You’re hardworking, great at your trade and have put in hours building up your own business. You’ve a steady flow of jobs, but still find yourself working all hours and not bringing in the cash you feel you should be.
If this sounds familiar, you’re far from alone! Working with owners of trade based businesses, I see the same challenges over and again…
- Business owners working all hours, trying to manage the jobs, their team, the customers, the finances… constantly firefighting.
- Little, if any, tracking of the right numbers…. so money isn’t always in the bank, when it’s needed.
- A lack of systems to ensure that jobs run smoothly.
- Ultimately not having the time they’d like to spend with their families and friends, because the business is always in control of them.
It’s such an easy trap to fall into. Constantly working IN the business, because that’s where your expertise lies – the technical side of the job that you’re highly skilled at and enjoy. Working ON the business is out of your comfort zone, so you stick with grafting through the day to day, doing what you know.
But without someone focused ON driving the business forwards, it will never really grow. So as the owner of the business you need to take a step back and think about:
- What do I want out of life and what does the business need to look like to make it happen?
- What changes need to happen to get the business to that point?
- What challenges and obstacles are currently holding me back?
The goal is not to try and tackle everything at once, but over time address each area in turn. 1% changes in multiple areas add up huge!
Some tips for getting started…
- Look at how your own time is being filled. What could be delegated / deferred / deleted (read more about this here) to give you time to work ON the business each week? So often I see business owners’ time being eaten up by low value tasks that could be done by someone else!
- Set aside a fixed time each week for ON the business activities.
- Work out where the gaps are in your own knowledge / skills and plan how to fill them (are there things you need to learn yourself? Can you recruit someone part time or outsource particular jobs?)
- If money is an issue, look at your cashflow… do you know when money is coming in / going out? A cashflow forecast helps massively. When did you last look at your prices? Are you charging enough for the work you are doing? What payment terms do you have with customers / suppliers and when do you pay your staff?
- Look at how much of the business is systemised. Where could you add systems and processes to that would help things run more efficiently?
- Find out how clear your team are on their roles and responsibilities? Are they clear on expectations and level of delivery? Do they have targets that are properly tracked and reviewed? At the end of the day, you’ll never be able to down tools and really grow a business, without the right people. It’s that simple.
Find out more about growing your trade business and getting off the tools for good, by booking one of the limited spaces at our short, fast paced, seminar on 17th March…
“How to double profits in your TRADE business, without working crazy hours!”
Designed specifically for busy owners of trade based businesses, you’ll leave with a host of tips and strategies you can implement in your business straight away.