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EP 657. The Investment

⏱️ 33:44 🎤 Caleb Auman
AUDIO EPISODE
EP 657. The Investment
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Chapters

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  • 0:00
    Cost of Time
    The host discusses how time spent in the field, even by the owner, comes at a cost to other critical business functions like planning and relationship building.
  • 7:27
    Storm Job Challenges
    An example of a storm job highlights unexpected issues like incorrect pipe sizes, requiring quick problem-solving and vendor flexibility, taking the owner and co-owner away from their strategic roles.
  • 18:54
    Working On vs. In Business
    The host elaborates on the continuous effort to transition from working 'in' the business to working 'on' it, ensuring a consistent workflow and utilizing tools like LMN for scheduling and budgeting.
  • 25:20
    Investment in Education
    A significant portion of the episode is dedicated to the constant investment in education through webinars, peer groups, and training, emphasizing its role in evolving business perspective and improving leadership skills.
  • 38:56
    Team Training Strategy
    The discussion shifts to strategically investing in team training, including sending specific team members to relevant workshops and having them share their learnings, optimizing the return on investment for training expenses.
  • 48:52
    LMN and Labor Burden
    The host shares a key learning from an LMN boot camp regarding paid time off being included in labor burden, underscoring the importance of understanding all cost components.
  • 57:19
    ROI Mindset
    The core of the episode, discussing the 'ROI mindset' for every decision, whether tangible or intangible, to ensure productivity, efficiency, and ultimately, profitability.
  • 1:02:39
    Revenue Per Hour (RPH)
    An in-depth explanation of tracking and optimizing 'revenue per hour' as a critical metric to ensure job profitability and meet annual revenue targets, including the concept of 'regression to the mean'.
  • 1:19:10
    Winter Hiring Strategy
    The episode explores the strategic challenges and opportunities of hiring during the winter off-season, particularly for apprentices, and the associated investment in training and vetting new team members.
  • 1:29:08
    You Are The Limit
    The host concludes by stressing that the owner is the ultimate limit of their company's growth, encouraging continuous personal and professional development and the importance of leadership in driving success.

Speakers

C
Caleb Auman
Host

Key Takeaways

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Prioritize working 'on' your business rather than 'in' it, delegating field tasks to free up time for strategic planning and client relations.

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Invest consistently in education and training for yourself and your team to evolve your business perspective and adapt to industry changes.

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Adopt an ROI mindset for every business decision, evaluating both tangible and intangible returns from investments in tools, training, and personnel.

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Utilize tools like LMN to accurately budget and track labor burden, understanding all cost components, including paid time off.

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Strategically manage team training by sending specific members to relevant events and ensuring knowledge transfer within the company.

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Monitor 'Revenue Per Hour' diligently for every project to ensure profitability and hit annual revenue goals, adjusting estimates as needed.

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Consider the strategic advantages and risks of off-season hiring and training, focusing on thorough vetting to build a skilled, long-term team.

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