Free business sessions for electrical contractors

For many electrical contracting businesses, 2013 has undoubtedly been a difficult year for economic growth. But despite this, many businesses have been able to weather the storm; and I’m pleased to say the outlook for 2014 is on the up.

Experts have recently predicted economic growth for Australia in 2014 to be between 2.75 and 3.25%, suggesting our economy will soon see itself back on track this year. Recent Commsec statistics show the ASX 200 rose 15% in 2013, with the US Dow Jones rising 26.5%, both key positive financial indicators for the year ahead. Experts are optimistic that our economy will finally pull itself out of third gear in 2014.

But what does this mean for electrical contracting businesses? While these statistics portray a positive economic outlook for the year ahead, it will be important for businesses to adapt and be ready to capitalise on a different, albeit more buoyant, Australian economy.

One of the major challenges for electrical contractors is having sufficient business know-how to manage a prosperous company. Not only do tradies have to focus on the technical labour of their work, they also have to juggle the entire ‘behind the scenes’ business administration, marketing and financial needs that come with growing a company. Feedback from our members has been that they lack the understanding of how to generate and keep a business going.

This was what prompted Master Electricians Australia (MEA) to trial a new series of free business sessions in Brisbane last year to assist members with the business support they need. From contract negotiations to budgeting and cash flow, these business sessions have been designed and tailored to assist our members in achieving business success. Part of the motivation behind this series is also to assist the silent partner in most of our members’ businesses - often it is the wife or partner who does the books, pays the bills and generally makes it all work.

Following the success of our Brisbane trial, MEA will this year be rolling out a series of free business sessions across the country for our members. These business sessions provide more than just assistance with the day-to-day running of a business; they act as a support helpline as well as a platform for many business owners to have their questions answered.

It is important to remember that even during tough times there are always opportunities around the corner, and MEA is dedicated to helping our members and our industry flourish in 2014.

www.masterlectricians.com.au