Australia has faced many periods of economic slowdown, which has affected small businesses across the country. The Coronavirus pandemic has been no different. Demand for products and services has reduced considerably. This is especially true for electricians, as property owners hesitate to start any construction project during these tough times.
With the business having become lean, many electricians around the country are finding it increasingly difficult to run their companies. Interviews with electricians around the country reveal why. While the Australian Federal Government’s financial aid stimulus package worth $17.6 billion is helpful, it isn’t enough to support the monthly expenses which continue to rise. Add to this any unanticipated issues that electricians might face on-site and the expenses that come from lawsuits or damages can bankrupt the business in days.
It’s very important for electricians in Australia to know how to bring in business during such slow and difficult periods. Here, we discuss the six tactics you can implement to grow your company during any period when the economy takes a hit and you have no business coming in.
But before we get into this, let’s look at an even more crucial step that electricians and electrical businesses need to implement.
Safeguard your company’s future during slow times, with business insurance
On-site electrical accidents can happen without a moment’s notice. But when they occur during really slow business periods, they can have a devastating effect on your company.
The issue needn’t even be a dangerous electrical problem. Your client’s electrical wiring may fail and cost them a few hours of business. Your disgruntled client may sue you because of the financial losses he may have incurred during this downtime.
Either way, irrespective of what the problem is, your electrical business may not be able to survive such expensive lawsuits. Public liability insurance is the best way to protect your company and yourself from financial losses.
These work-related accidents can happen to you or your staff too. So, apart from public liability insurance, it’s best to look at a range of packages. For example portable equipment insurance that can protect your tools and equipment crucial to your business. It gives you financial security, in the event you are temporarily unable to work due to a work-related injury.
Public Liability Australia has packages tailored for insurance for electricians, quotes are all online and policies sent straight to your inbox.
Six things you can do to grow your electrical business during lean times
Rebrand your service to make it an essential
During slow economic periods, it isn’t just your electrical business which is affected. Your customers’ livelihoods may have taken a hit as well. This may be why they’re not seeking your services.
In such a situation, it’s necessary to re-brand your electrical service to showcase why your customers need your help. Typically, people tend to ignore electrical requirements unless the issue is very pressing. This is why you should try to use “Safety” as one of the themes to promote your electrician business on.
Everyone wants to keep their family and employees safe. They won’t be cutting corners when it comes to electrical safety.
Send an email to your long-time patrons
Your long-time customers are one of the best sources for new business. You can send them an email, asking after their wellbeing. You can remind them of your service and assure them of competitive prices.
If yours is a small business, you can even make a request, asking your patrons to help you during this slow time, by recommending your electrical service to their friends and family.
When you directly ask for word-of-mouth recommendation or a business review online, most customers will oblige.
Attend events organised by the real estate and construction industries
Even if you are facing a slow period in business, other industries may not be. They may be hosting events, expos and meet-and-greet events to encourage sales. Such events are a great way to promote yourself and generate business.
If you come across any real estate or construction or contracting industry events, do attend them. You’ll be able to meet and network with property owners, property developers and real estate agents. You can use this opportunity to introduce yourself and your business to them. This increases the chances of getting a call-back from prospective clients.
Add value to your service with free or low-priced add-ons
During times of downturn, customers want to know that they are getting complete value for the money they pay. It is only when they are convinced that they continue to choose your electrical company for work.
You can give value to your customers by implementing some of these measures:
- Post-installation check-ins for the first 2-3 months, to evaluate the system’s performance.
- Small repairs and wiring work, done free-of-charge.
- No extra charges or discounted prices for evening or night time electrical services.
- Discount on purchase of electrical accessories.
- Free informative resources on how to make their new property more electricity-efficient.
- Free consultations, property inspections & quotes.
It might seem like an expensive venture to do this, but it helps you in the long run, by setting you apart from your competitors.
Collaborate with an electrical accessories & materials vendor
Suppliers of electrical materials, accessories and appliances can be excellent sources of business. These stockists work with various residential, commercial and industrial clients. They’ll have incredible insight into the electrical needs of their customers.
By collaborating with a reputed local vendor, you can get access to more business. For every project that is referred to you, you may need to pay a certain percentage of the payment as commission to the vendor. This is a small price to pay for the steady stream of income that’ll come your way.
Use social media and your website to improve your brand visibility
The internet has become a very powerful tool for small businesses. Especially during times of business slowdown, when social media and company websites are the most cost-effective way of advertising your business.
Start publishing interesting and informative posts on social media every day. Use all platforms – Facebook, Instagram, Twitter, LinkedIn and YouTube.
Create a blog. Write long articles about your electrical services and how they help different businesses. Provide your prospective clients with tips & tricks to become more energy-efficient and sustainable. Offer safety tips that commercial clients can use to prevent on-site electrical accidents.
You should also pay attention to keywords implementation. By using the same search words that prospective clients use to search for electricians, in your content, you can increase the chances of your social media account or website being found. When you are found, there is a higher likelihood of you getting a call for electrical work.