When most entrepreneurs think of growing the revenues of their businesses, they think of ways to increase sales. That's not the case with Rick Haig of Haig Service Corp. and Wayne Pfisterer of Pfister Energy. While their companies are growing fast enough to land them on the Inc. 5000 several years in a row, they don't rely solely on sales to power that growth.
On July 20, 2011, Rick Haig and Wayne Pfisterer presented their strategies for growth to a group of Greater New York area business owners in a session that allowed the attendees to hear real stories from real entrepreneurs.
The attendees appreciated the "hands on experience from the speakers" and told us "this provided great insights into building non-sales driven growth in mature and growing industries. This was real information and insight".
Here are the highlights of the presentation:
Rick Haig of Haig Service Corp.
INDUSTRY: Fire and Safety Alarm company
CHALLENGE: Very mature industry, lots of "mom and pops" competing for business. And the costs Haig Service Corp incurs to gain a new client are extremely high. How could Haig Service grow cost effectively?
SOLUTION: Rick Haig learned how to make smart company acquisitions and set up a deep line of credit with his bank. Now he's on his eighth acquisition. When he buys a company, he gains new customers for less than it costs through "organic" sales.
CONCLUSION: If you're in a fragmented, mature market where the cost per sale and the lifetime value of a new customer are very clear, you might be better off buying your new customers through acquisitions rather than bringing on one client at a time.
Wayne Pfisterer of Pfister Energy
INDUSTRY: Rewnewable (Solar) energy installation
CHALLENGE: Wayne Pfisterer started out as a traditional roofer and has grown to become a significant player in the sustainable energy market in the NorthEast. What was the best way to grow beyond his geographical region?
SOLUTION: License his brand, his sales process and his project management process to other roofing companies that are looking to expand into solar power.
CONCLUSION: While Wayne has only completed two licenses, he's learned a lot and now sees that licensing is his best route to expansion.
Both Wayne Pfisterer and Rick Haig demonstrated real creativity in the face of challenging business climates and are now in line to double the size of their companies in just the past year alone!
Thank you Wayne and Rick for sharing your insights with the members of the Greater New York business community!
This informative program and the entire event was sponsored by Rothstein Kass. David Kaufman, principal of Rothstein Kass provided valuable financial perspective to our panelists stories.
LEWIS SCHIFF | Inc. Business Owners Council
Lewis Schiff is the executive director of the Inc. Business Owners Council. His latest book is Business Brilliant: Surprising Lessons From the Greatest Self-Made Business Icons.