We can all agree that at one point or another your finances as a business owner has been difficult to navigate. It’s not always easy, but today Martin and Khalil talk about understanding the finances of your business and what you should focus on within this area. It’s something you don’t want to miss. Listen today.
- 02:44 - What Are Roller Coaster Profits
- 06:16 - The One Objective Of Business
- 12:15 - What Are Margins?
- 15:47 - What Impacts Margins The Most?
- 22:39 - Do You Know Where You Break Even?
- 24:50 - The Difference Between Target Profit And Target Sales
- 28:50 - You Make Money, But You Don’t Have Any . . .
- 35:39 - Inventory Terms And Supply Chain Issues
- 39:10 - Delayed Gratification
- 42:45 - What’re The Signs Of Bad Books?
- 48:32 - Integration Into Your Techstack
- “It's so important for people to realize that it's a target profit and not target sales. When you have a target sales, that's what leads you to do things like discount.” - Khalil
- “The smarter bidders out there are including some of these things like there might be weather delays. There might be issues with material orders where I still have to pay my guys, but I don't have the materials to do the job. You've gotta keep in mind when you're bidding.” - Khalil
- “The number one thing to follow is your margins because it tells you what your break even is.” - Martin
- “It's sales that bring margins and the margins have to be sufficient to pay your overhead expenses.
- CFC 030 - Get Paid With Jan Reeves
- CFC 090 - Building A Family Legacy With Michael Barnett
- CFC 054 - Financial Statements Made Easy — Balance Sheet
- The Cycle Of Business Download
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What is The Cashflow Contractor?
If you’re like most contractors we know, then you started your business because you’re passionate about and great at your craft. You also wanted to be your own boss. Owning a business has a lot of advantages, but also a lot of challenges.
We started this podcast to talk about things that matter to you as an owner, like business fundamentals, sales processes, marketing, leadership, and much more. Armed with knowledge, you’ll be able to reach your goals, whether that’s growth, getting your shop to run without you, or anything in between.