A few years back, Spencer was approached with a big government contract. It seemed like a lot of money at the time and he placed his bid against the advice of others- Mike included- not to do it. He ended up getting the bid but they changed the amount of work on him and threatened to sue if he didn’t complete the contract that now involved much more work for the same pay. Being a little fish against sharks, he had to finish out the job which ended up taking close to a year instead of the initially projected three months and had to take out SBA loans just to keep his business from going under. Big projects that make you see dollar signs aren’t always what they appear, so if you are going that direction and going to take on a big side client, make sure you know exactly what you’re getting into.
Another con to taking on one time jobs is the lack of stability it creates for your employees. They like stability like everyone else, ideally a week and a half out, even better if it’s two weeks. And when you are always taking on random jobs but your schedule is already full, that translates into a lot of night work for them which no one wants to do if they don’t have to. It will significantly increase your turnover in your company and affect the culture you are trying to create within your company.
In an environment where so many are struggling to keep staff, a great way to showcase your business to potential future employees is through your social media channels. It is a way for them to see what the culture and environment is for those who work for and with you. Keep up on your social media, post things that reflect your brand. In the case of Spencer, he’s all about his company not taking themselves too seriously. It goes a long way towards building a positive culture that people want to be a part of.
As a parting advice, Spencer quoted the late John Madden who said that the road to easy street leads to the sewer. Spencer has found this to be true in his own life. And the key to getting away from that idea that things should be easy is your mindset. If you have a growth mindset as challenges present themselves, it will make all the difference in how successful you really are as a business owner.