In this dynamic episode of Your Business, Your Next Level, host Eunicia Peret sits down with Doug Winston, president of D&M Electrical Contracting, D&M Utility Construction, and Northeast Utility Equipment Repair. Doug brings decades of experience in the utility and skilled trades sector, and his entrepreneurial journey is anything but linear. From residential wiring to storm restoration and building cell towers, Doug has consistently grown by following opportunity and solving inefficiencies. With powerful lessons on leadership, pricing, cash flow, and niche market strategy, Doug’s story is a blueprint for long-term success in contracting and beyond.

Key Takeaways:

Follow Opportunity, Don’t Fear Change: Doug grew his business by continuously exploring new markets—from gas stations to cell towers to storm recovery.

Hire and Keep Good People: Long-tenured employees are the result of trust, flexibility, and doing the right thing even when it’s not required.

Know Your Numbers: Business owners must understand real costs, margins, and cash flow—not just rely on accountants or bookkeepers.

The Riches Are in the Niches: Competing on price is a race to the bottom; specialization reduces competition and raises perceived value.

Cash Flow and Credit Matter: Poor cash management can sink even successful businesses. Strategic use of credit, vendor terms, and banking relationships is critical to survival and scale.

Always Have a Plan B: Whether it’s in business or racing, success demands flexibility, backup plans, and exit strategies.

Timeline Summary:

[00:01:00] Doug’s career roots in residential electrical work and the path to owning his own business.

[00:03:00] Pivoting from residential to commercial, then into cell towers and high-voltage utility work.

[00:05:00] Storm restoration work begins with Hurricane Katrina—and leads to a new business in equipment repair.

[00:06:00] Creating additional revenue streams by solving internal inefficiencies.

[00:07:00] Building team loyalty through flexibility and a values-driven culture.

[00:08:00] Why understanding pricing and knowing your real costs can’t be outsourced.

[00:11:00] Problems with relying solely on accountants or traditional methods like the cash basis of accounting.

[00:12:00] Niche markets help eliminate price-based competition and allow for better profitability.

[00:14:00] Cash flow strategies: vendor payment terms, line of credit management, and cost-saving techniques.

[00:17:00] Growth traps: how to evaluate whether your business is truly ready to take on new work.

[00:19:00] Importance of having contingency plans for business moves—and how racing principles apply.

[00:21:00] Doug’s biggest financial scare and how it taught him to protect cash and choose the right bank.

[00:27:00] Final thoughts on seeking advice, trade associations, and never being the lone wolf in business.