There is nothing more important to the health of any business in this country than knowing the numbers. Tom’s guest today is Vicki Suiter, a woman who simplifies the complexities of finance for contractors and business owners around the country. Vicki was a banker for 7 years and finally realized that she couldn’t work 70 hours every week for someone else’s dream. You can learn all about how managing your margins can save your contracting business in her book, The Profit Bleed. When you understand that all of your numbers translate directly to what happens on your job sites, you can set your goals and manage your jobs to a particular margin. Don’t go into this thing blind, especially now, because it will chew you up and spit you out. Learn your numbers!
In this episode, we talk about…
- Impressions that Vicki had when she entered the contracting world
- What does it actually mean to know your numbers?
- Diving into the motivations behind The Profit Bleed
- The best way to bring respect back to the trades
- Where to start when creating a budget for your business
- People do not understand how much they have to markup to make a profit
- Marketing and business development are not the places to cut costs
- Find out your break-even percentage to figure out your desired overhead
- Tactical low-hanging fruit for contractors who are struggling right now
- If you are going to have a business, it should serve you
- Take pride in being a great employer and your employees will remain loyal
Resources:
Vicki’s website: https://suiterbusinessbuilders.com/
Get Vicki’s book for free at theprofitbleed.com/free!
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