Grow My Field Service Company: Stage 4
You have now reached the final stage when it comes to growing your field service company. Or at least the stages we’re going to cover, a la Ruth King. This is Stage 4, where you have revenue from $1,200,000 - $2,500,000. You can obviously continue to grow from this point (who doesn’t want more profit!?) but this is the stage you will get your ducks in a row to ensure the business remains afloat.
You’re in a good place when you reach the range of $1,200,000 - $2,500,000. Your days are busy, profitable, and all that overhead you had back in “No Man’s Land” will last you through this stage of growth.
The only real vulnerability in this stage are the "Big Bad" things you don't always have control over such as illness, work related injuries, or the loss of key employees. The company probably does not yet have enough profit to handle these events. It can be a bit scary, so many contractors choose to grow out of this stage. However, if you can protect your business and your employees, you can stay at this level indefinitely.
Stage 4 is where you will work ON your business instead of IN the business. Here you will implement and execute marketing plans. You will, or at least you should, learn how to read financial statements, manage your managers, and do what it takes to make sure your employees are productive.
Okay. How are you doing over there? Take a deep breath. You made it! You raised a business from the ground up and at this stage you should be fairly steady. You just have to remember to keep learning. Knowledge is power my friends! Keep working on this business you worked so hard to build and your possibilities really are endless!
Check out resources like the American Express OPEN Forum, TurnOnMyFinancialLightbulb.com, or business networking groups to learn from other industries.
A special thanks to Ruth King for all of her help when it comes to these challenges stages. It always helps to have an experts opinion when trying something new and her wisdom certainly comes in handy here.