Ever pondered on the unconventional accounting formula: sales – profit = expenses? As a host of a podcast that seeks to empower businesses, I recently dove into the Profit First Method principles and how flipping traditional accounting on its head will prioritize profit.
I’m excited to share insights from a recent episode of the Profitable Home Services Podcast where I had the pleasure of hosting Jeremy Lowe from Profit Rhino and Service Fusion. With over 40 years of experience in the industry, Jeremy has a wealth of knowledge to share. We explored the vital role of financial education for business owners. A surprising number of students struggle to calculate profit margins correctly, emphasizing the need for entrepreneurs to take control of their finances
Time to improve business processes that prioritize profitability . Consistency and efficiency provide a consistent experience for customers. This is one of the key messages from my podcast episode with Dave Sullivan. He emphasized the importance of having clear processes and systems in place for scalability. Sometimes, learning from others’ mistakes can pave a more successful path for your business. We talked the common mistakes contractors make. It’s astounding how often businesses prioritize sales over profitability and overlook proper planning for expansion.
Social media tips from the expert. Discover the unexpected twist that propelled Justin Wise from ordinary to extraordinary. Dive into a world where engagement trumps content creation, and relationships with influencers become the gateway to success. Witness how a chance encounter with an industry expert transformed everything for Justin, leading him to unimaginable collaboration opportunities.
Join Rhamy Alajeal, as he shares invaluable insights, strategies, and tools that will empower you to make the transition from service technician to leader. Together, we will unlock your potential, cultivate your leadership skills, and pave the way for a thriving and profitable business. Get ready to step into your new role and accomplish the transformation you’ve been longing for.
Bottom line savings! If you’re feeling overwhelmed by the rising costs of insurance for your service business, despite your efforts to reduce expenses through cost-cutting measures, then you are not alone! Many business owners struggle with finding the right insurance coverage to protect their business and employees while keeping costs low. In some cases, they may be paying for coverage they don’t even need. This can lead to frustration and a sense of helplessness. But there is a solution: captive insurance. By working with the right insurance company, you can take control of your coverage, lower your expenses, and gain peace of mind.
In this episode of the Profitable Home Services podcast, Diane Gardner interviews Tersh Blisset, the founder of Service Emperor and host of the Service Business Mastery podcast. They dive into the crucial role of job costing and tracking expenses in the home services industry.
Do you think retirement plans are only for large corporations? I debunked this myth with Bill Black from Pension Specialists in the recent episode of the Profitable Home Services Podcast. We discussed how small businesses can significantly benefit from these plans. A qualified plan allows for an income tax deduction and offers tax-exempt growth. Time to maximize profitability.
As a business owner, understanding your own role in the company is crucial. It isn’t just about managing day-to-day tasks, it’s about financial responsibility. Recently, Mike Disney and I discussed the importance of being disciplined in monitoring numbers and job costing to avoid revenue leaks. It’s about embracing the highest and best use of time.. Truly, understanding your business’s identity can lead to profitability.
The ‘Profit First’ mindset isn’t limited to accounting. It can transform your entire business approach and push you out of your comfort zone, leading to unforeseen successes. On this episode, Ron Saharyan and I emphasized that being profitable allows businesses to do more and make a positive impact. Remember, small businesses are the backbone of our economy, and systems like Profit First can help them thrive.
