In construction you are always working yourself out of a job! If you are an electrical contractor and you are not using Electrical Estimating Software you must be living in the wrong century because:
Electrical Estimating Software
- Saves you a ton of time.
- Makes your estimates more accurate.
- Pricing is more consistent.
- Makes estimating electrical projects more fun! Ha ha.
OK not really fun, but it does make it a whole lot easier than using a pen and paper or spreadsheets.
If you would like to double your estimating speed.
Sign up for a 30 Day Free Trial of Red Rhino Electrical Estimating Software
STRATEGY #1 –
Electrical Estimating Strategy to “Wire” Your Business for MORE Profit Raise your prices.
YEP! The fastest and easiest and simplest way to make more money is to raise your prices.When I tell people to raise their prices I get the questioned, “how could I raise my prices in this economy”, or “how much should I be charging”?
The answer to that question depends on a lot of factors and unfortunately I cannot answer it. I can tell you this. Most contractors who are just starting out charge way less than their competitors, believing they will get more work. While I understand your motive if you do that but, it is a big mistake because when starting you need money for new tools and trucks and expansion.
Charging bottom dollar is a race to the bottom! Don’t do it!
You will likely end up working for another contractor if you keep offering low prices.
Tips how to make more money:
- Increase your hourly rate.
- Add a truck and tool charge for every job.
- Keep existing customers at the same price for a few months and increase your rates for new customers.
- Specialize and increase your price for your specialty.
- Increase your mark-up for materials.
Call around and find out what your competitors rates are. You should be charging slightly below top market price. Raising your prices is the fastest way to improve your business right now. Making even a small increase to your price can add up to thousands of dollars additional profit every year.
Example: Adding $50 dollar truck and tool charge for service calls or small jobs you estimate. Do this 50 times per year (average 4 per month) you add another $2,500.00 income to your volume in just one year.
Think of ways you can make several small price increases, and you could add thousands or tens of thousands of dollars to your bottom line!
Best Success to all Electrical Contractors and Construction persons!