Know Your Firm & Summer Pause
Quality, Consequences and the Construction Industrial Complex (part 334).
It is that time of year for a break, the Building Whisperer blog will be on pause until September. The Edifice Complex podcast will continue on its normal monthly schedule with the next episode dropping July 15th.
During breaks I use the time to reflect. I recently reconnected with a mentor who reminded me of a series of questions he asked when helping me strategize on my previous business. He told me to imagine I had approached a private equity firm to buy the business then had me answer the following questions that he assured me they would ask:
- How big is your total addressable market and how much of it do you have?
- Do you track and analyze all your numbers?
- Is your income fee for service or recurring?
- Is there a way to make your business more steady via a recurring product or service?
- Which people in your firm could you NOT let go and why?
- Which people in your firm CAN you let go and can you divert their cost to automation?
- You only get to retain one client, who is it?
- Define your ideal client/customer.
- Objectively, what unreasonable advantage does you or your firm have?
- What are you proudest of about your firm?
- Objectively, what are you or your firm better at than anyone else and can you double down on that?
- Would your clients recommend you to others i.e. what is your NPS score?
- What would Elon Musk do with your firm?
- What would Bobby Axelrod & Wags do with your firm?
- If you were starting over, would you start this business again?
At a strategic level, senior professionals and firms need to be extremely clear at all times on answers to questions 8, 9, 10 & 11.
IMHO, the questions above are a great framework to reflect on business and also personal career objectives.
Thank you for reading my rambling thoughts. Have a great summer and be well.
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