Podcast
Contractor Momentum
Hosted by Corey Philip · EN
This is the show where we bring you interviews with today's trades business leaders and game changers to help you grow your business.
10episodes
Episodes
Newest firstAll episodes
#53: Cash vs Debt – Funding The Growth of A Home Service Business
Feb 10, 202100:18:55Tap to summarizeThe general consensus about debt is that it’s bad. I do agree with it when it comes to personal finances, but in business finance, it may not always ring true. In this episode, I talked about how debt can be a tool to scale your business. Join the Contractor Momentum Lounge FB group: https://www.facebook.com/groups/896216427196514/ 00:08 Introduction How debt can be a good thing in relation to business finance Are home service businesses cashflow intensive? Difference of cashflow in residential compared to commercial home service business 04:05 Debt as leverage Leveraging gains or leveraging losses with debt When should you consider using debt to leverage your profits Financing for smaller businesses for operational needs of business 10:03 Insights on the phrase, “use other people’s money” When does it work 12:16 Where to use leverage to scale your business Ideas for financing Advantages of fleet vehicle replacement Financing a facility
Transcribe →#52: 2021 Contractor Marketing: Challenges & Opportunities
Jan 2, 202100:40:36Tap to summarize2021 has arrived! It’s been a good year for most trades businesses, but we’ve got two marketing hurdles in our path this year. I discuss those, how I’ve been preparing my businesses and clients for them, and the biggest opportunities. Links: Contractor Momentum Lounge (FB Group): https://www.facebook.com/groups/896216427196514 Cloudways Hosting (affiliate): https://www.cloudways.com/en/?id=738246
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#51: The 6 Marketing Elements Every Radically Successful Trades Business Has
Sep 15, 202000:09:16Tap to summarizeBy radically successful trades business, I mean businesses or companies making 8 figures every year. In this episode, I discuss the 6 marketing elements that you will find in those kinds of companies in whatever trades industry. The elements I talk about here are also a part of The Market Domination Method. Join the Contractor Momentum Lounge FB group: https://www.facebook.com/groups/896216427196514/ Here’s what I discussed: 00:20 Profitable projects Why radically successful companies don’t advertise all of their services 00:56 Premium brand image Vehicle wrap How many impressions you can make with a vehicle wrap Gathering impressions on paid ads vs. with a wrapped van Other benefits of having a premium brand image 04:56 Social proof 05:08 Website How it ties together with your premium brand image 05:51 Follow-up and sales process What follow-up does and advantages Why following up is important Different ways to follow up beyond giving the estimate request 07:27 Relationship marketing Why you shouldn’t lose leads and customers Methods of relationship marketing Check out The Scalable Method: https://mdm.contractormomentum.com/get-the-scalable-method?fb2277&fbclid=IwAR3XUd9Fn1z9tX3Q5CAGNvMnvJL8v2dclVgmR_c6nES3EqERDp327xJWo2I
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#50: Benefits of Private Labelling Equipment | Mike Nicolai
Sep 8, 202000:17:03Tap to summarizeThis is a quick episode with Mike Nicolai of Triton Air in Orange County, California about the benefits of private labelling equipment. He mainly talks specifically about private labelling in the HVAC industry, but in the end there are tips that apply to other industries as well. Join the Contractor Momentum Lounge FB group: https://www.facebook.com/groups/896216427196514/ Here’s what we discussed: 00:13 Percentage of revenue from private labelling sales What they sell Other features they add Growth of private labelling sales over the last year 01:42 Why they shifted to private labelling Advantages of private labelling Financial benefits Pricing and savings 06:14 Labelling in-house and what you need to consider What you need to avoid when relabelling and rebranding Manufacturer warranties (for HVAC industry) 09:44 Private labels in terms of marketing Leading with private label when talking to clients Back-up plan for brand-conscious customers 12:30 What to do to up your private label sales How Mike plans to increase the percentage of private label sales How they’re making their private labelled products more reliable 15:22 Hacks and tips to private label products (in HVAC and other industries) Products that you can private label and how to do it Check out The Scalable Method: https://mdm.contractormomentum.com/get-the-scalable-method?fb2277&fbclid=IwAR3XUd9Fn1z9tX3Q5CAGNvMnvJL8v2dclVgmR_c6nES3EqERDp327xJWo2I
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#49: How to Deal With Employee Attendance | Corey Hickman
Sep 1, 202000:14:52Tap to summarizeCorey Hickman runs Comfort Matters in Minneapolis. In this short 15-minute episode, he shares the processes and techniques he’s implemented to improve employee attendance. In this, you’ll learn concrete solutions to resolve unplanned absences, tardiness, and missed meetings. Corey also guested on a previous episode about shifting to a 4-day work week. Contractor Momentum Lounge FB group: https://www.facebook.com/groups/896216427196514/ Here’s what we discussed: 00:25 How to deal with employees with attendance issues Documentation and keeping track of absences or tardiness Looking for trends and patterns in attendance behavior 03:51 What to do to change the behavior Setting expectations and clear time schedule Finding the people that want to work while hiring Reinforcing the importance of everyone’s attendance in monthly meetings 08:00 Benchmarks or limits to attendance issues Hiring more staff to prevent disorder when the someone doesn’t show up How they resolved the absences and tardiness in meetings 10:25 Process for approving time off Step-by-step for employees to get time off Timeframe for turning in time off requests 12:46 Recap of the process 13:35 Having a vacation program Check out The Scalable Method: https://mdm.contractormomentum.com/get-the-scalable-method?fb2277&fbclid=IwAR3XUd9Fn1z9tX3Q5CAGNvMnvJL8v2dclVgmR_c6nES3EqERDp327xJWo2I
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#48: Planning, Hitting Several Goals, and Working with Franchisees as an Executive | Ellen Rohr
Aug 25, 202000:43:49Tap to summarizeEllen Rohr is a female powerhouse in trades business. In this episode, I caught up with her about Zoom Drain since her last guest episode on this podcast. It’s a nationwide franchise business that has helped small independent plumbing businesses reach $100M annually. We also talked about how she plans as an executive and how she connects with franchisees to help them reach goals despite differences in motivations and personalities. She shares practical advice on planning a business strategy, using personality mapping tools, and the 2 things that really need to be in your business plan if you’re trying to hit several goals. She is a wealth of insight into growing a team and this episode applies to every trades business owner at any level. Contractor Momentum Lounge FB Group: https://www.facebook.com/groups/896216427196514 04:10 Updates on her business, Zoom Drain Franchise locations How their franchises have expanded Advice for expanding business and her focus in running her businesses 08:52 How she plans and acts on new goals for her business Step-by-step of what they do Using technology 10:22 Planning phase for an executive The importance of meetings for accountability Business planning retreat Infusing meaning to your plans and goals Logistics of their meetings and the huddle Using an electronic list app 19:36 Challenges encountered with franchisees Preparing manuals Working with franchisees as a business partner Using personality mapping tools (DISC) to figure out people’s motivations and understanding personality differences 29:38 How to figure out what the people working for you want Questions to ask people to figure out what they want How to connect with your team on a personal level if you approach conversations more analytically 34:06 What needs to be done to accomplish several goals Business plan = clarity about what you want and some course of action Numbers that they want to hit with every franchisee Picking 3 things off your list and getting them done 37:38 How much to keep for payroll or working capital 2:1 ratio What’s included in their bills-to-pay Advantages of having 2-3 months of working cash Check out The Scalable Method here: https://mdm.contractormomentum.com/get-the-scalable-method?fb2277&fbclid=IwAR3XUd9Fn1z9tX3Q5CAGNvMnvJL8v2dclVgmR_c6nES3EqERDp327xJWo2I
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#47: How to Implement Performance-Driven Compensation
Aug 20, 202000:12:06Tap to summarizeThis week, I’ve got a quick solo podcast discussing performance-driven compensation – what challenges you might face when implementing, how to avoid those problems, and how to make it work so that employees are motivated. Join the Contractor Momentum Lounge FB group: https://www.facebook.com/groups/896216427196514 Here’s what I discussed: 00:35 Challenges with performance-driven compensation 01:22 How to make performance-driven compensation work How to avoid the challenges What documented standards you need to implement performance-driven compensation Other tips I do to make piece work effective 10:28 How to structure your performance-driven compensation to motivate employees Check out The Scalable Method: https://mdm.contractormomentum.com/get-the-scalable-method?fb2277&fbclid=IwAR3XUd9Fn1z9tX3Q5CAGNvMnvJL8v2dclVgmR_c6nES3EqERDp327xJWo2I
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#46: How To Get Your Staff Doing Things The Way You Want It Done (Management and Delegation) | Mike Nicolai
Aug 12, 202000:39:28Tap to summarizeComing back on the podcast is Mike Nicolai of Triton Air. In this episode, we’re talking about how he uses forms to get his team to do things the way he wants them done and up to his standard. He also gave out pointers on how to assimilate your staff to this system, how to ensure that they continue using the forms, and how it all protects your business from customer complaints. Join the Contractor Momentum Lounge FB group: https://www.facebook.com/groups/896216427196514 Here’s what we discussed: 01:35 Overview of Mike Nicolai’s business for the year How business is going and how Covid affected Triton Air Planned expansions 09:31 Owning your facility vs. renting Advantages of owning property Insight on taking the risk 11:50 How to get your staff to do things your way Steps to building the exact process your staff will follow Tools (tasklists, forms, etc.) and how they use it How to leverage technology and using digital forms 19:02 Example of their AC system install list Step-by-step of what they do on the job How forms (documentation) protect your business from complaints What to include in your forms 22:07 How to start making your own forms Details that you can outline before making forms Softwares that you can use for digital forms Advantages of digital over paper forms 25:34 How to assimilate your team to using forms What to do to buy-in your team to forms How to involve your team to the creation of forms How to make sure the whole team keeps following the forms 31:22 Quality control Ways to ensure the forms are followed in the front-end and back-end 32:53 Recap How to get started making these forms Steps to buy-in your staff Other advantages of having these forms 36:43 Next steps for Triton Air How they’re making their team better Re-organizing roles and positions in the company Check out The Scalable Method: https://mdm.contractormomentum.com/get-the-scalable-method?fb2277&fbclid=IwAR3XUd9Fn1z9tX3Q5CAGNvMnvJL8v2dclVgmR_c6nES3EqERDp327xJWo2I
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#45: Employee Benefits and Other Home Service Business Topics with Travis Smith
Jul 29, 202000:49:45Tap to summarizeTravis Smith led his company, Sky Heating and Cooling in the Portland, Oregon area, to be named the “Best Heating Contractor to Work For” in 2015. If there’s anyone who knows more about how to make a company the place people want to work for, he’s the one! In this episode, we talk employee benefits from as small as providing tools for his technicians and handing out little rewards to giving health benefits, extensive training programs, and retirement plans. Here’s what we discussed: 01:17 How Travis got started in the HVAC industry First experience and roles working for an HVAC company How he got his company How they evolved the company, things added, and changes in sales processes Business model when he first started in 2009 and the shift to new business models 07:34 Overview of the company today What the company does today Field management software they use Company size and annual revenue Company vision in the next couple years 10:09 What it’s like to be the best employer in the HVAC industry Employee benefits How an employee pointed him to paid health insurance The process for getting health insurance Other benefits that employees enjoy including letting employees take home a company vehicle GPS programs for the vehicles (both for the customer and the company) 17:48 Providing tools for technicians Why he buys tools for his service techs How this attracts employees Benefits of buying tools for the company How they keep track of tools Lost tool analogy How tools helps speed up training Inventory for tools (Dollar bill policy) Mentality that employees ‘fire’ you as the owner instead of quitting 32:00 Ground rules for when they start giving benefits When they start offering health benefits When technicians are able to get tools from the company Vetting process for employees 34:31 Team culture How individuals come together to achieve sales goals How sales team impacts service techs’ work and vice versa 36:25 Other benefits Benefits that are still in consideration for the future Retirement plans Participation rate for retirement plans 39:53 Training at Sky Heating and Cooling Training budget Little promotions for employees Having a training room readily available The decision process for ramping up training programs Why he built a training room for his employees 46:47 Future plans for the company Plans for plumbing and electrical Adding on services and upping marketing 47:48 One final takeaway from Travis Smith Download The Scalable Method resources (framework + video) here: https://mdm.contractormomentum.com/get-the-scalable-method?fb2277&fbclid=IwAR3XUd9Fn1z9tX3Q5CAGNvMnvJL8v2dclVgmR_c6nES3EqERDp327xJWo2I
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#44: From 10 to 25 Employees in the Last 16 Months with Shawn Reynolds
Jul 23, 202000:49:31Tap to summarizeShawn Reynolds owns a gutter and siding business called Reynolds Brothers Exteriors along with his brothers in Canada. He’s a returning guest of the podcast. A year and a half since the last episode with him, he’s back to discuss the immense growth his company has achieved in that time, specifically growing his business from 10 to 25 employees. In addition, he also shares the changes, adjustments, and challenges he’s faced in terms of managing customer expectations, project management, and defining roles that come with growing his company. Here’s what we discussed: 01:11 Overview of Reynolds Brothers Exteriors Services that the business offer An update all about their business in the last year and a half How much his business has grown in 2019 Difference in business size since last year 07:56 Adjustments he’s made to accommodate the influx of projects after Covid-19 What he cut back in advertising How he manages customer expectations 13:30 Process of doubling his employees His hiring process Benefits of having a paid trial day 16:14 Changes in project management Getting a field management software from using a white board in the office The process of managing projects using Service Fusion What he likes about Service Fusion Why he didn’t get House Call Pro 22:42 Importance of community Benefits of having a community of fellow business owners (link to Corey’s group that was mentioned here) 24:02 Managing job flow How having specific roles helped with working remotely and managing projects How simple honesty clears out the timeline and scope of the project to the customers The process from selling a service to ordering materials, scheduling, and finishing the job The system for updating customers about changes in project timelines Having each person own their roles and cross-training Why they came to defining roles for each person Why he lets employees make mistakes 41:14 Biggest challenge from getting to 25 employees Challenges in the hiring process Actual things he’s doing to curb challenges 46:23 Future plans for Reynolds Brothers Exteriors Plans for growing commercial aspect of business Considerations for new products You can download The Scalable Method resources (framework + video) here: https://mdm.contractormomentum.com/get-the-scalable-method?fb2277&fbclid=IwAR3XUd9Fn1z9tX3Q5CAGNvMnvJL8v2dclVgmR_c6nES3EqERDp327xJWo2I
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