EP #38 – What’s Really Holding Your Trades Business Back? w/ Alison Warner
Overview
What if you could free up your time, cash, and headspace with a few small changes?
On this week’s FieldRocket podcast, host Tulloch Priest is joined by trades business coach and founder of Evolve & Grow Coaching ( @evolvegrow5366) Alison Warner, to discuss why so many tradespeople struggle to move from “on the tools” to effective business owner.
Highlights
Tradespeople aren’t taught how to run a business
- (1:45) People get good at their trade, get lots of recommendations, and then end up having to learn how to run a business while being on the tools.
- (2:40) They’re two completely different roles, and tradespeople aren’t taught how to run a business.
- (3:24) It doesn’t really matter what your product is, but it’s how you manage your numbers and people.
- (4:25) A lot of tradespeople are overstressed, have mental health issues, etc., because of running a business improperly.
The business growth scorecard
- (4:43) The business growth scorecard: sales & marketing, customer service, team, and finance and systems. These four things need to be in balance for a business to grow sustainably.
- (7:24) Sole traders can get to something like £100,000 turnover before needing some help. Surround yourself with experts who free you to do what you do best.
- (10:00) Allison tries to get businesses to around £100,000 per engineer on the ground.
- (11:00) It’s crucial to know your material and labour costs, understanding the ratios of these.
- (13:50) For smaller jobs (less than £500), you should aim to get paid as soon as possible – either on the job or quickly after with a follow-up call.
- (15:00) Alison talks about a garage owner she worked with, who struggled with putting up his prices – largely due to self-worth.
- (17:45) Stepping away from the business is tricky, but can be done.
- (20:45) Business owners have trouble seeing problems with their own business because they’re too close & involved with it.
- (23:05) Get people who are better than you at their jobs, so you can focus on yours.
- (25:30) Try to document tasks and create checklists so that new employees can get up to speed faster.
Summary
- (29:10) Growing a business:
- Get accounting software. If you don’t know the numbers in your business, you’re flying blind.
- Use job management software to save time on the admin and paperwork.
- Get someone to help with admin. A freelancer or a subcontractor can work at first.
- (32:40) How to deal with a situation where you have no time to improve your business… to get more time. Where do you start?