Electrical Contractor
Electrical Contractor Jolts Operations for Profits
About Thorco, Inc.
Concentrating on commercial, industrial, and high-end residential electrical contracting, Thorco, Inc. in Coeur d’Alene, Idaho, is not your typical contractor. Experts in the electrical construction business since the 1950s and now under second generation ownership, Jim and Brenda Thorpe have actively grown the business, specializing in site development and underground infrastructure. Thorco handles diverse work involving signalization, directional boring, plowing in conduit, rock sawing and locating; it is licensed to do lightening protection as well.
The Challenge
Jim and Brenda Thorpe were looking for a way to carry on the business following their succession in 2001. And over the years the company saw a strong increase in profits until 2008, when Thorco’s lack of financial and organizational controls began to make a negative impact. The company needed a better organizational structure as well as a clear chain of command. In addition, Thorco needed to establish budgets, flash reports, and key performance indicators among employees.
The George S. May Solution
As the first step with every client, George S. May conducted its preliminary Analytical Business Survey, which not only confirms business areas that can benefit, but also outlines every potential problem. “The survey was an eye opening wake-up call. It got us to think in terms of a larger realm, and about more potential through greater efficiencies, better communication and new skills,” said Brenda Thorpe.
- Improved cash flow and trained managers on break even theory, variance reporting, flexible budgeting and purchasing
- Improved employee productivity and detailed job descriptions
- More cost effective bidding
and improved vendor negotiation
- More effective staff meetings
- Improved communications, including a new a company newsletter
“We already see a new motivation in our employees with a desire to work harder. The positive approaches and professional skills of the George S. May consultants exceeded expectation. It is the best decision we have made in our business career.”
Jim and Brenda Thorpe, President and Secretary-Treasurer, Thorco, Inc.
