MILWAUKEE, Nov. 8 /PRNewswire/ — Standard Electric Supply Co. was honored by the Milwaukee Business Journal as one of the recipients of its annual Mid- Market Growth Awards. The Mid-Market Growth Awards honor companies that have experienced substantial revenue growth over the past three years.
In 1989, when Larry Stern, President, joined the company, Standard Electric produced annual sales of $13 million, from one location located in Milwaukee. In 2005, Standard Electric generated sales approaching $60 million and had expanded its service area to eight locations in Wisconsin and Northern Illinois. In the last three years, Standard Electric has produced a 37 percent growth in sales.
“When I came to the company I wanted to bring us a focus, I knew that we could not be all things to all customers,” Stern said.
Standard Electric focuses almost exclusively on customers in the industrial sector. This has allowed Standard Electric to gain the knowledge of customers’ needs and wants, and has facilitated the expansion of the company’s services to its customers.
“Our focus on industrial customers is a major reason we’ve grown. We identified our customers’ needs for technical support and now have a staff of more than 15 engineers compared to one in 1989,” Stern said.
In addition to developing an insight into their customers’ ever-changing needs, Stern attributes the company’s commitment to superior customer service as a factor in their growth.
“We have tried to create an environment in which our associates believe service is a differentiator. We’ve built continuous improvement into our culture,” Stern said.
Stern believes that there are still plenty of opportunities in their market to continue growth, and looks forward to continuing to meet and exceeding customer expectations.
Standard Electric Supply Co. is an electrical distributor serving customers in Wisconsin and Northern Illinois from its seven locations since 1919. The distributor offers a wide array of value added services including inventory management, engineering support and enclosure modifications.