Why is Frederick qualified to show you how to turn your small business into a multi-million dollar company? Frederick's history encourages you to build your own success — and he will show you the way. Success leaves clues! By increasing your knowledge and adding success upon success, you can achieve great things, too.
Build Your Own Success
In the 1970s, oil-producing countries initiated a wave of construction activity. Major construction projects attracted large international firms, and I worked for one of these builders. I rode the building boom and travelled the world. After 15 years controlling the finances of multi-million dollar construction projects for several international contractors, I started my own sub-contracting company.
Local plumbers were proving quite incapable of handling the large commercial projects that were suddenly available to them. The local firms were run by tradesmen/owners skilled in service work – repairs, renovations and small home extensions.
But, they were failing the large projects due to their inexperience with major installations. They didn't have the skills, they lacked the management – the owner's wife was often their entire office staff – and they were grossly inefficient. I saw a need for a well-run plumbing contractor that could handle multi-million dollar projects.
I developed a business plan, registered my company, and staffed an office with five people. However, that meant my overheads were thousands of percent higher than the competition.
Highest Quality, Lowest Price, Best Results
In addition, all work had to be won on competitive bid. (Which means the lowest price always got the job.) Project specifications were detailed and strict, so there could be no cutting corners on materials, equipment or fixtures. We used the same pool of workmen as our competition. Also, by now, I was well-known and respected by the clients' representatives – I knew how to do the job properly, and they knew it, so I was held to a higher standard than any of our competitors. Not fair, perhaps, but a fact of life!
In summary, I was forced to give the highest quality, carried the highest overheads, and had to do the work for the lowest price. Yet, I won nearly every bid submitted, and made a fortune.
Within three years, I was earning almost a million dollars per year and after two more years was earning over $3 million a year. During this time our workforce grew to more than 30 employees and we were working on a number of large construction projects simultaneously.
Plan Your Work, Work Your Plan
It is sometimes difficult for people to understand how that was possible – highest quality
and lowest price – but I can assure you it was. I have done it. Not watched someone else do it, not read about it in a magazine of hot-shot businesses — I have actually been in the driver's-seat, won the bids, got the jobs done, and made the money. And, incidentally, our work crews were the highest paid in the area, and were sharing in the profits of the company.
I believe that efficiency is a far greater controller of price competitiveness than quality. A service or product can be of the highest quality and still be cheapest due to efficiency – a more efficient manufacturing process, a more efficient service system, more efficient delivery, etc. etc.
Now it's up to you to leverage what you know to create your own OUTRAGEOUS SUCCESS . . . Are you ready? May I help you?
(Yes, Frederick. Show me what you can do!)
Not ready yet? — Read on >> Is It Consulting? Coaching? or Mentoring? >>
