People go into the construction business to make money, get rich, build wealth and enjoy the perfect life they want. Those that follow basic business building rules for success succeed. And the rest struggle to get ahead, make ends meet and never achieve the level of success they deserve or should attain.
True Freedom is Wealth!
To be a successful business owner, you must make lots of money, have growing investments with cash flow every month, and the ability to buy and invest in business opportunities and improvements without worrying about finding the money to do what you want to do. When your business makes significant profits year after year, you’ll have enough money to hire the best people, acquire great customers, set your company apart, stop selling low price, invest in the latest technology and equipment, and afford a management team to run your company. All of this will allow the owner to enjoy the benefits of business ownership: take plenty of time off; give back to the community, church or family; and focus on priorities that will multiply his revenue, grow his assets and increase his effectiveness.
Success is Becoming What You Want to Be!
Wealthy business owners want their companies and personal empire to continually grow and expand. They are never content with maintaining a level of comfort or status quo. They want to do more, strive for excellence and become all they are capable of becoming. The more they make, the more they can do with their time and money for good. When your business struggles, you never have enough money to give back, time to help others or funds to grow your company the right way.
There is nothing wrong with wanting to be successful, having more or making lots of money. Some people are afraid to become too successful so their friends, family and peers don’t think of them as too rich or too prosperous. Think about how wrong this thinking is. Which employee or manager wants to build a career working for a poor struggling business owner without enough cash to hire the best people to help the company grow and win better customers and projects, or buy the latest technology or tools to get the job done first class? Customers also don’t want to hire cash-strapped companies to do their work for them. When you are restricted by your lack of cash flow and profits in your business, you feel boxed-in and can’t perform up to the levels you want to.
You Deserve to be Wealthy, Profitable and Successful!
Stop settling. Stop accepting less than great results from yourself, your people and your team. Stop blaming things on others, the economy, the government and your competitors. Your results are a 100 percent reflection of what you allow and want to happen.
If you aren’t winning enough profitable work in your market, it’s because you don’t do anything different to go after new customers and project types. If your field employees aren’t accountable and responsible, it’s because you let them off the hook. If you aren’t making enough money, it’s because of how you manage money, track job costs, estimate jobs, use the same subcontractors and suppliers too often, or manage jobs and contracts. You get what you deserve and allow to happen. It’s easy to keep doing the same things you are used to. But that won’t get you spectacular results or make you profitable, rich or wealthy.
Ninety-five percent of business owners never achieve the wealth, freedom or riches they deserve and really want. They just keep doing their trade as best they know how with the same size crew and small staff for years and years. Without hiring new people or finding better customers they continue micro-managing their operations, stay overworked, continue to be out of control and stressed-out about razor thin margins forever. Deep down they know this restrictive business strategy won’t allow them to reach their goals. But at least they are sort of semicomfortable, making an almost decent living and getting by as a business owner. To get out of their rut, they realize they’ll have to do something uncomfortable, take some risks, hire some new professional managers and change how they do business.
To achieve and attain the success, riches, profits, freedom and wealth you deserve starts with deciding what you specifically want. When you don’t know exactly what you want, your mind can’t focus on what you need to do to make it happen. And you also can’t develop any plans to create the future you desire.
When I work with construction business owners, the first thing we spend time on is making a list of what the business owner wants to happen over the next three to five years. It is about moving from where you are today to where you want to be. The key focus is “Continual Upward Increasing Actions” that elevate you via step-by-step measurable progress.
What Do You Want?
Now it is your time to identify your vision and make a list of what you want in your business and personal life. Dream big. Be specific: “make more money” is not a target. Make $500,000 per year taxable income is a target. Write down exactly what you want over the next three to five years using this list of targets and goals to consider:
- Size, sales revenue, growth, profits and dividends
- Equity, wealth, finances, investments and cash flow
- Customers, markets, location, project and contract types
- Services, contract revenue sources, ongoing revenue
- Strategic partners, BIZ opportunities and joint ventures
- Owner’s role, organizational structure and management team
- Project management and supervision
- Employees and training
- Field operations, productivity and tracking
- Equipment owned, revenue, profitability and management
- Estimating and pre-construction
- Accounting, financial management and technology
Those Who Know What They Want, Get What They Want!
The first step to getting what you want is to know what you want. Then you can start visualizing the actions needed to accomplish your goals. Review your list on a regular basis and start making positive decisions about what you need to do to make the list become a reality.
George Hedley is a professional construction BIZCOACH and popular industry speaker who helps contractors increase profits, grow and get their companies to work. He is the best-selling author of “Get Your Construction Business To Grow and Profit!” available at his online bookstore. To learn more, visit www.hardhatpresentations.com.