Profitable Home Services Podcast

Profit Leaks - All the little ways money is leaking out of your business instead of going in your pocket. After interviewing over 20 experts in the Home Services Industry I learned alot about other areas that can improve your ability to create more profits. I asked these industry leaders what they considered the biggest profit leak from what they see out in the field. And wow - so many different answers. The great news - you can use this as a checklist to plug those profit leaks in YOUR home service business. I also give the links to the episodes to listen to the whole conversation to glean even more insights. Here is a quick overview of what I share: 🎙️ Missing out on creating extra revenue streams (like Captive Insurance) with Randy Sadler 🎙️Raising salaries because it’s just the protocol (ie length of time employed) with Mike Michalowicz 🎙️Trying to do everything yourself instead staying in your area of genius with Dave Sanderson 🎙️Not having your company retirement plan set up to primarily benefit YOU, the owner with Bill Black 🎙️How your Customer Service Representatives answer the phone and track data with Stephen Christopher 🎙️ Thinking that content creation is a 'nice to have' vs a tool that attracts clients and generates revenue with Justin Wise 🎙️ Only marketing to NEW customers with no strategy to get future sales from your current customers with Daniel Dixon 🎙️Not Having Financial Responsibility Built Into Your Business with Mike Disney 🎙️ Neglecting to train your Customer Service Representatives to WOW customers with Brigham Dickinson 🎙️Not using opportunities to minimize tax liabilities (legal ways to pay less tax!) with Ed Lyon There is so much actionable knowledge in these episodes that can save you so much money! Listen to all episodes at https://profitablehomeservices.com/ Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

If you are like most home service business owners, you’ve thought about selling at least once. Do you wonder when the right time is, what you should sell it for and how to create an exit strategy? Tune in to this episode of the Profitable Home Services podcast where I chat with Steve Juetten, a seasoned exit strategist. Discover the secrets to exiting your business at its peak value and learn why timing is everything. Steve will walk you through his five-step exit blueprint, designed to maximize your profits and ensure a smooth transition for you, your employees, and your customers. Don't let burnout or a decline in business value catch you off guard. Here’s a taste of what Steve covers: Learn to identify the optimal moment to sell your business Understand the emotional challenges of selling a business Discover the importance of strategic planning in the sale process Explore different options for selling your business Learn how to document processes and systems within your business to increase its value Find out how to conduct thorough due diligence before selling Get a step-by-step guide on preparing your business for sale Listen to all episodes at https://profitablehomeservices.com/ Connect with Steve at https://bridegeatepartners.com Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

Are you ready for sales strategies that actually work for home service businesses? Tune in to this episode of the Profitable Home Services Podcast where I sit down with Joe Pallo, a master sales coach. He's going to teach you how to win clients and boost your sales by making genuine connections. Discover Joe's "Earning" process, driven by listening and responding to your client's needs effectively. This is a game-changer for anyone in the home service industry looking to boost their sales and create lasting customer relationships. Don't miss out on these expert insights! Discover successful sales strategies and techniques tailored for home service businesses Benefit from Joe Pallo's wealth of experience in commission sales Explore key insights from Joe's book, "How to Sell Nothing," so that you can update your sales tactics and stand out in the market. Learn the importance of making an emotional connection with clients in sales Have a more impactful and persuasive sales conversation with Joe’s ‘EARNING’ system Why people buy, how to sell ‘nothing’ and make an emotional sale to successfully close more sales Listen to all episodes at https://homeservicespodcast.com Connect with Joe at https://www.sellnothing.co/ Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

Are you running a small business and want to avoid hefty fines or, even worse, jail time? Tune in to the latest episode of the Profitable Home Services Podcast, where I am diving into the brand new Corporate Transparency Act. Starting January 1st, 2024, this law will shake up the reporting requirements for corporations and LLCs, and you need to be ready. I will guide you through what you need to know to stay on the right side of the law and keep your business thriving. Some of the things you will learn are: What is the new Corporate Transparency Act (CTA) How does it affect small business owners? Find out the specific reporting requirements for your business entity (LLC vs SCorp etc) Know the details required for reporting so that you can have them ready Learn where and how to file Corporate Transparency Act reports Ensure you know the timeframe you have to file within Understand the penalties for non-compliance so you can avoid costly fines and legal issues Stay informed so you can safeguard your business against future regulatory changes. NOTE - At the time that this episode is live, this is still ongoing, and is being challenged in the court systems so expect further updates once we hear more. Listen to all episodes at https://homeservicespodcast.com Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

Are you running a small home service business and want to keep your hard-earned profits safe? Tune in to our latest podcast episode where my guest Michelle Scribner share what it means to be financially vigilant. Discover how a simple oversight could open the door to profit loss and even fraud. We'll walk you through a real-life scenario where a business was blindsided by supplier-related delinquency. Plus, get actionable strategies to bulletproof your finances, from implementing solid procedures to training your team and cultivating strong vendor ties. In this episode, we go into the details of how you can…. Grasp the essentials of financial management Learn from a real-world case study about how to handle unexpected financial challenges from suppliers Gain insights on how to lessen the risk of financial fraud for your business. Understand how to go through your past financial data to find potential financial red flags Recognize warnings when reviewing things like expenses and inventory Avoid potential fraud by championing an ethical business Document and build a case for financial misconduct if you need legal help from fraud Listen to all episodes at https://profitablehomeservices.com/ Connect with Michelle at www.sumofallnumbers.com Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

Are you letting fear dictate your business success? Your mindset can be the critical shift for growth. I chatted with Dave Negre about the power of mindset, the art of viewing your team as your greatest asset, and the secrets to mastering your finances for strategic growth. Plus, we'll tackle the essentials of continuous learning, targeting the right clients, and ensuring your employees are rewarded fairly. Don't miss Dave's insights from "Contractor Secret Weapon" and "Thriving Christian Business." This episode isn't just a conversation; it's a turning point for your business. Discover how fear can negatively affect your business's bottom line (and how to fix it!) Strategies to conquer fear and unlock the potential grow your business Mentally transitioning from tradesperson to business owner - Why you NEED to do this Explore the crucial role of mindset and language in driving business growth. Viewing your employees as assets instead of liabilities Understanding financial data to make strategic business decisions. Embrace lifelong learning and targeting the right customers for your business. Listen to all episodes at https://profitablehomeservices.com/ Connect with Dave at https://www.elitehomesvs.com Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

In this episode you will hear from Chris Crew from the Blue Collar Success Group as he and I discuss the intricacies of profit and cash flow in home service businesses. Chris, with his extensive background in the industry, shared insights on the dangers of "top line intoxication," the significance of understanding profit margins, and the importance of managing labor costs and customer experience. All these things can prevent profit leaks. We also touched on the role of technology in enhancing efficiency and profitability in blue-collar jobs. You won’t want to miss any of these tips such as: What are profit and cash flow leaks in home service businesses? The difference between profits and cash flow The risks of operating a business without a clear understanding of cash flow and profit margins Tips for managing the challenges and cost of labor expenses What it means to fully burden the cost of employees and tracking labor expenses effectively How to get your customers to help you identify profit leaks and stop them Power of small improvements in many areas of your business and their effect on your profits How technology is helping blue-collar jobs with big potential to increase revenues and profits Why maintenance on your service vehicles can impact your profits Listen to all episodes at https://profitablehomeservices.com/ Connect with Chris at https://thebluecollarcoach.com Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

Did you know that proactive tax planning can help home service business owners save a substantial amount of money? While simple strategies like buying equipment might seem appealing, the real trick lies in exploring deeper tax-saving strategies. Just to put this into perspective, I have helped my clients save over $13 million in income taxes through effective tax planning. Remember, it's not just about how much you earn, but how much you keep. Dive into this episode where you’ll learn: The difference between overpaying taxes and paying the legal amount and how that impacts you Exploring retirement plans like SEP IRA, Simple IRA, and 401k. Implementing the Augusta rule for tax-free rental income from your home. Writing off medical costs through a business. Considering the right business entity choice for liability protection and tax savings. Strategies to reduce capital gains through 1031 exchanges and other programs. How to find a proactive accountant that will be in your corner saving you money Listen to all episodes at https://homeservicespodcast.com Did you know that proactive tax planning can help home service business owners save a substantial amount of money? While simple strategies like buying equipment might seem appealing, the real trick lies in exploring deeper tax-saving strategies. Just to put this into perspective, I have helped my clients save over $13 million in income taxes through effective tax planning. Remember, it's not just about how much you earn, but how much you keep. Dive into this episode where you’ll learn: The difference between overpaying taxes and paying the legal amount and how that impacts you Exploring retirement plans like SEP IRA, Simple IRA, and 401k. Implementing the Augusta rule for tax-free rental income from your home. Writing off medical costs through a business. Considering the right business entity choice for liability protection and tax savings. Strategies to reduce capital gains through 1031 exchanges and other programs. How to find a proactive accountant that will be in your corner saving you money Listen to all episodes at https://profitablehomeservices.com/ Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

On this episode of the Porfitable Home Business Podcast, I want to delve into a topic that is often overlooked but is crucial for the financial health of your business - tax planning. I've seen many home service business owners make common mistakes that lead to cash flow leaks, especially in relation to income tax. So, let's dive in and explore how you can minimize your tax legally and save your hard-earned money. In this episode, I shared: Importance of tax planning for home service business owners Common mistakes that lead to cash flow leaks in income tax Need for proactive tax planning to minimize tax owed Accountants focusing on simple strategies rather than deeper tax-saving strategies Saving clients over $13 million in income taxes through effective tax planning Accountants primarily focusing on preparing tax returns during tax season Overview of how total income is calculated for an income tax return Difference between deductions and credits Various tax brackets and additional taxes for certain business entities Four ways to save or cut taxes: timing, shifting, deductions, and tax-favorable products Mistake of audit paranoia and overlooking legitimate expenses Operating a business within the wrong entity type resulting in overpaid taxes Reviewing past income tax returns to identify missed opportunities and potentially amend them Avoiding overpaying taxes and leaving the IRS a big tip Listen to all episodes at https://profitablehomeservices.com/ Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

On this episode of Profitable Home Services Podcast, I shared a topic that many businesses in the home service industry grapple with - cash flow leaks. There are various areas where businesses often experience these silent profit leaks. The information in this episode could help you identify and address these leaks in your own business. In this episode, I shared: Cash flow leaks in the home service industry Examining overhead expenses and distinguishing wants vs needs Reviewing credit card and bank statements for hidden costs Optimizing labor efficiency and minimizing unnecessary trips Accurate job costing and monitoring material ordering Tracking marketing channels and return on investment Investing in customer service representatives and maintaining customer relationships Properly managing truck and van inventory Preventing profit leaks through revisiting fully burdened labor cost Monitoring callbacks and ensuring quality work Listen to all episodes at https://profitablehomeservices.com/ Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

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 principles and how flipping traditional accounting on its head will prioritize profit. In this episode, I shared: Introduction to Profit First principles Importance of intentional profit in businesses Use of a multi-account bank system for effective financial management Setting aside money for taxes, emergency funds, future growth, and other expenses Personal examples of how Profit First has helped achieve financial health Mention of the Profit Implementer program for guidance on implementing Profit First Flipping the traditional accounting formula to prioritize profit Importance of protecting profit through a multi-account bank system Setting up a regular transfer schedule for allocating funds to different accounts Starting small and gradually increasing percentages over time when implementing Profit First Listen to all episodes at https://profitablehomeservices.com/ Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

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 In this episode, we discussed: Jeremy’s love for photography and the importance of paying attention to opportunities Discussion on flat rate pricing and its benefits Importance of understanding the financial side of running a home service trade business Misconception that sales are the lifeblood of a business, emphasizing profit and cash flow as key drivers of success Fear and discomfort business owners have when it comes to understanding their numbers Importance of education and training for contractors in the home service industry Aim for higher net profits and working on the business rather than being constantly busy Importance of working with customers who appreciate and value your services Unique profit leaks in home service businesses and finding innovative solutions to maximize profitability Listen to all episodes at https://profitablehomeservices.com/ Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

Renowned tax expert Edward Lyon, the funniest tax guy in America, challenges traditional accountants to bend the rules, maximize financial benefits, and help small business owners achieve financial success in a world shifting towards tax planning strategies and technological advancements. In this episode, you will be able to: Delve into why strategic tax planning plays a vital role in small business growth. Distinguish how financial mindset diverges between entrepreneurs and accountants. Determine ways to employ tax credits as a business growth strategy. Acquaint with the benefits of integrating state-of-the-art technology in tax planning. Design a suitable lifestyle that balances both flexibility and fulfilment as a business entrepreneur. Listen to all episodes at https://profitablehomeservices.com/ Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

Does this sound familiar? You've been told to invest in marketing agencies to increase brand recognition for your home service business. But despite the hefty investment, you're not seeing the tangible results you were promised. The pain of wasted resources and a lack of differentiation in the market is holding you back from reaching your business goals. It's time to break free from ineffective actions and discover the strategies that will truly strengthen your brand presence all the while boosting your profits. . In this episode, you will be able to: Uncover the hidden role of mindset in propelling personal and career advancement. Learn the art of demanding result-oriented accountability from marketing agencies. Master strategies to fortify your home service business's brand presence. Appreciate the necessity of authenticity and culture exhibition in successful marketing. Break through the fear boundary and embrace camera presence in video marketing. Listen to all episodes at https://profitablehomeservices.com/ Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

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, you will be able to: Discover the advantages of captive insurance for your home service business. Uncover the benefits of owning a captive insurance company. Learn how to create tailor-made policies for your specific business needs. Find out how captive insurance can help lower your healthcare costs. Recognize the significance of adhering to IRS regulations for captive insurance companies. Listen to all episodes at https://profitablehomeservices.com/ Connect with Randy at https://www.captivatingthinking.com/ Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

Do you want to transform yourself from being a technician to becoming a successful leader in your home service business? Are you ready to take charge and achieve the growth and success you've always dreamed of? Look no further, because today we will reveal the ultimate solution to help you attain that desired outcome. Join me and Rhamy Alajeal, as he shares invaluable insights, strategies, and tools that will empower you to make the transition from 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. In this episode, you will be able to: Discover the pivotal role of HR in steering home service businesses towards success. Garner insights into the transformation from a technical role to a leadership position in your enterprise. Unearth effective strategies for developing procedures and processes that spur business growth. Learn about the significance of employee loyalty and retention mechanisms in small scale enterprises. Decode the challenges of HR management that arise as your business expands, and how to overcome them. Listen to all episodes at https://profitablehomeservices.com/ Connect with Rhamy at https://peopleprocesses.com/ Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

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: Discussion on the challenges of starting a podcast and the importance of perseverance Importance of financial literacy and the role of accountants in helping entrepreneurs understand their numbers and improve profitability Ellen's experience in the plumbing industry and the importance of pricing strategies Need for tradespeople to stay up-to-date with pricing and not be afraid to raise prices Importance of understanding the costs of doing business and fully burdened labor cost Importance of having a good relationship with bookkeepers, CPAs, and other financial professionals Key performance indicators (KPIs) for businesses: cash flow, profit, and sales Concept of profit first and structuring expenses around planned profit Importance of building financial strength gradually and making smart financial decisions to improve cash flow Managing payroll and finding efficiencies in the trades industry Importance of truck inspections and addressing inefficiencies and unproductive hours 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

The printing process can seem intimidating with all the technical jargon and complexities involved. That's why I appreciate businesses like Print Fast that prioritize making the experience friendly and informal. Translating this to my own work, I've realized just how crucial clear communication is. It's not about using big words or complex terms, but about conveying ideas in an accessible way. Recently, I had a thought-provoking conversation with Bill McGowan from Print Fast. Reflecting on the importance of post-service customer interactions, he stated, "If you forget about your customers, they will forget about you." His words reminded me of the value of maintaining relationships with clients in any industry. After all, it's all about human interaction at its core. In this episode, we discussed: Print Fast's extensive experience in printing since 1903 Focus on service and quality rather than price Specialization in working with home service businesses Importance of maintaining relationships with customers Utilizing thank you cards and personalized postcards as marketing tools Importance of understanding homeowners' needs Need for a 12-month marketing plan with repetition and consistency Creating a positive homeowner experience in the home service industry Listen to all episodes at https://profitablehomeservices.com/ Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

Just had a fascinating discussion with Daniel Dixon from SendJim about measuring ROI and tracking the effectiveness of our marketing channels. It's a challenging task, but one that can really pay off. As a takeaway, we learned that it often starts with identifying the lead source. A simple question like "How did you find out about us?" can go a long way. It's not just about acquiring new customers, it's about engaging with the ones we already have. Many businesses have a large customer base but fail to tap into this goldmine. It's time to explore fresh strategies! In this episode, Daniel and I discuss: What SendJim does for home service businesses Importance of understanding the lifetime value of customers Strategies for customer acquisition and maximizing customer lifetime value Importance of deepening relationships with customers Marketing to an asset list and exploring different marketing strategies Measuring ROI and tracking the effectiveness of marketing channels Benefits of physical mail in legitimizing a business Importance of follow-up sequences and building relationships with customers Assistance and resources offered by SendJim for marketing questions and support Listen to all episodes at https://profitablehomeservices.com/ Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

Ever wondered about the silent killers of profit and cash flow? In a recent chat with Mike Milan (Cash Flow Mike), we explored mismatched financing and high-interest payments that can quietly wreak havoc on your bottom line. Remember, 35% of businesses filing for bankruptcy have net profit. Focus on cash flow to safeguard your business' financial health. In this episode, Mike and I discuss: Difference between profit and cash flow Challenges of managing cash flow in businesses that rely on insurance payments Importance of understanding the financial gap between making a sale and getting paid Significance of small changes in cash flow management Need to speak in terms of dollars rather than percentages Importance of providing bite-sized, consumable chunks of information to busy business owners Managing workload for service providers after a certain number of jobs Silent killers to profit and cash flow, such as mismatched financing and high interest payments Focusing on cash flow to prevent financial failure Importance of understanding the concept of the financial gap and keeping it small to avoid cash flow problems Tracking expenses and using technology to improve efficiency Differentiating between fixed and variable costs when calculating the cost of goods sold Analyzing advertising mediums to determine effectiveness Mike's programs and services for learning more about cash flow management Listen to all episodes at https://profitablehomeservices.com/ Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com