Time=Money – Maximizing Profits Through Job Selection
Time = Money, right?
You hear people say this pretty regularly. It’s one of those phrases that comes up again and and again… and most experienced business people will agree with you.
One thing that always sticks out to me though, is that even though most people recognize this as truth… most people don’t prioritize their businesses around the operations that bring them the most money per unit time.
If time equals money, why wouldn’t you maximize the value of your time?
For example, at ECC we have really talented techs. They can do refinishing, refacing, staining and custom work. The list goes on.
And, every one on my team would be more than capable of doing interior painting, trim work, exteriors, etc.
But we don’t take on staining jobs. We won’t do interior painting. We avoid custom work as much as possible….
In fact, our list of things we don’t do is FAR LONGER than the things we will.
People always say “why would you leave money on the table like that?”
And then answer is, because there is more TOTAL MONEY to be made by leaving that money on the table.
We make more $ per hour doing refinishing than we do with custom work, and on top of that, it generates significantly less problems.
The jobs are faster and have less headaches. The same is true for interior painting, exterior painting etc.
That’s one of many reasons why our business focuses purely on Cabinet Refinishing and Refacing.
Taking on other work represents an opportunity cost.
So the real question is, how do we measure the opportunity cost?
I’ll break this down in my next email and give you a framework for working it out yourself!
Steven “leave it on the table” Jordan
P.S. We’re super excited to close out our upcoming training! We had such an amazing response and have just selected the dates for the next training. That will be happening October 11-13, if you want to learn a high value skill make sure to click here to learn more!!
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