Have you noticed people who think and act small, stay small, and those who think and act BIG, are the ones who make it happen? Being HUGE is attitude, altitude and active action. It’s getting past the little things which get in your way and hold you back. It’s being bigger than setbacks and obstacles that paralyze your progress. It’s not blaming your circumstances on the economy, your customers, employees or the market you operate in. It’s making a decision to set your sights higher, grow and do what it takes to make a profit in any economy.
Being HUGE is taking risks, moving forward no matter what and getting out of your comfort zone. It is positive action. It is more than doing the same things over and over. It’s getting excited about the future, looking for opportunities, changing you services, adding more value, finding new customers, doing business different, and making BIG things happen!
1. Focus on finding higher profitable revenue
The secret to business success is to create higher profitable revenue against less competition. Getting money from customers is the only way you can make a profit. Your business will only be successful when you have loyal paying customers — lots of them.
An awesome finished project or great service doesn’t matter without high margin customers who don’t shop your price and give you at least 33% of their work. Stop relying on your past low bid customers to call to keep your pipeline full of future work.
Focus at least 25% of your time finding and creating new revenue and invest at least $20,000 — or 1% to 3% of your annual volume — in marketing and sales activities.
2. Help others
The key to creating lots of loyal customers is to help those who need what you offer and have the money to pay what it is worth. You are not a builder, contractor, architect, supplier or any other type of business. You are a value-added resource who helps customers solve their problems, make money or improve their businesses or lives.
Do you help your customers? Do they know it and pay you big bucks for valuable help or do you just build what your bid includes?
What else do your customers need or want that you are not providing? For example, today a remodeling or building contractor must also offer financing, design, construction, property management, repairs and ongoing maintenance to remain viable.
3. Learn from others
When you spend time with successful people, you elevate yourself and seek higher levels of success. When you observe the best, you get inspired to be the best.
I have enjoyed breakfast every Tuesday morning for 15 years with a group of HUGE guys from different businesses and backgrounds. We challenge each other to do what's right, make a difference and become better.
Most high profit contractors have a peer group they meet with on a regular basis facilitated by a construction business coach who keeps them focused on doing more better at a higher level. What are you doing to surround yourself with a group of diverse and successful business leaders who raise your sights and inspire you to do more and be HUGE?
4. Differentiate or die trying
There are lots of different companies who do business lots of different ways. Some offer unbelievable great service while others offer only the minimum. Some do precision quality work while others do what's necessary to get paid. Some charge too much while others don't charge enough.
There is no set formula or standard way to become successful in business. However, there are sound principles which make some companies more successful than others.
One important factor to secure high margin profitable work is your ability to set yourself apart from your competition. People like and pay more for and remember different or unique. Most businesses are not very different at all than their top five competitors.
Most good companies strive to provide quality workmanship or service — the same as their competitors. This doesn’t make them different. When you’re not different, you only have price to set your company apart.
What makes you different? Does your customer think you’re different? Will they pay more for you than your competition?
5. Get involved
It is impossible to get where you want to go without continuous improvement. You have to grow 10% to 20% every year just to stay even.
Your local industry association is a great place to discover better ways to do business, seek support, learn form others, watch the pros, get advice, be encouraged, and make friends. Another place to hang out is where your customers go. Show up, get involved, help out on a committee, be visible, get active, and be HUGE. Be a giver, not a taker.
Are you involved (really involved) in your industry, your community and where your customers are active? Make a contribution to your future by getting involved in helping others.
Being HUGE starts with a decision — your decision to make a decision. Your decision to make a decision to decide you will make it happen.
Your future is a blank slate starting today. Only you are responsible for you. Nothing is in your way except your decision about your attitude and how you spend your time.
I am excited everyday that I can think, act and BE HUGE! This attitude and altitude gives me an edge, an advantage and an outlook enabling me to go where I want to go and do what I want to do. Think small, stay small. Act small, be small. Think HUGE, Act HUGE & BE HUGE!
George Hedley is a professional construction business coach and professional industry speaker who helps contractors grow, make more profit, and get their companies to work! He is the best-selling author of “Get Your Construction Business To Grow & Profit!” available at his online bookstore at www.HardhatPresentations.com. E-mail GH@HardhatPresentations.com to sign-up for his free e-newsletter, be part of an ongoing BIZCOACH program, or get a discount for online courses at www.HardhatBizSchool.com.