“A lot of times I don’t feel that I am the right person for the job. Like I’m not qualified to do these things I’m trying to do sometimes,” shares Chelsea Overmeyer, COO of Going Electric, an electrical contracting company in Ontario, Canada. Going Electric is a small family business that is doing a great job in terms of providing quality service, but struggles when it comes to generating profit, establishing clear communications with customers, and scaling. Today, Chelsea joins host Dan Kent to discuss where her business is succeedin...
“A lot of times I don’t feel that I am the right person for the job. Like I’m not qualified to do these things I’m trying to do sometimes,” shares Chelsea Overmeyer, COO of Going Electric, an electrical contracting company in Ontario, Canada. Going Electric is a small family business that is doing a great job in terms of providing quality service, but struggles when it comes to generating profit, establishing clear communications with customers, and scaling. Today, Chelsea joins host Dan Kent to discuss where her business is succeeding and struggling in order to identify ways to improve in real time.
Chelsea’s goal is to systemize the business and write an operations manual so that she can begin to scale, delegate tasks, and create enough value to be able to sell in 5 years if she should desire to. Currently, Chelsea wears all of the hats at once and knowledge gaps prevent her from feeling comfortable with delegating tasks like invoicing and collections. Going Electric frequently does not generate a profit and to really sort out why, it is important to look at all available financial indicators and to have some sort of system in place for tracking and targeting. While speaking with Dan, Chelsea realized that hiring out is actually an investment rather than just another expense, especially if she hires someone who can complete the tasks more efficiently than she can.
In order to clear obstacles and help your business thrive, you must have some kind of system in place for tracking and easily viewing your finances. It also is helpful to have your systems and processes in writing so that you can delegate tasks to others without risk of knowledge gaps.
Quotes
• “My long-term vision, as I imagine most business owners' visions are, is systemizing the business and writing down the processes that we have that are just verbal at the moment, but also creating more processes to be more in tune with our customers and to provide them more value.” (9:24-9:50 | Chelsea)
• “If I'm not as efficient in doing that task, then it makes way more sense for me to hire someone who is more efficient.” (58:00-58:08 | Chelsea)
• “A lot of times I don’t feel that I am the right person for the job. Like I’m not qualified to do these things I’m trying to do sometimes.” (58:34-58:42 | Chelsea)
Next Action Items - Abbreviated, with a more comprehensive “prescription” attached at clearingobstacles.com
• Create a dashboard for your finances
• Interview 2-3 accountants ideally from referrals
• Nail the written estimates with room for adjustments as needed
• Set up job costing
• Follow up on collections
• Begin delegating
• Triage your task list
Links
Connect with Chelsea Overmeyer:
Going Electric Website: https://goingelectric.ca
Going Electric Instagram: https://www.instagram.com/goingelectric.ca
Clearing Obstacles Website: clearingobstacles.com
Podcast production and show notes provided by HiveCast.fm
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