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Know Your Firm & Summer Pause

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:

  1. How big is your total addressable market and how much of it do you have?
  2. Do you track and analyze all your numbers?
  3. Is your income fee for service or recurring?
  4. Is there a way to make your business more steady via a recurring product or service?
  5. Which people in your firm could you NOT let go and why?
  6. Which people in your firm CAN you let go and can you divert their cost to automation?
  7. You only get to retain one client, who is it?
  8. Define your ideal client/customer.
  9. Objectively, what unreasonable advantage does you or your firm have?
  10. What are you proudest of about your firm?
  11. Objectively, what are you or your firm better at than anyone else and can you double down on that?
  12. Would your clients recommend you to others i.e. what is your NPS score?
  13. What would Elon Musk do with your firm?
  14. What would Bobby Axelrod & Wags do with your firm?
  15. 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.

Twitter: @BLDWhisperer

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