Success Profile – Watertight Plumbing & Drainage
Chase Bailey, the Director of Watertight Plumbing & Drainage is one business owner who not only understands the importance of hard work and dedication, but how putting the correct systems in place helps the whole operation run smoother and sets you up for both business and financial success.
Chase has gone from strength to strength in the 5 years he has now been in business for himself. The self-confessed project passionist has seen his business grow and the company moving in the direction of large-scale tender and contract work. Chase loves the hype these large projects bring – not just in the financial sense but being part of a larger team who work together towards a result everyone can say they were privileged to be a part of.
Watertight Plumbing & Drainage is proud to have recently finished work on the Zen Oasis Function Centre in the NSW Southern Highlands, a job Chase says is the epitome of what he values in these types of projects – ‘I’m driven by creating a portfolio of jobs where I can look back and see what work we did and what we’ve been a part of. Moving into tender work was challenging, but I love the responsibility and adrenaline I get from this type of work, as much as I enjoy the security.’
Financial Discipline and Cash Flow Success
From the onset though, Chase has always said he is ‘respectful of his income’ and was determined not to ‘get himself into trouble’, as he put it. This made Watertight Plumbing & Drainage and by extension Chase, a perfect fit with Leah when they first crossed paths in 2017. The pair have worked together to optimize the businesses cash flow. The key here was sticking to Leah’s mantras ‘only use debt to step up, then smash it down again’ and ‘utilise every avenue possible to reinvest tax savings back into your business’.
Such strategies have paid off – the business is proud to be celebrating its first year debt-free and has a healthy cash flow position to show for it. Chase expresses relief at knowing his business is in this positive position, and how much less stressful it is on a day-to-day basis.
Personal Wealth Creation and Future Goals
Chases’ values of hard work, responsibility and striving for growth have seen the professional relationship between Leah and himself flourish, with Chase saying he sees Leah as his ‘Business Manager’. The duo has now turned their focus to personal wealth creation.
Leah is quick to point out that Chase and his wife Ashley have been model students purely due to the extent to which they embrace the advice provided. They are very much a team themselves and their commitment to the strategies put in place means at only 31 years old, this business owner is on the path to having the mortgage on their home paid off in just 2 years, and thereafter moving into passive investments. Chase praises Leah for this huge achievement. ‘Leah doesn’t just tell us how to achieve goals, she actively spends the time to show us and work with us. Our lifestyle and future is looking a lot brighter having Leah on board, that’s for sure.’
Shifting Focus: From Tools to Leadership
Chase has turned his attention to his long-term business plan, following Leah’s advice of taking steps to come off the tools. Whilst hesitant at first, the business owner is starting to see how necessary this transition is. ‘Quality work matters so much to me and to begin with, I was worried by not physically being on the tools I would lose an element of control there. I have learnt though, that this doesn’t mean that my attention to a job has diminished. I pride myself on being a business owner who is available and works to the full scope of a project – making sure we are ahead of the game every step of the way and anticipating the pitfalls we might come across. I am positioning myself so that this is my point of difference and it’s paying off, we have a reputation for great workmanship and teamwork.’
Chase now admits he is enjoying the time off the tools to put more focus into his passion of the tender process. He knows though that this also means dedicating time to some of the tasks which he isn’t so keen on, but are in the best interest of the business, like staff recruitment. ‘It can be hard to build the right team, but I know that by making smart decisions now it will benefit not just the business, but myself in the future.’ Chase has a long-term goal of being off the tools completely in 2 years.
A Partnership Built on Shared Values
Chase also remembers Leah telling him in the early days that ‘we aren’t going to pretend to be plumbers and you’re not going to pretend to be accountants, let’s just stick to what we are good at’. It has worked. For Chase it comes down to workmanship, efficiency and above all, attitude and the business owner agrees the pair have these trio of qualities in common. This speaks volumes for the success that Watertight Plumbing & Drainage is enjoying and the very bright path that Chase is paving for his family’s financial future.
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