TCF465: Contractor Q&A: What should I do if I'm losing passion for my business?

Listen in as Tom and Dan answer your questions about how to be a better and more encouraging leader, what should you do if you're losing passion for your business, how to find skilled people, what should be your GP when you're new to the business, what action you should take when you find out one of your staff members is using office time, utilities, and resources to work on other projects, and is it necessary to have the logo and the website to do your business.

In this episode, we talk about…   

• Question 1: Can you give any suggestions on courses to be a better, more encouraging leader in my business?

• Check out anything by John Maxwell—the guru on leadership
• Read Winning the Contractor Fight book by Tom
• Read Uncommon Leadership book by Ben Newman
• If you want to be a better leader, be the example
• Put yourself in the shoes of a past leader

• Question 2: What should I do if I am losing passion for my business and finding it difficult to hire skilled employees?
• • Figure out what you like about your business
  • Be positive, and then start spreading your business
  • Whether you find people or not right now, start having fun yourself in the business and finding ways to win.
  • Put on your own job fair
  • Build your brand consistently
  • Have a careers page on your website
  
  

• Question 3: When you're new to the business, do you start off at 50% GP or punish yourself for a couple of decades undercharging until you're in trouble?
• • It's much easier to have conversations with new customers than with old clients. 
  • Position yourself as not the cheap guy
  • Build your brand the way you want it to be right from the start
  
  

• Question 4: What do you do when you find out that one of your staff members uses office time, utilities, and resources to work on other projects?

• Figure out what your employee handbook says.
• Explain clearly during onboarding that company resources and time cannot be used for side projects
• Before you take any action, find out why they are doing that.

• Question 5: Is it essential to have the logo and the website to do the business? 
• • If you're going to have a real business, it's very important to have a real company identity, branding campaign, and strategy.
  • If you are a company, you need to be branded.
  • You're irrelevant if you're not out there branding and marketing your business and telling a story.
  
  

Resources: 

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