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Over 2014 the UK construction industry has seen a return to growth and future demand for qualified electricians is tipped to increase, according to research by Trade Skills 4 U.
So now’s the perfect time to sort out your finances and paperwork to ensure your business is running efficiently and outperforming your targets for the year. The ultimate goal is to make your business management a no brainer! Here are 4 quick tips to get you started:
As a business owner, it’s important to have a reliable cash flow, so you can pay for tools and anything else you require before the job starts. When organising your company’s finances, make sure you separate your business from your personal life, so you can keep a close eye on your business spending. Bank products to consider for your electrician business include a credit card, personal loan or overdraft. A good rule of thumb is to always look for products with low interest rates and fees attached. You may also want to purchase business insurance to protect yourself against unforeseen events.
Take a moment to think about your weekly tasks and ask yourself: “Am I operating as efficiently as possible?” With quotes, invoices and everything in between coming your way, it’s essential to have a clear idea of the tasks required, starting with the major priorities. The best time to start your “to do” list is at the beginning of the week when you’re feeling fresh from the weekend and are ready to tackle the tasks ahead.
A major task for electricians is organising paperwork, which can be extremely time-consuming. If you’re digitally savvy you could use the paperless option of storing your documents in a cloud app to streamline your paperwork.
However if you prefer traditional hard copies, you can easily use a cabinet filing system with different coloured tabs to label each section, for example quotes, invoices, warranties, insurance details, business receipts and tax returns etc.
While owning your own business can make you feel independent, the fact is it may not be possible to manage everything yourself. If this is the case it could be time to outsource some extra help.
If you’re swamped with work during the day, the last thing you’ll want to do when you come home is paperwork. The solution to this problem might be as simple as getting an office manager in once a week to help you organise your quotes and invoices and take the pressure off.
How will you better manage your electrician business?