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Oct 12

E301: Ask Coach – Being Too Selective

Completing 4 projects making $10K each is easier than completing 10 projects making $4K each.

Q: You recommend that we be more selective on the projects we choose to pursue but won’t this mean I do less work making my overhead higher? I am concerned that I would have to raise prices and loss work.

A: I do not want you to be more selective to the point that you lose work unless that fits your objective. Choosing the right projects is about using your resources on the best projects available and if you have to take a less-attractive project you identify the challenges upfront.

 

  1. Get clear on the objectives
    1. Compete for the most qualified projects
    2. Be aware of and offset risks of less qualified
    3. Use your resources properly
  2. The factors
    1. Your market
      1. How many ideal projects area available versus how many you need
    2. Your needs / desires
      1. What do you want to accomplish (profit of $100K) and what do you need to accomplish it ($1M revenue at 10% profit)
    3. Your competition
      1. Are there strong competitors
  3. Plan accordingly
    1. Know the factors
    2. Plan your targets
    3. Play the long game
      1. Domination doesn’t happen overnight

Key Questions:

  1. What are your business objectives?

  2. How much profit do you need?

  3. What are your current markets like?

Take-Action Items:

  1. Review your goals

  2. Plan your revenue

  3. Evaluate the market

  4. Choose the best projects available

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