Profit is your FUEL

This is Part 3 of a series taken from the our new E-Course "show notes"
 45 Days to build a STRONG restoration company. 

 

Profit is your FUEL

Let's talk about my favorite topic. 

PROFIT 

I have a sign in my office that says:

Gross revenue is vanity

Net Profit is Sanity

Cash is KING. 

 

It’s true!

 

Profit is your everything and I stand on mountain tops screaming that if you are not truly profitable you put a terrible strain on the engines, your wings and sometimes force the plane to land (to use the metaphor of your business being like an airplane).

The number 1 reason a business fails is CASH FLOW. Cash Flow, as we have discussed all along in this section is affected by a combination of many things.

 

Your marketing gets your product/ service noticed and entices people to buy from you.
Your sales effort to ensure that you are selling enough of a service to meet the financial needs of your company.

Then your control of the...

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Albert Einstein and a lesson about making mistakes

While I have not been able to confirm this story to be true, the moral of the story is a good one. So I want to share it with you.

This was shared online and I happened to come across it while digesting turkey and stuffing leftover from Thanksgiving.

 


One day Albert Einstein wrote on the board:

9 x 1 = 9

9 x 2 = 18

9 x 3 = 27

9 x 4 = 36

9 x 5 = 45

9 x 6 = 54

9 x 7 = 63

9 x 8 = 72

9 x 9 = 81

9 x 10 = 91

The chaos started suddenly in the hall because Einstein made a mistake. This was Einstein! How could this genius get such a simple equation wrong?

Correct answer 9 × 10 =. And all his students ridiculed him.

Einstein waited for everyone to be silent and had a powerful lesson that no one soon forgot:

"Despite the fact that I analyzed nine problems correctly, no one congratulated me. But when I made one mistake, everyone started laughing. This means that even if a person is successful, society will notice his slightest mistake. And they'll like that.

So don't let criticism...

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I knew nothing when I started

Toby here.

Just wanted to share a little of my story with you.

I started in business for myself out of necessity. I did not know what I was doing. I had a formal education. I had 15 years of corporate experience. But I didn’t know what it took to run a business.

I didn’t even know that there were a lot of resources available for people like me. From my perspective, I had the example of family and friends who had been successful in business. 

I started on my own after leaving the job that at one time seemed like part of the journey of a lifetime. 

In time I realized that the company I worked at wasn’t aligned with my core values. 

It took me starting out on my own to figure out what my core values were and why I was experiencing friction in corporate. 

I launched out on my own. I started where I was. I did what I knew how to do with the resources available to me.
I happened to get a call for help from a business coach. She actually hired my...

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10 Fundamental Needs to Start a Restoration Business.

Sitting up late this weekend and writing out some foundational pieces to a larger program we been building. Wanted to share a few that we just don't feel anyone should have to wait for.

First, let's set the stage for the audience and the reason for the program. It's a blueprint of sorts.

The intended audience is geared for the restoration/ remediation contractor. But the principles certainly lend direction to any business.

This will act as a blueprint for the dozens of requests we get per month from clients and not clients alike.
We feel that having an easy to read and follow system would help the entrepreneurial business owner manage a small to medium firm and not get into the hampster wheel of being forever IN the business.

This is a shorter version


1. Start with a plan.

This may seem "obvious" but I can promise it's far too often overlooked or even generally overlooked.

What is your service? Will you be multi service? You need to understand the myth of multi-tasking and avoid the...

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It's as Simple as The Three P's

Maybe you have heard of the PPP.

I don't mean the 2020 Payroll Protection Plan.

 I'm talking about the well used entrepreneurial system stemming around:

  • People
  • Product
  • Process

 

Learning how to stay FOCUSED and keep your eyes on these three can help make everything else work more efficiently and profitable.

 In the restoration industry, or any trade  I would presume, we leave these often ignored, neglected or even implemented out of order. This starts the process of chasing our tails forever !

 You must start with the right people. The right mix of talent and people in the right roles. This is almost single handed, the MOST critical point. One you must spend time on. 

 We see far too many people focusing on product 85% of the time. This is the outrageous pursuit of all the IICRC certifications and all the toys the carriers push upon you to pay for.

 But most try to use entry level people with little to no true training and SOP's to push...

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