Editor's Note: This article is the first in a series describing twelve steps towards entrepreneurial excellence by our regular contributor George Hedley, owner of Hedley Construction and Hardhat Presentations. To read part two, click here.
Imagine you owned or managed the perfect construction business.
What would it be like? In my perfect business, I would come into the office two or three days a week; check-in with my managers; review their projects and progress; give them some encouragement and direction; call a few loyal customers and take them to lunch; check on my real estate developments and investments; and make lots of money. Then, spend my free days golfing, sailing, traveling with my wife and all the other fun stuff I like to do! What do you think? Work a little and make a lot!
This is what I call an "On-Purpose...On-Target" business. Your business and your money works for you. You are an owner, not a hands-on, make-every-decision, over-worked and under-paid supervisor and worker.
What Do Business Owners Want?
I'll tell you what I want-I want my business to give me what I want! I want my business to be:
- 100 percent run by my management team
- A great place to work that attracts the best employees
- A company built on long time repeat loyal customers
- A business that makes double the industry average profit
- A company that grows my equity and building wealth
- An environment that creates lots of freedom and fun
What Do You Want?
You don't want a business that barely makes it-struggles, has cash-flow problems, doesn't allow you to have any time off and doesn't build your net worth. It took me nearly twenty years in business to finally understand. My business is a tool to give me what I want-wealth. Wealth is money and what it does for you. Money gives you time, energy, freedom and funds to use as you want-to help others; to use for your family, your employees or your community. As a business owner, to achieve wealth, you have to build a business that works and eventually creates financial independence. Your money must work for you. You should not be working for enough money to stay alive. Wealth is freedom! It gives you choices and allows you to enjoy your business and personal life.
Most business owners never become "wealthy" because they don't sit down and clearly write out what they want. But they do know they want something different than they are getting now! So, today you have an opportunity to figure out what you want and then build a business to deliver exactly what you desire.
The Purpose of Your Business is to Give You What You Want!
The purpose for your business is not to make you miserable, consume all your time, whine about your employees, hate your customers and have financial stress. Most construction business owners shoot for "MORE"-more sales, jobs, customers, profit or more of the same. "MORE" is what I call the "UN-TARGET"-wanting to be HUGE. The busier you get, the more uncomfortable you are as you get used to being stressed out. This business owner chases bad business, says "yes" too often, is too optimistic about the reality of their situation, and has no clear plan or goals.
Successful business owners know what they want and decide what's important. Take a few moments to write what you want:
- Personal
- Business
- Financial
- Operational
- Customers, marketing and sales
- People and leadership
- Equity and wealth
- Freedom and fun
The Entrepreneur's Journey
After graduating with a degree in engineering, I worked four years as a civil engineer and construction project manager. Like my father, I had the entrepreneurial spirit and wanted to be my own boss, but I had no clue how to run a business. In 1977,
