EPISODE 206: Failing is never a fun experience for anyone; and it’s even more harrowing when failing means losing your business, declaring bankruptcy, and having to start again from the beginning.

However, many forget that the lessons we can learn from our failures are the priceless keys to our success. Failing can teach you to become more adaptable and to find new opportunities. Most importantly, it can teach you resilience. 

Someone who knows this more than anyone is this week’s guest on the podcast, Keith Smallwood.

Keith is the owner of Smallwood Renovations, a successful home improvement company based in Richmond, Virginia.  

With decades of experience in the industry, Keith's journey is one of resilience and learning. After his first contractor company went bankrupt, Keith rebuilt his business from the ground up, having learned from his past mistakes.

In this episode, Keith and I will be discussing a number of important subjects, such as the importance of learning from adversity, why maintaining a healthy profit margin should become a fundamental business principle for all entrepreneurs, how to adapt to new opportunities after a business failure, why people development will help you build a successful business, and more.

Are you ready for this riveting discussion?

Let’s dive in!

Key Takeaways: 

Introduction (00:00)

Meet Keith (01:20)

Keith’s business now (11:41)

How to deal with adversity (14:29)

The importance of having good margins (19:40)

What it means to be a leader (23:46)

How to manage people (26:28)

Additional Resources:

⚡ Learn more about us: https://www.TheWealthyContractor.com/

⚡ Brian’s book, The 7 Secrets To Becoming A Wealthy Contractor, is now available. Visit https://www.TheWealthyContractor.com/ for a free copy (just pay shipping).

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The Wealthy Contractor is a podcast for home improvement professionals who want to grow their business, work less, and make more money. Follow us for more!