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:
0:37 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
- Visit the Tradie Business School website (https://tradiebusinessschool.com/)
- Join us on our Facebook Group - Tradies & General Contractors Global
Books mentioned in the episode:
- The Path to Freedom by Barry Williame Magliarditi (https://www.pathtofreedom.com.au/free-book-1)
Thank you for tuning in!