Are You Holding Back Your Business? What to Focus on for Growth

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Are You Holding Back Your Business? What to Focus on for Growth

A recipe for success in a plumbing, HVAC and electrical business starts by deciding what kind of company you want to be. As an owner or executive manager, what is your vision? Before you can figure out what’s holding you back, you must have a defined vision of what you want your company to look like in 5, 10, 15 years and beyond. Don’t have a vision? Go set aside time to define this for yourself and your company, and come back to this blog when you’ve got it.

Got your vision? Good. Now we can begin the work of looking at what needs to do to bring your vision to life.

Here are two essential things that growing, profitable businesses always have, and update yearly:

  1. A quantifiable revenue goal. A quantifiable goal allows your mind to start determining everything you need to do to accomplish the goal.
    • Break the annual goal down into manageable, monthly increments using your historical seasonality. Generally speaking, all months are not created equal.
    • Goals must be in writing! Writing down your goals, helps you to fully commit to it. If it’s not written, it’s not real.
    • Measure company performance against the goals on a monthly and year to date basis. Look at a year-over-year comparison of your revenue to ensure the company is growing at the rate you desire.
    • And always remember, it’s not all about the top line! The bottom line is even more important! Don’t be fooled by increased revenue if the profits are not growing in proportion to revenue.
  2. An organizational chart. Org charts give you a clear picture of the structure, responsibilities, and relationships of the departments. Create an org chart now and make sure it reflects your company as it is now. Create another depicting what your company needs to look like in the future to support your revenue goal. Having the right people is the most important asset in your business. If you don’t plan specific action to bring these people into your business, you won’t get them and your revenue goals will never be realized.
    • Ask yourself these questions about your org chart:
      1. Is this the right structure?
      2. Is everyone in the right seat?
      3. What additional people does the company need to realize the company’s growth plan?
      4. Does everyone have sufficient time and resources?

Let’s bring it back to your day to day for a moment. Think about how you prioritize things on any given day. Are you spending your time, money and energy on high impact, high return areas that will improve your business? Don’t let yourself get caught up in minutia. It sounds easier said than done, but with the right tools, like a solid business plan, you can better prioritize the actions that will make a true difference for your company.

Nexstar can help you build your business plan. Find out how here.

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Jodi is a business coach for Nexstar, and inspires owners to get what they want out of life and their businesses. Her experience managing successful PHCE companies helps her in guiding owners to not only set goals, but exceed them.

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