This is part two in a five-part series concerning Steps to Scaling Your Construction Contracting Business. You can see the introduction to the series by clicking here.
Are you among those who’ve figured out the simple way to deal with a puzzle maze is to begin at the end? The misguided and errant paths become much less of a problem to be dealt with when working a maze backwards. Same thing holds true when trying to figure out the puzzle which is all the moving parts of your construction contracting business.
When you start preparing to grow your business begin with the end in mind. Decide what matters to you in the long-term and formulate a big vision. Another term for this step is deciding on an exit strategy. Here are four typical scenarios:
- You determine your business will only exist until you retire or die.
- You plan to sell your business assets including the name.
- You choose to create a legacy firm which your children and later generations will own and run.
- You decide to develop a construction contracting firm designed to scale into and beyond the long-term, and which others (not your family) will manage.
Get ready to take “next steps”
Acting Bold becomes easier when you know which outcome you’re working toward. It allows you to focus on today’s steps, the ones which are getting you and your team to the end.
Some suggested next steps:
- Be proactive.
- Step back and look at the bigger picture.
- Develop plans with concrete actions concerning how growth will be achieved.
- Create realistic growth targets.
- Decide to think big now hiring out as much of the daily work as possible.
- Work to surround yourself with the right team members, various mentors, and good connections.
- Create a model that doesn’t solely depend on you.
- Think about autonomy for those working for you in order to test weaknesses and holes concerning moving toward your big vision.
- Learn how to separate your ego from the big vision – trust the vision to do the heavy lifting.
Get ready to step aside
In case you missed it – all four of the above options will have you stepping aside – not being “boss” anymore. In his article in The Harvard Business Review, Noam Wasserman discusses The Founder’s Dilemma in which he states you can choose to be rich or you can choose to be king. He goes on to say it is rare indeed for a business founder to be both.
Whichever route you choose to take (whichever ending you’re working toward) you’ll find it easier to know which “next step” you need to take depending on where you intend to end up.
Your call to action:
Determine your exit strategy. Now begin taking steps to achieve it.