I’ve been thinking about this over the last couple months.
Is a home remodeling business the most complex small business to own and operate?
- Ever changing rules, regulations, and inspectors to deal with
- Ongoing training and certifications to keep on top of
- Keeping employees productive, trained, and happy. Always planning on who you need to hire/let go of next
- Managing the relationships with your group of sub-contractors
- Effectively marketing your business to generate a flow of quality leads
- Having an effective and streamlined design and estimating process
- Managing your sales pipeline and follow-up
- Continuing to improve and work on a strong sales process from start to finish
- The pressure of signing work and selling it at a solid markup while competing against a host of competition
- Running job cost reports and then evaluating performance, and making adjustments
- Understanding and consistently reviewing your Profit & Loss Statement
- Managing risk – having the proper insurance
- Managing cash flow, accounts payable and receivable
- Being a leader. Setting the vision for the business. Setting annual goals and managing your overall business plan
- The need to keep an eye on new products and ways of doing things more effectively
- The need to buy tools/equipment and the tug of war on what to invest and not invest in
- The hard work it takes to deliver a high-quality finished project on-time and on-budget
- Oh, and you’re also in people’s homes – tearing them apart and putting them back together. It takes time, patience, and effort to manage the relationship and expectations of your clients
You’re running a very complex business.
More complex than your buddy who is a financial advisor, insurance agent, realtor, car salesman, lawyer, dentist, chiropractor, engineer? Yes. I think so.
Here’s the key to taming this beast:
You can’t effectively do it all on your own. You need to surround yourself with a team of people who can help.
Perhaps I (Kyle) can be part of your team to provide guidance, insight, accountability, and systems.
Please contact me if you’d like to get to know each other a bit more and discuss how I can help you.
P.S. If you haven’t read my recent article in Remodeling Magazine you can read it here: To Make a Marketing Difference, Focus Less on What to Do and More on Doing It
The article was just posted on Remodeling Magazine’s website. I’d appreciate it if you could leave a comment on there with ONE item from the table that you are going to take action on and implement.