This Podcast Is Episode Number 0354, And It's About Why Your Construction Business Needs You To Say No Being open to new possibilities is a positive trait shared by most construction company owners —but saying yes to all the people you meet and opportunities that come your way can get you into trouble.   When we over-commit—especially when we take on projects that don't benefit our business—our stress can hit the roof. It's much hard to be productive when we're feeling burned out and resentful.   One of the most impactful changes you can make in your construction business is to form one simple habit: give yourself time to weigh the cost and benefit before making any decision, and politely decline any opportunity that doesn't align with your goals.   If you're feeling stressed and less productive than you'd like, it's time to get better at saying no. Here's how: First, check your business plan. Your business plan is more than a record of the year's goals and projections. It's a living document designed to help you guide your business in the direction you want it to go.  Although some decisions may seem small—an invitation to coffee, a request for advice—all of those "asks" add up. To stay focused on the success of your business, you always need to keep your short and long term goals in mind.  If you don't have a business plan, Randal put together a Construction Business Plan that generally follows this outline: #1 Executive Summary - Reputation In construction, reputation is vital because construction is a perishable commodity that does not age well, and delays cost much money. So construction firms establish and protect their reputations very carefully based in part on having the resources and expertise to complete the work on time and on budget. #2 Mission Statement - What Type Of Construction Are You Good At? What type of construction are you focusing on? New, remodel, service and repair? #3 Competitive Analyses - What You Do Better Than Any Contractor Within Twenty Five Miles? Every contractor has a different mix of resources and expertise, which means some aspects of construction are fast and easy for them, and that is their Unique Selling Proposition (USP) where they should concentrate all their energies. #4 Marketing Strategy - Who Are Your Most Profitable Clients Using The 80/20 Rule? 20% of your customers usually generate 80% of your net profit.  20% of the goods or services you sell contribute to 80% of your revenue 20% or 2 out of 10 of your staff create 80% of the value for your customers. Every construction company knows who their best clients are and who the worst ones are. The key is to make a list to identify each group #5 Executive And Field Staff Qualifications - Journeymen vs. Cheap Labor The journeyman costs more per hour but produces more and better results at a lower cost over the long haul than a group of cheap laborers. This is easily documented in a well set up QuickBooks file. #6 Financial Information - Profit & Loss and Balance Sheet Contractors typically run their business with a daily print out from the online account at their bank. Some use software, and most that we come in contact with use QuickBooks. Creating a business plan can help you get clear on where you want to take your business—and how you'll get there. Now you're ready to make a thoughtful decision. If someone's request does not help your business, your decision is easy. If you may want to work with the person in the future, or there's something you can ask in return that will benefit your company, a definite maybe is in order.  Before you say yes, ask yourself the following questions: · How does agreeing to this benefit my business? How significant is that benefit at this time or in the future? · Do I have the capacity to carry out this request at this time? How might other aspects of my business suffer if I prioritize this request? · What does my gut say? Will I feel...