EP #49 – Why Being a Great Engineer Isn’t Enough Anymore w/ Edward Lovell
Overview
Only 16% of invoices get paid straight away. The average gas engineer is 55. And most are still charging what they charged a decade ago.
Edward Lovell joins Tulloch to break down the data from GES’s 2025 Heating and Plumbing Report — undercharging, the ageing workforce, cash flow, and why engineers with 20 years of experience are still pricing like it’s 2005.
Highlights
Edward’s background
- (1:35) – Edward’s walks through his career and original business.
- (3:52) – In his first business, invoicing and paperwork were done on paper without an easy way of keeping track. Now, it’s all automated.
Why are engineers not increasing their prices?
- (5:20) – Going from employed to self-employed, your job role changes – and a big part of that is understanding your numbers. A lack of awareness of what goes into running a business ends up with poor pricing.
- (7:30) – There’s a psychological barrier because charges aren’t looked at in relation to costs, overhead, and value to the customer.
- (8:10) – You could be undercharging not just for the costs and overhead, but the value you’re providing.
- (10:03) – Think about the customer’s problems and provide as much value as possible. You’ll be surprised at what people are willing to pay for certainty of outcome.
- (12:00) – Staying on top of admin work prevents it from building up. For Edward, each day is bookended by an hour of admin at the start and finish, then half a day each week checking things.
Why don’t engineers grow their businesses?
- (14:30) – Some don’t want to, others have operational or cash flow issues.
- (15:37) – Plumbing work can be planned or unplanned, making it difficult to manage time efficiently.
- (17:18) – Communication and time management are two of the biggest issues in the industry.
- (18:19) – There’s not enough young blood coming into the heating and plumbing industry.