#322 // “Five Simple Ways To Make More Money In Your Electrical Business (Part 8) with Greg Crowe

#323 // Why Boring Businesses Win with Greg Crowe

Doing the same thing twice and getting an excellent result is sexy.  Revenue must exceed expenditure. Daily. Weekly. Monthly. Yearly.  Closed jobs must hit north of 20%++. Every time. Every day. No excuses.  Ongoing jobs must be on a pathway to make north of 20%. Every time. No excuses.  Labour efficiency must hit its targets. Allocation. Utilisation. Quality.  Be excellent. On site. Off site. Communication. Vision. Mission. Staff. Clients. Materials. Admin. Everything must be excellent.  And to do things that work you must repeat similar (or the same) tasks. Every day. Every week.  Every month. Every year. For decades. Until you stop.  And repeating similar (or the same) tasks gets boring.  Sure it works! But it’s monotonous.  Sure it works! But it’s mundane.  So you need to find the sexy in monotony. Find the sexy in mundane.  Find the sexy in doing the same thing twice and getting an excellent result.  Get stuck on the hamster wheel that’s sexy.  And then repeat it.  For decades.  Enjoy the pod x  Summary Greg Crowe shares insights on how consistent, boring business practices can lead to long-term success. He emphasizes the importance of sticking to what works, maintaining excellence, and focusing on relationships and profitability over time. Keywords business success, consistency, profitability, excellence, business growth, long-term strategy Key Topics The concept of positive hamster cycles in business Importance of sticking to proven strategies Maintaining 20-40% net profit on jobs Labor efficiency and quality of work The role of the office in business profitability The importance of being excellent and service quality Long-term focus over short-term gains The value of continuous improvement Titles The Power of Boring Business Success Why Consistency Wins in Business Chapters 00:00 Introduction: Why Boring Businesses Win 00:30 The Negative and Positive Hamster Wheels 01:23 Getting Stuck in a Positive Cycle 02:17 Remembering When Your Business Worked 03:16 Diverting from What Works 04:13 The Power of Consistency and Boredom 05:11 Revenue and Expenditure: The Basics 06:35 Introducing Dave: The Business App 08:29 Avoiding the Shadowy Place: Jobs Under 20% Net Profit 09:23 Gross Profit vs. Net Profit 10:16 The Importance of Paying Yourself a Market Wage 11:14 Managing Ongoing Jobs for Profitability 12:43 Learning from Job Mishandling 14:12 Checking Job Profitability and Labor Efficiency 16:25 Opportunity Cost and Office Time 18:01 The Value of Office Management and Quotes 19:44 The Cost of Rushing and Mistakes 21:06 The Power of Chasing Subcontractors 22:07 The Money is Made in the Office 23:27 The Core Values: Make Money, Build Wealth, Be Kind 24:28 Be Excellent: The Key to Business Success 26:46 The Importance of Quality and Communication 28:10 Progressing in Business: The Car Park Analogy 29:36 The Boring Path to Success 30:34 Final Thoughts: Consistency and Excellence

#322 // “Five Simple Ways To Make More Money In Your Electrical Business (Part 8) with Greg Crowe

Making money is easy when you know how.  The trouble is, sometimes we get busy and conveniently forget the ways to make money. The truth is that it’s not that complicated, it’s actually a very simple concept.  In this podcast series we go through the 5 simple ways to make more money in your electrical business which are as follows:  -weekly revenue exceeds weekly expenditure (ie profit / loss)  -the jobs that are starting and finishing every week (ie “closed jobs”) are at a solid net profit  -the jobs that are running over weeks + months(ie “open jobs”) are on their way to making a solid net profit  -all paid hours are allocated to a job (ie “labour efficiency”) -all hours completed are effective + efficient (ie “quality of hours”)  Sometimes it’s in the moments when we peel ourselves away from the mundane day to day grind where we can see how simple running a business really is.  The goal? That revenue would consistently hit significantly above expenditure. Be kind. Repeat.  May these words inspire you as you proceed on your journey of making money, building wealth + being kind.  Much love,  Crowe Summary In this episode, Greg Crowe dives into the crucial aspects of labor efficiency in electrical businesses, emphasizing the importance of measuring paid vs. allocated hours, utilization, and quality of work. He shares practical insights and stories to help business owners optimize their operations and boost profitability. Keywords labor efficiency, electrical business, productivity, utilization, profitability, business growth, labor management, efficiency metrics Key Topics Labor efficiency metrics: paid vs. allocated hours, utilization, quality Importance of measuring and controlling overheads and break-even rates The impact of quality hours on profitability and business growth Stories illustrating low-quality work despite good utilization Strategies for effective labor management and scheduling  Takeaways Every hour must have a clear purpose and a 'home' in your business. Utilization and allocation are separate metrics; both must be optimized. Quality of hours is subjective but crucial; it impacts profitability. Controlling break-even rates is essential for sustainable profit. Regularly review and adjust labor metrics to prevent low-quality work and inefficiencies. Titles Mastering Labor Efficiency in Your Electrical Business The 3 Key Metrics to Boost Your Electrical Business Profitability  Sound bites "Make sure weekly revenue exceeds expenditure" "Your numbers show you everything about your business" "Labor hours must have a clear 'home' in your business" Chapters 00:00 Introduction to labor efficiency and its importance 09:28 Measuring paid vs. allocated hours 09:57 Understanding utilization and break-even rates 10:24 The significance of hours having a 'home' in your business 11:22 Defining roles and expectations for staff 12:48 Controlling break-even rates and overheads 15:13 Assessing overheads and overhead drop 16:11 The difference between allocation and utilization 17:34 The importance of quality hours and subjective measurement 19:29 Stories illustrating low-quality work despite good metrics 26:04 Final tips on daily and weekly labor management

#321 // “Five Simple Ways To Make More Money In Your Electrical Business (Part 7) with Greg Crowe

Making money is easy when you know how.  The trouble is, sometimes we get busy and conveniently forget the ways to make money. The truth is that it’s not that complicated, it’s actually a very simple concept.  In this podcast series we go through the 5 simple ways to make more money in your electrical business which are as follows:  -weekly revenue exceeds weekly expenditure (ie profit / loss)  -the jobs that are starting and finishing every week (ie “closed jobs”) are at a solid net profit  -the jobs that are running over weeks + months(ie “open jobs”) are on their way to making a solid net profit  -all paid hours are allocated to a job (ie “labour efficiency”) -all hours completed are effective + efficient (ie “quality of hours”)  Sometimes it’s in the moments when we peel ourselves away from the mundane day to day grind where we can see how simple running a business really is.  The goal? That revenue would consistently hit significantly above expenditure. Be kind. Repeat.  May these words inspire you as you proceed on your journey of making money, building wealth + being kind.  Much love,  Crowe Summary In this episode, Greg Crowe shares essential strategies for managing and maximizing profitability in electrical businesses. From understanding break-even rates to optimizing project management and quality of hours, learn how to make smarter decisions that grow your business. Keywords Electrical Business, Profitability, Project Management, Break-even Rate, Cost Control, Job Estimation, Quality of Hours, Contractor Relationships Key Topics Understanding and controlling break-even rates Effective project staging and claiming Choosing the right contractors and suppliers Managing project scope and variations Ensuring quality of hours and team organization Using metrics like gross and net profit per hour Importance of site walkthroughs and variation management Strategic decision-making in ongoing jobs Titles Mastering Profit in Electrical Business: 12 Key Strategies How to Control Costs and Maximize Profit in Electrical Projects Sound Bites "Make more money by managing your costs and projects" "Know your margins before you start a project" "Quality of hours is subjective but crucial" Chapters 00:00 Understanding Financial Metrics in Electrical Business 05:06 The Importance of Ongoing Job Management 09:51 Evaluating Project Viability and Margins 15:00 Building Strong Relationships with Contractors 19:54 Maximizing Profitability Through Quality Management

#320 // “Five Simple Ways To Make More Money In Your Electrical Business (Part 6) with Greg Crowe

Making money is easy when you know how.  The trouble is, sometimes we get busy and conveniently forget the ways to make money. The truth is that it’s not that complicated, it’s actually a very simple concept.  In this podcast series we go through the 5 simple ways to make more money in your electrical business which are as follows:  -weekly revenue exceeds weekly expenditure (ie profit / loss)  -the jobs that are starting and finishing every week (ie “closed jobs”) are at a solid net profit  -the jobs that are running over weeks + months(ie “open jobs”) are on their way to making a solid net profit  -all paid hours are allocated to a job (ie “labour efficiency”) -all hours completed are effective + efficient (ie “quality of hours”)  Sometimes it’s in the moments when we peel ourselves away from the mundane day to day grind where we can see how simple running a business really is.  The goal? That revenue would consistently hit significantly above expenditure. Be kind. Repeat.  May these words inspire you as you proceed on your journey of making money, building wealth + being kind.  Much love,  Crowe Summary Greg Crowe shares insights on managing electrical business projects, emphasizing the importance of accurate quoting, effective communication between office and site, and fostering a positive company culture to ensure profitability and growth. Keywords Electrical Business, Project Management, Quoting, Business Growth, Company Culture Key Topics Importance of accurate quoting and formulas Communication between office and site Open book pricing and transparency Staff management and culture Financial metrics: gross profit, net profit, revenue Long-term business planning and growth strategies Takeaways Getting the quote right from the office is crucial for project success. Open communication and transparency with clients can lead to more contracts. Regular staff check-ins improve team cohesion and performance. Focus on people, processes, and numbers to build a sustainable business. Visualizing your future business helps set clear goals. Titles Mastering Electrical Business Projects: From Quoting to Culture The Secret to Profitable Electrical Projects Sound Bites "It's so important to get the formula right from the office." "Open book pricing can flip the client from doubt to yes." "You manage people, and that’s the key to success." Chapters 00:00 The Importance of Accurate Quoting 05:09 Balancing Office and On-Site Operations 09:28 The Role of Transparency in Client Relationships 14:15 Building a Strong Team Culture 19:33 Financial Growth and Business Sustainability 24:16 Vision for the Future: Planning for Success

#319 // “Five Simple Ways To Make More Money In Your Electrical Business (Part 5) with Greg Crowe

Making money is easy when you know how.  The trouble is, sometimes we get busy and conveniently forget the ways to make money. The truth is that it’s not that complicated, it’s actually a very simple concept.  In this podcast series we go through the 5 simple ways to make more money in your electrical business which are as follows:  -weekly revenue exceeds weekly expenditure (ie profit / loss)  -the jobs that are starting and finishing every week (ie “closed jobs”) are at a solid net profit  -the jobs that are running over weeks + months(ie “open jobs”) are on their way to making a solid net profit  -all paid hours are allocated to a job (ie “labour efficiency”) -all hours completed are effective + efficient (ie “quality of hours”)  Sometimes it’s in the moments when we peel ourselves away from the mundane day to day grind where we can see how simple running a business really is.  The goal? That revenue would consistently hit significantly above expenditure. Be kind. Repeat.  May these words inspire you as you proceed on your journey of making money, building wealth + being kind.  Much love,  Crowe Summary In this episode, Greg Crowe shares practical insights on managing ongoing jobs, quoting strategies, controlling your calendar, and understanding your break-even rates to improve profitability and business growth. Keywords business management, quoting strategies, break-even rates, project management, electrical business, construction, business growth, time management Key Topics Managing ongoing jobs over 20k to 2 million+ The importance of quoting and follow-up questions Controlling your calendar and time management Understanding and calculating break-even rates The role of contracts and pricing in project success Building relationships with clients and staff Lessons learned from business growth and mistakes The importance of quality work and materials Takeaways Ongoing jobs over 20k are the easiest to get wrong but hardest to fix. Always allocate 30-60 minutes to review quotes before sending. Your calendar reflects your priorities; control it to control your business. Know your break-even rates, including fixed and variable costs. Build strong relationships with clients and staff for long-term success. Mistakes in quoting and project management can be costly but teach valuable lessons. Focus on quality materials and workmanship to ensure work stands the test of time. Be aware of market rates and adjust your pricing accordingly. Titles Mastering Ongoing Jobs: Strategies for Electrical Business Success How to Control Your Calendar and Boost Profitability Sound Bites "Ongoing jobs over 20k are the easiest to get wrong." "Your calendar reflects your priorities." "Know your break-even rates to stay profitable." Chapters 00:00 Introduction to Managing Ongoing Jobs 00:30 Common Mistakes in Quoting and How to Avoid Them 01:55 The Importance of Reviewing Quotes and Asking Good Questions 02:50 Controlling Your Calendar and Time Management 04:17 The Power of a Well-Structured Schedule 05:43 Sending Quotes: Pleasing Both Present and Future Clients 07:12 Building Long-Term Relationships and Forecasting 09:34 Handling Difficult Conversations with Clients 10:56 Lessons from Business Growth and Mistakes 12:48 The Value of Experience and Continuous Learning 15:09 Understanding Break-Even Rates and Cost Components 17:27 Controlling Overheads and Variable Costs 19:50 Final Thoughts: Avoiding Costly Mistakes in Quoting