Tuesday 8 September 2015

Grow Your Restoration Business with a Strong Year-End

Posted by at 9:10 AM in

Grow Your Restoration Business with a Strong Year-End

It’s September and you have begun asking yourself, “What can I do to finish out the year strong?”

The summer is over, the kids are in school, Labor Day has passed and you are on your way to year’s end. How will it end for your company? By this time most restoration business owners have a good feel for what their year-end numbers will look like. You can annualize your year to date numbers and come pretty close to your expected year-end gross revenue and net profits.

How does it look to you? Have you met your growth and financial goals, or perhaps is there an air of disappointment to the assessment wishing you had done more? How can you do better? How can you improve the final results come December 31st? The truth is – you can’t.

There simply isn’t enough time to bring about meaningful change that will improve the final results or alter your current trajectory of growth. Those results are already determined by what you have done throughout the year in the prior months. The final quarter is already predetermined and you are simply waiting for time to pass to confirm it.

If you want to change the outcome of the final push to the end that occurs in September – December you will have to turn your attention to next September. Most restoration business planning is done between Labor Day and Easter. In the fall you are looking at the end of the year wishing you had done more. In January you are keenly aware of the New Year in front of you and business development is at the forefront of your thinking. By Easter your attention turns to making it to summer and vacation plans are in full bloom.

Life is full and you are trying to hold on to the wild ride of life and business ownership. Not much planning is done the rest of the year. We just ride the wave and try to make it to the end. The bottom line is that if you want to make a difference in your business next year and for the next September, you should begin working on the next year’s plan today.

Here is a simple but helpful guide to assist you to begin planning for next year, today. Planning always begins with an assessment of the current reality. Once this becomes clear goals and cures begin to emerge that form the basis of an actionable plan. Answer these key questions and your plan will begin to emerge:

  • What steps can you take that will help you increase the volume of your work? How do you get more jobs?
  • What key personnel do you need, but don’t have? Additional staff will support and enable your growth plans.
  • What are your biggest profit killers, and what can you do to put an end to them? Keeping a higher percentage of what you earn is a smarter growth strategy than trying to find new sources for more work.
  • What mistakes have you made that need to be undone and what corrective action will that require of you?
  • What steps should you take to improve your per job profits? The better you do with this the greater your cash flow, cash reserves, and personal wealth.
  • What is the #1 problem you need to fix? Is it personnel, management, supervision, procedures, or something else?

Talk to your spouse, to your crew, to your management team, to a fellow contractor about these questions and issues and find some answers and solutions.

This effort will form the basis for an emerging plan to make next year’s year-end better than this one. Don’t just wait for growth to occur, take charge and be proactive.

There are so many opportunities for growth available to today’s restoration business owner for growth. If you want your company to grow you can.

There are some strategies available to you that can add $1 million in revenue over the next 18 months and others that can double or even triple your business in two years.

If you want to grow your restoration business tomorrow you need to get started today. Finishing strong this year requires that you have a business plan for growth in place for next year this year.

This blog is the first in a three part Year-End Series focusing on the power of year end planning. Next in the series is Get the Most Out of Your Year End Revenue followed by Get the Most Out of Your Year End Profits. To read the entire series right now visit my website at www.growmyrestorationbusiness.com/blog