How to Double Profit Margins for Your Electrical Contracting Business

This webinar was originally broadcast on October 29, 2024
Now Available On Demand 

Duration: 1 hour
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Summary

More than ever, labor productivity is a critical strategic priority for electrical contractors, as our industry faces long-term labor supply challenges and a growing demand for electrical construction services. 
 
Top-tier contractors are investing in continuous improvement initiatives to drive productivity and profitability in their businesses. One of the central themes is developing an organizational culture that prioritizes the needs of the field, and embedding that thinking into company structure, processes and systems. Electrical contractors get paid for one thing – putting work in place. A contractor’s business practices should be oriented accordingly – toward the men and women in the field who make putting work in place happen.   

In this webinar, Tyler Paré, performance practice leader at FMI, reviews practical processes electrical contractors can incorporate into their planning to drive productivity and enhance operations, including: 

• Project selection: Choosing the right projects that have a high probability of success. 
• Estimate reviews: Accurately estimating the work, with necessary field input. 
• Pre-job planning: Setting the project up for success prior to mobilization, with field leaders having a seat at the planning table.  
• Look-ahead planning: Field-leader-led resource coordination. 
• Site logistics planning: Eliminating the most common labor wastes on jobsites.   
• Daily huddles: Setting daily production goals with crews. 
• Labor productivity tracking and feedback (earned value): Regularly sharing with crews ‘the score on the scoreboard’. 

By implementing these practices, electrical contractors can increase labor productivity by up to 10% and potentially double their bottom-line profit margins!