E1: The True Competitive Edge In The Home Service Industry

Show Notes

• Introducing Terry Nicholson. [01:00]
• Terry talks about Praxis S-10, which bills itself as the “#1 success college for contractors.” [06:08]
• Business lessons Terry learned from Jim Abrams, his long-time business partner. [10:26]
• The three questions that Terry and Jim always asks themselves before they start any business opportunity. [11:45]
• Jim’s favorite question to analyze the root cause of business failure: “Is it poor plan or execution?” [15:45]
• Three steps to build a big company. [17:00]
• What advice would Terry give to a small business owner to grow their business in the right direction? [19:16]
• Terry’s stories about his dog, and how it relates to unlocking one’s potential in life. [21:23]
• Two steps to use an organizational chart in your business. [28:26]
• The surprising mistake most companies make over and over again. [33:39]
• Why paying employees with the highest salaries possible is an important part of their company culture. [40:25]
• Terry’s story about how he helped one of their first clients go from a two-truck operator to a $100M company. [43:59]
• The best way to compensate your employees: hourly, commission-based, or hourly plus commissions? [48:09]
• Would Terry buy a more expensive but long-lasting product? [59:25]
• A few great reasons that entrepreneurs should consider acquisition. [1:00:25]
• Two factors to look at for successful acquistions to happen. [1:04:05]
•  What Terry thinks about business owners who don’t operate with technology  [1:14:00]
• Terry’s opinion on the future of the home services industry. [1:17:22]

Resources And People Mentioned

• Book: The ONE Thing by Gary Keller
• Company: Total Tech Training Center
• Company: Clockwork Home Services
• Company: Mister Sparky® Electricians
• Company: Benjamin Franklin Plumbing®