Boost Your Profitability through Entrepreneurial Action
Tuesday, January, 28th, 2014 at 10:00 am by Mike J. Agugliaro
Did you start a service business thinking it would bring you the kind of financial and personal freedom you long for? If you still find yourself working too hard, without much payoff – more freedom and profitability – it’s time for a change.
Small businesses take time to build momentum, but when you’re busy going on service calls, and busy training other technicians, it’s easy to get caught up in the daily routine and not take action to move momentum along.
At CEO Warrior, I work with owners of plumbing, electrical and heating and air conditioning businesses, as well as other service companies.
I also know you want to generate more leads and make the phone ring more often. You want to bring in more customers and make more money so you can hire the right employees and continue to grow. I can teach you strategies to grow your business from where it is now to the next level of revenue, but you’ve got to be willing to take the necessary action. You have to start thinking like an entrepreneur.
It’s kind of a vicious cycle: to bring more people onto your staff, your business has to keep growing—but you also need the right people in place so you can leave them to handle the daily business and dedicate your time to growing. If that sounds familiar, then here’s the deal: make sure you’re investing your money in the right people. You need to be able to delegate tasks to others so you can focus on growing your business. The best employees will be happy to take on whatever tasks you need done, so you can keep building the business.
You’ll also need to invest in marketing your business. That means online pay-per-click marketing, as well as traditional advertising. But pay attention to the marketing methods you choose. Make sure you know exactly where your dollars are going, and be sure you know you’re going to get a return on your investment. For instance, once upon a time getting a listing in the Yellow Pages was one of the best things you could spend money on. That was the number one source of leads for contractors for years. But today, thanks to the Internet, a Yellow Pages listing is no longer a great use of your ad dollars. Get help from someone who knows the best ways to use your money.
The third key is knowing your market. That means doing consistent research to keep up with trends and fluctuations. What is innovative today could be the norm tomorrow. Knowing the market entails knowing what your target customers need and want, and being willing to make adjustments as necessary. How many people even know your company exists? How much of the local market pie could you take ownership of? Figure out what will make certain people buy your services, and use your marketing tactics to reach out to those people. Once you have some customers, nurture relationships with them by reaching out in person, over the phone and by email. You’ll keep them coming back for more, and they’re also likely to recommend other customers to you.
All of these things require money, so you’ve also got to be able to manage your finances effectively. Keep a close eye on your cash flow and your expenses. Make sure something is set aside for when you run into problems or lean times. It will happen, so the sooner you prepare, the better off you’ll be when it does.
Running a successful service business isn’t easy, but if you take these actions, you’ll start seeing growth in your business right away. If it seems too daunting, contact CEO Warrior today. I’ll show you exactly how to take each of these steps and build your business more than you ever thought possible!
Mike Agugliaro, “Business Warrior”
Founder of the Warrior Fast Track Academy and CEO Warrior Circle