Simple 4 step process:
- Understand your Pricing
- Improve your process
- Hire the right people
- Identify your positioning
Understand your pricing:
In an industry which is rapidly changing pricing is always a sticking point.
Good news is that you don’t have to work on the price you are not comfortable with. Most businesses don’t pay attention to actual cost of running a business. They are happy to compromise on the pricing due to one of the following reasons:
- Don’t have a clear marketing plan.
- Don’t have a sales pipeline
- Happy to make an overall profit rather than profit per project
- Do not understand the difference between gross margin, gross profit, net profit, and markup
- Don’t have a written pricing framework.
And much more.
Improve your process:
Every business needs a process. These processes can be broken into many small functions:
- Clear identified sales process
- Process for finances
- Clear identified client on boarding process
- Process for booking meetings with the clients, pricing and follow-ups.
- Process for escalations, operations, and quality control.
Chances are your firm has never sat down and through about breaking your business in to smaller chunks. Once you break it down into the smaller chunks you can make marginal improvements and result of these marginal improvements are happy personal and business life.
In an industry with no loyalties, it is very hard to train and retain people. But with right reward systems we can not only retain the right people you can also create the reward structures to suit their needs.
You no longer have to rely on sub-contractors and daily rates to improve your business and impact the lives of the people who work with you.
Identify your positioning:
Do you want to build a million pound business and retire comfortably, without working on the tools 7 days a week.
Do you have a clear exit strategy?
Good news is all of above is possible with correct positioning. Positioning can help you transform from local builder to developer, from chippy to managing your own projects, from bricklayer to brickwork contractors and so forth..