Stages of Growth: Cracking the Million Dollar Code
Not everyone wants a business that grosses a million (or multi-million) dollars a year. Some business owners prefer more of a "lifestyle" business just big enough to pay you a comfortable income without a lot of complexity. This education session is for Painting Contractors who have a bigger vision and who want to grow an organization with a structure that gives you more freedom and more options for your future. Options like being able to delegate key activities of the business so you can take more time away from the business without losing money. How about creating a business that is more saleable? Or one that continues to pay you in retirement after you've stepped back from an active role in the company.
How do you get there? Many contractors struggle with getting past the stages of growth to get you to that Million Dollar mark and beyond.
In this workshop we'll explore:
• The stages of growth that Painting Contractors work through on the way to reaching certain levels of income and business maturity.
• Mapping out a structure to achieve your vision at each stage of your growth
• Best business practices for Painting Contractors who want to grow a successful and professional company
• Creative ways to achieve results by not doing what everyone else does
What is keeping you from achieving your growth goals? We'll explore some common stumbling blocks, and suggest strategies and actions you can take to increase your ability to successfully evolve your business to achieve your vision.
The CMO Survey - Highlights and Insights Report - Spring 2024
Stages of Growth: Cracking the Million Dollar Code - PDCA Expo 2014
1. Linnea Blair, Advisors On Target
Painting and Decorating Contractors of America
PDCA Expo 2014
March 13, 2014
2. Stages of growth that Painting Contractors
experience on the way to reaching levels of
income and business maturity
Mapping out a structure to achieve your
vision at each stage of growth
Best business practices for Painting
Contractors who want to grow a successful
and professional company
Common stumbling blocks to growth
Achieving sustainable growth
3.
4. Increase profits and
owner compensation
Work ON not IN
Exit Strategy
Expanded service
offerings
Work/Life Balance
Create life for various
stakeholders
5. Stage 5 – Next levels of Growth
Stage 4 - $1Millon +
Stage 3 – Mid Stages of Growth
Stage 2 – Early Stages of Growth
Stage 1- Start Up
10. Focused, competent, committed, organized,
intelligent, curious
Willing to learn and grow
Willing to seek help and advice
Willing to invest in their business
Committed to their Vision and a Strategic
Plan to achieve it
Committed to spending time planning on a
regular basis – annually, monthly, weekly
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No Office/Shop
Not enough Vehicles/Equipment
No (not enough) overhead personnel to take
on key tasks that aren’t getting done by you
Lack of adequate financing
Lack of documented systems and processes
No client list
Hiring the same position over and over and
not getting the results you need
29. Lack of planning
Lack of commitment to initiatives you start
Incompetent employees (or family members)
you refuse to let go
Trying to do an end run around Uncle Sam
Bleeding your painting company to fund other
ventures
And….
30. Not investing in your
company
Not investing in your
people
Not investing in your
professional and
personal growth
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31. Insanity: doing the
same thing over and
over again and
expecting different
results.
◦ Albert Einstein
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32.
33. What changes need to
occur in your financial
structure with growth?
34. Increase in assets, cash, receivables, vehicles
and equipment
Increased need for working capital
Increased need for financing (debt and equity)
For every $1 of assets added to your balance
sheet, you will require an additional $1 of
debt or $1 of capital (reinvestment of profit)
to finance it
36. What changes need to
occur in your company
structure with growth?
37. Shop/Office
Skilled Office Management
Sales/Estimators
Strategic Marketing Plan
Streamlined Estimating and Proposal process
Training programs for employees
Incentive plans for peak performance
HR Systems and employee development programs with
role definition and expectations
Financial Management
Effective, efficient, documented business systems
Quality Control systems to consistently deliver high level
of customer service
Recruiting systems
38. Have a vision for what you want to achieve
Make a strategic plan to get there
Consider variables and success factors
Use best business practices
Look for creative ways to develop the
structure that supports your growth
39. Business Coaching and Consulting Services for
Painting Contractors
Group Coaching for Painting Contractors
◦ – starts April 3 2014
One to One Business Coaching & Consulting
On Target Peer Group Program
Find out more at AdvisorsOnTarget.com
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