Rocking It Out And Making It Work in Construction
Rocking It Out And Making It Work in Construction
Why should business owners need to decline projects that don't match their skills?
I once took on projects outside my expertise just to stay busy, particularly in areas where I wasn't as skilled as I am in finished carpentry. This compromised my ability to deliver excellent work. Moreover, I accepted a large contract against my better judgment and the advice of my peers, which ended disastrously. This decision damaged my reputation because it involved tasks I wasn't qualified for. Although I could potentially figure out these tasks, doing so under production-level pressure was not feasible. My advice to others is to recognize the importance of saying no to projects that don't align with your current skills. There will always be other opportunities, so it's better to focus on excelling at a few things rather than overextending yourself.
How can entrepreneurs use data to make decisions that align with their core values?
I've started to use more data in my decision-making process. I often ask myself what the worst possible outcome could be in a certain area, then work backward from there. Currently, I'm in a transition phase, focusing on improving how I make decisions. The key question I consider is whether a potential decision aligns with who I am and the core values of my business. If it doesn't, I avoid it. This approach helps me maintain a clear focus and understand where I can add the most value.
How can business owners use financial metrics to prioritize projects?
A key metric for me is financial tracking: monitoring income and expenses. This allows me to focus and refine my efforts effectively. For example, if I'm working on Project A with a 50% profit margin, that's a strong indicator of success. However, if Project B is only yielding a 30% margin, I might reconsider the amount of attention it receives. For Project C, with just a 15% margin, I need to decide whether to improve the project's profitability or redirect my efforts towards Projects A and B, where the returns are higher. This strategy ensures I maximize profits where possible and avoid wasting time on less profitable endeavors.
How can entrepreneurs leverage their network to recover from financial setbacks?
If I lost everything now, with my current network, I would start by flipping a house. I'd reach out to a few friends, explain my situation, and outline my goal to make a specific amount—perhaps $40,000 or $50,000. After securing the necessary funds, I'd find a house to flip. The profits from this would enable me to restart my business ventures. Most likely, I would continue with house flipping and remain in the real estate sector.
How does networking benefit entrepreneurs and their teams?
Networking is essential for any entrepreneur because it provides the necessary insights and support for both personal and business growth. I joined a CEO peer group to gain perspective from owners and executives across various industries. We meet monthly to share challenges and collaboratively find solutions. This experience has proven invaluable; it helps me realize I'm not alone in facing business issues. Networking isn't just about making money—it's about growth. The benefits of this growth extend beyond personal gains; they trickle down to my team, enhancing our collective capability. I've shifted from viewing my staff as employees to seeing them as team members, which fosters a more collaborative environment.
*This interview has been edited and condensed for clarity.*
