Editor's Note: Returning to Return on Investment
The August 2013 version of this column put forward the hypothesis that big investors are busy investing and roofing contractors, big and small, should consider doing the same. Here is part two of that column.
This began with the idea that you should invest in yourself.
Again, one great way to do that is to join us in Phoenix for this year’s Best of Success conference, which will be held Sept. 30-Oct. 1.
Check it out online at www.bestofsuccessconference.com.
In addition to working on yourself and the people who make up your team, this is a good time to work on your key customer and vendor relationships. In the high-tech world of online commerce, the roofing business is one that remains relationship driven. Investing time to identify the best and the worst relationships is important in the lead-in to a more robust business environment.
This is a good time to make choices. Time to face the fact that you may have been taking some business in the past five or six years just to have some. It is not all good business, and you know it. You cannot and should not be doing business with everyone. You may lose an unprofitable client in the process, or you may end up changing the calculus sufficiently to make them profitable. Either way you win.
This is a good time to closely examine your professional vendor relationships. Bankers, lawyers, accountants and insurance professionals are like any other vendor in that you need to constantly measure their value to your enterprise. Staying with a banker that does not understand the emerging growth in construction and re-roofing may not be a wise move. Make the determination now, before you get caught short.
This is a very good time to examine the products and services you are offering. What other products are out there that are going to command the market for the next five years? If you are not aligned with them now, what is it going to take?
What kind of production equipment will it take to move your roofing business to the next level? Interest rates may be rising, but they remain at historically low levels. If you have been considering a capital investment in fleet equipment, crane, or automated metal forming machinery, I cannot think of a better time to launch.
Personally, my most valuable asset is time. The best business return on investment of my time has always been spent on making me better. This column started off with the idea that you take advantage of the improving business climate to work on your business instead of working in it. I cannot think of a better investment business leaders can make than one that makes themselves better. Read, study, attend an industry seminar or two. The result will reverberate throughout your enterprise. And this is a great time to invest in yourself and your business. After all…
These are the good old days.
Carly Simon’s Anticipation - http://www.youtube.com/watch?v=4NwP3wes4M8
The Libertines - http://www.youtube.com/watch?v=koQ2iVu2Uo4
James Otto - http://www.youtube.com/watch?v=1q0OAe_Y5d4
Ziggy Marley - http://www.youtube.com/watch?v=CGqYggaBpPU