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I recently presented this education session at the Painting & Decorating Contractors of America (PDCA) Expo in Reno on March 13, 2014

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 explored:

• 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 explored some common stumbling blocks, and suggest ed strategies and actions you can take to increase your ability to successfully evolve your business to achieve your vision.

Have Questions? Call 619-291-3700.

Every January I publish my success tips for small business owners. I hope these will give you inspiration and guidance for growing a sustainable business and achieving your goals for 2014 and beyond!

Look for your Vision

Many business people think of Vision as some kind corporate-speak “vision statement” that you put together via committee and frame on the wall and put on all your marketing collateral. When I talk about Vision, I mean your personal well-thought out vision of what you want for your own life this year, 3 years from now, and even 10 or more years from now (if you can think that far!). Once you are clear about what you want for your personal life, what is your vision for your business to support your personal vision and those of the other stakeholders in your company? Draft out what your company vision looks like for this year, and at least 3 years out.

Make a Plan

With your company vision in hand, now make a strategic plan to achieve that one year vision. Looking ahead to your 3 year vision, make sure to include in your one year plan the ability to get one third of the way there…or some other appropriate “way point” that you can measure progress against. Your strategic plan will include how to generate more business (marketing), how to improve your profit margins (internal systems and processes) and how to increase capacity to serve a growing business (organizational infrastructure/human and financial capital).

Implement

Now you need to actually do something with your plan. Don’t let it gather dust on the virtual shelf! Break out your strategic plan into action steps with due dates and people assigned to take ownership of each initiative. Sometimes some items can be outsourced if you don’t have capacity or expertise within your company to take them on.

One of the biggest barriers to implementation for small business owners is to commit to making time to drive their strategic plan forward. But it is absolutely critical to the successful achievement of your goals. Put time in your calendar to work on specific initiatives or to meet with the people to whom you have delegated action items. Honor your “working ON the business” appointment times just as much as you honor appointments with your clients and prospective customers.

Track your Progress

It has been said, “What you can measure, you can manage”. Check in regularly with your progress on your initiatives. Set benchmarks and goals and measure where you are at least monthly and in some cases weekly. Have targeted meetings with key people to make sure everyone is moving forward and executing their part of the plan effectively.

Stay Accountable

Much like an Olympic athlete stays focused on practicing every day to be the best in the world, if you really want to achieve your goals for 2014, you also must be fully committed to executing your plan. When you really resonate with your vision, it’s easier to stay committed to taking the actions you know you need to take – so make sure your vision fits! But all of us need support at times to stick with our plan. There are many ways you can support your success: Form teams in your company, get outside advisors, join a peer group or just find a like-minded business owner friend to be your “accountability partner”.

My 2014 Business Success Tips just scratch the surface of how to achieve your business goals this year, but I hope you find a nugget or two that will help you take action on the opportunities you have this year to advance in the direction of your vision. Here’s to your success!

Your Exit Strategy: Plan or Procrastinate

I recently presented this overview webinar to the PDCA Contractor College. Below is a synopsis and slides from the program.

Did you know that it typically takes five to ten years to prepare a business for sale or transition? Most business owners think that planning their exit from the business is something that they can think about later. Some may have the idea that they will pass their business on to their children or perhaps a key employee. Others may think about selling the business to a third party or worst case scenario, just liquidating the business.

All of these alternatives need a sufficient degree of planning in order for you to exit the business on your terms and with your retirement income secured.

In this overview workshop we explored:

• Critical questions you need to answer before you can start the transition process
• The most common options for exiting your business
• Key considerations when selecting the best exit strategy for you
• Specific variables that will add value to your business in preparation for sale
• Essential estate planning considerations for family businesses

In The 7 Habits of Highly Effective People, Steven Covey suggests that we “Begin with the end in mind”. It’s never too early to take that advice when it comes to what you want for your life and your business. It’s unlikely that you want to trust the biggest financial transaction of your life to chance. Take time now to start the planning process to develop the structure, systems and people you need to make a successful transition to the next phase of your life.

If this content interests you, feel free to contact me. I can put you in touch with exit planning professionals in all the areas mentioned in the presentation. As always, I provide a 30 minute complimentary consultation with real advice, not just a sales pitch.

Last year I wrote 10 Tips for a Successful 2012 and this year I’m following up with some tips for a successful 2013 based on my thoughts about the current business climate and my experiences as a business coach in working with business owners over the last year. I trust you will find one or two of them helpful as you launch a new business year!

1. Plan
   A successful year starts with a good plan. Review where you want your business (and your life) to be in 3 years or 5 years or 10 years, whatever length of time makes sense to you. Do you want to be doing the same things you are today, or do you want your business and your life to look different 3 years from now? Chances are you do. How does 2013 need to turn out in order for you to be 1 year further on the path to your goal? Create a plan to get there. This includes creating a set of strategies and a profit plan/budget so that you can implement your plan and measure your progress.
2. Work ON the Business Weekly
   Don’t just wait until you have time to sit down and evaluate where you are and what course corrections you might need to take. You won’t do it very often! Take time each week for strategic planning for both the immediate short term (weekly) and to plan for what you can do this week towards your longer term implementation plan.
3. Use Your Calendar
   To make your strategic planning and implementation plan work, you need to actually put your “Working ON the Business” time into your calendar. Honor it like you would an appointment with your best client.
4. Communicate
   Most problems that business owners have with customers, employees and business partners stem from a lack of timely, honest and respectful communication. Learn from your past mistakes and resolve to communicate with others the way you want people to communicate with you.
5. Have Regular Meetings
   This goes hand in hand with communication. Regular meetings with your management team, your office team, sales teams or other teams in your company are critical to the regular flow of information about customers, employees, projects, initiatives, finances, etc. that keep your business running smoothly. Have an agenda and stay focused on the outcomes.
6. Review Your Key Metrics Monthly
   If you have a plan, you have goals and numbers to hit: revenue and profit goals, sales goals, hiring goals, productivity goals, debt reduction goals, goals for how much time you want to work (or not work) in the business, and many others. Your internal process and technology systems should allow you to review the relevant numbers easily. How are you doing? What corrective actions do you need to take, if any?

7. Engage Your Audience
   Customers are more discerning now than ever before. They don’t just want to be marketed to, they want to be engaged, and they want social proof. Building relationships with your customers and prospects is more important than ever in the world where so many of us our living our lives more transparently through social media, and online reviews and recommendations. Showing yourself as a trusted authority in your industry and sharing helpful information with your audience through your own channels and social media channels is very helpful to the process of engaging your market.

8. Talk With Your Customers
   Make a customer communications plan. This goes along with engaging your target market since your existing or past customers make up the most valuable segment of your audience since they have already purchased from you. Making a customer communications plan can be as simple as deciding how often to contact your customers, what message (or helpful information) you want to send them and how you want to communicate it, whether by phone, in person, email, direct mail or online social media. Talking with your customers can also mean getting their feedback on their experience with you, or how you can help them better. This is an opportunity to ask for public feedback as well in the form on an online review which will help build your social proof with prospective customers.

9. Take Action
   With all of the things you would like to accomplish in your business, it’s important to chunk your initiatives down into concrete action steps that you can accomplish in a set time frame. That way when you engage in #2 Work ON Your Business Weekly, you know what to work on and when it needs to be done to move you forward in your overall plan. Don’t overwhelm yourself with too many things at once. You want to be able to celebrate small successes and milestones to keep yourself engaged and excited about your progress!

10. Get Support
    You can’t do it all by yourself! If you have a team of employees or business partners, you can mutually support each other. You can also assemble a team of advisors from outside your company to meet with you periodically – perhaps a trusted friend or family member, CPA, or other business advisors. You can join a peer group that will help hold you accountable to your goals, or you can work with a business coach. There are many opportunities for you to put the structure in place to achieve your goals.

One opportunity to kick start your 2013 is our 10 Week Business Intensive which starts January 29, 2013.

Here’s to your success!