My 8 Business Principles That Built A Multi-Million Dollar Empire
As a trade business owner, who wouldn’t want to know the insider secrets from a self-made millionaire! Especially from someone that doesn’t think much of it… in fact his modesty is one of his charms.
You could have heard a pin drop listening to the stories Sherard Kingston shared from the stage at one of our recent “member only” live events, ‘ReIgnite & ReUnite’. Sherard is an incredible rags to riches story having literally travelled from England with the clothes on his back, to build several National multi-million dollar businesses here in Australia. One of which is the fastest growing electrical wholesaler, Tradezone, that he owns with his son Robert.
Sherard claims his business success boils down to 8 simple Business Principles through which he has reaped rewards. Here are the 8 secrets he shared with us….
1. Think Positive, Be Positive
Sherard believes it is important to be positive, ALWAYS. He claims that your people follow positive and decisive leaders.
To remain positive and cultivate a positive workplace;
- Follow the theory of ‘mood elasticity’… positive people in the workplace influence others to be positive!
- If asked for advice, answer immediately to cultivate an open and positive relationship… Don’t say “I’ll get back to you!”
- Distribute a monthly staff newsletter with an upbeat message in every paragraph.
2. Avoid Waste
A dollar saved is a dollar earned.
Don’t buy unnecessary items and look to make savings wherever you can; turn off lights when not in use, buy a sensible car (especially when you first start out in business), and invest in a house that’s not going to break you on repayments…
When you’ve made the profit, only THEN buy the ‘toy’ you’ve always had your eye on..
3. Develop A Sense Of Empathy
When dealing with others, always ask yourself ‘how would they feel about your actions and decisions?’ This applies equally to your team members and your customers; put yourself in their shoes before you proceed with actions or words. Don’t be quick to judge, rather invest the time to understand the situation.
4. Hand Pick Your Team
Have total control over who works for you. They are the face of your company and an extension of your philosophy. If you can’t have complete trust and respect for them representing you, they probably shouldn’t be working for you. You need to know they have the same morals and values as you have….
Sherard is still personally involved with every interview and contacts references of successful applicants.
5. Always Pay Your Bills On Time
Paying on time will earn you the respect from your suppliers. Once respect is earned, they will be more lenient if you’re in a rough patch, offer you the best deals first and/or recommend your company to others in the industry! This results in a total win-win situation!
6. “Yes” Is A Better Word Than “No”
“Yes” opens up opportunities while “no” closes them. Not to mention people respond MUCH better to the word “yes”.
For example, if a customer calls and asks for same day services but you’re already booked up… instead of saying “sorry no, not today”, say “yes we can complete the work, however…”
7. Prioritise Everything!
Prioritise everything in your life, business & personal, long & short term goals, in order to reduce stress and increase productivity.
Spend 10 minutes daily (weekends included) to make a list of everything you need to get done that day. Number them 1 through 10 (etc) in order of importance. Get to work ticking them off. That’s always a rewarding process!
8. Run Your Business As If You Are Preparing To Sell It In 3 Months Time
A worthwhile task because it forces you to view your business from a buyers perspective.…
- Simplify your business by building systems that others can easily follow.
- Watch your financials like a hawk. Scrutinise expenses and account for every dollar.
- Tidy up loose ends. Never leave an email or any other task for ‘later’. Do it NOW.
- It makes you put a value on your business and this helps motivate you to increase the value of your business every quarter or every year!
If you’ve ever wondered how you can spend two months a year on a yacht in the Greek Islands with your better half, like Sherard does, then try applying all of these 8 simple business principles and they will surely help you on your way.
Thank you again Sherard for sharing your wisdom with our Lifestyle Tradie members. It is an honour to know you.
Who is Sherard Kingston?
Sherard is a hard-working, determined, self-made millionaire.
His first business was a service station at the age of 22 which escalated to two additional businesses in Australia; Endless Greenery & All Interactive Distribution.
A gap in the electrical supplier industry saw Sherard, with his son Robert, start the fastest growing online electrical wholesaler, Tradezone in 2015. Holding over 11,000 different products and twelve million dollars of stock, they are a one stop online shop for the savvy sparkie. They offer seriously fast delivery, aggressive and consistent pricing and simplicity for sourcing and ordering.
Interested in learning more success secrets for your trade business? We’re hosting our first round of live events for 2019 in less than ONE WEEK! At the event we’ll be sharing the EXACT strategies, tips and tricks, we used in our own trade business to help it win #1 Trade Business in Australia, whilst also increasing profits and getting Andy off the tools…
But you better be quick… time is RUNNING OUT! CLICK HERE for more details & to grab your free ticket!