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www.ServiceRoundtable.com
The following is based on Matt Michel’s column,“The Rant,” which appears in ContractingBusiness Magazine.Matt Michel is CE...
Apologize for price,not quality.Charge a little more and do thejob right. You only have toapologize for price once, but yo...
Get social.People are interacting in new wayswith social media. If you don’t jointhem, you’re not part of theconversation.
Eat lunch with “centersof influence.”You have to eat. Why not eat withcommunity leaders at BNI, Rotary,Lion’s, Kiwanis, Op...
Offer solar.Offer solar electric or solar thermal. This is plus business that mostcontractors overlook. Depending on the t...
Watch your image.You sell intangibles, which are invisible. People pre-judge you based onthe tangibles they can see. Your ...
Flat rate.Consumers prefer flat rate. It’s easier for fieldpersonnel. It allows you to price withoutgamesmanship.
Build it to sell.Whether you intend to sell your business, or not, create one that youcould sell. It will result in a bett...
Watch your cash.Lack of cash kills morebusinesses than anything else.Conserve your cash. Stay awayfrom slow pay customersw...
Hire slow. Fire fast.Always recruit, but be carefulabout hiring someone else’smistake. Develop your people.When you make a...
Focus on getting and keeping customers.Market always. Market continually. Market to existing customers asmuch as new custo...
Join a buying group.Don’t pay more than necessary. Getrewarded for a group’s buyingpower.
Train.Training never stops. Incorporatetraining into your service meetings.Pay for your people to take distancelearning co...
Know your numbers.Track your important metrics.Study your key performanceindicators and financial statements.
Build “your” brand.If a customer wants your brand, you’ve got a monopoly. Make it thefocus of all of your marketing and sa...
Learn continually.Read books. Read trade magazines.Read blogs. Go to conferences andseminars.
Pay for performance.What gets rewarded gets repeated.Reward behaviors you want. Create acompensation system that turnspeop...
Relax and recharge.Take vacations. Get away fromthe business. This is mandatory.
Make yourselfunnecessary.If your company cannot exist withoutyou, you don’t own a company. Youown a job.
Hire aboveyourself.Hire people who arebetter than you. Hirepeople who will lift theorganization up, ratherthan hold the or...
Don’t reinventthe wheel.Your industry has lotsof resources from lotsof smart people. Takeadvantage of otherpeople’s succes...
Seek good partners.Find manufacturer and distributor partnerswho will work with you to grow and prospertogether.
Own your customers.Only offer extended warranties that you control. Besticky with service agreements, loyalty marketing,an...
Be easy to do business with.Answer the phones with humans. Workextended hours. Provide service andinstallations on the wee...
Share your vision.Where do you want to be infive years? Describe it. Sharethe vision with your team andthey will help you ...
Give back.Give back to your community. Get involved locally. Support local charitiesand associations. And give back to you...
www.ServiceRoundtable.comSharing this presentation.This presentation may be shared without restriction, provided it is not...
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Business Advice for a New Small Business Contractor

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What makes a small business successful? More specifically, what defines a successful, small service business? Here are a few traits characteristic of successful small businesses in the heating, ventilating, and air conditioning (HVAC), plumbing, electrical, and solar industries. The presentation is based on one of Matt Michel’s columns, “The Rant,” which appear in Contracting Business Magazine.

Matt Michel is CEO of the Service Roundtable, an organization dedicated to helping service contractors improve their business and financial performance, leading to a profitable exit strategy. The Service Roundtable serves Electrical, HVAC, Plumbing, and Solar contractors. Learn more at www.ServiceRoundtable.com.

Published in: Business
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  • DOWNLOAD FULL BOOKS, INTO AVAILABLE FORMAT ......................................................................................................................... ......................................................................................................................... 1.DOWNLOAD FULL. PDF EBOOK here { https://tinyurl.com/y8nn3gmc } ......................................................................................................................... 1.DOWNLOAD FULL. EPUB Ebook here { https://tinyurl.com/y8nn3gmc } ......................................................................................................................... 1.DOWNLOAD FULL. doc Ebook here { https://tinyurl.com/y8nn3gmc } ......................................................................................................................... 1.DOWNLOAD FULL. PDF EBOOK here { https://tinyurl.com/y8nn3gmc } ......................................................................................................................... 1.DOWNLOAD FULL. EPUB Ebook here { https://tinyurl.com/y8nn3gmc } ......................................................................................................................... 1.DOWNLOAD FULL. doc Ebook here { https://tinyurl.com/y8nn3gmc } ......................................................................................................................... ......................................................................................................................... ......................................................................................................................... .............. Browse by Genre Available eBooks ......................................................................................................................... Art, Biography, Business, Chick Lit, Children's, Christian, Classics, Comics, Contemporary, Cookbooks, Crime, Ebooks, Fantasy, Fiction, Graphic Novels, Historical Fiction, History, Horror, Humor And Comedy, Manga, Memoir, Music, Mystery, Non Fiction, Paranormal, Philosophy, Poetry, Psychology, Religion, Romance, Science, Science Fiction, Self Help, Suspense, Spirituality, Sports, Thriller, Travel, Young Adult,
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Business Advice for a New Small Business Contractor

  1. 1. www.ServiceRoundtable.com
  2. 2. The following is based on Matt Michel’s column,“The Rant,” which appears in ContractingBusiness Magazine.Matt Michel is CEO of the Service Roundtable, an organization dedicated tohelping service contractors improve their business and financialperformance, leading to a profitable exit strategy. The Service Roundtableserves Electrical, HVAC, Plumbing, and Solar contractors. Learn more atwww.ServiceRoundtable.com.
  3. 3. Apologize for price,not quality.Charge a little more and do thejob right. You only have toapologize for price once, but youwill apologize for quality forever.
  4. 4. Get social.People are interacting in new wayswith social media. If you don’t jointhem, you’re not part of theconversation.
  5. 5. Eat lunch with “centersof influence.”You have to eat. Why not eat withcommunity leaders at BNI, Rotary,Lion’s, Kiwanis, Optimist, or othergroups?
  6. 6. Offer solar.Offer solar electric or solar thermal. This is plus business that mostcontractors overlook. Depending on the trade, the same is true forgenerators, geothermal, home security, home automation, waterpurification, jetter services, remodeling, etc.
  7. 7. Watch your image.You sell intangibles, which are invisible. People pre-judge you based onthe tangibles they can see. Your trucks, your people, your uniforms, yourmarketing, your social media, and your website should consistentlypresent a positive, professional image.
  8. 8. Flat rate.Consumers prefer flat rate. It’s easier for fieldpersonnel. It allows you to price withoutgamesmanship.
  9. 9. Build it to sell.Whether you intend to sell your business, or not, create one that youcould sell. It will result in a better, more profitable company. Always beworking on an exit strategy.
  10. 10. Watch your cash.Lack of cash kills morebusinesses than anything else.Conserve your cash. Stay awayfrom slow pay customerswhose require significantexpenditures of your cashbefore getting paid. Better yet,become 100% COD.
  11. 11. Hire slow. Fire fast.Always recruit, but be carefulabout hiring someone else’smistake. Develop your people.When you make a hiringmistake, fix it fast.
  12. 12. Focus on getting and keeping customers.Market always. Market continually. Market to existing customers asmuch as new customers.
  13. 13. Join a buying group.Don’t pay more than necessary. Getrewarded for a group’s buyingpower.
  14. 14. Train.Training never stops. Incorporatetraining into your service meetings.Pay for your people to take distancelearning courses, attend webinars,and go to local and national trainingprograms. Remember, it’s better toinvest in employees who might leavethan to fail to invest in employeeswho stay.
  15. 15. Know your numbers.Track your important metrics.Study your key performanceindicators and financial statements.
  16. 16. Build “your” brand.If a customer wants your brand, you’ve got a monopoly. Make it thefocus of all of your marketing and sales activities. After all, it’s the onlybrand you own.
  17. 17. Learn continually.Read books. Read trade magazines.Read blogs. Go to conferences andseminars.
  18. 18. Pay for performance.What gets rewarded gets repeated.Reward behaviors you want. Create acompensation system that turnspeople into self-managers.
  19. 19. Relax and recharge.Take vacations. Get away fromthe business. This is mandatory.
  20. 20. Make yourselfunnecessary.If your company cannot exist withoutyou, you don’t own a company. Youown a job.
  21. 21. Hire aboveyourself.Hire people who arebetter than you. Hirepeople who will lift theorganization up, ratherthan hold the organizationback..
  22. 22. Don’t reinventthe wheel.Your industry has lotsof resources from lotsof smart people. Takeadvantage of otherpeople’s successfulideas, products, andprograms. Pay themfor their experience.In the long run, yousave time and money.
  23. 23. Seek good partners.Find manufacturer and distributor partnerswho will work with you to grow and prospertogether.
  24. 24. Own your customers.Only offer extended warranties that you control. Besticky with service agreements, loyalty marketing,and affinity programs.
  25. 25. Be easy to do business with.Answer the phones with humans. Workextended hours. Provide service andinstallations on the weekend. Offer thirdparty financing.
  26. 26. Share your vision.Where do you want to be infive years? Describe it. Sharethe vision with your team andthey will help you achieve it.
  27. 27. Give back.Give back to your community. Get involved locally. Support local charitiesand associations. And give back to your industry. Join a contractor group.Mentor others. www.ServiceRoundtable.com
  28. 28. www.ServiceRoundtable.comSharing this presentation.This presentation may be shared without restriction, provided it is notmodified or changed.

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