Your business may be bringing in profit from various projects and deals, but are you getting enough from the investments you’ve made on them? Does the profit and loss margins match the growth of your business? If it’s a little rough around the edges, it’s high time to rethink the financial strategies related to your business processes.
In today’s first episode, Miranda and Barry talk about knowing your worth as a trades businessman and why having an effective profit plan creates wonders for your business. We also talk about the different expenses incurred in your business and how you can clearly identify them. And stay to the end to know why price reviews have an impact on your company.
This episode is full of exciting information for all business owners and trades, so tune in now!
What’s Discussed in This Episode:
- 0:00 Introduction
- 0:37 Barry’s trades background
- 2:17 The existence of internal resistance
- 3:46 This podcast is helpful to anyone in the trades business
- 4:35 Working on your fixed expenses first
- 5:31 Above the line vs. below the line costs
- 6:48 Consistently looking at the numbers and making smart choices
- 7:31 The Profit Plan
- 8:56 Mindset around charging more for your worth
- 10:35 Steps to knowing how to charge for what you’re worth
- 12:56 Allocating things properly
- 13:06 Importance of auditing at least one job every month
- 14:30 The data you gather is invaluable
- 15:22 Anchoring on your capabilities and creating a sustainable business
- 16:00 When to start increasing your prices
- 19:40 Why price reviews matters
Resources:
- The Game Changers (https://www.thegamechangers.com.au/)
Join Off the Tools community. You can also connect with us on Linkedin. For more podcast episodes, you may also visit our website. You can also listen to the Tradie Business School on Apple Podcasts, Spotify, and Google Podcasts.
Thank you for tuning in!