Today I’m going to talk about a topic that I’ve wanted to talk about for a long time.
The topic is live by price die of by price and see I’ve got my DECIDE hat on for you today when I get through today I want you to decide Not to run your business by selling cheap prices to compete in the market place.
Selling the cheap price proposition is not conducive to being profitable
Some of the best ways to talk about that is just tell some stories and I’m going to start out with me.
So you know the truth and how I screwed up many times myself and I have made many mistake sort of learn as you go.
Many of you know that I have painting business and years ago we did a lot of a lot of new construction because I was young and learning I don’t want to say young and dumb but I was learning.
I was learning how to grow and expand my business but there were a lot of missing things that I never really knew about I always thought that if I did more volume. I would do more business so therefore we would go after new builders to grow my business volume.
I have seen many business owners chase the volume,but I always thought that if I did more volume I would do more business create mre profit ,little did I know, so therefore we would go after new builders
One year high I had tripled my business and when I came to the end of the year I went from three employees to nine employees my business revenue shot up like crazy and when I looked at the profit verses volume I actually made less money with more employees a lot less money.
I had my eyes on the wrong things. Almost put me out of business.
Like most contract work you usually are given a price that you have to work with like trying to stuff a 1o pounds of apples into a 5 pound bag.
If you’re a subcontractor most of the time you are bidding on cheap work you do the work and what happens if you contractor or unhappy builder decides they don’t want to pay you.
OR they want to extend out your payment.
I remember one time in my painting career that I had a draw in for fifty thousand dollars and went to go pick up my check and all they had for me was five thousand dollars. That was a painful Friday and made for a lousy weekend.
What did I learn from those lessons. Never work to stay busy and always e be in first position to be paid.
More Revenue is not necessarily more profit there’s lots of times where I get people who call me and say we can keep you busy.
Being busy is not my main goal being profitable is first then being busy while being profitable.
Being cheap is not the answer. There will always be someone cheaper who will beat you on price so stop trying to compete on price,
Decide that you’re not going to go for the price proposition you’re not going to die by a price.
Be smart about growing your business over deliver on your services and build that value proposition so that price is not number one on their list but down the list as number 4 or five. These are the types of customer you want to have to grow your business.
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