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Margins: Profit Suckers
Manage episode 456096416 series 3613172
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When it comes to profit, most home service business owners seem to be asking the wrong questions and focusing on the wrong things…
…and that can have COSTLY consequences.
In this episode, Kenny Chapman and Chris Crew look at the critical aspects of profitability and operational efficiency. They challenge traditional thinking about business margins and touch upon the most common “profit suckers” many business owners completely overlook.
And to help you protect your profit margins, you’ll hear a couple of real-life examples too!
- Chris Crew shares a story that relates to wanting to drive profitability into a business – there’s some other stuff going on and you have to be aware.
- Kenny Chapman touches upon a couple of examples of so-called “profit-suckers.”
- The real question shouldn’t be “What kind of margin are you running?,” rather “What do you account for direct cost in your business?,” says Chris.
- Chris and Kenny discuss the things that can start eroding profit margins – starting with gross margin.
- Never forget: when you know who you are, you’ll know what to do.
- Chris believes that the very first thing anyone should do when they want to strengthen profit margins is to first look at gross margin.
- Did you know that in most services businesses, 50% of the revenue is in field labor, office labor, overhead labor, material and equipment?
- Chris explains why he believes that the process in your business should NOT be built around people.
- Chris and Kenny talk about operational inefficiencies, AA, “closing the loop”, and how Chris built his business off of other people’s money by leveraging his relationships.
- “We defend what we know because uncertainty is so scary,” says Kenny – don’t fall victim to this!
- Chris and Kenny share an example of how much operational inefficiency can start to eat up your profit margin.
Mentioned in This Episode:
HomeServiceBusinessSuccessShow.com/6
HSBS episode 5 - HomeServiceBusinessSuccessShow.com/5
HSBS episode 1 - HomeServiceBusinessSuccessShow.com/1
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