Episode Overview

Discover how to scale your service business to $1,000,000. Learn how to transition from working in your business to working on your business, the power of delegation, and why understanding your numbers is crucial for success. Whether you’re just starting or aiming to reach the million-dollar mark, use these real world experiences to transform your business journey. Join host Adam Sylvester, Dan Guest from Guest Plumbing & HVAC and Donovan Quesenberry from DIV Cleaning Service. This is an episode you don’t want to miss.

Get more scaling tips in this guide.

Show Notes

– Introduction to the episode and guests (00:10)

– Dan shares his journey and the importance of understanding business and profitability (01:19)

– Donovan talks about his experiences and the importance of learning from mistakes (01:58)

– Mentorship levels and the shift towards focusing on people (03:27)

– Changes needed at different revenue levels (04:41)

– The importance of company culture, sales teams, and integrators for business growth (05:30)

– Roles and positions needed in a million-dollar company (06:17)

– Entrepreneurs ranging $250,000 to $500,000: habits for growth (08:22)

– How to get over limiting beliefs and trust the team to achieve 80% perfection (10:43)

– 80/20 rule for effective delegation (12:57)

– Managing large volumes of tasks and how to staff them with a real life example of quoting (14:50)

– The value Jobber brings to Adam, Dan and Donovan’s businesses (17:15) 

– Revenue vs. profit in business growth: misconceptions of profitability at different revenue levels (18:23) 

– How to maintain profitability at $1M and understanding long-term business objectives (19:33)

– Hiring strategies and role assignment in expanding businesses (20:40)

– Donovan shares insights from his mentor and applies them to business growth and profitability (21:54)

– Staff efficiency and profitability during business expansion (23:05)

– Cash flow management and cautious use of debt/credit (24:12)

– Personal lending/banking guidelines and having a good accountant (26:10)

– Different credit types and the importance of financial literacy for business growth (28:00)

– Having an in-house bookkeeper and the advantages of responsive decision-making based on current financial data (28:55)

– Adam’s takeaway tips: work on the business not in the business, build one production crew at a time, build your business on fundamentals and know your numbers (30:36)