4 Indicators That Your Contracting Business Will Stay Off the Gurney

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There are many articles educating us about the warning signs of a heart attack. The experts warn to look for things like a “squeezing-type pain in the chest, sweating, jaw pain and shortness of breath – all of these can be signs of bad things to come.” If ignored, your future could look bleak.

There are also indicators that can predict the health of your business. Below are four areas that will help you to know whether or not your business may thrive or go into cardiac arrest! Take a look at these 4 indicators:

Indicator #1-You know your vision.

You are clear as to what you want and why do what you do.  You also make sure your team is clear on it.  You talk about where you’re going and frequently remind yourself and the team why you’re in this.

Indicator #2-You know your ‘WHO.’

You have a clear understanding of WHO your ideal client is. You know if they’re married, if they travel and if they have kids. You know what they value and what keeps them up at night. You are aware of their most common problems and you have solutions. You know that once you define your ‘WHO’, go to them in their land, speak their language, and think what they think, you will have a much better chance of reaching them.

Indicator #3-You know your math.

You have learned to love the numbers. Most owners don’t know their true costs, break even point or even if they are truly making money, but that’s not you. You make the time to analyze the numbers every couple weeks and use them to help guide you in your decision making.  You make sure you are making a profit because you know that profit is not a dirty word, but simply your reward for putting your tail on the line!

Indicator #4-You know your team.

You are amazing, but you know you can’t do it all!  You have a plan for what ‘hats’ you need to delegate and when. You are really picky when you add to your team and never settle for average performance.  You hold your people accountable, expect a lot from them and compensate them better than your competitors. You have the tough talks immediately and don’t let bad attitudes fester.

The bottom line is that you pay attention to the basics.

You see things earlier than most because you are focused.  Because of that you can make the needed adjustments and correct the problems before they become ‘life-threatening.’

Did you get a clean bill of health?  How many of the indicators are you strong in? Where do you need to get better?  Don’t put off making the needed changes that will strengthen your business!