Electrical Contractor Industry Statistics Point Towards a Brighter Future in 2022
Many businesses and sectors have been compelled to develop as a result of the epidemic. Organizations’ expectations have altered as they develop a return-to-work plan; safety concerns persist, distance is the new standard, and contactless transactions are favoured.
In 2020, the construction sector as a whole, including electrical contractors, suffered a knock. Because of the economic shutdown, these firms have experienced severe supply chain challenges and delays at times. Furthermore, while electrical work such as communication, lighting, control, and security system installation remained necessary, subcontractors were frequently unable to report to jobs.
Fortunately, the tide has reversed, and the previous year’s loss in the electrical contractor industry statistics has given way to a considerably more positive prognosis for 2022. As commercial building development resumes, service providers such as electrical contracting firms are seeing new opportunities.
We’ll look at some of the most important statistics in the electrical contractor industry in this electrical contractor industry analysis. Continue reading to learn more about the electrical contracting industry’s projected strength in 2022, key opportunities for electrical contractors, and the best tools to help electrical contractors capitalise on industry growth.
Top company growth recommendations for electrical contractors
The contractor of the electrical industry has been on the rise over the past five years, with performance increasing. In fact, since 2012, numbers from 2018 indicate an almost 25% rise.
So, how can you take advantage of this uptick in the market to help your company expand?
Tips for business growth
Market figures aren’t everything when it comes to business growth. To expand in a long-term, you’ll need to actively progress, improve, and diversify your business strategy.
Use our best ideas to jump-start your the electrical industry growth right now.
1. Make changes to your customer list.
It’s critical to keep your customer database up to date. It will not only help you manage customer interactions, but it will also speed up your day-to-day activities. Regularly update your customer list to ensure you have the most up-to-date information.
2. Develop new connections
All great businesses are built on the foundation of relationships. Maintaining frequent communication with current clients, as well as seeking out for new business, is beneficial. Telemarketing is always preferable to face-to-face sales. Make time for networking events and business lunches. Keep in mind that business is largely about people.
3. Gather your assets
Encourage your employees to contact their own contacts. A team of five people making two contacts per week could generate more than 500 new leads per year!
4. Make an investment in your brand.
The best kind of advertising is word-of-mouth. Create a distinct brand that may be seen on business cards, hard hats, and corporate vehicles to help people remember you.
5. Develop a long-term plan.
Make yourself available for contracts that will pay you on a regular basis. Why not pursue commercial property as a next step if your existing customer base is mostly domestic? Or is it possible that the public sector is involved? Municipal governments, schools, or hospitals? This type of guaranteed employment should be a mainstay of your company.
6. Invest in your employees’ abilities
Hiring more or more specialised personnel might assist you in completing more specific tasks or perhaps winning new business. It’s also a good idea to invest in training to improve the skills of your current employees.