The Wealthy Tradie

Work – Life Balance For Tradies

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Working Less: The Key to Achieving Work-Life Balance for Tradie Business Owners

Are you struggling to find a balance between work and personal life? As a tradie business owner, working long hours and sacrificing important family moments can take a toll on your happiness and well-being. Let’s look at effective strategies for working less while maximising productivity. By establishing clear rules and boundaries around your time, you can achieve a healthier work-life balance and prioritise what truly matters.

The Challenge of Overworking

Many tradie business owners find themselves working excessively, compromising their personal lives. They may miss important family events, such as their children’s activities or school pickups, leading to feelings of regret and dissatisfaction. The crux of the problem lies in the absence of time management rules. While they may start their workday early, lacking discipline around time leads to staying late onsite to finish off jobs or retreating to their home office after dinner to do bookwork. To break free from this cycle, it’s crucial to establish firm rules regarding working hours and commitments. By doing so, you regain control over your time and create space for what truly matters.

Setting Clear Rules

The first step is to set clear rules around working hours.  You have to expect there are times when they are broken but there starts the slippery slope of continuing to do it.  I recommend setting a maximum number of times per fortnight or month.

Personal experiences can drive the realisation that strict rules around working hours are essential. For instance, my personal journey began when I had five young children, all close in age and on certain days I had to be there for when they came home from school. . This necessitated a fixed schedule to ensure I could be there for them when they needed me. Establishing clear rules regarding your working hours and commitments helps you prioritise the most important aspects of your life. By adhering to these rules diligently, you maximise efficiency during work hours, allowing for quality time with family and personal pursuits.

The Power of Discipline

Discipline plays a vital role in achieving a healthy work-life balance. As a tradie business owner, it’s crucial to remain committed to your established rules and boundaries. By being disciplined about when you work and ensuring that everything else aligns with those commitments, you can make the most of your working hours. Delegating tasks, outsourcing, or simply letting go of non-essential activities become viable options, enabling you to focus on high-priority tasks. Embracing discipline empowers you to work efficiently, freeing up valuable time for family, personal hobbies, and self-care.

Working less while maintaining productivity is not only possible but essential for tradie business owners seeking work-life balance. By setting clear rules and boundaries around your working hours, you regain control over your time. Embracing discipline and adhering to these rules allow for efficient use of working hours, leaving space for cherished family moments and personal endeavours. Remember, by working smarter, not harder, you can achieve greater satisfaction and fulfilment in both your work and personal life.

More tradie tips can be found in my book “The Wealthy Tradie Book 2- How To Make Your Business Rake In The Cash”, you can grab a copy by following this link. Or you can book a free strategy session here. 

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Hiring an Admin Person for Your Tradie Business

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Hiring an Admin Person for Your Tradie Business: When and Why?

Many tradie business owners often wonder when the right time is to hire an admin person. It’s a common question that arises when businesses are in the growth phase or have just started out. Often, the concern revolves around affordability. However, from a strategic perspective, NOT hiring and admin person is holding the owner and the business back.

Let’s explore the benefits of hiring an admin person and discuss when it’s the right time to bring them on board.

The Value of Time

By employing an admin person for a significant portion of the work week, you can regain valuable time to focus on more critical activities. In just a couple of months, the admin person’s support should allow you to reclaim additional days that can be utilised more effectively, whether it’s generating income or tackling essential tasks. As a tradesperson, your expertise lies in your trade, not in administrative tasks like bookkeeping. Allocating these responsibilities to an admin person who excels in such areas ensures that the work is performed efficiently and allows you to concentrate on activities that align with your skill set and income potential.

Leveraging Expertise

As a plumber, electrician, or any other tradie, your primary income comes from performing your trade. However, tasks such as bookkeeping or administrative duties might not be your strong suit. Hiring an admin person allows you to tap into their expertise, ensuring these critical tasks are handled proficiently. Rather than spending time on activities that aren’t your core competency, you can entrust them to someone who specialises in those areas. This not only improves the quality of the work but also enhances overall business efficiency, as the admin person can devote their full attention to these tasks.

Delegating and Expanding Responsibilities

Once you’ve hired an admin person, you can gradually delegate various activities, freeing up your time to focus on more crucial aspects of your business. To assist you in this process, I have prepared a list of tasks that you can delegate or train your admin person to handle effectively. By downloading this list (available at the end of this blog post), you can identify specific areas where their support can make a significant impact. Furthermore, as you become accustomed to working with your admin person, you’ll likely identify additional tasks to add to their responsibilities, creating a dynamic and productive working relationship.

Employing an admin person for your tradie business can be a game-changer. It allows you to regain valuable time, leverage your expertise, and focus on income-generating activities. Instead of trying to handle all aspects of your business, delegating administrative tasks to a skilled professional empowers you to excel in your trade and drive business growth. If you’re interested in exploring the possibilities of hiring an admin person, download the list of activities that you can delegate and maximise the potential of your business.

More tradie tips can be found in my book “The Wealthy Tradie Book 2- How To Make Your Business Rake In The Cash”, you can grab a copy by following this link.

admin lady

What Is A Default Diary?

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What Is A Default Diary?

Are you looking for ways to accomplish more tasks efficiently in your day? Allow me to introduce you to a powerful tool called the default diary. Let’s delve into the concept of a default diary, which can help you optimise your time management without the need for delegation. By implementing this simple yet effective strategy, you can enhance your productivity and streamline your workflow as a tradie business owner.

This happens to be one of the topics in my book “The Wealthy Tradie Book 2- How To Make Your Business Rake In The Cash”, you can grab a copy by following this link.

Understanding the Default Diary

The default diary is a valuable tool among many others that can revolutionise how you utilise your time. Its principle is straightforward: dedicating uninterrupted blocks of time to specific activities significantly enhances your productivity. For instance, if you often find yourself conducting quotes throughout the week, you may experience disjointed workflow and inefficiency. With a default diary, you assign a fixed time for tasks like quotes. When clients inquire about quotes, you can respond by saying, “We handle quotes on Tuesday mornings. Does that work for you?” By scheduling activities in your default diary, you establish a consistent routine that optimises your time and improves your efficiency.

Streamlining Meetings and Business Tasks

Utilizing a default diary can also help you streamline meetings and important business tasks. For example, you can designate a specific time each week, like Monday mornings or Friday afternoons, for team meetings to discuss project updates and site work. Moreover, you can allocate time for essential business activities that often get overlooked, such as business planning, marketing, or system design. By reserving a specific time slot, like Friday mornings, you can prioritise these tasks and ensure they are consistently addressed. Communicating your default diary to your team or admin staff will help everyone understand your availability for particular activities, allowing for smoother scheduling and improved productivity.

Tailoring the Default Diary to Your Business

The beauty of the default diary lies in its flexibility. You can customise it based on the unique needs and size of your business. For instance, if you operate as a two-person team, you might allocate more time to working on the tools, while still dedicating specific blocks for crucial business-related tasks. On the other hand, if you have a larger team, you may assign specific days for managerial and administrative duties, allowing you to focus solely on the business’s growth and development. By aligning your default diary with your business requirements, you can strike the perfect balance between on-site work and essential managerial responsibilities.

Implementing a default diary can revolutionise your time management as a tradie business owner. By strategically scheduling activities and dedicating uninterrupted blocks of time, you can enhance productivity and streamline your workflow. Whether it’s conducting quotes, holding team meetings, or working on vital business tasks, a default diary ensures consistency and allows for effective planning. Take advantage of the power of the default diary and witness the positive impact it has on your productivity and overall business success.

Get A Free Copy Of Default Diary Template

If you're interested in a template that's an Excel file that you can build up your own default diary fill in your details below and its yours.

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Delegating – 3 Essential Tips

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Three Essential Tips for Delegating Tasks as a Tradie Business Owner

Delegation is a crucial skill for any business owner. By effectively assigning tasks to others, you can free up valuable time and focus on high-priority activities that drive your company’s growth. Let’s explore three practical tips to help you determine which tasks to delegate. These guidelines will enable you to streamline your workflow, increase efficiency, and ultimately maximise your business’s potential.

Avoid What Drives You Nuts

As a business owner, it’s essential to recognise your strengths and weaknesses. If there are tasks that consistently frustrate or overwhelm you, chances are you’re not the best person to handle them. By delegating these tasks, you can ensure that they are performed by someone who excels in that particular area. This will not only alleviate your stress but also yield better results. Remember, focusing on activities you enjoy and excel at will allow you to leverage your skills effectively and achieve optimal outcomes for your business.

Automate Repetitive Tasks

Repetitive tasks can be time-consuming and monotonous, preventing you from dedicating your energy to more strategic endeavours. Look for opportunities to systematise these activities and delegate them to capable individuals. By creating clear processes and guidelines, you can empower your staff to handle these tasks efficiently. Automating or outsourcing repetitive tasks will not only save you time but also enable you to focus on more value-added responsibilities, such as business development, innovation, and client management. Embracing delegation in this context allows you to optimise your business’s productivity and drive growth.

Evaluate the Cost of Delegation

Consider the financial implications of delegating certain tasks. Reflect on the value of your time and the potential returns you could generate by concentrating on higher-level activities. If you find yourself engaging in tasks that could be performed by someone else, determine the actual cost of delegation. For example, if you spend time procuring supplies for your team, consider hiring someone to handle that task at a fraction of your hourly rate. Similarly, outsourcing bookkeeping or administrative duties can be cost-effective compared to the value your expertise brings to the business.

By delegating low-value tasks that fall below a specific dollar rate, you can ensure that your time is optimally allocated to tasks that yield higher returns.

I’ve got plenty of other good tips like that in my book “The Wealthy Tradie – How To Make Your Business Rake In The Cash” you can find on here on my website.

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How Much Time Should You Spend Working on Your Business?

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Finding the Right Balance: How Much Time Should You Spend Working on Your Business?

As a tradesperson-turned-business owner, it’s natural to find joy in the hands-on work of your trade. However, for your business to thrive and achieve long-term success, it is essential to dedicate sufficient time to working on your business rather than just in it. Let’s now explore the importance of allocating time to focus on the growth and development of your business. By striking the right balance between working on and in your business, you can unlock its full potential.

The Love for Your Trade:

Many business owners are drawn to their trades due to a genuine passion for their craft. The immediate gratification of performing tasks and earning money can make it tempting to spend most of your time on the tools. However, it’s important to recognise that working on your business is equally vital for its long-term success. It involves tasks that may not offer immediate rewards but contribute significantly to growth and profitability.

What Does Working on Your Business Entail?

Working on your business means focusing on activities beyond the physical tasks of your trade. Here are a few examples:

a. Job Management Systems: Optimising and configuring software systems like “Simpro” or “Fergus” to enhance efficiency and streamline operations.

b. Defining Culture: Developing a strong organisational culture that attracts and retains the right employees, fostering a positive work environment.

c. Pricing and Recruiting Systems: Analysing and improving pricing strategies or implementing effective recruitment processes to support business growth.

These tasks, while not as immediately rewarding as hands-on work, are crucial for expanding your business and maximising its potential.

The Importance of Time Investment:

Working on your business is the key to accelerating its growth rate. The more time and effort you invest in improving systems, refining processes, and building a solid foundation, the faster your business will progress. These endeavours are the limiting factors that determine your business’s ability to scale and thrive.

Determining the Right Balance:

The amount of time you should allocate to working on your business depends on various factors, including the nature of your trade and the size of your team. While there is no definitive answer, here’s a general guide:

a. A 2/3 man business: probably needs at least 4 days a week on the tools

b. A five man business: Suppose you own a business with a team of approximately five employees. In that case, it is advisable to limit your time on the tools to no more than three days a week. Dedicate at least two days to working on your business, focusing on crucial growth-oriented tasks.

c. A ten man plus business: the owner shouldn’t be working on the tools at all (except for training staff) but should be running all aspects of the business.

Finding the right balance between working on your business and working in it is essential for the sustainable growth of your tradie business. While it’s tempting to get on the tools your business will require more of your time on the business the more your business grows.

To explore more practical tips and strategies, order a copy of my book “The Wealthy Tradie – How To Make Your Business Rake In The Cash.”

 

hugh bowman and client

Goal Setting For Tradies

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Setting Goals for Your Tradie Business: A Path to Success

As a tradie business owner, setting clear and achievable goals is essential for long-term success. However, many business owners struggle to define their goals and create a roadmap to accomplish them. Let’s explore some tips on how to establish effective goals and discuss the importance of aligning them with different time frames. By following these guidelines, you can steer your tradie business toward growth and prosperity.

The Power of Three-Year Goals:

When determining goals for your tradie business, it’s important to consider time frames that are both meaningful and attainable. For the average tradie, a three-year goal serves as a solid starting point. Unlike distant 10 or 20-year goals, a three-year timeframe is easier to comprehend and work towards. It strikes a balance between being ambitious and realistic, allowing you to set your sights on significant accomplishments within a reasonable period.

A Holistic Approach: Three-Year, One-Year, and Quarterly Goals:

To ensure that your goals align seamlessly and build upon one another, it’s beneficial to establish a hierarchy of objectives. Start by defining your three-year goal, then break it down into smaller milestones to be achieved within one year. Finally, set quarterly goals that feed into the annual goal, ultimately driving progress towards the three-year vision. This systematic approach provides a clear roadmap for success and helps you stay focused and motivated.

Revenue Goals: The Backbone of Success:

A key aspect of goal-setting for any tradie business is establishing revenue goals. By setting a big revenue goal, supported by smaller milestones, you create a framework that encourages growth and financial success. Consider using dollar-based goals, such as revenue or profit targets, as they provide tangible and measurable outcomes.

Diversify and Expand:

Aside from financial goals, it is important to set objectives that enhance the overall growth and stability of your tradie business. Here are a few examples:

a. Infrastructure: Set goals related to your workshop or equipment. For instance, aim to have your own workshop within three years or acquire a specific piece of equipment.

b. Customer Base: Define goals for expanding your client base. You may aspire to work with additional builders or secure contracts with a certain number of commercial clients. For instance, aim to have at least three new builders for whom you provide plumbing services.

c. Market Focus: Consider setting goals that shift your work balance. For instance, target a specific percentage (e.g., 40%) of your projects to come from commercial work rather than domestic. This diversification can help reduce reliance on a single segment and expand your opportunities.

While this blog provides valuable insights into setting goals for your tradie business, there is much more to explore. For a comprehensive understanding and additional ideas, consider referring to “The Wealthy Tradie – How To Make Your Business Rake In The Cash,” a book available on our website. It offers a wealth of knowledge and practical strategies to drive the success of your tradie business.

goal setting

Vision Statements For Tradies

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Vision Statements For Tradies

In the competitive landscape of trades businesses, having a clear vision statement is essential for achieving long-term success. A vision statement provides direction, purpose, motivation, and passion, empowering you to navigate your business towards your desired future. Let’s delve into the significance of a comprehensive vision statement for a trades business and explore its potential impact on growth and success.

Defining a Strong Vision Statement:

A vision statement serves as a guiding light, outlining your aspirations and goals for the future. It should be concise yet comprehensive, allowing you to articulate your vision to your team with passion and clarity. For instance, consider a three-person plumbing business operating in the outskirts of Geelong. Their vision statement could be to expand into an eight-man team with a dedicated workshop within the next five years. They may aim to invest in specialised equipment, such as trucks and excavators, to enhance customer service and focus on high-end residential projects, leaving behind low-paying maintenance jobs.

The Test of a Powerful Vision Statement:

To ensure the effectiveness of your vision statement, you should be able to clearly communicate it to your team on a regular basis. By regularly reinforcing your vision, both in team meetings and individual interactions, you foster a shared sense of purpose and commitment. Additionally, internalising your vision through self-affirmation can fuel your motivation and determination to achieve the set goals. Take the time to write down your vision statement, create bullet points that encapsulate its essence, and ensure your ability to passionately explain it to your team. These practices will significantly increase the likelihood of realising your vision.

The Role of a Comprehensive Vision Statement:

A comprehensive vision statement has several benefits for a trades business. Firstly, it provides a clear roadmap, guiding decision-making processes and strategic planning. With a well-defined vision, you can align your resources, efforts, and investments to propel your business towards your desired future state. Furthermore, a compelling vision statement attracts like-minded individuals who share your passion and ambition, helping you assemble a dedicated team that shares your values and contributes to your growth.

The Wealthy Tradie: A Resource for Building a Great Business:

While crafting a comprehensive vision statement is pivotal, it is just one piece of the puzzle. In his book, “The Wealthy Tradie: How To Make Your Business Rake In The Cash,” Hugh Bowman offers valuable insights and strategies to develop a thriving trades business. The book explores various ideas and practices that can elevate your business to new heights, complementing the power of a strong vision statement.

A comprehensive vision statement is indispensable for a trades business seeking sustainable growth and success. It provides direction, purpose, motivation, and passion, igniting the drive needed to overcome challenges and achieve long-term goals. By creating a vision statement that resonates with your team and passionately communicating it on a regular basis, you increase the likelihood of realising your aspirations. Combine the power of a strong vision statement with valuable resources, such as “The Wealthy Tradie” book, to unlock the full potential of your trades business. Don’t hesitate to reach out and share your vision statement with Hugh Bowman for his invaluable insights. Good luck on your journey towards building a remarkable trades business.

 

vision statement