What's the secret to growing your business if the sector you work in is in a slump?
What's the secret to growing your business if the sector you work in is in a slump?
According to electrical contractor Tasman Power, it’s helping your clients identify cost savings and reinvesting profit into unique capabilities that can grow other income streams.
And key to making this happen is keeping staff happy by providing a safe working environment with opportunities for advancement.
Since starting the business in 2007, managing directors Mark McDonnell and Jason Pryde have grown their Pilbara-based business around a strategy of diversification.
They now have 120 employees after continuing to hire staff and maintaining high retention rates even as the mining sector they work in has declined.
Mr Pryde said the nature of Tasman Power’s varied services – providing specialised electrical and instrumentation installations, to shutdown maintenance, and ongoing support – meant jobs varied from one day’s work to 18-month contracts.
By pursuing a variety of contracts and building relationships with clients across the Pilbara, Tasman Power has secured a steady and growing bank of work.
Mr Pryde said that, as the company won more contracts due to its reputation for quality work done on time and on budget, it invested in growing its workforce and buying more assets to set it apart from competitors.
In addition to expanding its plant and equipment fleet each year, last year Tasman Power built a drill rig dedicated to installing earth rods for power supply.
The unique piece of kit was a hit with clients, and Tasman Power recently bought a second drill rig to keep up with demand.
Buying equipment that it can hire out to other providers has also provided Tasman with one of its many diverse sources of income.
“We are aiming to continue our strong safety record, increase our capabilities, strengthen our management team, acquire additional plant and equipment, and continue to improve all areas of the business operation,” Mr Pryde said.
