10 Growth without debt and learning as you grow
We all have so much to learn from Hy Ryan, a family man who, from a very early age learned the value of hard work. Growing up on a farm with entrepreneurial parents, he went on to become a diesel mechanic, got a job with John Deere for a while and worked on the construction side of things. When the family wooden pallet business needed him, he readily entered the world of wooden pallet recycling and manufacturing. Today, he runs the business successfully, with 2.5 million in revenue, and is known as the Truckpreneur. Why trucks? Because Hy saw an opportunity to not only streamline his business, but expand it to include a wider variety of services and the ability to meet his clients’ needs and diversify the abilities of his operation. He joins us to talk about how he grew the business organically, how he branched out into recycling and reclaiming wooden pallets, and how focused he is on being frugal and not going into debt. Hy also shares how his business survived and thrived through the manufacturing recession when it hit really hard, and why the discipline of knowing where your business stands financially may be difficult to perfect, but very necessary to stay on top of.
I also ask Hy about his worst financial decision, which was spending money on equipment that didn’t necessarily fit the needs of his business. And his best decision? Learning to not be afraid or embarrassed to make a profit and focusing on the quality of service, its improvement, and growth.
Perhaps the most impressive thing about Hy’s organic growth has been his willingness to do what it takes and roll with the punches. For example, once he had trucks, he got his CDL in order to be able to wear his many hats. He understood that that was just one of the things that he quickly needed to learn to be able to fill in for a sick or overwhelmed truck driver. He also started his podcast, calling himself the Truckpreneur, and interviewed many different people in the trucking industry. He just couldn’t get enough of the lessons he learned when talking to the other business owners. He understood that even though each business and association greatly differed, everyone was dealing with the same pains and regulations, the same headaches and licensing problems.
Hy also talks candidly about his business mentality of not going into debt and saving up for capital investments, and being frugal, smart, and spending the money they’re making to provide a return.
What can we learn from Hy’s success in the palette and trucking business?
- How to see opportunity and grow the business organically, with consideration for certain priorities
- How to innovate, and continually improve service well being mindful of the costs.
- How to put out the fires daily, all while constantly keeping an eye on the changing landscape of your business to see where things are heading.
- How much Amish horsepower it takes to get a truck off the side of the road.
Another component of Hy Ryan’s success is his ability to recognize that in order to provide better and better service, he has to think in terms of meeting his customers’ needs, along with the needs of his business. It is a delicate balance, and Hy stresses that his customers have trust in him and his business, and therefore understand the necessary costs of quality service and product. At the end of the day, he knows he cannot provide his customers with quality if he is losing money.
This is why, says Hy, it is incredibly important to keep your finger on the pulse of your figures, although it might seem mundane, and some days, impossible. It can be difficult to find the time or desire to go over figures, but as it has been said before, you can’t confuse boring with unimportant! After all, if you fail to follow your businesses progress, you may find yourself in the situation in a couple of months where it’s too late to correct the mistakes.
The @Truckpreneur joins us to talk about #growth without #debt and learning as you grow. #MoneyMorsels [TWEET THIS]
Always, Hy reminds us, you have to take care of yourself as much as you take care of your customer. Good service is important, but service only improves as your business is growing, and so it’s a very symbiotic relationship. Please join Hy and me for a look into how versatility, hard work and vigilance, and plain old common sense make for a successful and thriving business!