Case Study: Business Start-Up – Electrician Entrepreneur
An entrepreneur was working as an electrician for a major commercial renovation contractor in Abbotsford BC. He identified a niche market in serving residential homes by providing electrical wiring services to small builders. Demand for his services flooded his schedule and before he knew it he was working seventy hours a week. It wasn’t too long before he realised his work was consuming him and that the income didn’t match the effort. His personal life was totally ignored for a while which has caused him even more stress.
The client’s busy schedule wouldn’t allow him to take a closer look at his business. He was immersed under work and in the business. He was proud of his skills and the service delivery, but needed to recognise that an excellent trades person without business knowledge would soon fail to achieve his business and personal life goals & objectives.
A thorough business analysis was carried out encompassing financial management, service pricing and his day to day accounting aspects. Through a series of meeting, teaching and coaching sessions BMF Consultants articulated a personal and business strategic road map.
BMF Consultants focused on:
- Clearly identifying the owners business and personal goals & objectives.
- Examining the reason for the high work volume by analysing service’s cost and pricing, market demand and competitors pricing.
- Training and implementing financial planning and management tools and an adaptation strategy within the business.
- Providing a systematic and ongoing support to the client in realising Return On Investment (ROI) on the consulting fees.
BMF Consultants identified the reason for the high demand of the client’s services and articulated a pricing policy and strategy for the businesses growth. BMF consultants also identified a strategic human resources requirement, they assisted the client in recruiting a bookkeeper and set up an accounting package for the business.