Growing Profits for a Perennial Company - Nate Ferguson - Leaders Who Scale - Episode #007

For many companies, the past few years have led to longer wait times between sending an invoice and receiving payment. Nate Ferguson has felt the same pressure and has worked to overcome them, now he’s sharing how you can too! You’ll learn about changing your invoicing process, how to help your employees become more productive, and where to look for new opportunities to grow your business!

 

Takeaways: 

• One of the biggest challenges many businesses are now facing in large part because of Covid-19, is longer wait times between sending an invoice and collecting payment on that work. This places severe limitations on companies’ cash flow and future work.
• To try and overcome the long payment wait times, you can bill up front for the materials that are expected to be needed as soon as the contract is awarded.
• There needs to be a strong level of trust between employees trying to put changes into place and the leaders who have been in the business longer than them. Both need to trust each other and give each room to work.
• It’s important to share knowledge from all aspects of your business with the leaders of your business regardless of whether they’re in the field or behind a desk. The knowledge from both groups will help everyone understand and plan for the company better.
• When you have one employee trying to do too many things, they are unable to learn the finer points of any of the areas of their work. When you hire more employees, you can lessen the burden on that employee and increase their effectiveness.
• Look at what other companies are submitting as bids to the same contracts you are trying to win. This can help you find other areas that you can expand your business while serving the same number of clients as before.
• When working through partnerships, try to develop the relationships with them so you have negotiated work with them rather than trying to survive on the open market. Look for repeat jobs with the same partners.

 

Quote of the Show:

• “Our main goal is repeat jobs with the same general contractors that we like, and that tend to be good partners to work with” - Nate Ferguson

 

Links

• LinkedIn: https://www.linkedin.com/in/nate-ferguson-1403471b6/
• Company website: https://johncaffalltile.com/
• Email: [e-mail]

 

Ways to Tune In

• Siegel Solutions: https://siegelsolutions.com/podcasts/
• Amazon Music: https://music.amazon.com/podcasts/337eea2a-f8ab-4b4f-8a36-fe4143b5913b
• Apple Podcast: https://podcasts.apple.com/us/podcast/leaders-who-scale/id1609131634
• Spotify: https://open.spotify.com/show/5PFtdxDlXcnaojG8jJk74T
• Google Podcast: https://podcasts.google.com/feed/aHR0cHM6Ly93d3cubGVhZGVyc3dob3NjYWxlLmNvbS9mZWVkLnhtbA
• YouTube: https://youtu.be/Tkln6w9XAaQ