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Profitable Home Services Podcast

Profitable Home Services Podcast

Author: Diane Gardner; Your Profit Coach

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Service Business owners are some of the busiest out there, wearing so many hats, putting out fires, trying to stand out and compete, grow the business and boost profits. Profit Coach Diane Gardner is on a mission to help owners grow faster with less stress so they can create more freedom and spend more time with family. Joined by top experts in the service business industry, they’ll share key strategies in areas of finance, hiring, marketing, sales, management, operations and mindset. Plus hear from service professionals just like you share their success stories - all with the goal of helping you profit.
36 Episodes
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In the world of home services, building relationships with influencers and industry experts can be a game-changer. Justin Wise shares his secrets on how to engage with these influential figures, from sending heartfelt notes to leveraging the power of social media. But what happens when this strategy backfires, and instead of collaboration opportunities, you find yourself in an unexpected dilemma? Tune in to uncover the shocking twist in Justin's story that leaves him in a difficult situation, with no resolution in sight. In this episode, you will be able to: Identify how strategic content creation lays a strong foundation for your business's expansion. Perfect the techniques of creating content that deeply engages and intrigues your prospects. Formulate strong bonds with influencers and industry titans to amplify your business's reach. Learn the smart ways to recycle your content effectively for wider audience coverage. Embrace challenges and keep up the content creation momentum for enduring business growth. Listen to all episodes at https://profitablehomeservices.com/ Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com
In this episode of the Profitable Home Services podcast, Diane Gardner interviews Tersh Blisset, the founder of Service Emperor and host of the Service Business Mastery podcast. They dive into the crucial role of job costing and tracking expenses in the home services industry. Tersh shares personal experiences that highlight the importance of regularly updating systems and accurately tracking costs. He emphasizes the need for job costing, even for small jobs, to understand where cash is being spent.  Tersh also discusses the challenges his company faced during the COVID-19 pandemic and how they navigated supply shortages and labor issues.Gain valuable insights into the impact of changing prices in the industry and the necessity for technicians to understand the financial aspects of their work.  In this episode, you will be able to: Absorb the necessity and advantages of embedding automation in your home service business model. Learn the delicate art of balancing delegation with automation for the smooth running of your business. Uncover the vital role of meticulous job costing and expense tracking in the home services universe. Realize the staggering impact of strategically changing prices, underpinned by conscientious cost tracking. Analyze the immense benefits of embracing remote operations and forgoing physical warehouses. Listen to all episodes at https://profitablehomeservices.com/ Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com
Do you think retirement plans are only for large corporations? I debunked this myth with Bill Black from Pension Specialists in the recent episode of the Profitable Home Services Podcast. We discussed how small businesses can significantly benefit from these plans. A qualified plan allows for income tax deduction and offers tax-exempt growth.   In this episode, Bill and I discuss: Qualified retirement plans for small businesses Debunking the misconception that qualified plans are only for large corporations Types of businesses that can benefit from qualified plans Custom-designed plans vs. one-size-fits-all options State-mandated retirement plans for small businesses Drawbacks of state-mandated plans Common myths and misconceptions about retirement plans for small business owners Maximizing benefits for business owners while providing incentives for employees Process of setting up a pension plan Benefits of a qualified retirement plan in saving on income taxes Listen to all episodes at https://profitablehomeservices.com/ Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com
As a business owner, understanding your own role in the company is crucial. It isn't just about managing day-to-day tasks, it's about financial responsibility. Recently, Mike Disney, owner of Winding River Recruiting (and former CEO of CEO Warrior), and I discussed the importance of being disciplined in monitoring numbers and job costing. It's about embracing the highest and best use of time to prevent profit leaks. Truly, understanding your business's identity can lead to profitability In this episode we discussed: Understanding profit leaks in home service businesses Importance of financial responsibility and monitoring numbers Defining roles and focusing on the highest and best use of time Planning for profit and not treating it as an afterthought Overcoming the misconception that profit is bad or greedy Mindset and its impact on pricing services Avoiding assumptions about customers' affordability Importance of systems and processes for success and profitability Partnering with a financial person or accountant Taking action, avoiding complacency, and having a sense of urgency in business Listen to all episodes at https://profitablehomeservices.com/ Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com
The 'Profit First' mindset isn't limited to accounting. It can transform your entire business approach and push you out of your comfort zone, leading to unforeseen successes. On this episode, Ron Saharyan and I emphasized that being profitable allows businesses to do more and make a positive impact. Remember, small businesses are the backbone of our economy, and systems like Profit First can help them thrive.   In this episode, we discussed: Growth and adoption of Profit First Professionals Explanation of Profit First as a cash flow methodology Importance of finding a knowledgeable accountant for financial planning and profitability Need for accountants to evolve beyond compliance and become business advisors Importance of investing in experts as businesses grow Value of casual conversations about money and business, but need for financial experts Importance of investing in oneself and one's business Unique profit-first strategies and tailoring bank accounts to meet specific needs Benefits of working with a profit-first professional in any industry Importance of cash flow systems and having a system in place for effective financial allocation Versatility of the book "Profit First" for personal and business finances Listen to all episodes at https://profitablehomeservices.com/ Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com
Consistency and efficiency provide a consistent experience for customers. This is one of the key messages from my podcast episode with Dave Sullivan. He emphasized the importance of having clear processes and systems in place for scalability. Sometimes, learning from others' mistakes can pave a more successful path for your business. We talked the common mistakes contractors make. It's astounding how often businesses prioritize sales over profitability and overlook proper planning for expansion.    In this episode, we discussed: Dave's experience in the roofing business Importance of focusing on profitable areas and measuring profitability Challenges of scaling a business Need for efficient operations and proper staffing Importance of automating processes and using apps and virtual assistants Benefits of running a lean operation with fewer employees Common mistakes contractors make Addressing profit leaks through strategies like quality inspections and pre-job conferences Importance of processes, checklists, and learning from others' mistakes 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 effective hiring strategies? I know I have! During my recent podcast episode, Mike Michalowicz helped me understand the pitfalls of traditional interviewing. I learned how recruiting platforms, such as workshops or camps, can provide a more accurate evaluation of candidates' skills and engagement. Quite a revolution in the recruitment process! In this episode, we discussed: Mike's upcoming book "All In" and its unique strategies Mike's process of writing and testing ideas before publishing Challenges of hiring and retaining employees The concept of workshops as a recruiting platform Examples of businesses using workshops for hiring Benefits of workshops in terms of time efficiency and identifying engaged candidates The FASO model (fit, ability, safety, ownership) Matching talent to tasks rather than titles Creating a safe and comfortable environment for employees and treating them as owners   Listen to all episodes at https://profitablehomeservices.com/ Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com  
Ever wondered how to build a successful team and increase bottom line profit? Brigham Dickinson, the president of Power Selling Pros and founder of the Power Certification Program, shares his insights on matching responsibilities with the talents of each team member. He discusses his new book "Something to Give" and shares his insights on transitioning from being the sole decision-maker to empowering team members in home service businesses. By emphasizing the importance of delegation, Brigham provides a step-by-step guide on how to offload responsibilities effectively with five key steps that can lead to freedom and success in business.    In this episode, we discussed: Brigham's new book "Something to Give" and his shift in mindset Transitioning from being the sole decision-maker to empowering team members The importance of delegation and offloading responsibilities Introduction of Brigham's book and pre-orders Importance of understanding employees' strengths and preferences Five key steps to freedom over income, time, and mental well-being Building a successful team and increasing bottom line profit Taking care of the team through mentoring and providing multiple options to customers Overcoming challenges and building a company that is built to last The "STOP" acronym for navigating transitions and finding new purpose The power of a smile, being present, learning from opposition, and finding peace   Listen to all episodes at https://profitablehomeservices.com/ Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com
There's something special when you realize your purpose through challenges. I recently discussed this with Dave Sanderson, an inspirational survivor and leadership speaker, on the Profitable Home Service Podcast. We discussed the value of resilience and adaptability, especially for entrepreneurs like us. Life will throw curveballs at you, that's certain! But the key is to remain focused on your area of expertise, while delegating other tasks to those who excel in them. In this episode, we discussed: Dave's experience as the last passenger off US Airways Flight 1549 and his mission to encourage others to do the right thing in life-changing situations The importance of resilience and adaptability for entrepreneurs Dave's personal challenges as an entrepreneur and the importance of finding people who excel in areas where you may struggle The tendency for entrepreneurs to try to do everything themselves and the importance of delegating tasks Understanding the six human needs and how they influence decision-making The importance of leading oneself before leading others Dave's three-step game plan for handling challenging or traumatic events: aviate, navigate, and communicate The significance of mindset and having a resilient mindset as an entrepreneur The importance of staying focused, leading oneself and one's team, and staying out of chaos in business The significance of celebrating wins and acknowledging personal growth as an entrepreneur Dave's story of surviving a plane crash and the value of having another shot at life 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
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  
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
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
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
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  
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
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
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
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
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
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