Chris Scully from Action Management Pros recently discussed the importance of business growth in ensuring the long-term success of your contractor businesses. Here’s a quick breakdown of the major points:
For a business to be considered 'viable', it needs the ability to survive and thrive. And when we talk about surviving, it means under all possible conditions and obstacles that are thrown its way. Without growth, your business's survivability is compromised.
Chris points out that not reaching the “a million dollars of revenue for the year” milestone might be linked to you having a “do-it-yourself” mindset. As a business owner, your responsibilities aren't limited to construction alone; they include finance, marketing, estimates, and much more. It's essential to move beyond the "I'll do it all myself" mindset, as this will limit your future growth potential.
A common belief among business owners is thinking that you can achieve more alone or deliver better results than a potential hire or team as a whole. Truthfully, a team always accomplishes more than an individual, especially when individuals focus on their specific areas of expertise. Building a solid team to operate your systems is the solution and will significantly propel your business forward.
Maintaining the same revenue year to year makes inflation your enemy. With average inflation around 2-3% yearly, it's easy for increased business expenses due to inflation to consume your profit margins. Given that our current inflation rate is around 3.6%, without growth, profit margins could vanish within three years.
Growth doesn't only mean expanding; it also implies growing efficiently. In his video, Chris suggests implementing various systems in hiring, marketing, sales, finance, production, and especially quality assurance. These systems and a dependable team to operate them are the key to simplifying the business growth process.
Thank you for taking the time to read this post and watch Chris Scully's new YouTube video - Why Growth is Vital. We value your engagement, and we'll be posting regularly to provide you with the tools and advice you need to ensure your remodeling business grows and thrives.
Navigating business growth as a contractor can be challenging. With over two decades of tailored coaching experience, Chris and his team at Action Management Pros, LLC, can guide you toward optimized operations and sustainable success. Don't just survive; thrive under any conditions—schedule your consultation today!