was projected. But more often than not, the overall picture adds up.

This might also be a good time to take on some capital expenditures. It can help put you in a better tax position before the books close out for the year — make sure to touch base with your accountant to confirm your thoughts on this front.

Related

As you work through your financials, you should also review your call counts for each season. If done properly, this information will assist you in assessing your manpower requirements for the next season. For example, if you see you were consistently missing calls in a busy time of the year due to lack of electrician availability, then you should seriously consider hiring and training a new electrician — far in advance of this time — to grow your business.

Setting up your training schedule should also be a priority at this time of year. Understanding the highs and lows in each season will allow you to schedule time for your techs to stay on top of their game or increase their skills through some additional training. In addition, this training pays in terms of fewer call backs and more satisfied customers. It also reinforces to your employees that your company is a step above the rest, and they are in the right place for personal growth and career development.

Above all, this is the time of year where you should appreciate all the opportunities that have helped you achieve the success you’ve reached with your business. Take the time to thank those who have contributed to your success, and, whenever possible, mentor others in the electrical field to help them achieve their dreams. The electrical industry offers more opportunities now than ever, and residential service is certainly a career worth pursuing.

In closing, I wish everyone great success in the coming year!

Murdy grew up in the electrical industry and holds a degree in electrical engineering. He has been in the residential electrical service industry for 30 years and has been a business owner for more than 25 years. He independently owns and operates the Mister Sparky electric franchise serving western Long Island, N.Y. He can be reached at [email protected].

About the Author

Bill Murdy | Owner

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