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#158139 - 04/02/06 08:05 PM Business Blunders  
Tiger  Offline
Member
Joined: May 2005
Posts: 706
Crystal Lake, IL USA
If we learn by our mistakes, maybe we could learn from each others also. I've made a lot of mistakes, but the first one I'll confess to is not advertising for seven years.

I'd gain about 10% new clients per year, and about 10% would move out of my territory. My business was flat for seven years, with a couple winning years & a couple losing years.

OK, I'll confess to one more. I set my rate at "the going rate" rather than figuring what I needed to charge to have a good business.

Dave


Business, Office, Estimating, Legal:

#158140 - 04/02/06 08:48 PM Re: Business Blunders  
Electric Eagle  Offline
Member
Joined: Apr 2002
Posts: 914
Alpharetta, GA
Good Subject.
A big mistake I made was not plastering my logo and phone number all over our trucks before putting them in service. We've had several vans that didn't get lettered for 2 years or more before finally getting done. We get calls regularly from people saying they got our number from the truck.

Another mistake is trying to do everything myself. I'm still working on it, but I have gotten much better at delegating. Everyone used to call me or come to me to make every little decission. Now I tell them to make a choice themselves(just make it the one I would make [Linked Image] )

[This message has been edited by Electric Eagle (edited 04-02-2006).]


#158141 - 04/02/06 09:51 PM Re: Business Blunders  
LK  Offline
Member
Joined: Jan 2003
Posts: 1,429
New Jersey
Not advertising, is costly, as you said, each year you add to your account base, at least you are able to recover, some go on for years, thinking ad's cost too much, and don't work, they usually never have more then a bottom fish account base, and after years of hard work, a business with little or no value.

"the going rate"

This is a common mistake, made by many, that are first entering the business.
Most fail to plan from day one, no goals set, no business plans in place, just a check book, and a balance, but the appearance of making money, tends to give them support, so they may continue for years operating with no compass, until they realize their efforts and hard work, are not paying what they should be.


#158142 - 04/05/06 09:02 PM Re: Business Blunders  
Electric Eagle  Offline
Member
Joined: Apr 2002
Posts: 914
Alpharetta, GA
bump

I'm srprised that me, Tiger and LK are the only EC's that have made mistakes. I was hoping to learn from others, maybe someone has figured out something that could help all of us.


#158143 - 04/05/06 09:44 PM Re: Business Blunders  
mahlere  Offline
Member
Joined: Nov 2005
Posts: 507
New Jersey
Getting into the electrical business to begin with. That was my biggest mistake.

(edited for spelling mistake)

[This message has been edited by mahlere (edited 04-05-2006).]


#158144 - 04/05/06 10:36 PM Re: Business Blunders  
Jps1006  Offline
Member
Joined: Jan 2004
Posts: 615
Northern IL
Mine was thinking I could grow overnight trying to hire guys and sell work without enough trucks or systems in place to effcienctly manage the work load, the result being, not able to service my customers and not making a good impression on potential employees because I was running my co. like an ameture.


#158145 - 04/06/06 03:11 AM Re: Business Blunders  
macmikeman  Offline
Member
Joined: Jul 2002
Posts: 717
Honolulu, Hawaii
Well since there wasn't any openings in the Rolling Stones, I decided to become an electrical contractor instead. It was a good 2nd choice.


#158146 - 04/06/06 08:02 AM Re: Business Blunders  
Dnkldorf  Offline
Member
Joined: Dec 2004
Posts: 1,064
nowhere usa
>>>I'm srprised that me, Tiger and LK are the only EC's that have made mistakes.<<<<

Oh no your not, everyone makes mistakes....

For me, my biggest blunder was advertising in the yellow pages, I didn't think about my market, and how the customers who were my market found who they were looking for...very expensive mistake for me..

Second blunder was employees..
Instead of finding the best people I could, I decided to find people who were somewhat trainable, problem was I didn't have time to train them.

Third:
Taking advise from someone who I thought knew what they were talking about..now I am skeptical about everything unless I see it with my own two eyes..

My list can go on and on, but in the end, life is a learning experience..

My mistakes, may not be yours..
You'll make mistakes, just try to learn from then.


Dnk...


#158147 - 04/07/06 07:37 AM Re: Business Blunders  
Redsy  Offline
Member
Joined: Mar 2001
Posts: 2,056
Bucks County PA
Sorry, I am not familiar with the word "mistake", it must have something to do with that other unfamiliar phrase I've heard some people say ... "I'm sorry".
Must be Greek!

[Linked Image]


#158148 - 04/08/06 10:15 PM Re: Business Blunders  
Dnkldorf  Offline
Member
Joined: Dec 2004
Posts: 1,064
nowhere usa
Redsy, doesn't "ooops" come before "I'm sorry"?

I got an analogy for that, want to hear it?

[Linked Image]

Dnk...



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