Six Ways to Garner One Million Dollars
By Eugene Peterson
With the economy in terrible shape, there are contractors like you who are doing just fine, in fact prospering. Today I am sitting with one of my clients in a Villa in Costa Rica. Obviously, you do not take expensive trips unless you are prospering. We are here because six keys for success were followed:
- Need and demand. Years ago, I built track homes, and in the process, being small as I was, made all of the color selections. I felt very comfortable making the selections. But I soon learned that my likes and dislikes were not those of my customers. Become adaptive and responsive to your customer is step one.
- Ability to provide the service or product. Today, I see companies like yours blunder and not deliver what was promised, resulting in company suicide.
- Difficult to replace you. If you are simply selling a service or product, it is easy to replace you, often for a lower price. When you sell the benefit your product or service provides, your market share will increase and you can sell it for a higher price. In addition, your clients will find it difficult, if not impossible, to replace you.
- Strategic plan. Without a plan, you are drifting, allowing the current to move you aimlessly about without purpose or direction. If on the other hand you have a written plan your odds of success are high. No matter what obstacles or roadblocks (economy) you encounter, with a plan, it is amazing that they can be overcome.
- Outside coaching helps. If you want your company to make a profit and not just a nice wage, you need the help of a seasoned outside consultant. As the consultant travels from company to company, they see what works and what does not. They see the big picture and can guide a company to make sound business decisions. Yet unsuccessful companies cannot justify the expense. A good consultant worth his salt will cost about $3,500 or more a day and is a good investment.
- Take action and make the plan work. This is the final step that has to happen to ensure success. Of all of the steps, this is the hardest one because it requires unwavering commitment. Fifteen of my clients faithfully practice these key principles. Last year, three of them accumulated $1 million dollars or more in net profit before tax. And with the exception of one, they each had a profitable year.