The phone call came in to paint the prestigious home on the hill.
This house was no ordinary home, it was HUGE and it had a carriage house.I met with the homeowner and he wanted the home completely changed with new colors. From the shutters to the lattice work and everything in between.
I met with the homeowner and he wanted the home completely changed with new colors. From the shutters to the lattice work and everything in between.
My eyes lit up as I put together the estimate as it was going to take a crew of 5, four weeks to complete.The bid was presented and approved, We had a deal!
We got started, endured some unexpected weather delays and then some extreme heat but we were chugging along and getting things done.
The homeowner was pleasant to work with and had some add-ons during the project and with the additional work and weather delays we were completed in six and a half weeks and to pull it all off we made a net profit I was expecting.
As I now step back and look at the beautiful house on the hill which I proudly placed my sign out in front during the project and the pictures I placed on Facebook and my website I look back and realize that we were a bad fit for this house and should have passed on the project…
I lost track of my 3P’s. Step 2 in the DYB System, get your FREE DYB System PDF here: dybcoach.com/dyb-system
5 reasons we turned out to be a bad fit for the project, and why you should never paint the big house on the hill:
- It took up to many of my resources during my busiest time of the year.
- My crew became tired of the same old place and wanted a new project after a couple weeks as it seemed to never end.
- I had to turn down other opportunities that were coming my way due to the fact we were committed for such a long period of time. We pleased one customer in 6 weeks instead of being able to please 6 customers in that same time frame which when your business is based on referrals pleasing 6 customers who refer you is much better in the long run.
- We would have had a higher net profit working on smaller homes and better cash flow if we stuck to what we do best.
- The residual value of working with our 3 P’s between referrals, repeat work, brand awareness due to yard signs and branded truck are immeasurable short term but recognize it long term.
The Three P’s:
- People: Working with people we like to work with. Having a great report and connection with our customers is invaluable to us and makes the job so much more pleasurable. Miserable people often turn into miserable projects. We aim for Happy customers which make Happy projects.
- Process: What kind of work suits your company’s profile that you and your staff like to do and is profitable? Analyze all past projects and determine if the process of completing the work was enjoyable for the staff, repeatable and is profitable to complete if replicated.
- Profit: Profit sustains a company. Greater profit can be spread and shared and allow you to do great and ambitious things. Are your projects netting the profit you want? if not find the projects that generate the profit that is wanted and needed to grow, prosper and DREAM.
Analyzing your past work:
We break down each past project and determine if they had the 3P’s.
If the project had 2 P’s we look to see what we can do to improve that project and bring it to a future 3 P’s project and make changes accordingly or move it into the “DO NOT BID” pile.
3P’s projects are the projects we aim to perform every day. We promote similar projects on social media and our other means of promotions. We actively look for these projects on an ongoing basis.
Utilizing the 3P ideology allows us to be profitable, work with great customers and most of all have happy employees. Know this we now do a much better job Prequalifying our leads, and only going on high-value estimates.
Get your FREE 3P worksheet here: dybcoach.com/target-market-3p