Stages of Growth: Cracking the Million Dollar Code - PDCA Expo 2014

2,220 views

Published on

Stages of Growth: Cracking the Million Dollar Code
Not everyone wants a business that grosses a million (or multi-million) dollars a year. Some business owners prefer more of a "lifestyle" business just big enough to pay you a comfortable income without a lot of complexity. This education session is for Painting Contractors who have a bigger vision and who want to grow an organization with a structure that gives you more freedom and more options for your future. Options like being able to delegate key activities of the business so you can take more time away from the business without losing money. How about creating a business that is more saleable? Or one that continues to pay you in retirement after you've stepped back from an active role in the company.
How do you get there? Many contractors struggle with getting past the stages of growth to get you to that Million Dollar mark and beyond.
In this workshop we'll explore:
• The stages of growth that Painting Contractors work through on the way to reaching certain levels of income and business maturity.
• Mapping out a structure to achieve your vision at each stage of your growth
• Best business practices for Painting Contractors who want to grow a successful and professional company
• Creative ways to achieve results by not doing what everyone else does
What is keeping you from achieving your growth goals? We'll explore some common stumbling blocks, and suggest strategies and actions you can take to increase your ability to successfully evolve your business to achieve your vision.

Published in: Business
0 Comments
1 Like
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total views
2,220
On SlideShare
0
From Embeds
0
Number of Embeds
1,079
Actions
Shares
0
Downloads
0
Comments
0
Likes
1
Embeds 0
No embeds

No notes for slide

Stages of Growth: Cracking the Million Dollar Code - PDCA Expo 2014

  1. 1. Linnea Blair, Advisors On Target Painting and Decorating Contractors of America PDCA Expo 2014 March 13, 2014
  2. 2.  Stages of growth that Painting Contractors experience on the way to reaching levels of income and business maturity  Mapping out a structure to achieve your vision at each stage of growth  Best business practices for Painting Contractors who want to grow a successful and professional company  Common stumbling blocks to growth  Achieving sustainable growth
  3. 3.  Increase profits and owner compensation  Work ON not IN  Exit Strategy  Expanded service offerings  Work/Life Balance  Create life for various stakeholders
  4. 4.  Stage 5 – Next levels of Growth  Stage 4 - $1Millon +  Stage 3 – Mid Stages of Growth  Stage 2 – Early Stages of Growth  Stage 1- Start Up
  5. 5.  Focus  Competence  Commitment  Organization  Intelligence  Curiosity  Natural / Developed Talents
  6. 6.  Financial situation  Family commitments  Other businesses, jobs or endeavors  Other commitments
  7. 7.  Economic  Geographic  Demographic  What else?
  8. 8.  Focused, competent, committed, organized, intelligent, curious  Willing to learn and grow  Willing to seek help and advice  Willing to invest in their business  Committed to their Vision and a Strategic Plan to achieve it  Committed to spending time planning on a regular basis – annually, monthly, weekly
  9. 9. What structure do you need at each stage of growth
  10. 10.  Field personnel  Overhead personnel  Facility - Office/Shop  Marketing  Systems  Advice
  11. 11. Invest in your people  Training  Safety  Benefits  Incentive programs  Career path
  12. 12.  Policies  Meetings  Communication  Marketing
  13. 13. Are you putting roadblocks in your own way?
  14. 14. 28  No Office/Shop  Not enough Vehicles/Equipment  No (not enough) overhead personnel to take on key tasks that aren’t getting done by you  Lack of adequate financing  Lack of documented systems and processes  No client list  Hiring the same position over and over and not getting the results you need
  15. 15.  Lack of planning  Lack of commitment to initiatives you start  Incompetent employees (or family members) you refuse to let go  Trying to do an end run around Uncle Sam  Bleeding your painting company to fund other ventures  And….
  16. 16.  Not investing in your company  Not investing in your people  Not investing in your professional and personal growth 30
  17. 17.  Insanity: doing the same thing over and over again and expecting different results. ◦ Albert Einstein 31
  18. 18.  What changes need to occur in your financial structure with growth?
  19. 19.  Increase in assets, cash, receivables, vehicles and equipment  Increased need for working capital  Increased need for financing (debt and equity)  For every $1 of assets added to your balance sheet, you will require an additional $1 of debt or $1 of capital (reinvestment of profit) to finance it
  20. 20.  Additional overhead costs  Periods of decreased profit margin  Increase in revenue per direct labor hour
  21. 21.  What changes need to occur in your company structure with growth?
  22. 22.  Shop/Office  Skilled Office Management  Sales/Estimators  Strategic Marketing Plan  Streamlined Estimating and Proposal process  Training programs for employees  Incentive plans for peak performance  HR Systems and employee development programs with role definition and expectations  Financial Management  Effective, efficient, documented business systems  Quality Control systems to consistently deliver high level of customer service  Recruiting systems
  23. 23.  Have a vision for what you want to achieve  Make a strategic plan to get there  Consider variables and success factors  Use best business practices  Look for creative ways to develop the structure that supports your growth
  24. 24. Business Coaching and Consulting Services for Painting Contractors  Group Coaching for Painting Contractors ◦ – starts April 3 2014  One to One Business Coaching & Consulting  On Target Peer Group Program Find out more at AdvisorsOnTarget.com 39
  25. 25. Advisors On Target Business Coaching & Consulting Linnea Blair  Office: 619.291.3700  Email: Lblair@AdvisorsOnTarget.com  Web: AdvisorsOnTarget.com  Twitter: AdvisorOnTarget  Facebook: facebook.com/AdvisorsOnTarget  LinkedIn: linkedin.com/in/linneablair 40

×