LBNT Explained: Learning and Improving From Surge Events

This Simple Acronym Will Save You During Surge Events

What if I told you there's a four-letter acronym that could change the outcome of your next surge event? Beyond the immediate influx of jobs, there's an overlooked aspect many businesses miss: the strategic management of estimating, invoicing, and collecting. These aren't just routine tasks; they're the backbone of your business's financial health during these intense periods. The secret weapon? LB/NT—What did you Like Best and What will you do differently Next Time. Intrigued? Let’s unpack how this simple strategy can turn surge event challenges into opportunities for substantial growth.

If you don’t know who I am, I’m Scott Miller and I’m the owner of thegrowthleague.com. I’m making these videos to help restoration business owners get more profitable, reduce the chaos and build something they can sell for a lot of money when they are ready to move on.

Embrace LB/NT: A Post-Surge Event Must-Do

After a surge event, it's crucial to convene a debrief with your team to assess performance. This isn't just about patting backs or pointing fingers; it's about critically analyzing every aspect of your response, with a keen focus on estimating, invoicing, and collecting. These areas often suffer during high-demand periods, leading to cash flow problems just when you should be capitalizing on increased work volume. By asking, "What did we like best about our process, and what will we do differently next time?" you create a platform for continuous improvement.

Prioritize Communication and Systemization

The power of the LB/NT approach extends beyond individual tasks to encompass your entire operational strategy. It's about ensuring that, even in the heat of a surge event, your team understands the importance of timely and accurate estimating, swift invoicing, and rigorous collection efforts. Communication here is key. Before the next event hits, review past debriefs and set clear expectations to prevent revenue leakage.

Turning Lessons into Actionable Strategies

The insights gleaned from your LB/NT sessions should directly inform your planning for future surge events. This means systemizing your approach to not only meet the immediate demands of increased work but also to safeguard your business's financial health. By solidifying your procedures around estimating, invoicing, and collecting, you turn potential chaos into a structured response that not only meets the challenge but leverages it for growth.

Implementing LB/NT is more than a strategy for surge events—it's a mindset shift for your entire business operation. By focusing on the essentials—estimating, invoicing, and collecting—you're not just surviving these high-demand periods, you're setting up your business for greater profitability and efficiency.

Check out other videos on my channel where I dive into profitability and sales growth... and think about how you can apply the LB/NT principle there. Ask yourself, "How can LB/NT guide us in these areas too?" It's a powerful way to continuously refine your approach and drive your business forward.