flexiblefullpage
interstitial1
Currently Reading

5 Areas to Reassess for Business Success

Advertisement
billboard
Business

5 Areas to Reassess for Business Success

Give these key business areas your intellectual horsepower moving into the new year 


By Mark Richardson January 18, 2023
mark richardson
Mark Richardson
This article first appeared in the January/February 2023 issue of Pro Remodeler.

Most remodeling businesses are a product of evolution, not design.

It goes like this: The company owner was interested in construction and completed some projects that grew to more projects, which then required business systems. The owner realized they needed to hire a team. One day, they looked in the mirror and saw a remodeler looking back at them.

Over time, the owner realizes their strengths and weaknesses. If a weakness is a soft skill, like communicating, they can often just improve in that area. If it’s in technology, sales, or marketing, they must bring in additional talent or risk losing out.

Recently I had coffee with the CEO of a large home improvement company that had just been purchased by an investment group. He said something that is good advice for any growing remodeling business: one of the biggest benefits from the investment group was “intellectual horsepower.”

They brought leadership experience. They brought technologies. They understood the altitudes of growth. They filled voids to take the business to the next level. Most importantly, they brought the horsepower and energy to propel the business forward.

 

Bringing it Home

As you reflect on this in your business, what are the spots where more intellectual horsepower would be beneficial? The following is a list of areas to consider.

 

1. Marketing

This not only requires expertise, but now more than ever, some real calories devoted to it. Depending solely on past clients and referrals will make you a slave to the current environment and you’ll see dramatic changes in lead flow. It’s not enough to be active with social media or SEO, you need someone who understands the latest practices.

 


RELATED: Do You Have a Healthy Marketing Mindset?


 

2. Sales

Are you doing sales training (for yourself or your team)? Is this in your core competency? How much time and energy do you devote to your sales team? You can bring a dedicated person into this role or hire a sales consultant, but doing nothing puts your team at risk.

 

3. Leadership

As you grow, developing future leaders should be a top priority. As with salespeople, you can do the training yourself or bring in a leadership coach, but your staff needs to be developed. With the right horsepower, you will see their stock rise and they will begin to push you forward rather than you pulling them along.

Now is the time to position yourself for the future. This will take investment, but not addressing these areas could put you at risk.

4. Technology

Technology has revolutionized business. This can be a great asset or a liability. It is rare for a company owner to be at the level the business requires. Since the younger generation has made this part of their DNA, you don’t need a seasoned veteran, but it needs to be an area of focus. The businesses that are leveraging technology in their client-facing experiences will trump those living in the past.

 

5. People 

If people are a business’s greatest asset, then who wakes up every day thinking about the people, the culture, and team development? Who is focused on this disease called “quiet quitting”? Who has their ear to the ground, listening to any voices of dissent?

 

Now is the time to position yourself for the future. This will take investment, but not addressing these areas could put you at risk. While these are tough decisions, your team will rally behind your commitment to the future.

 


written by

Mark Richardson

Contributor

Mark Richardson, CR, is an author, columnist, and business growth strategist. He authored the best-selling book, How Fit Is Your Business? as well as his latest book, Fit to Grow. He can be reached at mrichardson@mgrichardson.com or 301.275.0208.


Comments (1)

Add new comment

Plain text

  • No HTML tags allowed.
  • Web page addresses and email addresses turn into links automatically.
  • Lines and paragraphs break automatically.
leaderboard2

Related Stories

Managing Business Risk to Embrace Risk

As remodelers, our product is risk. Yet within our businesses, we fear risk. Just like with your projects, if you plan accordingly, your risk comes with reward

What the Most Successful Remodelers are Doing Right Now

Industry advisor Mark Richardson shares the answers to his three most asked questions: What's the remodeling market like? What are other remodelers doing? How do I measure up?

Becoming an Employee-Owned Design-Build Company

One remodeler’s cancer diagnosis changed the way he approached succession planning

10 Remodeling Sales Techniques for 2024

Mark Richardson explains the benefits of visual selling, strategic questioning, intentional messaging, and more on this episode of Remodeling Mastery

3 Ways to Start and Operate a Successful Handyman Division

So, you want to start a small projects division? Three successful remodelers lay out their winning approaches and hard-learned lessons

6 Tips for Software Adoption in a Remodeling Company

A design-build owner shares how he successfully implemented new softwares into his processes

6 Results-Proven Marketing and Sales Tips for Contractors

The Pinnacle Experience’s keynote speaker, author of "They Ask, You Answer" offers results-driven tips contractors can start today for improved leads

Forty Under 40 Remodeling Trendsetters

The new ideas embraced by our Forty Under 40 winners are examples of forward-thinking leadership in remodeling

 

How to Create a World-Class Remodeling Team

Great remodeling companies position themselves for the future with the right players

How to Increase Your Odds of Closing Remodeling Sales

Use these tips to hone your sales process and grow close ratio

Advertisement
boombox2
Advertisement
halfpage2
Advertisement
native1

More in Category




Advertisement
native2
Advertisement
halfpage1
Advertisement
leaderboard1