I don’t know how or why you established your company, but most plumbers don’t make running a service plumbing company their life’s work. My observation is that plumbers start their businesses because they believe they can perform the job better than their current boss; no one will pay them what they think they are worth, or they have already worked for every plumbing business in town and must provide for their families. Although this is not scientific research, I will wager that my conclusions are 95% accurate.
Your plumbing abilities are generally quite good. If given the chance, there isn’t much you can’t fix, and everyone should use you anyhow since your pricing is some of the finest in town! There is a problem there, I guess. You didn’t obtain your business degree while studying to become a plumber. More than you realize, you need me. Here are five justifications for hiring a coach for your business.
Everyone hears you say how well you’re doing. However, it’s challenging to make payroll each week. At the end of every month, there are always more expenses than income, and your wife needs more baby clothes. Being less expensive than the competition as a marketing strategy was a poor choice. You reasoned that if your prices were lower, you would attract more customers. That thinking is equivalent to winking at a lovely girl in a dark place. She cannot see you, and only you are aware of this. How do people realize you are less expensive? They don’t know because you don’t have any money to market your company. And you just cannot increase the price without justifying it.
Financials and Benchmarks
Are you able to understand an income or loss statement? You get it, right? Or do you simply go to your accountant once a year with two boxes of receipts—one for the money that came in and one for the money that went out—and ask them to take care of your taxes while you pray fervently? If those financial statements are set up correctly, they include a wealth of data that can assist you in managing your company. It’s not difficult, but who do you ask? Your accountant cannot help because they are unfamiliar with the plumbing industry. How well has your business plan performed so far this year? Do you believe your nearby rival will provide the correct response? I’m sure they won’t.
How are productivity levels determined? What else should your professionals be doing than boosting sales? Have you developed a productive office procedure? How many administrative staff are required for the amount of field technicians? I had one owner wonder aloud why he couldn’t make money. He employed six plumbing trucks and had six employees working in the office. I wish all issues were always so simple. I believe you simply show up for work each day and act on the spur of the moment. That method of corporate growth is highly challenging. You also think that everything would be better if I only purchased some program! No, you will only exacerbate the process’s shortcomings.
How will you be able to finance promoting your business if you can’t turn a profit? If customers are unaware of your existence, your company cannot expand. “Well, I ran an ad on the neighborhood radio station last year and got nothing,” you respond. It does not function. How long did you advertise? “A whole month went by, and nothing happened!” I now recognize the issue. I’ll thus reiterate my crucial query: where does that money come from? If we can resolve a few minor problems with your company, you will have the funds to fund an effective marketing strategy. And expand your company—that is a reality!
You will never see business growth if your hiring procedure is poor. I discovered many years ago that you cannot go anywhere if you don’t have enough horses to pull the wagon. The choice of horses is the next concern. The little pony won’t do the job if you need big Clydesdales. What credentials are you seeking? Have you used your excellent job description to handle that position? Do potential employees envision a future with your business? What kind of training do all of your office and field employees receive?
The finest way to put it was by Richard Branson, who stated, “Train people well enough so they can leave, but treat them well enough so they don’t want to.” If you let me, I can teach you how I maintain a meager staff turnover rate in the past.