Not sure if you’re making the right decisions in your plumbing business? In this informative episode of Potty Talk Richard shares his strategy on how to make decisions that will grow your plumbing business.
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3 Golden Nuggets
- Weigh the Cost
- Measure the Risk
- Pull the Trigger
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Running a plumbing business is hard work as it is, and sometimes, you’re faced with too many options that leave you feeling lost.
But that’s okay. We’ve all been there.
But, to make things a bit easier for you, here are 3 tips to help you make smarter decisions for your plumbing business.
Weigh the cost
The first tip is to always weigh the cost.
This means considering whether or not the purchase will ultimately make you money or if it will just take your money.
For example, let’s say you’re thinking about buying a new truck. A new truck is a liability, but it can also be an asset. It can make you money by helping you get to and from jobs more quickly. However, if you buy the old one, it’s likely to cost you more to repair it constantly and keep it in good shape.
So, before you buy anything, ask yourself this…
- Will this purchase make me money?
- Can I afford to make this purchase?
- What is the long-term value of this purchase?
If you can answer yes to all of these questions, then go ahead and make the purchase. But if you’re not sure, it’s best to wait.
Measure the Risk
The second thing that you can do before making a weighty decision is to ask yourself, “What’s the worst that could happen?”
So, for example, if the worst thing that could happen is that you can’t make the truck payment and the truck gets repossessed. This would be a financial setback, but it’s not the end of the world.
You could always get a cheaper truck later or try to make money by taking on more plumbing jobs.
On the other hand, if the risk is much higher and someone might get injured, then it’s probably not worth it.
So, before you make a decision, it’s important to weigh the risks and rewards carefully.
Simply ask yourself…
- What’s the worst thing that could happen?
- How likely is it to happen?
- Can I afford to take the risk?
Answer these questions honestly, and you’ve got your answer right in front of you!
And remember, sometimes, the biggest risk is not taking any action at all.
For example, if you’re thinking about starting a new plumbing business, the worst thing that could happen is that you fail. But if you don’t start the business, you’ll never know if you could have succeeded.
So, don’t be afraid to take risks. Just make sure you’re aware of the potential consequences and that you’re willing to accept them!
Pull the Trigger
Making decisions is an important part of life, but it can also be daunting. There are always risks involved, and it can be hard to know which decision is the right one–especially when you have a family on top of your plumbing business to take care of.
But here’s the thing: you’ll never know if you don’t try.
So the third tip is to just jump the gun. Pull the trigger, take a chance, and do the thing.
When Laura and I were first starting out with our plumbing business, we felt lost too. We didn’t have all the answers, but we knew we had to make a decision and move forward.
So we did.
And that’s the key: you have to make a decision, even if it’s not the perfect decision.
Because if you don’t make a decision, you’ll never know what could have been.
So, trust your gut. Sometimes, the best decision is the one that feels right.
And most importantly, don’t be afraid to make a mistake.
Everyone makes mistakes. The important thing is to learn from them and move on.
Making decisions is a part of life, but it doesn’t have to be scary. By following these tips, you can learn to make better decisions, even when unsure of the right answer.
And remember, the success of your plumbing businesses isn’t determined by any one decision you make.
So don’t worry if you make the wrong choice every now and then. Just get back up, move on, and continue growing your business!
So don’t be afraid to pull the trigger and start living your life!
Richard’s Call to Action
If you want to learn more about numbers that matter and how to best run your plumbing business, why not schedule a free 30-min strategy call with us? Let’s talk about your goals and where you want to be this time next year, and we’ll help you create a path to make that happen. Schedule your free strategy call here today!