If you’re like most owners of a trades business, you spend long hours to make ends meet — only to look back at some point and realize you have deprived yourself of experiencing what life is really all about. And after several years in business, you might realize that you have devoted all your life to working hard…with less to show for it than you’d hoped.
Working hard is good, but only if it drives positive results. Maybe it’s time to stop thinking about the quantity of your work, and focus instead on the quality.
Don’t get me wrong — I’m sure you’re a master craftsman. What I’m talking about is not improving the quality of work in your trade, but the quality of work in terms of running your business! After all, success in business isn’t about working hard but working smart… and that means concentrating your efforts on the most important areas of your biz. In short, it is all about getting the right fuel.
Building wealth in your trades business is a process but it doesn’t have to be tedious. In fact, it can be simplified and we have streamlined the basics for you.
Step 1: Strengthen your foundations and gain control. Efficiency is the key to any business undertaking. It means doing less and creating more at the same time. This can only be achieved by having the right infrastructure in place and operating it effectively. Some so-called “business experts” tell you to spend more money to improve your growth FIRST, but if you’re adding customers to an unprofitable model, you’ll actually “grow” your way out of business! So first, you have to make sure your foundations are solid. Be your own master by controlling the four most important areas of your trades business: finances, marketing, sales and delivery.
Step 2: Invest for growth. Having a solid foundation for your business facilitates growth and expansion. Here, you have to focus on the other five critical areas, namely: strategy, leadership, team, systems and administration. This is the stage where it becomes critical to analyze business performance, specialize on your strong areas and improve on your weaknesses.
Step 3: Build your wealth. Once you have mastered all the critical areas of your business, the result will be dramatic increase in your revenues! However, your profit earnings will not guarantee you a wealthy life unless you put your money into good use. Reinvesting your earnings will improve your net worth. Make smart investments in real estate, equities and other businesses. Diversifying your sources income will increase the chances of profitability and lessen the risks.
Only a very few people get rich by chance, so success in wealth building can only be guaranteed by working smart.
At Trades Coaching, we take you step-by-step through the entire process I’ve just outlined, so that you can have a trades business that produces the lifestyle you want. For more actionable advice on how YOU can improve your personal wealth, request a Business and Marketing Assessment with a certified Trades Coach! CLICK HERE to schedule your appointment now!