Essential Mindsets for Achieving $5 Million in Contracting Revenue

This chapter explores the key mindsets that contractors need to achieve revenues of $5 million and beyond. It underscores the significance of vision, delegation, financial literacy, customer experience, and accountability in building a thriving business.

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Tom breaks down the essential mindsets that separate the top-performing contractors from the rest. Adopting these mindsets will set you apart and accelerate your success if you want to scale your business to $5 million and beyond

Episode Highlights:

[00:00] - Introduction: What it takes to reach $5 million in revenue
[00:26] - The small percentage of contractors who reach these levels
[00:55] - The importance of having a visionary mindset and thinking long-term
[01:20] - Reverse engineering your success by focusing on outcomes
[01:50] - Delegation and trust: Why you can’t scale if you don’t let go
[02:19] - Allowing your team to make mistakes and grow
[02:48] - How to identify what you should delegate
[03:16] - The obsession with numbers: Why knowing your financials is critical
[03:45] - Understanding job costing, gross profit margins, and overhead
[04:09] - Why revenue alone doesn’t matter—it’s about profitability
[04:38] - The customer experience is everything
[05:07] - Why top contractors stop competing on price
[05:37] - The power of customer retention and repeat business
[06:03] - The game-changing question: "How big would your business be if you never lost a customer?"
[06:32] - Creating a culture of accountability
[07:00] - The balance between delegation and responsibility
[07:28] - Defining company culture based on expectations and tolerances
[07:57] - Why the best employees hold themselves accountable
[08:26] - The secret to successful hiring: Finding competitive, high-integrity team members
[08:52] - How blocking and tackling the basics consistently leads to success
[09:21] - The importance of surrounding yourself with high-performing people
[09:49] - War Room applications for those serious about scaling beyond $1M

Resources:

⚔️ WAR ROOM

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https://thecontractorfight.com/war-room

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⭐️⭐️⭐️⭐️⭐️ Grab our NEW course to grow your business

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🛡️ Join us in BATTLEGROUND

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https://thecontractorfight.com/battleground

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