Ever wonder about the true importance of financial literacy in business? I had an enlightening conversation with Ellen Rohr, president of Zoom Drain Franchise LLC, about just that. One key takeaway - never ignore your numbers. Understanding them can make the difference between just getting by and truly thriving.
In this episode, we discussed:
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Discussion on the challenges of starting a podcast and the importance of perseverance
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Importance of financial literacy and the role of accountants in helping entrepreneurs understand their numbers and improve profitability
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Ellen's experience in the plumbing industry and the importance of pricing strategies
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Need for tradespeople to stay up-to-date with pricing and not be afraid to raise prices
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Importance of understanding the costs of doing business and fully burdened labor cost
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Importance of having a good relationship with bookkeepers, CPAs, and other financial professionals
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Key performance indicators (KPIs) for businesses: cash flow, profit, and sales
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Concept of profit first and structuring expenses around planned profit
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Importance of building financial strength gradually and making smart financial decisions to improve cash flow
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Managing payroll and finding efficiencies in the trades industry
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Importance of truck inspections and addressing inefficiencies and unproductive hours
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Profit leaks in family businesses and the need to address underperforming relatives
Listen to all episodes at https://profitablehomeservices.com/
Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com
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