Getting the Right Business Advice

The vast majority of remodeling businesses developed almost by accident. They weren’t designed; they evolved, either from a love of the craft or a passion for owning a business. Most began small, adding processes and skills as the business grew. Consequently, they all have different organizational structures and production procedures. Very few of the owners of these companies have a real business plan or a long-term exit strategy.

I share these insights, not to be disparaging or to hit a nerve, but simply to create context. Many of the questions remodelers have are the same—Should I stay small or grow larger? Hire a salesperson or not? Raise margins or lower prices?—but the answers vary depending on the source. And while there are many available resources—magazines, books, podcasts, seminars, consultants, etc.—it’s difficult to know with confidence which advice applies to your business specifically. 

Working With the Feedback

I believe I can at least give you a way to start thinking about that advice in a healthy way.

Look in the mirror. Ask yourself some fundamental questions and listen to your answers. What are you really passionate about—regardless of what others say you should be passionate about as a business leader? What motivates you? How do you want to “feel” about your business in three to five years?

Talk to people you trust. Everyone needs informal advisers. It could be a spouse or an old friend who knows you well. Try to have active conversations with these trusted few. Use them as a sounding board, not only for what you are thinking but also for how you are thinking about it. Ideally, they should be brutally honest but not hurtful with their advice.

Listen to many voices. We have a tendency to pick and choose who in the business we listen to. These may be fellow remodeling company owners or trusted employees. Sometimes, however, the best insights can come from unexpected sources. For example, your material delivery and trash pickup people probably see more jobsites more frequently than anyone else in your company or circle of colleagues does. Try to have a regular dialogue with them about how your company compares with others and how jobsites could be improved. 

Also listen for off-hand comments made at the coffee machine in your office. It may be something in the tone of voice or a hint of sarcasm that gives you the insight you need so you look at something differently.

Find another business that’s most like yours. I think it’s important to develop a relationship with another remodeling or remodeling-related business, whether it’s in your area or at a distance. Meet regularly—at a monthly breakfast, for instance, or via conference call—and nurture open, candid conversation. Also try to hold one another accountable to commitments or actions.

Create an advisory board. Any business, large or small, can benefit from a formal advisory board. Picking the right board members is critical. You want alignment but also diversity; some members who see things similarly to the way you do, but also members who challenge your thinking. The blend of skills is also important and should include financial, sales, and marketing acumen. Meet as frequently as is necessary, depending on how fast the business is growing and the rate at which risks are increasing.

Getting the right advice is important to success. Be deliberate in where and how you find it.