No one carries the weight on their shoulders like the owner of a home services business. You’re working hard for greater freedom, massive wealth, and market domination, but does anyone get what you’re trying to do? Is anyone helping you? Are there days where you feel like you’re the only one concerned with whether the business is making a profit? A bigger profit?
If you’re clearing a single-digit profit margin, you’re probably using most of that money to keep the business running, but, in the Wealth section of the Freedom Dial, we’re talking about how to get that money working for you. Often for that to happen, first, you’ll need to generate a higher profit margin. With more profit, you’ll be able to make smart investments to produce greater revenues. Instead of you, the business owner, working alone on raising the profit margin, how about we get your whole team working toward greater profitability.
Train your employees to produce profit
How many of your service technicians are bringing in over a million in revenue per year? It is possible. Do you have at least one or two techs bringing in a lot more revenue than everyone else? To get your business producing more revenue, you need to bring the other techs up to this same level. How? Reverse-engineer your top techs. Study them. Figure out how they’re doing so much better than everyone else. Look at their processes and develop systems for every employee to follow. Then work on setting KPIs to gradually bring every employee up to the same level.
Keep your employees informed about profit
Lots of business owners will think this is crazy, but if you want to get your whole team working with you on increasing your profit to a level you’ve never been at before, start informing your staff about your revenue and expenses.
Your profit margin is too important to go it alone.
Share your vision for the company, for your employees and then explain how important revenue growth is to accomplishing that vision. Why not have a dashboard where you can constantly update current revenue and profit margin so that everyone can see where things are at? Educate your employees so that they understand that greater revenue is important, but a higher profit margin is even more important.
Motivate them to produce greater profit
There are jobs that your techs take four to six hours to complete. If we trained them on a new system that made it possible to complete Job X in under four hours, we would then set up a challenge we called “Beat the Clock.” Every employee that completed Job X in under four hours would get a small reward. If you completed the job so many times in a row in under four hours, you’d get a bigger reward. And any employee that couldn’t beat the clock would get additional training or help. The point is to have a system that encourages every employee to work toward making more profit for the company.
Get your whole team working on greater profitability so that you can generate wealth.
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