(Developing an Effective
Business Profit Model Continued)
There are multiple benefits for any local business enterprise (LBE) in developing a Business Profit Model,” explains John Miller, Program Manager for Merriwether & Williams Insurance Services’ Contractors Accelerated Payment Program (CAPP), “One benefit is becoming very clear about who are your potential clients and how you will attract and engage their business, which is essential for effectively marketing yourself. Another is having a detailed understanding of both the material and relational resources needed to successfully run your business – tracing everything from the equipment and supplies to the networking, partnering, subcontracting and support-related connections; this is necessary for determining your business costs and the investments you will need to make in order to deliver your product or services and to run and grow your company. Once you have completed this process, you will have defined what it is that you have to offer and how that provides unique value to your clients, as well as exactly how you will deliver your product or services, and in turn, you will be more confident in your interactions with potential clients, in submitting bids, and in efficiently and profitably completing the terms of your contracts.”
To assist contractors through the steps involved in developing a Business Profit Model, the Contractor Development Program (CDP) is presenting ongoing workshops on this topic, facilitated by John Miller of Merriwether & Williams Insurance Services. These 90-minute workshops give participating contractors a flexible one-page reference sheet and step-by-step guidance to develop a specific market focus, improve team transparency, increase sales generation and production, and ensure an efficient delivery system and higher profitability.
With 42 years’ experience in the construction and surety fields, John got his start right out of college in the late 1970’s as a surety bond writer. “I recognized back then that there were contractors for whom I could not write surety,” he notes, “ So it’s very rewarding to now be able to offer these workshops and be part of a Program which provide contractors with the information, tools and support that they need in order to overcome barriers to participation."