5 Factors Keeping Mechanical Contractors from Big Profits

Why survive when you can thrive? The five main factors keeping mechanical contractors from big profits

Areas Covered ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Live, Win, Thrive

Mechanical contracting has grown dramatically the last 50 years ,[object Object],[object Object],[object Object],Source: U.S. Bureau of Economics 2004 Live, Win, Thrive

Worldwide mechanical contracting is estimated at over $1 trillion ,[object Object],[object Object],[object Object],[object Object],Source: U.S. Census Bureau 2004 Live, Win, Thrive

A breakdown of the U.S. mechanical contracting business market Establishments by value of business done 2002 Source: U.S. Census Bureau 2002 Live, Win, Thrive

Let’s take a closer look at the individual market shares ,[object Object],[object Object],[object Object],Source: U.S. Census Bureau 2002 Live, Win, Thrive

Unfortunately, this means many contractors do not survive… Source: Dun & Bradstreet Business Failure Report, 1998 Live, Win, Thrive

Being an ‘industry veteran’ doesn’t guarantee existence Source: Dun & Bradstreet Business Failure Report, 1998 Live, Win, Thrive

“ Those who do not remember history are doomed to repeat it” –George Santayana ,[object Object],[object Object],[object Object],Live, Win, Thrive

Meanwhile, there are other dangerous trends brewing that must be navigated wisely ,[object Object],[object Object],Source: Empire Research Group 2005 Live, Win, Thrive

Bad news in payroll… ,[object Object],[object Object],[object Object],Source: US Census Bureau, 1997 & 2002 Live, Win, Thrive

Capital expenditures are almost doubling every five years ,[object Object],[object Object],[object Object],Source: US Census Bureau, 1997 & 2002 X 2 Live, Win, Thrive

Rental costs are also almost doubling every five years ,[object Object],[object Object],[object Object],Source: US Census Bureau, 1997 & 2002 X 2 Live, Win, Thrive

Every five years the cost of materials is increasing 7% ! ,[object Object],[object Object],[object Object],[object Object],[object Object],Source: US Census Bureau, 1997 & 2002 Live, Win, Thrive

The construction side of the business is also changing for the worse ,[object Object],[object Object],Source: Empire Research Group 2005 Live, Win, Thrive

This combination means trouble for your business ,[object Object],[object Object],[object Object],Live, Win, Thrive

Your dreams and financial future are under attack! ,[object Object],[object Object],[object Object],Live, Win, Thrive

By waging ‘bid wars’ you might as well be doing business in the stone age ,[object Object],[object Object],[object Object],Live, Win, Thrive

The mechanical contracting industry has grown physically and technologically ,[object Object],[object Object],[object Object],Source: U.S. Census Bureau, 2002 Live, Win, Thrive

As the cost of doing business rises your profits are decreasing ,[object Object],[object Object],[object Object],Live, Win, Thrive

A lethal combination of trends have created a buyers market ,[object Object],[object Object],[object Object],[object Object],Live, Win, Thrive

The now expansive contracting industry requires expansive thinking now! ,[object Object],[object Object],[object Object],Live, Win, Thrive

Savvy contractors will find ways to change their customers’ buying criteria ,[object Object],[object Object],[object Object],Live, Win, Thrive

Let’s look at one example of how this concept can work… ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Live, Win, Thrive

The buying criteria has now been changed ,[object Object],[object Object],[object Object],[object Object],[object Object],Live, Win, Thrive

“ The first one to deploy a new idea in an industry has the impact of an atomic bomb” – Jay Levinson ,[object Object],[object Object],[object Object],[object Object],Live, Win, Thrive

Your industry is much more complicated than carpet cleaning ,[object Object],[object Object],[object Object],[object Object],Live, Win, Thrive

You have to get the word out…but what are the best and most efficient ways? Let’s explore the options… Live, Win, Thrive

Traditional advertising and marketing is a common choice ,[object Object],[object Object],Live, Win, Thrive

The clutter factor ,[object Object],[object Object],[object Object],[object Object],Source: Empire Research Group 2005 Live, Win, Thrive

The Internet is contributing greatly to this phenomenon ,[object Object],[object Object],[object Object],[object Object],Source: Empire Research Group 2005 Live, Win, Thrive

The proliferation of media has reached epidemic levels ,[object Object],[object Object],[object Object],Source: Empire Research Group 2005 Live, Win, Thrive

Billboards are so numerous that they are now ineffective ,[object Object],[object Object],[object Object],Source: Wikapedia 2005 Live, Win, Thrive

The clutter factor has made the average consumer immune to traditional advertising, marketing, and sales methods ,[object Object],[object Object],[object Object],[object Object],Live, Win, Thrive

Not only are the old ways ineffective but they are costly and time consuming ,[object Object],[object Object],[object Object],Source: Empire Research Group 2005 Live, Win, Thrive

Traditional methods take too much time ,[object Object],[object Object],[object Object],Source: Empire Research Group 2005 $$$$$$$ Live, Win, Thrive

It has become impossible to separate yourself from the pack using traditional methods ,[object Object],[object Object],[object Object],[object Object],Live, Win, Thrive

To be successful in the 21 st century, businesses must modernize their marketing and sales methods ,[object Object],[object Object],[object Object],Live, Win, Thrive

The power of research ,[object Object],[object Object],Live, Win, Thrive

Remember, you need to separate yourself from the other guys… ,[object Object],[object Object],[object Object],[object Object],Live, Win, Thrive

The power of bad news ,[object Object],[object Object],[object Object],Live, Win, Thrive

You must find the trends that will motivate your buyers ,[object Object],[object Object],[object Object],Live, Win, Thrive

Successful businesses have discovered the most effective way to present themselves ,[object Object],[object Object],[object Object],Live, Win, Thrive

Another key to being successful is identifying your target market ,[object Object],[object Object],[object Object],[object Object],Live, Win, Thrive

Once a target market is identified, you must market accordingly ,[object Object],[object Object],Source: Empire Research Group 2005 Live, Win, Thrive

The 60/30/10% rule ,[object Object],[object Object],[object Object],Source: Empire Research Group 2005 Live, Win, Thrive

Acquiring new clients is important, but existing customers should also grow your business Know how to grow strong, warm customer relationships Live, Win, Thrive

The dominant companies keep their customers satisfied ,[object Object],[object Object],[object Object],[object Object],Empire Research Group 2005 Live, Win, Thrive

The five basic truths about world class service ,[object Object],[object Object],[object Object],[object Object],[object Object],Jay Levinson 2001 Live, Win, Thrive

Any successful business is a people business ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Jay Levinson 2001 Live, Win, Thrive

Modern marketing and sales techniques can guarantee success for your business ,[object Object],[object Object],[object Object],Live, Win, Thrive

Create complete customer satisfaction through extraordinary service ,[object Object],[object Object],[object Object],Live, Win, Thrive

Now you need a good plan ,[object Object],[object Object],[object Object],Live, Win, Thrive

The seven critical elements of your marketing plan should be: ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Live, Win, Thrive

Developing a well defined strategy is a huge key to long term success ,[object Object],[object Object],[object Object],Source: Empire Research Group 2005 Live, Win, Thrive

Learn to work and plan smarter…not harder ,[object Object],[object Object],[object Object],Source: Empire Research Group 2005 Live, Win, Thrive

The mechanical contracting industry has seen dramatic growth in the last 50 years ,[object Object],[object Object],[object Object],Source: U.S. Census Bureau 2004, U.S. Bureau of Economics 2001 Live, Win, Thrive

What’s your piece of the pie? Establishments by value of business done 2002 Source: U.S. Census Bureau 2002 Live, Win, Thrive

Trends within the industry are making tough times even tougher ,[object Object],[object Object],Live, Win, Thrive

The cost of doing business is skyrocketing! ,[object Object],[object Object],[object Object],Source: US Census Bureau, 1997 & 2002 Live, Win, Thrive

These trends have created market saturation and ‘bidding wars’ ,[object Object],[object Object],[object Object],Live, Win, Thrive

You need to change the way your customers perceive your industry ,[object Object],[object Object],[object Object],Live, Win, Thrive

Traditional forms of advertising, marketing, and sales are costly, ineffective, and time consuming ,[object Object],[object Object],[object Object],Live, Win, Thrive

The ten things mechanical contractors can do to substantially increase their revenues 1. Create a seven sentence marketing plan 2. Create and implement a presentation that’s full of bad news and educates rather than ‘sells’ 3. Reposition your company and change perceptions 4. Change the way you think about marketing 5. Find your niche market Live, Win, Thrive

Ten things continued… 6. Identify your best customers 7. Identify your ideal 100 prospects 8. Be in service to your customers 9. Build lasting relationships with clients 10. Become a giver, give back to your industry, customers, and community Live, Win, Thrive

You have a lot of work ahead of you… so why go it alone? ,[object Object],[object Object],Source: Empire Research Group 2005 Live, Win, Thrive

Companies that provide coaching to employees, benefit from improvements in: Source: Manchester USA, 1998 Live, Win, Thrive 23% 32% 34% 39% 48% 48% 53% Cost reductions Retaining employees Reducing customer complaints Customer service Organizational strength Quality Productivity

Employees who received coaching, benefit from improved: Source: Manchester USA, 1998 Live, Win, Thrive Working relationships with clients Organizational commitment Conflict reduction Job satisfaction Working relationships with peers Teamwork Working relationships with immediate supervisor Working relationships with direct reports 37% 44% 52% 61% 63% 67% 71% 77%

Mechanical contractors now have a powerful new resource to create big profits There is a solution… Live, Win, Thrive

Introducing LWT LLC ,[object Object],[object Object],[object Object],Live, Win, Thrive

LWT will develop a killer presentation specifically for your business ,[object Object],[object Object],[object Object],[object Object],[object Object],Live, Win, Thrive

LWT will help you develop a marketing strategy that guarantees success ,[object Object],[object Object],[object Object],Live, Win, Thrive

LWT is a certified ‘Guerrilla Marketer’ ,[object Object],[object Object],[object Object],Live, Win, Thrive

Let LWT’s team of professionals do the hard work for you: ,[object Object],[object Object],[object Object],[object Object],[object Object],Live, Win, Thrive

LWT will work with you exclusively within your region ,[object Object],[object Object],[object Object],Live, Win, Thrive

Join the team that will show you how to create the business of your dreams! LWT LLC Dan Rumsey 237 Tramway Dr. Lake Tahoe, NV 89449-4470 phone 1-800-687-1266 fax 1-925-955-1675 [email_address] Live, Win, Thrive Live, Win, Thrive

5 Factors Keeping Mechanical Contractors from Big Profits

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5 Factors Keeping Mechanical Contractors from Big Profits