Small-business owners, what are you doing to stand out from the crowd? Each week, we focus on an entrepreneur who has lessons to share that we think will resonate with other small-business owners.
John Bosma, co-founder of electrical contractor, Boz Electrical Contractors, answers our questions:
What are you doing to stand out from the crowd?
While our competition kept their sights trained on providing electrical services to the private sector, we were busy forming relationships with state and local governments and inking deals for big public works projects. That business decision is helping us ride out the current rocky economy.
What’s the best part about owning your own business?
From the nail-biting bidding process to laying the final electrical wire in a building, the entire process is energizing.
What’s the biggest challenge of owning your own business?
Keeping our cash flow up has been a perpetual challenge. That’s why we place so much importance on finding the right mix of clients to work with us.
Name: John Bosma
Business: Boz Electrical Contractors, an electrical contractor.
Industry: Electrical Contracting
Location: Vernon, N.J.
Year founded: 1991
Number of employees: 60
Web address: www. bozelectricnj.com
What’s the biggest hurdle you’ve overcome?
Running a business is more than a full-time job. For me, properly managing my time has been critical.
What’s the biggest mistake you’ve made?
Early on, we focused so much on landing new contracts that we neglected the company’s existing clients. Today, I realize that building upon existing client relationships is essential to the overall success of our business.
What’s the best business advice you can offer?
Stay involved in the company’s operations and always know your cash position. Every day, I check payables and receivables so that there are no surprises.
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