money

Your Employees Need to Know the “Why” because It’s More than Just the Money

The purpose, or what I call the “Why” for what your employees do at work, is becoming more important to them than just collecting a paycheck.

I know this to be so because I witnessed this when I was a contractor and now as a consultant to contractors. This long-time trend has become the norm. And I think it’s not just a good thing… I think it’s a great thing.

This may seem scary to you. Or, you may be in disbelief that this could be true. A quick review of articles and blogs online will validate what I’m saying here.

And if you’re an owner or manager who is over 50 years of age, you probably grew up in the trades with being told, “This is what I want done”. There was no discussion. You were just expected to do it because your boss told you to.

But having worked with consulting clients over the last few years, all I see are Millennials and now even some of the Generation Z arriving at work.  This movement is in full swing, so doing things because “I told you so” is long gone. In general, they’re not going to engage their heart and soul into anything at work until they know the “Why” they’re doing something.

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The Right Way To Cut Business Costs (Part 2)

As promised at the end of Part 1 of The Right Way to Cut Business Costs, I’m going to share here in Part 2 the rest of the 5 most common areas to look to cut expenses the right way.

The remaining three are:

3) Inventory is in overload and out of control. The vast majority of shops I visit when I first do my 1-to-1 consulting are way overloaded with dead inventory that is costing them money. To me, it costs money because they could be trading this excess inventory off for credits with a supplier or sold off at a discount to generate money. It’s easy to think, “I should have those items on my shelf because if I buy in bulk it’ll be a good deal,” or “I want a lot of it in my warehouse because I don’t want to run out.” It’s all flawed thinking.

The best thing to do is what I call “Exit the Warehouse” business process, and that means finding a great partner with a great vendor or even two great vendors if need be. They can help take control of what you keep in stock, and they can help you arrive at the correct minimums and maximums for each item. It requires restricting access to the warehouse itself to a very limited amount of…

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The Right Way To Cut Business Costs (Part 1)

Are all the expenses you’re “used to” carrying still pulling their weight?

Probably not!

Getting a better handle on this means you need to dedicate yourself to getting Financial Power in place.

Where should you start when it comes to cutting the right expenses in the right way?

Start by looking at all your expenses from the prior year listed in your Profit and Loss Statement (aka P&L). Take out a yellow legal pad if you want a manual moment or open up a Word document and list them all. Then, sort that list into must expenses and nice-to-have expenses.

It’ll be tough to do this because everything you now spend money on seemed like a good idea at the time. But a sinister thing about some expenses is they may be small expenses, but if they’re occurring every month, for instance, there is a compounding effect, and not in a good way. The reality is all these “small” recurring expenses add up.

Here are two of the five most common areas to look at when it comes to cutting expenses:

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Marketing to Pick Up Dollars, Not Dimes

If you’ve been in the service contracting business for any length of time you know what it’s like when business slows down and money gets tight. And if you’re like most service contractors, marketing spend is usually the first thing to go!

My dad, Irving, called that “stepping over dollars to pick up dimes.”

Why? Because without marketing your phones are going to go dead and/or stay dead.

It might seem counter-intuitive but those slow times are actually the best times to be doing testimonial-based marketing, which I’ve seen work well not just for my own service contracting business but also for dozens of other contracting businesses ranging from plumbing, heating, cooling, electrical, roofing, garage door service—to name just a few.

To make sure the marketing of your contracting business hits the mark you’ll want to focus your time, energy and your money on three main drivers such as:

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