Voltage drop

OK..I just got my Stage II FBO kit installed, repaired some of the wiring harness along the way. I also put the whole engine harness in loom after taking off the electrical tape and removing my old fuel optimizer circuit (I don't think it EVER would have turned on again.

I may have an issue though.

My start and run wires at the ignition only show 11VDC, even though my battery and starter relay show 12.5VDC. I haven't started it yet, as I need to go to work in a bit.

I'm just wondering if this IS a problem, and if so, is there a likely culprit (ignition switch, bulkhead connector. etc)?