Can You Fly Your Business in Bad Weather?

Financial Management, Owner, The numbers

In aviation there is a rule around the weather and when a pilot is allowed to fly an aircraft. It’s called Visual Flight Rules, or VFR. The average private pilot is only allowed to fly their plane under VFR conditions, i.e. when you can see the environment around you with your eyes and you know where you are going.
The same thing happens in business. Average business owners are fine in good economic weather, but what if that changes? Can you fly your business in bad weather?

Thinking of Starting a Business?

Financial Management, Owner, Planning

If you are thinking of moving from working for someone else and starting your own business, I suggest you use this outline to plan your new venture. You might just avoid the pitfalls that many new business owners fall into. When you are ready to take the plunge, you might want to sign up for my Trades Coach Academy, online course for newer business owners. It’s packed with ideas, systems, tools and templates to help make your new business a success.

Become a Market Leader

Financial Management, Owner

No company can be successsful today if it tries to be all things to all people.

Rather, the most successful companies – the Market Leaders – select a unique value that they endeavour to deliver to their chosen market segment better than anywone else.

So says Michael Treacy and Fred Wiersema in their book The Discipline of Market Leaders which I read over summer. If you are really wanting to choose an over-arching strategy to set your company apart in the marketplace, this book might be a good place to start.

Protect Yourself With a Trust

Financial Management, Owner

Do you have your family home in a trust?

The building industry is a risky one. The chances of you getting into financial or legal problems are higher in the building trade than in most other businesses. I am not saying that will happen to you, but in view of the higher risk profile you should take all the necessary steps you can to protect yourself and your family. That includes putting your family home into a trust.

Measuring performance

Beware labour intensive jobs

Financial Management

Not all jobs are created equal. A decent sized job may look attractive, but it may not necessarily be so. Jobs with a high labour component will keep you busy, but will limit your total gross profit achievable.

The following are 2 extreme examples to illustrate the point, courtesy of John Teder, consultant to the HVAC industry in the US:

Prevent Budget Blowouts

Financial Management, The numbers

With the construction industry being pretty buoyant at the moment, attention should be turned to improving operational efficiency as the best way to increase profits. Last year I ran a couple of seminars based on the results of an industry survey on the frustrations builders have in project management.  It sparked some interest so I thought…