Helping Tradie Business Owners To Eliminate Cash Flow Problems
Listen in as tradies share their stories and discuss strategies and tips for managing cash flow and achieving true profitability in your business.
Growing a successful trades business isn’t about you being the best on the tools.
It’s about how you Profit, Plan, Prepare and Prosper, so you can create a business that supports you and your family.
What Is
Profit First for Tradies
Profit first for Tradies is a simple frame work to make your business permanently profitable.
If you struggle with managing your cash, wondering where all the money goes or are working long hour with not much to show for it then it is time to look at Profit First for Tradies and how it can transform your business from a cash eating monster to a money making machine.
If you are a trades business owner who’s sick
and tired of being sick and tired
Looking for a solution to solve your cash flow
issues
Ready to learn more about your money
management
Can help turn your business around.
In this episode of the Profit First for Tradies podcast, Katie Crismale-Marshall interviews Simon Davis, a fencing business owner and coach from the north coast of New South Wales.
Simon shares his powerful story of losing everything in his fencing business years ago due to poor cash management. Despite having systems for operations, he lacked a cash flow system, leading to massive overdrafts, personal loans, and eventually losing his home and equipment. Feeling defeated, Simon almost quit fencing altogether until he discovered Profit First.
Implementing Profit First with Katie's guidance was a game-changer. Simon now spends just 30 minutes each Friday allocating percentages across his bank accounts. This simple process has eliminated financial stress by ensuring money is set aside for expenses like taxes, equipment maintenance, and personal spending.
Simon highlights how Profit First has given him a new lifestyle freedom. He can now take holidays, help the family financially, purchase equipment with ease, and even work fewer hours if desired — all without the constant worry over cash flow. His team benefits too through a better work-life balance.
Perhaps most notably, Profit First shifted Simon's pricing mentality from chasing jobs to quoting for profit. He now carefully vets each job to meet his profit goals, leading to a sustainable business model focused on the bottom line over frantic business activity.
In this episode of the Profit First for Tradies, you’ll learn the following:
Why business is often difficult at the start of each year (01:05)
Business is a team sport: You can’t be in charge of the financial side of the business if you’re not properly trained for it (02:09)
Details you must know to ensure you’re on top of your business’ financials (04:02)
Who makes up a good financial team and what they must do (05:27)
What to do if you’re dissatisfied with your current financial team or the financial status of your business (08:15)
The benefits of Profit First (09:55)
Remember, you don’t have to figure everything out on your own. Invest in financial training for yourself and build a solid team capable of supporting your business’ growth and success.
Quotes
"Nobody talks about a cash management system … I believe it's the foundation of our businesses, it's the first system that we should have in place." - Katie Crismale-Marshall
“Having that Profit First mentality now and having the systems in place has allowed me to, even if I want to have time off, I can just do it without stressing too much … I can back off when I want to back off.” - Simon Davis
“One of the things with Profit First … is it takes you from being reactive to being proactive.” - Katie Crismale-Marshall
“A lot of people will charge their markups and their profits on their job … I don't anymore. I price my jobs for profit. And that has been a huge mentality shift just on myself.” - Simon Davis
“I know what I need for my profit margins to make me comfortable. And I can chase those jobs that have that … the jobs I'm winning are sustaining the business … and helping us grow.” - Simon Davis
Resources
CONNECT WITH KATIE CRISMALE-MARSHALL
CONNECT WITH SIMON DAVIS
Fencing business website: North Coast Fencing
Coaching and mentoring business website: The Profitable Fencer
Facebook group: The Fence Posts Facebook Group
You Tube podcast: A Fencer’s Life - Lessons from the Trenches
Spotify podcast: A Fencer’s Life - Lessons from the Trenches
Become a
Permanently Profitable Tradie
Today!