#344 // Lessons Learned ft Megan Furner from Impact Electrical

Running a business with your partner can make you or break you. Megan and her husband Lachlan have run Impact Electrical on the Central Coast NSW for 8 years. They’ve built a crew of 9 that includes an ops manager, an estimator, tradies and apprentices, and they cover Level 2, commercial, industrial, projects and service work.

Megan shares her 6 biggest lessons: -why your partner in the business needs to be a weapon at their role -building the right team around you (accountant, bookkeeper, coach, broker) -recruiting staff worth keeping, and actually keeping them -sleeping on big or emotional decisions before you make them -having the hard conversations most owners avoid -knowing your numbers

If you’re running a sparky business with your other half, send this one to them.

Much love, Crowe x

Summary

In this episode, Megan shares her insights on building a successful business partnership, recruiting the right team, and managing business finances effectively. Discover practical tips for growing your electrical business and creating a positive team culture.

Keywords

business partnership, team building, recruiting, electrical business, business finances, leadership, business growth, team culture, work-life balance

Key Topics

Importance of building a good team around you Recruitment questions and interview tips How to retain staff and create a positive culture Managing business finances and understanding numbers The significance of saying no and taking time to reflect The role of a business coach and ongoing learning Investing in equipment and team resources Future growth plans and expanding into level two work

Sound Bites

"It's all about roles and responsibilities." "Small gestures create a positive culture." "Know your numbers to grow your business."

Chapters

00:00 Introduction to Megan and her business journey 03:46 The importance of clear roles and boundaries 07:08 Choosing the right accountant and financial advisor 09:36 Selecting a business coach and ongoing support 10:36 Recruitment strategies and interview questions 12:24 Hiring your partner for the right skills 13:30 The importance of temperament and personality in team members 14:48 The significance of good onboarding and probation periods 17:20 Effective recruitment practices and avoiding common pitfalls 20:07 How to structure interview questions 22:13 Probation periods and performance reviews 27:09 Retaining staff and creating a positive work environment 28:44 The impact of small gestures and company culture 30:55 Investing in equipment and team resources 33:35 The importance of taking time before making decisions 35:19 Having difficult conversations with staff 37:34 Providing constructive feedback effectively 38:30 Knowing your numbers and financial metrics 41:18 Understanding business metrics and improving profitability 44:48 Final reflections and future plans