Applying Compound Interest to Your BusinessTuesday, May 21st, 2019
Compound the results in your business and speed up the appearance of your financial hockey stick.
Why is it so difficult to get to your first $1 million in sales? Or so difficult to make your first $100,000 a year?
To get to these numbers seems to take much more effort and a longer period of time than it does for another more experienced contractor to go from $10 million to $11 million.
This more experienced contractor can actually do this in months with little trouble.
It’s a huge challenge to learn and implement everything you need to achieve your current goals. Has this ever made you wonder how in the world you could ever do twice those numbers, let alone five or ten times?
Enter “compound interest”– the ever-growing benefits of benefits, and advantages of advantages.
As with money, compound interest has a similar effect on business. We can apply the same rules of compound interest to your business.
Fill out the above chart with your sales numbers. With a calculator see where your revenue could be with compound interest.
By growing 20% per year, which is not out of reach for most contractors who have joined Contractor Nation, a contractor can go from $2.2 million to $7.88 million in just seven years!
That’s 360% growth by just getting 20% better each year for seven years!
There is something powerful at work here. Look at the chart again. Do you see the upward curve to it? That’s called “The Hockey Stick.” That’s benefits on top of benefits.
The effect of getting one part, then another part, and then another part of our business working well, compounds improvement. The overall results increase faster when improvements are added to other parts already going well.
To compound the results of your business, keep fixing and improving it part by part. From marketing to sales to setting appointments to customer experience and follow up, every step can be incrementally made better. Then watch your hockey stick appear.
To speed up the appearance of your hockey stick, or to even get to your first million dollars, take a look at how joining Contractor Nation can help you.