268 - Stop Working IN Your Business - Ask These 10 Questions Instead
The Cash Flow Contractor
The Importance of KPIs in Business Success
This chapter delves into the vital role of key performance indicators (KPIs) in achieving organizational success, as outlined in Jim Collins' 'Good to Great'. The discussion includes how monitoring specific metrics can enhance decision-making and foster a culture of accountability within companies.
In this thought-provoking episode, Martin and Khalil explore the 10 least asked questions business owners should be asking themselves. These powerful questions challenge contractors to shift from working in their business to working on it, helping you gain clarity, improve profitability, and reduce stress in your operations.
What You’ll Learn
- How to clarify what you actually want your business to do for you
- Which key metrics reveal the health of your business
- How to identify and plug profit leaks throughout your operations
- Where fear might be holding you back from making crucial decisions
- Practical strategies to build cash reserves for stability and opportunity
Time Stamps
- 00:39 - Life Updates
- 03:30 - Episode Intro
- 04:33 - Question 1: Purpose and Focus
- 09:00 - Question 2: Key Metrics
- 14:28 - Question 3: Weak Systems
- 16:11 - Question 4: Managing or Babysitting
- 18:18 - Question 5: Critical Gaps
- 20:59 - Question 6: Decision Avoidance
- 25:27 - Question 7: Bold Actions
- 29:33 - Question 8: Leaking Margins
- 35:14 - Question 9: Cash Reserves
- 40:10 - Question 10: Root Cause of Stress
- 46:02 - Conclusion
Snippets from the Episode
- "Everybody wants to double their sales, and I say, what the hell you wanna do that for? How about you just double your profit? You can double your profit with far less effort and risk than it takes to double your sales."— Martin
- "If customers aren't saying no to you, then you're bidding too low. You should be striving to win 50% of jobs. That means you're getting market value and the better customers who are willing to pay a premium."— Khalil
- "What gets measured gets managed. What gets managed gets better. It just does. If you're paying attention to something, it gets better."— Martin
Key Takeaways
- Clarify Your Business Purpose
- Identify Your Critical Number
- Prepare Systems for Growth
- Develop People Instead of Babysitting
- Document Your Critical Knowledge
- Face Avoided Decisions
- Confront Fear-Based Limitations
- Plug Profit Leaks Systematically
- Build Adequate Cash Reserves
- Address Root Causes of Stress
Resources
- 24 Things Construction Business Owners Need to Successfully Hire & Train an Executive Assistant
- Schedule a 15-Minute Roadblock Call
- Check out OpenPhone
- Build a Business that Runs without you. Explore our GrowthKits
- Need Marketing Help? We Recommend Benali
- Need Help with podcast production? We recommend Demandcast
More from Martin Holland
- theprofitproblem.com
- annealbc.com
- Email Martin
- Meet With Martin
- LinkedIn
- Facebook
- Instagram
More from Khalil
- benali.com
- Email Khalil
- Meet With Khalil
- LinkedIn
- Facebook
- Instagram
More from The Cash Flow Contractor
- Subscribe to our YouTube channel
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- Visit our website
- Email The Cashflow Contractor
Ready to implement these powerful questions in your business? Visit our website at thecashflowcontractor.com to access the show notes and additional resources. If you subscribe to ChatGPT Pro, email us for a special prompt that will guide you through a personalized session answering these 10 critical questions for your business. The AI will help you process your thoughts and provide a summary of where you stand on each question.
Don't forget to subscribe to the podcast for more insights on building a profitable contracting business that works for you, not the other way around. Leave a review if you found this episode valuable, and let us know which question resonated most with your current business challenges.
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