It’s late August so we’re going to call this the back to school edition of our newsletter. It’ll be short and sweet.
I’ve said many times that there is a common thread that runs through successful contractors, and that’s their commitment to education. They continually work at improving their knowledge and skills. I want to share two letters we received over the summer. The first one is from a long-established business.
“I’m the 3rd Generation manager of our family construction business. My task was essentially saving the business from bankruptcy cause by the 10 cardinal sins of contractors. I read your books 7 years ago as a 28-year-old General manager of a 65-year-old construction company. Everyone thought I was crazy / insane and that none of my ideas would work. Your books gave me great confirmation to stand by my principles and essentially saved our company. These books continue to guide us to this day. Thank you for all you do!”
It’s easy for a business that’s been around for 65 years to believe they already know what to do and how to do it. Complacency is the easiest thing to fall into, and when we do, we don’t even notice we’re floating toward bankruptcy.
Good on this young man for both taking the time and effort to learn another way of doing business and standing by his principles. He turned it around and now they’re profitable. Did you notice the comment, “Everyone thought I was crazy / insane and that none of my ideas would work.” We’ve heard that many times before, usually from company owners who’ve closed their mind to any new ideas or better ways to run their company.
Another contractor who is just getting started sent this note:
“I want to say thank you so much for the guidance and resources you provide. I am in my second year of business and feel more comfortable as a general contractor than I did last year. I started my business because I thought I was a good carpenter and I wanted to make a living for myself and provide for my family. Little did I know…
After making several mistakes my first year and one bad client at the end of the year, I knew I had to be doing something wrong and then came across your book, Markup and Profit. Total game changer. Studied that book, learned that my position is about sales and not my skills as a carpenter. Then I purchased and studied Profitable Sales. Total game changer x2. I even got both books on audio so I can listen on my commutes. I have taken several of your courses and utilize your estimating and contract software. I really can’t thank you enough for shining a light on this path I want for myself and sharing your knowledge and years of experience! Thank you, Thank you!”
Both notes made our day, these are the words we love to hear. These contractors are now able to support themselves and their families and isn’t that why we’re in business in the first place?
Good things happen to those who practice and study. You need to practice your sales and estimating skills, working at continual improvement. You need to study how to run your business because it doesn’t matter if you’ve been doing things the same way for 1 year or for 65 years, when you take the time and initiative to find out if there’s a better way, your odds of success will increase.
We have online classes you can view as often and whenever you want. We have books to read or listen to at your convenience. Information is available, it’s up to you to use it.
Running a construction related company is hard work. We know that. As you watch your kids, grandchildren, or neighborhood kids head off to school, when you see the yellow school bus going down the road, remember that your education matters as well. The more you practice and study, the better you’ll do.
The knowledge and experience Michael Stone gained in his 60+ years in construction has helped thousands of contractors improve their businesses and their lives. He is the author of the books Markup & Profit Revisited, Profitable Sales, and Estimating Construction Profitably, and is available for one-on-one consultations.
Listen to the audio here, or select dots on the right to download: