We are back, dear listeners, with another episode that is absolutely essential listening for anyone running a blue-collar business - or even any business at all! Join us this week as we – your hosts Jerry and Shena – take a deep dive into the three most common mistakes we see blue-collar business owners make and, more importantly, how you can steer clear of them!
We start things off by discussing a pitfall that many of us fall into: believing that more sales will solve all our problems! It’s always such a tempting solution when margins are thin and profits are elusive, but as Shena shares from her own experience, simply increasing sales without addressing underlying issues in your business operations can actually cause more harm than good!
We then discuss the importance of forward-thinking. As Jerry explains, many business owners get so wrapped up in day-to-day routines that they neglect long-term financial planning, and we cover the need for a solid retirement strategy, the risks of reinvesting every cent back into the business without saving, as well as the dangers of splurging on luxuries that don’t contribute to your business’s growth.
Finally, we talk about why making yourself indispensable to your business can actually be a huge mistake. It’s great to feel needed, but as Shena points out, it also means that you are chained to the business with no freedom to step away. We explore strategies for building a team that can operate independently, setting your business up as an asset that can thrive without you if needed!
We hope that you will listen in as we break down these common critical mistakes and offer actionable advice on how to build a more profitable, sustainable, and freeing business. Whether you’re just starting out or looking to take your existing business to the next level, this episode is packed with insights you won’t want to miss!
In This Episode:
[0:49] - Jerry starts off by discussing mistakes made by blue-collar business owners.
[1:07] - One of the biggest mistakes is relying solely on sales to solve problems.
[3:13] - Shena argues that maximizing profitability involves actions beyond increasing sales in business management.
[6:01] - Jerry points out that understanding job costs is crucial; selling more isn't always profitable for businesses.
[7:48] - Start by accurately costing out supplies and labor for every job, big or small.
[10:17] - Achieving higher profitability allows reinvestment and business growth, not just survival and maintenance.
[13:55] - Businesses must be set up to function without the owner to increase market value.
[16:25] - Jerry says that achieving passive income allows freedom to enjoy life without financial worries.
[18:36] - Comprehensive planning ensures security and peace of mind for family and business.
[19:24] - Shena explains how the book Clockwork by Mike Michalowicz offers valuable insights.
[20:24] - Jerry adds that The 4-Hour Workweek by Tim Ferriss emphasizes efficient work strategies and is essential reading for planning business success.
Books Mentioned:
Mike Michalowicz - Clockwork: Design Your Business to Run Itself
Timothy Ferriss - The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich
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