Learning to say no to the people or things that don’t serve you or your business gives you room to say yes to those that do.
In this week’s episode, I sit down with Mikhail Gannage, president of Gannage Design & Construction. Mikhail went from being a long-time robotics engineer to running their family-owned construction business.
He shares how he grew his construction business from 2% to a whopping 15% net profit by implementing key changes and systems.
Plus he also talks about the connection between an accountability chart and a good handoff to profitability, the benefits of being in a mastermind group of construction business owners, and why working less makes him a better leader.
Mikhail Gannage is a true innovator. Despite a successful career as a robotics engineer, he left it all behind to take over his family’s struggling construction business.
His initial goal was to incorporate what he learned in robotics into the construction industry and bring the company into the modern age.
And when asked what his number one advice to those stepping into a multigenerational family business, Mikhail answered for people not to be afraid of change.
Don’t be afraid to change what seems to always work because there may be a better way.
But at the same time, he warns against changing what works just for the sake of change. Some things have been done for generations that way for a reason.
So how do you really know which practices to change and which ones to leave alone?
Mikhail’s answer is simple: surround yourself with good counsel – with people who know better than you do. He also advises taking the time to evaluate the processes and resist the temptation to make quick changes.
True enough, it is all about finding the balance between honoring tradition and embracing innovation. And with the right approach, a multigenerational family business can thrive for generations to come.
The Power of Saying NO
It may surprise many, but working with the wrong customer is often the main root cause of profit bleeding. At least, that’s what Mikhail has discovered for his multigenerational construction business.
He further said that working with the wrong customers resulted in his team getting burned out. And when you have a burned-out team, it affects their productivity, usually resulting in a bad handoff; in short, they’re not just set up to win.
And the best solution to that? It is learning to say no and focusing on the people instead.
It may look unusual, but Mikhail’s team is counting on him, as a business owner, to select good customers over profit. Everybody depends on him to take the right jobs.
When he approached his business this way, Mikhail was able to significantly turn the table around and see growth for his construction business that he had never seen in years.
Gannage Designs & Construction went from 2% to 15% net profit and eventually stopped its profit bleed. Indeed, there’s truth when Mikhail said, “You lose money only by saying yes to the wrong clients.”.
As for how this growth affects him personally, Mikhail believes that him doing less means he’s actually doing more as a leader.
Listen to the full episode HERE as Mikhail and I discuss in-depth the systems and changes he implemented to grow his construction business and its ripple effects on his personal life.
You don’t want to miss it!
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Connect with Mikhail Gannage:
– Follow Gannage Design & Construction on Instagram HERE
– Reach out to Mikhail at firstname.lastname@example.org
– Visit Gannage Design & Construction website for more info HERE
The Construction Leading Edge Podcast helps construction business owners maximize their revenue, eliminate chaos, systematize their work, and win back their time.
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