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Margins: Muscle Up Your Margins
Manage episode 457416253 series 3613172
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Margins are the backbone of a profitable business, but are you managing yours effectively?
And what comes to mind when you think about breaking even – yay or nay?
In this episode, Kenny Chapman and Chris Crew dive into essential strategies for muscling up your margins.
From understanding gross margin dollars per hour to setting the right prices for your services, and all the way to the steps needed to go into hyperprofit mode…these actionable insights will help you boost profitability and avoid common pitfalls!
- Chris Crew brings up Under Armour and introduces the importance of visualization in business into the conversation.
- Kenny and Chris make the example of exercising and how approaching that the right way is how one should look at “muscling up” margins in business.
- Being driven in your business is key – but you need to make taking care of yourself one of your, if not THE, top priorities.
- Chris explains how profitability is 100% boiled down to gross margin dollars per hour…but he also emphasizes that there’s a challenge with it.
- Incorrect pricing is one of the main reasons why businesses fail – to avoid that trap, there’s an important question home service business owners should ask themselves.
- The second reason why businesses fail is the inability to get clients willing to pay the price they’re actually asking for.
- Chris believes that your close rate on the phone and in the field is a multiplier or a divider of your marketing dollars.
- Chris breaks down the minimum billable hour formula, something you can use even if you’re running a start-up.
- Working on picking the right price? “Your technicians and sales people have to buy the price first”, says Kenny.
- Chris and Kenny talk about the importance of focusing on your break-even point and its relation to being in hyperprofit mode.
- Kenny explains how a $100M company operates incredibly similarly to a $2M company.
- When it comes to wanting to be in hyperprofit mode, it’s important to keep in mind that, if not approached correctly, the strategy could backfire big time.
Mentioned in This Episode:
HomeServiceBusinessSuccessShow.com/7
HSBS episode 6 - HomeServiceBusinessSuccessShow.com/6
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