Setting a Standard for Your Business
By Paul Montelongo
The foundation for your success in the contracting business, or any other business for that matter, is to establish standards for your business. In order for your goals and dreams to become a reality, a set of measurable elevated standards must be designed. Standards, in this instance are more accurately known as ideals, ethics and principals that will govern your business. These are more than just the values of integrity and honesty, as those should be a given in order to stay alive in business for the long term. This is the first in a four part series of the program I have developed called “Becoming the Contractor of Choice”. Here are 4 components of having a business that is driven by elevated standards.
1. Create a Vision: A vision for your business is the long term “look” of your business. Where are you positioned in the economy and marketplace? What does your enterprise do for others? What solutions do you offer to attract clients? What will your office, staff, home and fleet look like, literally? What sort of projects will your company perform in this vision of the future? This exercise requires concentrated visualization of what could happen in all of the best scenarios. Will this vision come true? Perhaps not, it may be better.
2. Know Your Purpose: This relates to WHY you do business? What is the reason for your business existence? Is your purpose solely to pay the bills and make a living? Are you driven to contribute to society in some meaningful way? You, the entrepreneur, only make the right answers to these questions. Once you are clear on the reasons WHY you are in business, the methods for accomplishing your purpose becomes an enjoyable process.
3. Tale of the Tape: Progress needs to be measured regularly. Set achievable goals that stretch you each year. Establish a system of measurement. Progress can be gauged in terms of revenue, profit margins, customer loyalty, employee retention, quantity or quality of projects, etc. The progress made should re info rce your vision and purpose. While measuring your progress is an individual activity, the tale of the tape may be made in comparison to industry standards and fellow competitors.
4. Refine the Standard: A constant examination of your standards needs to take place. As you progress and meet your goals you will see a need to refine your standards. Raising the level of your performance is a never-ending process. The good news is that small incremental improvements add up to major long term accomplishments and fulfillment. A simple exercise is to ask yourself where are you today in comparison to five years or even one year ago. Your skills and strategies for conducting business have improved and will continue to improve by holding higher standards for yourself.
The bottom line is that every successful contractor must operate with a set of high standards. In my view, having elevated standards is the very first step in operating a successfully profitable business. When standards are set and kept, all other aspects of your business tend to fall in to place.
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