Sunday 15 October 2017

Year-End Series #1 – What Can I Do to Finish the Year Strong?

Posted by at 2:00 PM in

September has come and gone and you may have begun asking yourself, “What can I do to finish out the year strong?” The summer is over, the kids are back in school, Labor Day has passed and you are on your way to another end of year. How’s it going to end? 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 close to your expected year-end gross revenue and net profits. Simply divide your total revenue through September 30, divide by 9 and multiply by 12 – there it is – that’s your expected year-end total revenue. How does it look to you? Are you happy, or sad?? You likely did this exercise at the same time last year, and the year before that, and so on. You set financial goals during this time for next year, and here you are again. You look back on how well you did and you look ahead hoping to do better.

Take another look again at your annualized December 31, 2017 gross revenue. What can you do to improve on those numbers over the next 3 months to finish even stronger? The truth is – you most likely 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 months already past. The final quarter is already predetermined and you are simply waiting for time to pass to confirm them, and start over next year. If you want to change the outcome of the final push to the end of the year you will have to turn your attention to September of next year.

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 and the opportunities it presents. 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, business is hard, and you are trying to hold on until vacation. Not much planning is done the rest of the year. We just ride the wave and try to make it to the end. By the end of the 1st Quarter you have completed your business development planning and it’s all work from here on out.

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 next year’s plan today.

Here is a straightforward guide to help you begin planning for next year, today. Take a moment to think about that, today. Good planning should begin 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 can you do to increase the volume of your work? How do you get more jobs?
  • What key personnel do you need, but don’t currently 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 and what corrective action will that require of you? Change is the only way to stop history from repeating itself.
  • How can you improve your per job profits? The better you do 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, operations, sales, or something else?

Talk to your spouse, to your staff, to your management team, to a fellow contractor about these questions and issues and find answers and solutions. This effort will form the foundation to 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 make it happen! If you want to grow you can. There are proven strategies available that will produce $1 million in revenue over the next 12 months and others that can double or even triple your business in two years. Your problem is not the absence of opportunities - your problem is finding them and seizing them – that’s it! If you want to grow your restoration business tomorrow, you need to get started today. It’s as simple as that!

Reference: 9 Month Coaching Plan – The Business Transformer – Double, Even Triple Your Business in 18 – 24 Months