202 – Laying the right foundations for your business

July 4, 2019
Finance, Podcasts, Series

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Part Three – Laying the right foundations for your business

Series: Tax Essentials for Tradies and Contractors
Guest: Tab Burkhalter from The Numbers House

Accounting is one of those topics that is hard to make sexy, but when you learn new tricks, it can make an incredible difference to both your business and your personal life.

When I started my business journey, I never had any advice or counsel from anyone that had a clue about numbers. I had no one in my corner. There were no podcasts, no amazing facebook communities. Even my accountant at the time was an absolute punish to get information out of.

In this series, Tab dives into three essential areas that tradies and contractors need to focus on. Three areas that I wish I had better understood when I started out. Three areas that we could probably all improve on.

My advice to everyone, especially those starting out in business, is to learn numbers and understand your finance. You don’t need to be an accountant to keep yourself on track and out of danger.

If you’re interested in numbers and finance topics, you’ll want to listen to these also.

Get a grip on your financials – [LINK]
Lack of focus on Gross Profit Margin – [LINK]
Profitability. Get your financial house in order – [LINK]

About this podcast, ‘Laying the right foundations for your business‘

Podcast Highlights:

02:26 – Why you must keep tabs on your books
07:09 – Finding your ‘numbers coach’
13:38 – Asking the right questions
19:11 – The three performance indicators
23:49 – Understanding your strengths
25:27 – Setting goals and planning
30:50 – Make sure you pay yourself first
31:14 – Being flexible and being able to pivot

This the third and final…and arguably the most important podcast in the ‘Tax Essentials For Tradies and Contractors’ series that I conducted with Tab from The Numbers House.

This podcast is all about building the right financial foundations so you can grow steadily. Having clarity is so important. If you understand what your objectives and goals are, then you’ll have a chance of hitting them. If you don’t lay the right foundations, however, you have no chance.

I hope you got a lot out of this podcast and this series. I know I did.

If you enjoyed this podcast and this series, please take 5 to leave us a review:

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Peter Cox Business Man

Great work Matt with all the podcasts and the site shed facebook community group. The amount of information that you can learn for free in this space is unbelieveable. It's great to see like minded contractors and trades trying to improve their businesses and also share ideas and help others. Highly recommend. Thanks!

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I have been listening to the pod casts for a few months now, I can't get enough of all the awesome content that you guys provide. Especially when you guys deliver it from a trade perspective which helps out a lot. Keep up the good work and hopefully one day I can afford one of the trade training trips.

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I own a construction company,and i love learning how to make my bussiness more competitive,profitable and how to better serve my clients. The site shed is a wonderful place to get invaluable knowledge no matter your trade .