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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Putting your dreams on paper

This is Part 2 of a series taken from the our new E-Course "show notes"
 45 Days to build a STRONG restoration company. 

Planning: Identifying your business goals?

From the desk of Sir Klark Brown.

Our big 2022 goal is in this blog. You don’t want to miss it… we don’t want you to. We need your help to accomplish our BHAG (BIG, HAIRY, AUDACIOUS GOAL)


You decided to start a mitigation company. Based on your experience and exposure you may have some lofty goals. 

Goals of money… Hopefully an emphasis on profit. 

Ideas of free nights and weekends. 

It is possible you feel like this recession proof business will provide endless quality leads. 

These are valuable in building your company. 

Let’s bring things back to reality and set short term and long term goals

In the world of setting goals, this sentiment is shared by many without being discussed as it should:

The crash of overwhelming failure felt when unrealized...

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What do you want out of your Restoration Business?

This is Part 1 of a series taken from the our new E-Course "show notes"
 45 Days to build a STRONG restoration company. 

Let's go back to the beginning and take a journey. 

Or maybe you are at the beginning and are wondering which direction to take.

Walk with me for a bit. 

 


 

As we start this journey together, it is important that we remember that we are…. well, at the beginning.
All successful efforts and endeavors start with a clear vision and goals. Not only for ourselves, but as we build a team to help us, the importance of this omni present vision will be among the most critical assets you have. 

Do you ever just not know where to start or how to do what MUST be done? You ask yourself if this is all worth it. 

Today our focus will be on never ever having a feeling that you are unclear and you show up at your office and not know what to do or what to do next.
This clarity and confidence will help you in marketing, team...

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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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The Impact of Mentors

 Mentors and mentorship have long played an important role in the development of greatness among leaders. It has often been said that self made leaders are a myth. I believe that. I think those that think they are self made have a debilitating ego and will never be about to lead 


The word mentor can be a noun or a verb meaning: An experienced and trusted advisor

I have had many mentors in my life and career. Some I recognized...and many I did not. Meaning I did not accept their help as being from a place of mentorship and guidance…..I was a younger-less wise person for many of my years. Life has a way of stripping that out of you, right?

I’ve had mentors in my personal life. I’ve also had mentors in business. The funny thing is that the lines are very blurred there. 

My first “mentor was Rudy Thrower at an old full service station. Rudy’s (original, I know). I worked there early in my life. As in about age 6-7.shhh. Don’t tell the...

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Recruiting and Staffing EPIDEMIC

Staffing is an incredible burden to the restoration industry as a whole. But we can take solace in the fact that it's an epidemic and it is not sparing anyone, especially blue collar industries.

We actually did a podcast on this subject. It is definitely one of the most popular episodes to date. It is titled “I got 99 problems, and staffing is one”. 

We have also created a template for a recruiting and hiring process that you will be able to download for FREE at the end of this post. 

We talk with restoration companies every single day, and we hear the same thing from everyone in every corner of the country:

We can’t find help.

No one even applies.

If they apply, they are no call no show to the interview.
 

Its the same story!

What do we do?

Everyone is tired of hearing culture and money is the solution. 

But the truth is, these are big factors. The companies that we see thriving in this tumultuous time are companies that are paying well, and...

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Micromanagement stunts your growth

As a corporate employee that started at the bottom so to speak and earned my stripes to get into management, I was able to bounce around and see different types of leadership in action. I was the recipient of different types of leadership. 

As kids we dream of "one thing we would do if we were president". Normally it is no homework for all school aged kids. 

As I experienced various types of leadership, I quickly decided that micromanagement would not be my leadership style. It was the "one thing I would do as a manager."

As defined in the Trainual Blog post "4 Signs of Micromanagement":
Micromanagement is a leadership style where managers excessively supervise their direct reports. So, rather than delegating a task and trusting it will get done, a micromanager will hover over each step as it is performed, insert themselves into the process, or take over completely. If they do delegate, micromanagers want the task done exactly how they would do it...

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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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Stop managing. Start leading.

The great Steve Jobs was quoted as saying, “Management is about persuading people to do things they do not want to do, while leadership is about inspiring people to do things they never thought they could.”

Business owners that are hyper-focused on surviving get caught up in managing. There is a sense of security when they are involved in the day to day operations. They feel connected to the business, but they are living the E-Myth (as described by the book written by Michael Gerber). Arguably they have a vision and mission that prompted them to start the business, but they aren’t sure how to accomplish their dreams. Leadership is a struggle for most small to mid sized businesses.

Good leaders know that they are the best when they help others reach their goals. Leaders create more leaders because they are really good at educating, delegating, and course correcting when things don’t go as planned.

Lo Kidd, the Content Manager at Trainual wrote an excellent...

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