019 | Irene Liddle | Construction Industry Marketing
A holiday loving girl in a tough world, Irene Liddle has carved out a successful consultancy advising grizzled construction veterans how to run their businesses better, helping clients win prestigious awards, get featured on TV and grow from £5m to £85 million in just 8 years.
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Nicola: Hi, I’m Nicola Cairncross, and you’re listening to “The Money Gym” podcast, where I interview successful entrepreneurs and investors, and ask them, if they could go back in time, and give their younger selves one big tip about money, what would it be? I really hope you enjoy the show.
A holiday loving girl in a tough world, Irene Liddle, has carved out a successful consultancy advising grizzled construction veterans how to run their businesses better, helping clients win prestigious awards, get featured on TV and grow from 5 to 85 million in just eight years. Irene Liddle is the owner of building top companies she started work in the building game at the age of six by helping out in her dad’s joinery workshop.
After becoming a mother at just 17, Irene then started a very career path with a few different construction contractors. Now a marketing and business improvement specialists within the construction sector Irene helps company owners build their company by attracting and retaining more clients, creating more profits and having a better future.
Before moving to self-employment, Irene, in an 8-year period contributed towards our last employer growing from a 5 million to an 85 million turnover business with 500 employees, increasing profitability year on year and being high on the Sunday Times Best Companies to Work for list.
Recent results include clients business improvement projects, identifying 250,000 pounds worth of savings, clients winning over 25 million worth of work in an extra competitive market in the last 36 months, creating and implementing marketing plans that position clients as a sought after expert in their specialism and developing a client’s business to International Business Awards, including becoming constructions SME of the Year.
Passionate about business, Irene says she loves business in the same way a lot of her clients love their football team. Let’s hear what she’s got to say on the topic of money, shall we? Talk to me now I know that you’ve always you know, from the early start, I know that you’ve always been quite good money, haven’t you?
Irene: Well, that’s definitely an area probably the most room for improvement in my life. I’m certainly better than I was. But definitely an area for improvement.
Nicola: This is money management when about here?
Irene: Well, I think it’s money management and shifting the mindset of earning more than just enough. So maybe is that now I’ve had this, this call thinking about the parents thing. You know, having making just enough to maintain, you know, have a very nice life as I’ve said to you.
Nicola: You’re definitely someone who I think, obviously extremely successful person. So when you’re saying just enough, I think you’re meaning more than most people would think.
Irene: Well, it always comes from your own perspective, doesn’t it? Because I’m sure there are many multi millionaires who, you know, in the same ways that you know, other people would look at the lifestyle I have, and fail. Well, maybe one day, I don’t know.
I’m am good at making enough to deliver the lifestyle that I have now what I’m shifting into more again because of my education and how I’m constantly learning from other entrepreneurs is that you know, that has to change.
I’m in my mid 40s now, it’s time to really think about. It’s already happening because I’m turning my turn over this year, from last year. So and that will, that will continue without a shadow of a doubt.
Nicola: That’s that’s nice because you’re doing it for fun and for the challenge and to see if you can and for the growth and the learning, and that’s a great place to start from.
Irene: It is a great place to start and again, it’s being clear about what it is that you want. So the vision that I have for my future isn’t the life that I’m living now.
Nicola: Okay. It needs more of a step up financially to support it.
Irene: It does, and I think a different way as well, because I’ve never been in the position until now that’s about to change. But, you know, invest in a different way. A lot of my finances going to living my life.
Now I’m thinking about well, okay, so now I need to think about investing in different things and a couple of books that I’ve read, I can recommend to absolutely everyone. So the richest man in Babylon. Definitely, of course, your favorite “Rich Dad Poor Dad”.
Nicola: “Rich Dad, Poor Dad” is such a life changing book for so many people, isn’t it?
Irene: I’ve bought that book for so many people. I buy books for people all the time spend on it..
Nicola: Whether they like it or not.
Nicola: Have you read “Rich Dad’s Guide to Investing”?
Irene: I have it.
Nicola: You must read this one. I actually think it’s one of the best books apart from the first one that he’s ever done. The first two thirds of it, although it is set in America. So it does talk about the American investing system quite a lot.
It really makes you realize about the difference between naive and sophisticated investors. Then the final third of the book is about how to build a business that other people would want to invest in.
Nicola: That’s really pretty crucial stuff as well. What do you like about Richest Man in Babylon? Because I remember that as a nice story, but I don’t remember particularly getting any practical.
Irene: I can remember that the thing that I took most from there was the I think it was where I first heard about the saving the 10% of what you and to one side to do different things and very easy it was a very easy read because it was nice story.
Nicola: It’s nice story. I really desperately trying to get my children to embrace that concept right now and you know, a typical conversation with a 16 year old and so what about this 10%.
“I earn this much mom” because he just got a job at a restaurant. I earn this much the other night with including the tips I said, so you’re going to put 10% of that away then for your life cushion fund. Does my daughter’s calling it?
I’ll do that after I’ve been to the board riders festival. I sit down, that’s not the way you do it now. You’re supposed to put the 10% away and then say for the board right? Not wait till you’ve done that bit and then start saving.
Irene: Definitely, but I can definitely recommend to people, if they aren’t already that they get themselves settled with a cash flow and another tip that I got from your good self.
Nicola: The cash flow forecast here. We talked about that a lot on it.
Irene: It took away the worry of the unknown and for me brought certainty of me, realizing the financial position, whether positive or maybe it’s been a little bit of a square area of you know, the reality it brought in reality there.
Nicola: Well, that’s brilliant. We talked about that a lot in this podcast and then the weekly cash flow forecast is what we’re talking about here and Irene embrace that with open arms in here.
Irene: I did and one final thing on on money is not under charging for projects.
Nicola: How do you do that?
Irene: Making sure that you know you’re charging enough for the project that you feel happy with because I once again know from experience that it’s quite soul destroying for a period of time that feeling that you’re working for next to nothing on a project. Gladly I’ve gotten over that.
Nicola: Was it just the experience of working when you know you’ve charged too little for the work and getting to the point where think I’m not doing that again.
Irene: It was and i think it’s it’s so easy to put a proposal in for a piece of work or whatever and think “oh my goodness”, that seems a lot you know, from your from your mouth? Well, it’s your perspective. So, you shave a bit off and then you go the clients and realize they don’t blink an eyelid really?
Nicola: I often tell the story of when I rocked up to London to pitch a gig that was the most expensive pitch I’d ever done so far and the clients bit my arm off and I found out afterwards they’ve been paying twice as much for a quarter of the work previously. You just need to know.
Irene: But I think you need to go through yourself.
Nicola: You’ve been listening to Nicola Cairncross on “The Money Gym” podcast. If you’d like to find out more about The Money Gym and how we can help you become more financially intelligent, just come on over to themoneygym.com. We’ll see you over there.
If you want to get control, get out of debt, make more money then grow that money by becoming a confident investor, check out the amazing offer we are making around “The Money Gym” book today!