Claim OwnershipProfit First For Tradies
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Katie Crismale-Marshall © 2024
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Growing a successful trades business isn’t about you being the best on the tools. It’s about how you Profit, Plan, Prepare and Prosper, so you can create a business that supports you and your family. This is the podcast for tradies who are ready to transform their business from a cash-eating monster to a money-making machine.
57 Episodes
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Building a profitable trade business isn't just about swinging hammers — it's a juggling act of managing finances, teams, and growth.
In this candid conversation, Dean Backman from Backman Builders and Build Insite sits down with Katie to uncover the secrets to financial mastery. Brace yourself for a refreshingly honest look at the struggles tradies face and how to overcome them through smart money management and building the right financial team.
If you're a tradie or builder feeling overwhelmed by the challenges of running a successful business, this episode is a game-changer. Join Dean Backman from Backman Builders and Build Insite as he pulls back the curtain on the transformative power of collaboration, education, and financial mastery in the trade space.
Mounting ATO tax debt is a growing concern for many businesses, with some owing hundreds of thousands of dollars. In this episode, Katie highlights that poor advice from bookkeepers or accountants (not all of them, many are amazing) is often the root cause of the problem, leaving business owners in a precarious financial position.
Are you aware of just how crucial your financial team is to the success of your business? They can make or break your company and be instrumental in how soon you can achieve your goals.
In this episode of Profit First for Tradies, Katie Crismale-Marshall discusses the importance of building a strong financial team for your business.
In this episode of Profit First For Tradies, Katie Crismale-Marshall speaks with Simon Davis, a fencing contractor and coach who has transformed his business and mindset by implementing the Profit First system.
In this episode of the Profit First for Tradies podcast, Katie Crismale-Marshall interviews Simon Davis, a fencing business owner and coach from the north coast of New South Wales.
Simon shares his powerful story of losing everything in his fencing business years ago due to poor cash management. Despite having systems for operations, he lacked a cash flow system, leading to massive overdrafts, personal loans, and eventually losing his home and equipment. Feeling defeated, Simon almost quit fencing altogether until he discovered Profit First.
The year has just begun, but are you already playing catch up in your business? This happens to many entrepreneurs during this critical time, but this doesn’t mean it should be the norm. Stick around to find out how you can free your business from this crippling routine.
In this episode of Profit First For Tradies, Katie Crismale-Marshall stresses the critical importance of having a strong financial team to navigate the inherent cash flow challenges in the trades industry.
Ask your current bookkeeper this critical question — Can you please let me know what I need to do to make sure that when I look at my Xero dashboard, my invoices are correct, my bills are correct, and my reconciliation is no more than seven days? The answer you get will reveal if you should stick with them or if it’s time to equip your business with a better financial team.
Are you on the fence about implementing Profit First in your business? Or are you one of many who have taken the plunge but are yet to reap the benefits of this so-called money-making business tool? In this episode, Katie stresses the importance of working with a certified Profit First professional when implementing the Profit First system in your business.
Make 2024 your year of financial breakthroughs. This season, Katie guides tradies through cash flow management, profit optimization, and effective business strategies. Ideal for those ready to take control and make a change, this podcast is your first step towards a prosperous 2024.
In this final 2023 episode of the Profit First For Tradies podcast, Katie Crismale-Marshall thanks her listeners for tuning in throughout the year. She reminds us that the holiday season is an extremely busy time for tradies, but this doesn’t give us a valid excuse for overlooking a crucial task — invoicing. Failure to accomplish this before the year ends can mean slow payments from clients in January through April, resulting in tight cash flow.
Katie then encourages her listeners to use the holiday break to revisit past episodes covering topics such as getting paid on time, politely yet persistently chasing invoices, and many more. She also invites us to check out her book, Profit First For Tradies, where we can glean useful information on how to push a business to new heights.
Many business owners shy away from asking questions out of embarrassment or because they’re harbouring certain misgivings. However, asking questions — even those that might seem repetitive or silly — is critical to learning how to effectively run your business and being instrumental in helping it grow.
In the second part of this episode of Profit First For Tradies, Duayne Pearce and Katie Crismale-Marshall emphasise the benefits of investing in continuing business education, building your financial team, and never being afraid to approach experts.
Continuous learning allows you to discover better business practices and exposes you to the benefits of having experts, such as coaches, lawyers, and accountants, at your back.
Successful businesses require continued learning and growth. However, many entrepreneurs get stuck in ineffective, outdated practices taught or influenced by previous mentors.
In this episode of Profit First For Tradies, Duayne Pearce shares his journey on how he broke the mould and transformed his business by acquiring expert help and investing in continued learning.
Quiescence kills potential, so it’s essential to be willing to shake things up with the way you run your business, particularly on practices that are no longer working. It’s also crucial to hire the right people to fill gaps, especially in areas you’re not skilled in.
Do you ever feel overwhelmed or anxious about your business finances? Are you avoiding looking at the numbers because they stress you out? If so, it's time to get clarity and control with a simple cash management system, Profit First.
In this episode, Matt Jones explains how implementing Profit First transformed his marketing agency that serves trade businesses. With nearly 20 years of experience and 400 podcast episodes under his belt, Matt is an incredible resource for tradespeople transitioning into business ownership.
Once a plumber himself, Matt candidly shares his financial knowledge gaps and how he turned things around. With the help of Profit First professionals, he began dividing his revenue into separate accounts for profit, taxes, owner's pay, and operating expenses.
Matt also emphasises how Profit First is often misunderstood. It's not solely about maximising profits. Having funds consistently set aside provides peace of mind and options for investing in growth.
The most successful business owners never stop learning. Education is the catalyst that sparks growth, innovation, and positive change. So how can you make professional development a priority amidst the chaos of daily operations?
In this episode of Profit First For Tradies, Katie shares the key lessons she learnt from a recent continuing education event focused on the Profit First system. Katie recounts the immense value gained from conferences, masterminds, and networking with thought leaders.
Complacency and stagnation are the invisible killers of potential. So set yourself up for success by making a commitment to continuing education today.
While others are stuck in the same old patterns, take a leap forward with continued education. If you're eager to experience the transformative power of ongoing education and unleash the full potential of your trades business, this episode is a must-listen.
To continue the conversation from our last episode, we delve deeper into the world of Profit First and explore the rich rewards of implementing this financial management system.
Mick Hawes, a seasoned expert from Builder Business Blackbelt, shares invaluable insights and practical tips for making Profit First work for you.
Mick shares personal stories of his journey from financial distress to financial freedom, highlighting the incredible life changes that came with implementing Profit First.
He provides a practical roadmap for those who want to make Profit First a cornerstone of their financial strategy. This episode underscores the importance of immediate action, reinforcing the notion that you don't need to wait for a perfect moment.
Imagine being hit with the reality that you have squandered away 18 years of opportunity. Fortunately, the feeling of disgust led you to adopt a system that helps you make the right financial decisions naturally without the need for excessive discipline.
In this special episode, I speak with Mick Hawes of Builder Business Blackbelt about maximising profits and building success. This is the first part of a series dedicated to Mick's insights about the Profit First system for tradies.
Realising that he had wasted away precious years in business propelled Mick to seek a system that would enable him to effortlessly make sound financial choices. Since then, his commitment to Profit First hasn't wavered and he continually emphasises the significance of adhering to this financial strategy.
Sometimes, life throws a curveball with unexpected hurdles and in my case, getting sick over the last week. And this has made running a business a little complicated.
In this episode, I will talk about my winning strategies when I felt frustrated and behind schedule. Now, if you know me, I have high regard for having fun in business and this helps me to be more enthusiastic even on days when I don't feel like showing up.
Since I'm a mad sports fan, I tapped on this to reignite the fire in my business. Soaking up on the adrenaline of the race car and sports shows inspired me about teamwork and managing the ups and downs.
For trade business owners, every dollar saved is a dollar earned, and every improvement can be a game-changer.
For today's episode, I want to share an inspiring story that holds valuable lessons for all trade business owners out there, a story of how one client saved a remarkable $40,000 in expenses and transformed their entire operation.
Stuart's successful journey began with a crucial step – a comprehensive expense review. This was not just about tallying bills and invoices. It was about dissecting every expense line by line, seeking hidden leaks and inefficiencies. It was about a meticulous examination of the financial health of the business.
Are late client payments killing your cash flow? Tired of wasting hours chasing payments while your business suffers?
As a trades business owner, nothing is more frustrating than doing quality work and not getting paid on time. It eats into your bottom line and creates unnecessary stress.
In this episode of Profit First For Tradies, we explore cracking the late payment puzzle expert solutions for tradies to get paid on time, every time.
Late payments are definitely a pain and it generates constant battles, days or even weeks of uncertainty, and the disruption of our hard-earned money.
However, you as the business owner should flip the script and take back control. With easy-to-follow systems, you can keep your finances steady and resolve cash flow issues.
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