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ECD - Emerging Contractor Development
Structured one year program with bi-weekly meetings will keep the growing contractor on track along with providing short training modules on a variety of subjects critical for future growth.
Program designed specifically for the contractor with revenues between $250K and $2M.
Over the course of the program the contractor will develop stronger infrastructure in all areas of their business.
After completion of the program the contractor can expect increased profitability along with better employee morale, a feeling of more control over the business and alignment of personal and business goals.
Program includes coaching sessions, workbook and “homework.”
5 Key Components
1. Strategy: The first seven modules are designed to help the contractor fully refine where they would like to be in the next few years and why. This is the most important part of the program because it establishes the framework for everything else including customers, people and the owner’s personal life. “If you don’t know exactly where you are going it will be hard to get there.”
2. Financial Basics: To achieve long-term success in any business it is very important to make data-driven decisions. A good portion of this data is financial and we will cover all the basics, why they are important and how to use them to track progress against long-term goals.
3. “People Processes”: Without people the business would not exist and without paying extreme attention to these processes the company cannot grow. This series of five modules covers everything from communications to organizational planning to managing top talent.
4. Marketing: With a good plan, a system in place to track the financial performance of the company and the right team in place the next step is creating more business. These modules focus on who to market to, how to market to them and how to keep your customers once you have them.
5. Planning & Execution: With the completion of the above modules the only thing left is to execute by creating processes, communicating effectively with your team, monitoring results and making refinements as needed.
Measures Of Program Success
General measures of success for this program include:
Profitability: Contractors will experience increased profitability at both the project level and net profit level by focusing their resources better.
Cash Flow: By streamlining processes including the customer selection, billing and collection process the contractor will experience increased cash flow.
Stronger Team: Over the course of the program the contractor will develop a stronger management team allowing them to grow more profitably.
Better Customer Base: With more of a strategic focus on what types of customers the company should be going after, financial data to reinforce who the best customers are and a plan to acquire more of those customers the contractor can expect a significant improvement to the quality of their customer base.
Ease-of-Mind: The hectic daily grind of building a business can become overwhelming at times. By backing up every couple of weeks, looking at the big picture, bouncing ideas around and creating an action plan the contractor will enjoy more of a sense of control. The rest of the team will respond better when the owner is in this more relaxed and controlled state-of-mind.