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