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Electrical estimating software

714-809-4446

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Electrical Estimating Strategy – (Double Your Estimating Speed)

February 10, 2021 By John Kelsey

Electrical Estimating Strategy. 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.

And as promised here is a strategy to help make more money.

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”?


And, 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.

Electrical Estimating Strategy. Charging bottom dollar is a race to the bottom! Don’t do it!

  • You will then likely end up working for another contractor if you keep offering low prices.

Electrical Estimating Strategy. Tips on how to make more money:

  • Increase your hourly rate.
  • Then, add a truck and tool charge for every job.
  • Next, keep existing customers at the same price for a few months and increase your rates for new customers.
  • Also, specialize and increase your price for your specialty.
  • Lastly, increase your mark-up for materials.

Then, 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.

Now, 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!

For more electrical estimating tips visit: http://www.learn-electrical-estimating.com/

If you would like to double your estimating speed.

Sign up for 30 day trial

Try Red Rhino Electrical Estimating Software free for 30 days.
Many customers report they double their estimating speed or better.

Red Rhino Electrical Estimating Software offers a 30 day free trial.

Red Rhino Electrical Estimating Sofware | 30 Day Free Trial

You will immediately get access to our online software.
Training videos will guide you step by step to learn how to navigate.

Call us if you have questions.

888-492-5565 x 1

 

 

Filed Under: Electrical Estimating Software Tagged With: Electrical Estimating Software, Estimating, Red Rhino, Software

Electrical Estimating and Contracting-Strategy to Grow Your Electrical Contracting Business (2021)

February 3, 2021 By John Kelsey

Red Rhino Electrical Estimating Software

Electrical estimating and contracting tips for growing your electrical contracting business.

What is the main thing that limits how many jobs and what size jobs you can do?

  • The answer is the amount of credit you have to buy electrical materials.

 Example: Say you sell a residential job for $3,500.00 and your material cost is $1,200.00.

Say you have zero credit to buy materials and you must fork out cash to buy all your materials out of pocket. The amount of jobs you could do would hinge on how much cash you could cough up to buy materials. No cash no work.

But if you have $5,000.00 credit at a distributor, you could fund over 4 times as many jobs because of using credit instead of cash to buy materials.
                                      

The more credit you have to buy materials, the larger the jobs you can do and the more jobs you can do. 

                                 

I recommend you establish credit with at least 3 electrical distributors. Also, establish credit with stores like Home Depot or Lowes. 

Why three distributors?

  • Because electrical distributors represent different manufacturers like panel & switchgear manufacturers.

One distributor may represent Square D and another General Electric. If you need a Square D Panel you will need to buy it from a Square D distributor, in order to get the best price.

                                               

Example: If you buy a Square D panel from a General Electric distributor, the GE distributor has to go out and buy the panel from a Square D distributor, and you will have to pay double mark-up.

Then, another reason to have credit established at multiple distributors, if you reach your credit limit and they cut you off at one distributor (which they usually do when you reach your credit limit) you are still able to buy materials somewhere else.

Obviously, you must be able to buy materials to stay in business. You do not want to use your cash for materials. You will have plenty of other ways to spend cash. Like on labor or job expenses.

But, you might ask, “What if I have lousy credit?”

To be continued in Part II – Electrical Estimating and Contracting: How to Obtain a Credit Line with Bad Credit. (Part II)  

Red Rhino is online so you can log on from any computer with an internet connection. The Cost of Red Rhino is $99.00/ Month with an affordable setup fee.

Red Rhino Electrical Estimating Software offers a 30 day free trial.

Red Rhino Electrical Estimating Sofware | 30 Day Free Trial

You will immediately get access to our online software.
Training videos will guide you step by step to learn how to navigate.

Call us if you have questions.

888-492-5565 x 1

Filed Under: Electrical Estimating Software Tagged With: electrical, Estimating, Red Rhino, Software

Electrical Estimating Software Isn’t the Only Thing Needed (Strategy to Grow Your Electrical Contracting Business)

March 24, 2017 By John Kelsey

Red Rhino Electrical Estimating Software

Electrical Estimating and Contracting: Obtain a Credit Line With At Least 3 Different Wholesale Suppliers.

What is the main thing that limits how many jobs and what size jobs you can do? Obtain a credit line.

The answer is the amount of credit you have to buy electrical materials.

(more…)

Filed Under: Electrical Estimating Software Tagged With: electrical, Estimating, Red Rhino, Software

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Hard Hat Industry Solutions, Inc.
P.O. Box 16309
Irvine, CA 92623
Phone number:
714-809-4446
Office Hours:
8:00 AM – 5:00 PM PT (Monday - Friday)

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