I can tell you from personal experience is you never ever want to turn off the sales spigot. Once you have that going it is too valuable to lose. I did this once with a lawn care company I owned. Sales were coming in fast and furious and I couldn't handle it by myself but it was not enough to hire people. What did I do? I let the sales rep go and I paid the price for that. What I should have done is controlled our prices, the kind of jobs we were doing and keep everything in control for a manageable growth. Here are the 5 steps I should have done and how you can apply it to your business.
1. Get the right customer.
Don't just take anything and everything. My salesperson was saying yes to anything someone asked to be done. He had me trimming trees which was not our business. I wasted a day to profit $100 when I could have been making $500 with our core business.
2. Determine who the right customer is.
Is your business and expertise more suited for residential or commercial? What about emergency service? Do you do new construction? What jobs suit your manpower and equipment?
3. Tailor ads.
Once you have decided on your customer target you can run ads tailored to those specific type jobs. For example, if trenchless sewer repair jobs are what you want run an ad for that. If it is emergency repairs you want, tailor your ads to that. If you want residential repairs - well you get the point.
4. Monitor and measure.
Know your numbers. Any good businessman knows you have to measure it to manage it. Know your profit margins, ROI for advertising. You will need to track expenses and be good at estimating. There is software available for that or if your small keep track manually. There is no worse feeling than doing a job and realizing you lost money.
5. Reap Success.
Success is not only making more money but growing your business so you can expand in a controlled way. You should want to go from being self-employed (you own a job) to being a business owner where you own a system and the system generates you income.
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