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The 7 Deadly Sins of Building a Contractor Business - 06 - Sin #4 – When Times Are Tough I Need to Hunker Down, Save Money, and Wait for the Economy to Turn
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Manage episode 250196089 series 2600874
Content provided by Karan Dhillon, The Contractors' Coach, Karan Dhillon, and The Contractors' Coach. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Karan Dhillon, The Contractors' Coach, Karan Dhillon, and The Contractors' Coach or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://ppacc.player.fm/legal.
Sin #4 – When Times Are Tough I Need to Hunker Down, Save Money, and Wait
for the Economy to Turn
Let me introduce you to a fundamental business principle:
You can never save your way into prosperity.
Never.
Similarly, you can't cost-cut your way to growth. Nor can you expand your business by hiding in it.
Are we clear?
You see, when times are tough, the business that used to come from referrals dries up, clients become more price- conscious, competition gets tighter, and margins shrink. And as a result, businesses collapse by the thousands.
Do not fall into the same trap.
The truth is, you can only spend your way to wealth. Now don't get me wrong: you must be smarter, more strategic, and more precise in the way you spend your resources – but if you want to survive, you absolutely must learn how to spend, and spend well.
"Spend on what?" you are probably asking.
for the Economy to Turn
Let me introduce you to a fundamental business principle:
You can never save your way into prosperity.
Never.
Similarly, you can't cost-cut your way to growth. Nor can you expand your business by hiding in it.
Are we clear?
You see, when times are tough, the business that used to come from referrals dries up, clients become more price- conscious, competition gets tighter, and margins shrink. And as a result, businesses collapse by the thousands.
Do not fall into the same trap.
The truth is, you can only spend your way to wealth. Now don't get me wrong: you must be smarter, more strategic, and more precise in the way you spend your resources – but if you want to survive, you absolutely must learn how to spend, and spend well.
"Spend on what?" you are probably asking.
11 episodes
MP3•Episode home
Manage episode 250196089 series 2600874
Content provided by Karan Dhillon, The Contractors' Coach, Karan Dhillon, and The Contractors' Coach. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Karan Dhillon, The Contractors' Coach, Karan Dhillon, and The Contractors' Coach or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://ppacc.player.fm/legal.
Sin #4 – When Times Are Tough I Need to Hunker Down, Save Money, and Wait
for the Economy to Turn
Let me introduce you to a fundamental business principle:
You can never save your way into prosperity.
Never.
Similarly, you can't cost-cut your way to growth. Nor can you expand your business by hiding in it.
Are we clear?
You see, when times are tough, the business that used to come from referrals dries up, clients become more price- conscious, competition gets tighter, and margins shrink. And as a result, businesses collapse by the thousands.
Do not fall into the same trap.
The truth is, you can only spend your way to wealth. Now don't get me wrong: you must be smarter, more strategic, and more precise in the way you spend your resources – but if you want to survive, you absolutely must learn how to spend, and spend well.
"Spend on what?" you are probably asking.
for the Economy to Turn
Let me introduce you to a fundamental business principle:
You can never save your way into prosperity.
Never.
Similarly, you can't cost-cut your way to growth. Nor can you expand your business by hiding in it.
Are we clear?
You see, when times are tough, the business that used to come from referrals dries up, clients become more price- conscious, competition gets tighter, and margins shrink. And as a result, businesses collapse by the thousands.
Do not fall into the same trap.
The truth is, you can only spend your way to wealth. Now don't get me wrong: you must be smarter, more strategic, and more precise in the way you spend your resources – but if you want to survive, you absolutely must learn how to spend, and spend well.
"Spend on what?" you are probably asking.
11 episodes
All episodes
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