Profit First For Tradies: Recent Episodes
Katie Crismale-Marshall
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. This is the podcast for tradies who are ready to transform their business from a cash-eating monster to a money-making machine.
Tired of the daily grind with no clear end in sight? Discover the power of planning your success!In this episode, Katie dives into the crucial topic of goal setting and planning for trades businesses. She challenges the common resistance to planning, addressing the importance of having clear goals and a solid plan to navigate the unpredictable nature of the trades industry. Katie emphasises that planning isn't about following a perfect path but about having a direction to steer through challenges and achieve long-term success. By having a clear vision and actionable steps, you can navigate industry challenges more effectively, ensuring sustained growth and profitability.In this episode of Profit First for Tradies, you’ll learn the following:
- The common groans about planning and why tradies need to reflect on their business' purpose and end goals (00:31)
- The unpredictability of the trades industry and why having a plan still matters (01:06)
- The value of personalising your plans (02:42)
- First crucial point in planning: Visualise possibilities (03:22)
- Second crucial point in planning: Decide, declare, and write them down (04:07)
- Third crucial point in planning: Rough out the draft (04:45)
- Insights from a masterclass by Andrew Sparks (06:14)
Setting clear goals and planning are essential for tradies looking to save time, money, and sanity in their business journey. This strategic approach not only helps in achieving personal and financial goals but also provides a roadmap for long-term success and stability in business. Remember, successful planning starts today — not tomorrow, not next month, not next year.
CONNECT WITH KATIE CRISMALE-MARSHALL* Email: support@profitfirstfortradies.com.au
* Instagram: https://www.instagram.com/profitfirstfortradies/
* YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured
* Facebook Group: https://www.facebook.com/groups/profitfirstfortradies
* Facebook: https://www.facebook.com/ProfitFirstforTradies/
* Website: https://www.profitfirstfortradies.com.au/
Think you're too small for Profit First? Think again — and transform your business from a cash monster to a money-making machine!In this episode, Katie Crismale-Marshall breaks down the essentials for trades businesses at any stage — whether you're just starting out or have been in business for a while. She emphasises the importance of implementing the Profit First system early on, debunking the myth that you need to be a big player to start profiting. In this episode of Profit First for Tradies, you’ll learn the following:
- Common misconceptions about starting Profit First (00:46)
- Why now is always the best time to implement Profit First (01:06)
- Step 1: Read or listen to Katie’s book Profit First for Tradies (01:27)
- Step 2: Audit your systems — the importance of having integrated financial and job management systems (02:01)
- Step 3: Get started with Profit First — here’s how (02:54)
- Available resources with action items for different business stages (05:15)
This episode is perfect for tradies at any stage of their business journey, from newbies to seasoned professionals. By implementing the steps discussed, you'll streamline your financial systems and start seeing consistent profits. Remember, Profit First is for every tradie, no matter where you are in the game.QUOTES
“The key with Profit First is consistency. Get started — you don't have to build the entire framework right from the beginning. You just have to get started with parts of that framework and then continue to build over time.” - Katie Crismale-Marshall
Resources
Profit First for Tradies by Katie Crismale-MarshallProfit First for Tradies Facebook Group
CONNECT WITH KATIE CRISMALE-MARSHALL* Email: support@profitfirstfortradies.com.au
* Instagram: https://www.instagram.com/profitfirstfortradies/
* YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured
* Facebook Group: https://www.facebook.com/groups/profitfirstfortradies
* Facebook: https://www.facebook.com/ProfitFirstforTradies/
* Website: https://www.profitfirstfortradies.com.au/
Wanna know the secret to keeping your business momentum? It’s a simple habit — pat yourself on the back!
In this episode, Katie Crismale-Marshall dives into the often-overlooked habit of celebrating small wins in your business. Katie shares insightful observations from her interactions with various business owners and highlights the importance of acknowledging progress, no matter how small. She provides actionable steps to help you cultivate this habit, ensuring you stay motivated and continue to thrive.In this episode of Profit First for Tradies, you’ll learn the following:
- The power of celebrating small wins (00:31)
- The value of consistent effort and how it leads to significant gains over time, even if the process isn't perfect (01:49)
- Action step #1: Reflect on recent wins (02:30)
- Action step #2: Identify actions you can take this week that you can celebrate later (02:55)
- Action step #3: Set a weekly reminder to review and celebrate your wins (03:18)
- How sharing your wins with others can amplify the positivity (03:45)
- The benefits of adopting this habit (04:49)
Remember, celebrating your wins isn't just about feeling good — it's about building a sustainable, profitable business. Stop chasing perfection! Your progress is always worth celebrating.
CONNECT WITH KATIE CRISMALE-MARSHALL* Website: https://www.profitfirstfortradies.com.au/
* YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured
* Facebook: https://www.facebook.com/ProfitFirstforTradies/
* Email: katie@profitfirstfortradies.com.au
* Instagram: https://www.instagram.com/profitfirstfortradies/
Here’s an exciting update you can't miss!In this special bonus episode, Katie shares some groundbreaking news that marks a significant milestone for both her and Profit First for Tradies. For over six years, Katie has dedicated herself to helping tradies transform their businesses, and today, she unveils a new chapter in this incredible journey.In this episode of Profit First for Tradies, you’ll learn the following:
- Katie’s exciting new role at Profit First Australia and New Zealand (01:18)
- Business as usual for Profit First for Tradies (02:50)
- Katie shares a personal story about her parents' struggles in their self-employed business, which sparked her determination to help others avoid similar challenges (04:08)
- Why you should reach out if you have any questions (05:32)
We are excited to bring you this bonus episode, updating you on Katie's new role as CEO of Profit First Australia and New Zealand will alongside her role as CEO of Profit First for Tradies. Katie is looking forward to helping even more small business owners and their families to build their permanently profitable businesses.
CONNECT WITH KATIE CRISMALE-MARSHALL* Email: support@profitfirstfortradies.com.au
* Instagram: https://www.instagram.com/profitfirstfortradies/
* YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured
* Facebook Group: https://www.facebook.com/groups/profitfirstfortradies
* Facebook: https://www.facebook.com/ProfitFirstforTradies/
* Website: https://www.profitfirstfortradies.com.au/
Stressed about EOFY? Let’s flip the script and finish strong!
In this episode, we dive into the pressing topic of the end of the financial year (EOFY). With June upon us, many tradies find themselves in a whirlwind of financial stress and unfulfilled goals. It’s a familiar tale — “I’ll start that next financial year,” but as Katie reminds us, nothing miraculously changes come July 1st. So instead of waiting for the new financial year, why not take control now? Katie offers three practical tips to ensure you finish this financial year strong and start the next one on the right foot. She emphasises that taking small, deliberate steps can lead to significant changes. In this episode of Profit First for Tradies, you’ll learn the following:
- Common excuses as the end of the financial year looms ahead and the importance of proactive planning (00:10)
- Reality check — don’t expect a magical transformation on July 1st if you don’t take action now (01:22)
- If this year has been stressful, acknowledge it but plan to make next year different (01:52)
- The big question — What are you going to do differently? (02:25)
- Step 1: Make a decision now to change and prioritise your financial management (02:53)
- Step 2: Pinpoint your biggest financial headaches (03:07)
- Step 3: Find the right help for your business (04:03)
- Action items for EOFY (05:23)
If you’re feeling overwhelmed by the end of the financial year, remember you’re not alone, and there’s plenty you can do to turn things around. Prioritise, plan, and seek the right support to make this EOFY your most successful yet. Don’t wait for the calendar to flip — start making the necessary adjustments now to ensure a smoother, more prosperous financial year ahead!
CONNECT WITH KATIE CRISMALE-MARSHALL* Website: https://www.profitfirstfortradies.com.au/
* YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured
* Facebook: https://www.facebook.com/ProfitFirstforTradies/
* Email: katie@profitfirstfortradies.com.au
* Instagram: https://www.instagram.com/profitfirstfortradies/
Have you tried implementing Profit First in your business but found yourself stuck or overwhelmed? Many tradies attempt to implement Profit First but hit roadblocks due to time constraints, cash flow issues, or simply not knowing where to start. In today’s episode, we'll explore practical steps to help you get back on track and successfully implement Profit First, even if you’ve struggled before.
In this episode of Profit First for Tradies, you’ll learn the following:
- Understanding the benefits of implementing Profit First and common reasons why tradies get stuck. [00:00]
- The importance of making a firm decision to implement Profit First and sticking to it. [02:30]
- Steps to ensure you consistently apply Profit First principles, including setting aside time weekly for financial review. [04:10]
- Identifying what worked and what didn’t in your previous attempts and making necessary adjustments. [06:00]
- How successful implementation can lead to better decision-making, less stress, and a more enjoyable business environment. [08:00]
Implementing Profit First can transform your business and personal life by providing financial clarity and reducing stress. Even if you’ve struggled before, it’s never too late to get back on track. Join me for a quick chat to receive personalised action steps that can help you move forward.
CONNECT WITH KATIE CRISMALE-MARSHALL* Website: https://www.profitfirstfortradies.com.au/ * YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured * Facebook: https://www.facebook.com/ProfitFirstforTradies/ * Email: katie@profitfirstfortradies.com.au * Instagram: https://www.instagram.com/profitfirstfortradies/
Building a profitable trade business isn't just about swinging hammers — it's a juggling act of managing finances, teams, and growth. In this candid conversation, Dean Backman from Backman Builders and Build Insite sits down with Katie to uncover the secrets to financial mastery. Brace yourself for a refreshingly honest look at the struggles tradies face and how to overcome them through smart money management and building the right financial team.
In this episode of Profit First for Tradies, you’ll learn the following:
- The power of teamwork: The key to unlocking financial success (27:54)
- Goal-setting: The secret to preventing complacency (31:17)
- Katie's driving force: From frustrated financial planner to passionate Profit First advocate (33:39)
- How to avoid becoming just a statistic in the building industry (37:14)
- Simplicity is king: How Profit First streamlines business financials for time-strapped tradies (39:27)
Get ready to shatter the myth that bookkeeping has to be a bore and discover how the Profit First system can be customised to revolutionise your profitability — all while keeping things simple enough to run your finances in just 15 minutes a week!
CONNECT WITH KATIE CRISMALE-MARSHALL* Website: https://www.profitfirstfortradies.com.au/
* YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured
* Facebook: https://www.facebook.com/ProfitFirstforTradies/
* Email: katie@profitfirstfortradies.com.au
* Instagram: https://www.instagram.com/profitfirstfortradies/
CONNECT WITH BUILD INSITE
* YouTube: The Build Inside Podcast
* Apple: The Build Insite Podcast
* Spotify: The Build Insite Podcast
If you're a tradie or builder feeling overwhelmed by the challenges of running a successful business, this episode is a game-changer. Join Dean Backman from Backman Builders and Build Insite as he pulls back the curtain on the transformative power of collaboration, education, and financial mastery in the trade space.
He shares his journey in the building industry and the passion that led him and his team to start a collaborative platform aimed at transforming the trade space. Grab a pen and take notes as he reveals insider tips and challenges in running a successful business that prioritises profit, work-life balance, and a legacy for future generations.In this episode of Profit First for Tradies, you’ll learn the following:
- Dean's roots in the building industry (00:50)
- The value of education, systems, and processes in achieving financial freedom and a balanced life (02:58
- Why Dean reached out to Katie (04:22)
- All about Build Insite: A collaborative effort to help builders and tradies succeed through shared knowledge and resources (14:23)
- The power of collaboration over competition and its potential to transform the industry and impact communities (18:00)
- The importance of customising your systems and building a solid team for seamless business operations (25:49)
Whether you're a seasoned tradie or aspiring builder, this episode is a masterclass in breaking free from the grind and forging a path towards sustainable success. Join Dean and Katie as they shatter industry norms, revealing the secrets to building a profitable, balanced, and community-driven business that leaves a lasting legacy.
CONNECT WITH KATIE CRISMALE-MARSHALL* Website: https://www.profitfirstfortradies.com.au/
* YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured
* Facebook: https://www.facebook.com/ProfitFirstforTradies/
* Email: katie@profitfirstfortradies.com.au
* Instagram: https://www.instagram.com/profitfirstfortradies/
CONNECT WITH BUILD INSITE
* YouTube: The Build Inside Podcast
* Apple: The Build Insite Podcast
* Spotify: The Build Insite Podcast
Mounting ATO tax debt is a growing concern for many businesses, with some owing hundreds of thousands of dollars. Katie Crismale-Marshall understands the three biggest frustrations: constantly chasing your tail, never getting on top of things, and not knowing where you stand financially. She emphasises the importance of having a clear plan to pay off the debt within a specified timeframe while keeping up with current obligations.In this episode, Katie highlights that poor advice from bookkeepers or accountants (not all of them, many are amazing) is often the root cause of the problem, leaving business owners in a precarious financial position. She then talks about three crucial steps to help get you out of this dilemma.In this episode of the Profit First for Tradies, you’ll learn the following:
- Why increasing ATO tax debt is such a crucial topic (00:08)
- The three biggest frustrations businesses face with tax debt (00:42)
- Poor advice from financial advisors is often the reason why you’re in this conundrum (01:53)
- Step 1: Take stock and assess (02:37)
- Step 2: Reach out for help (04:53)
- Step 3: Implement Profit First and negotiate a payment plan (06:51)
- How to avoid working tirelessly for naught (09:49)
- Benefits you will enjoy when you reach out to Katie (11:12)
Whether you're already implementing Profit First or haven't started yet, Katie encourages reaching out for a free 15-minute consultation to receive actionable steps toward ultimately eliminating your ATO debt.
CONNECT WITH KATIE CRISMALE-MARSHALL* Website: https://www.profitfirstfortradies.com.au/
* YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured
* Facebook: https://www.facebook.com/ProfitFirstforTradies/
* Email: katie@profitfirstfortradies.com.au
* Instagram: https://www.instagram.com/profitfirstfortradies/
Are you aware of just how crucial your financial team is to the success of your business? They can make or break your company and be instrumental in how soon you can achieve your goals.In this episode of Profit First for Tradies, Katie Crismale-Marshall discusses the importance of building a strong financial team for your business. She emphasises that having the right professionals in place, such as a business coach, bookkeeper, and tax accountant, is critical for success. Katie provides tips to evaluate if your current financial team is up to the mark.Katie highlights the need for clear communication and a solid understanding of financial reports. If anyone in your financial team isn’t in sync, then maybe it’s time to consider finding one who will be a better fit for you.In this episode of the Profit First for Tradies, you’ll learn the following:
- What Katie and her team do for their clients (00:56)
- The value of communication and finding the right fit for your business (01:54)
- Tips on taxes accountant and tax planning sessions (05:17)
- Tips on how to utilise your Xero file (06:42)
Overall, Katie's message is to maintain open communication with your financial team, ask questions when something doesn't make sense, and ensure everyone is working together towards your business goals. By fostering a strong financial team, business owners can better manage their finances, plan for taxes, and achieve their desired profitability and lifestyle.
CONNECT WITH KATIE CRISMALE-MARSHALL* Website: https://www.profitfirstfortradies.com.au/ * YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured * Facebook: https://www.facebook.com/ProfitFirstforTradies/ * Email: katie@profitfirstfortradies.com.au * Instagram: https://www.instagram.com/profitfirstfortradies/
In this episode of Profit First For Tradies, Katie Crismale-Marshall speaks with Simon Davis, a fencing contractor and coach who has transformed his business and mindset by implementing the Profit First system.Simon candidly shares his past struggles of being a "broken man," working excessively long hours yet barely making money. He attributes much of this to lacking financial management skills and cash flow systems in his business. Simon recounts chasing one job after another just to cover payroll, rather than pursuing profitable work. His spending was impulsive with no planning, further exacerbating cash flow issues.However, Simon's perspective began shifting after being introduced to Profit First principles. He started allocating small percentages of revenue into separate accounts, which seemed insignificant at first, but compounded rapidly over time. This new financial clarity allowed Simon to be more thoughtful with purchases, confident he could afford larger investments when needed.More importantly, Simon explains how Profit First has given him the choice to better balance work and life. He can now take breaks when conditions are gruelling without stressing about cash flow. Profit First has enabled Simon and his wife to splurge on vacations and even for his daughter's wedding — something previously unimaginable.Simon stresses that while business issues are inevitable, Profit First provides the systems to remain proactive rather than perpetually reactionary. He has applied this methodology to quote more accurately for jobs, conduct thorough cost analyses, and plan for major expenses well in advance.In this episode of the Profit First for Tradies, you’ll learn the following:
- The value of having a profit-first mindset and not falling into the trap of “the customer is always right” mindset (22:16)
- The dangers in Tall Poppy Syndrome (26:01)
- Changes Simon noticed in his behaviour and mindset once he incorporated Profit First in his business (32:53)
- How Profit First helps you become more proactive rather than reactive (35:58)
- The perks of planning and making sure you always hit your profit margin (38:59)
The key principles Simon underscores are having clarity on financials, embracing lifelong learning, investing in training, and surrounding yourself with competent mentors and team members aligned with best practices. His transformational story exemplifies how sustainable profitability unlocks personal and professional freedom.
CONNECT WITH KATIE CRISMALE-MARSHALL* Website: https://www.profitfirstfortradies.com.au/
* YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured
* Facebook: https://www.facebook.com/ProfitFirstforTradies/
* Email: katie@profitfirstfortradies.com.au
* Instagram: https://www.instagram.com/profitfirstfortradies/
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
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:
- Who Simon Davis is and how his business was impacted by not having a cash management system in place (00:09)
- Does it take a lot of time to deal with your business’ financials? (04:24)
- A glimpse into how Simon handles his business’ financials (05:27)
- How you can stop playing catch up with Profit First (07:42)
- How a Profit First mentality can help you achieve the lifestyle change you want (13:42)
- A Profit First mentality shift: pricing your jobs for profit (19:55)
Simon's story underscores how implementing a cash management system like Profit First can transform a business by alleviating financial pressures and enabling business owners to operate proactively with the lifestyle they desire.
ResourcesProfit First for TradiesMike MichalowiczThe Pumpkin PlanCONNECT WITH KATIE CRISMALE-MARSHALL* Website: https://www.profitfirstfortradies.com.au/
* YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured
* Facebook: https://www.facebook.com/ProfitFirstforTradies/
* Email: katie@profitfirstfortradies.com.au
* Instagram: https://www.instagram.com/profitfirstfortradies/
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
The year has just begun, but are you already playing catch up in your business? This happens to many entrepreneurs during this critical time, but this doesn’t mean it should be the norm. Stick around to find out how you can free your business from this crippling routine.In this episode of Profit First For Tradies, Katie Crismale-Marshall stresses the critical importance of having a strong financial team to navigate the inherent cash flow challenges in the trades industry.
She shares that many tradies struggle with tight finances this time of year after investing heavily to complete jobs by Christmas, only to then face a slowdown in payments from clients that go on holiday. With ongoing bills and wages still needing to be paid, it's easy to fall into a pattern of financial catch-up.
Katie explains that just as you had to learn the technical skills of your trade when you were first starting out, you must also learn the financial skills required to manage a successful business. This financial education is a journey requiring investment in yourself as well as surrounding yourself with a competent financial team.
She advises first taking an honest assessment of whether your current financial team is truly meeting your needs. Can you clearly see your outstanding invoices, bills owed, and reconciled bank transactions in Xero within a week? If not, it may be time to make a change and find professionals aligned with financial best practices.
Additionally, Katie suggests all tradies have a Profit First Coach to put cash flow systems in place. This includes planning for known high-expense cycles, reviewing pricing strategies, and speeding up the invoicing process. The goal is to become proactive rather than constantly playing catch-up.
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.
CONNECT WITH KATIE CRISMALE-MARSHALL* Website: https://www.profitfirstfortradies.com.au/ * YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured * Facebook: https://www.facebook.com/ProfitFirstforTradies/ * Email: katie@profitfirstfortradies.com.au * Instagram: https://www.instagram.com/profitfirstfortradies/
Ask your current bookkeeper this critical question — Can you please let me know what I need to do to make sure that when I look at my Xero dashboard, my invoices are correct, my bills are correct, and my reconciliation is no more than seven days? The answer you get will reveal if you should stick with them or if it’s time to equip your business with a better financial team.
In this episode of Profit First For Tradies, Katie Crismale-Marshall stresses the critical importance of having proper bookkeeping practices in place for financial success. She shares that in her experience working with tradespeople, those struggling financially inevitably have bookkeeping issues, such as unpaid invoices, unknown bills, unreconciled bank transactions, and disconnects between job management systems and accounting software.
Katie explains that, just like a house that requires a strong foundation, your business relies on solid bookkeeping to prevent constant financial headaches. She advises listeners to take a quick assessment of their Xero dashboard to identify potential problems. Key indicators to check are the accuracy of open invoices, bills owed, and bank reconciliation within 7 days.
If anything seems off, Katie urges reaching out to your bookkeeper or accountant to get clarity on what specific actions are needed to clean things up. Your financial team must be competent in supporting your evolving needs.
In this episode of the Profit First for Tradies, you’ll learn the following:
- Why proper bookkeeping matters in your business (00:13)
- How to utilise your Xero dashboard or any other bookkeeping system you may be using (01:04)
- Some things you can do to ensure your bookkeeping is correct (03:25)
- Katie’s action points for listeners (08:10)
Remember, listening without implementation will not drive change, so taking the necessary steps and implementing change, when necessary, are the solutions for anyone currently losing sleep over their business finances.
CONNECT WITH KATIE CRISMALE-MARSHALL* Website: https://www.profitfirstfortradies.com.au/ * YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured * Facebook: https://www.facebook.com/ProfitFirstforTradies/ * Email: katie@profitfirstfortradies.com.au * Instagram: https://www.instagram.com/profitfirstfortradies/
Are you on the fence about implementing Profit First in your business? Or are you one of many who have taken the plunge but are yet to reap the benefits of this so-called money-making business tool? This is your lucky day because this episode has the information you need
In this episode of Profit First for Tradies, Katie Crismale-Marshall stresses the importance of working with a certified Profit First professional when implementing the Profit First system in your business. Certified professionals undergo extensive training and testing to truly understand all aspects of Profit First and how to customise and set up the system correctly for the varying needs of different types of businesses.
Katie stresses that unprofessional guidance may sometimes let you see some initial wins, but without complete knowledge of the methodology, the flawed system that was put in place will likely not sustain long-term success in transforming your cash flow. A certified Profit First professional will customise the system to your unique business needs so you can maintain it seamlessly in as little as 15 minutes per week.
In this episode of the Profit First for Tradies, you’ll learn the following:
- What it means to be a Profit First professional (00:46)
- Why proper implementation of Profit First is crucial and what you can do to ensure it’s properly implemented (03:29)
- Why customisation is critical when setting up Profit First for your business (05:03)
- How to check if the person you’re working with is a certified Profit First professional, plus how to get in touch with a certified professional (06:34)
The key is being strategic in 2024 about finally getting Profit First implemented fully and correctly in your business. The right guidance will save you time, money, and frustration as you work toward permanent profitability.
QUOTES
"We want to make sure that when you implement Profit First, it is a financial system you put in your business now and you use it until you retire or you sell. It is not just something that you just use to get you out of a hole, or through a bit of a tight patch." - Katie Crismale-Marshall
“The setup process of Profit First is different for everybody … Customisation is key. That is what's going to make it simple and easy for you to maintain and manage each and every week.” - Katie Crismale-Marshall
CONNECT WITH KATIE CRISMALE-MARSHALL* Website: https://www.profitfirstfortradies.com.au/
* YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured
* Facebook: https://www.facebook.com/ProfitFirstforTradies/
* Email: katie@profitfirstfortradies.com.au
* Instagram: https://www.instagram.com/profitfirstfortradies/
Have you declared 2024 to be your year? Is this the year you’ll have better control over the different aspects of your business, particularly your finances, and finally do all the things you’ve been planning for so long? It’s about time to take concrete steps toward success, and this episode is the perfect tool to guide you in the right direction.
Katie kicks off Season Two of the Profit First for Tradies podcast by highlighting that 2024 is the year for tradies to gain better control of their finances and transform their businesses into money-making machines. After countless conversations in recent months, she has noticed three common themes: feeling overwhelmed with managing cash flow, working hard yet not seeing profits, and wanting to make changes but lacking follow-through.
Katie urges us to take small steps, such as booking a 15-minute call to discuss implementing Profit First. The simple act of determining if this is the right fit for you is already progress in itself. If you find that this isn’t the right fit, she can make recommendations that might be more tailored to your needs. You can reach out to Katie via the podcast webpage, social media, or email. She also welcomes feedback and suggestions on practical episode topics, like bookkeeping, cash flow management, profit optimization, and sanity-saving business strategies.
In this episode of the Profit First for Tradies, you’ll learn the following:
- Goals for 2024 (01:15)
- Three common themes in conversations with tradies who want to make a change to their financial situation in 2024 (02:37)
- What you can do to make that positive change in your business (03:52)
Making a concrete plan and acquiring guidance lays the groundwork for a better, brighter 2024. Remember, change always starts with tradies prioritising their businesses and deliberately taking the first step toward success.
CONNECT WITH KATIE CRISMALE-MARSHALL* Website: https://www.profitfirstfortradies.com.au/ * YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured * Facebook: https://www.facebook.com/ProfitFirstforTradies/ * Email: katie@profitfirstfortradies.com.au * Instagram: https://www.instagram.com/profitfirstfortradies/
In this final 2023 episode of the Profit First For Tradies podcast, Katie Crismale-Marshall thanks her listeners for tuning in throughout the year. She reminds us that the holiday season is an extremely busy time for tradies, but this doesn’t give us a valid excuse for overlooking a crucial task — invoicing. Failure to accomplish this before the year ends can mean slow payments from clients in January through April, resulting in tight cash flow.
Katie then encourages her listeners to use the holiday break to revisit past episodes covering topics such as getting paid on time, politely yet persistently chasing invoices, and many more. She also invites us to check out her book, Profit First For Tradies, where we can glean useful information on how to push a business to new heights.
In this episode of the Profit First for Tradies, you’ll learn the following:
- The importance of efficient invoicing during the busy Christmas season (00:28)
- Getting off on the right foot in January 2024 with a 1-hour online workshop (01:47)
Profit First For Tradies will return in mid-January 2024, so be sure to keep an eye out, especially for Katie’s one-hour online workshop that will help tradies start the year off right. If you need guidance on prioritizing what to work on and figuring out who to ask for help, then you should definitely watch out for this.
CONNECT WITH KATIE CRISMALE-MARSHALL* Website: https://www.profitfirstfortradies.com.au/ * YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured * Facebook: https://www.facebook.com/ProfitFirstforTradies/ * Email: katie@profitfirstfortradies.com.au * Instagram: https://www.instagram.com/profitfirstfortradies/
Many business owners shy away from asking questions out of embarrassment or because they’re harbouring certain misgivings. However, asking questions — even those that might seem repetitive or silly — is critical to learning how to effectively run your business and being instrumental in helping it grow. In the second part of this episode of Profit First For Tradies, Duayne Pearce and Katie Crismale-Marshall emphasise the benefits of investing in continuing business education, building your financial team, and never being afraid to approach experts.Continuous learning allows you to discover better business practices and exposes you to the benefits of having experts, such as coaches, lawyers, and accountants, at your back.
In this episode of the Profit First for Tradies, you’ll learn about:
- The value of investing time and money in finding out best practices and how to do things right from the get-go (03:17)
- The biggest lessons Duayne Pearce learned from his first business venture (06:50)
- Why it’s crucial to pay the right money to the right people to build the right team for your business (12:43)
- The value of asking questions to find out how good someone is at what they do and if they’re the right fit for you (13:52)
Staying silent out of embarrassment or doubt can cost you big time. Keep learning, never stop asking questions, and surround yourself with experts who are a great fit for you. If you’re passionate about consistently leading your business to the next level, this episode is definitely a must!Quotes:“I always say that business is a game. And we can make some of our own rules but there's some rules that we have to abide by and we don't get a say. “ - Katie Crismale-Marshall“The more money you spend on other specialists, the better value they're going to bring to your life, your business.” - Duayne Pearce“I think it's really important to not be afraid to ask questions and find that good fit for you. You'll get a sense of whether you can work with somebody or not quite quickly … and trust your gut.” - Katie Crismale-Marshall“The more time, money, and energy you spend on yourself, the more successful you're going to be.” - Duayne Pearce“Don't stop. Always just keep finding a better mentor, a better coach, a better professional, to just keep taking you to the next level.” - Duayne Pearce
CONNECT WITH DUAYNE PEARCE* Website: https://www.dpearceconstructions.com.au/
* Facebook: https://www.facebook.com/DPearceConstructions/
* Instagram: https://www.instagram.com/dpearceconstructions/
* Youtube: https://www.youtube.com/c/DuaynePearce
* Podcast: Level Up with Duayne Pearce
CONNECT WITH KATIE CRISMALE-MARSHALL* Email: katie@profitfirstfortradies.com.au * Website: https://www.profitfirstfortradies.com.au/ * YouTube:https://www.youtube.com/@profitfirstfortradies9503/featured * Facebook: https://www.facebook.com/ProfitFirstforTradies/
Successful businesses require continued learning and growth. However, many entrepreneurs get stuck in ineffective, outdated practices taught or influenced by previous mentors. In this episode of Profit First For Tradies, Duayne Pearce shares his journey on how he broke the mould and transformed his business by acquiring expert help and investing in continued learning.Quiescence kills potential, so it’s essential to be willing to shake things up with the way you run your business, particularly on practices that are no longer working. It’s also crucial to hire the right people to fill gaps, especially in areas you’re not skilled in.
In this episode of Profit First for Tradies, you’ll learn about:* Duayne’s initial realisations in managing a business and getting the help you need (02:19)
* Duayne’s first foray into the carpentry business and what issues he encountered (06:32)
* Why keeping the money you earn — not just making it — is more valuable in business (10:10)
* Why it’s essential to break the mould and invest in continued learning (13:22)
The Profit First system is a game changer that will provide you with a sound structure for effectively managing your finances and developing good financial habits. With the right mindset shift, continuing business education, and expert help at your fingertips, you can watch your business grow and continuously take it to the next level.Quotes:“It's the key in any successful business. I think you need to spend some time figuring out what you're good at, what you're not good at. And then employing people around you.” - Duayne Pearce“Making money is the easy part. Plenty of people can make plenty of money. It's the keeping it that is the key.” - Katie Crismale-Marshall“If you don't invest in yourself and your business, it's not going to work.” - Katie Crismale-Marshall“It's about breaking things down into small tasks rather than trying to reach for the end goal. Just start.” - Duayne Pearce“We can't run our businesses how they run their businesses, even five years ago, 10, 20 years ago. We have to change and we have to progress.” - Katie Crismale-MarshallCONNECT WITH DUAYNE PEARCE* Website: https://www.dpearceconstructions.com.au/ * Facebook: https://www.facebook.com/DPearceConstructions/ * Instagram: https://www.instagram.com/dpearceconstructions/ * Youtube: https://www.youtube.com/c/DuaynePearce * Podcast: Level Up with Duayne Pearce
CONNECT WITH KATIE CRISMALE-MARSHALL* Email: katie@profitfirstfortradies.com.au * Website: https://www.profitfirstfortradies.com.au/ * YouTube:https://www.youtube.com/@profitfirstfortradies9503/featured * Facebook: https://www.facebook.com/ProfitFirstforTradies/
Do you ever feel overwhelmed or anxious about your business finances? Are you avoiding looking at the numbers because they stress you out? If so, it's time to get clarity and control with a simple cash management system, Profit First.
In this episode, Matt Jones explains how implementing Profit First transformed his marketing agency that serves trade businesses. With nearly 20 years of experience and 400 podcast episodes under his belt, Matt is an incredible resource for tradespeople transitioning into business ownership.
Once a plumber himself, Matt candidly shares his financial knowledge gaps and how he turned things around. With the help of Profit First professionals, he began dividing his revenue into separate accounts for profit, taxes, owner's pay, and operating expenses.
Matt also emphasises how Profit First is often misunderstood. It's not solely about maximising profits. Having funds consistently set aside provides peace of mind and options for investing in growth.
In this episode of the Profit First for Tradies, you’ll learn the following:
- Matt's career journey into marketing/business coaching (00:25)
- Matt's firsthand experience with Profit First (08:17)
- Common negative feedback about Profit First (12:50)
- How Profit First impacts forecasting and reverse engineering goals (18:37)
- How does Profit First help pay down debt faster (21:21)
- Matt's advice for people having doubts about Profit First (23:26)
- The importance of learning finances yourself and asking your team questions (31:05)
- Achieving more options and less stress with Profit First (37:01)
- When is the best time to start with Profit First? (40:23)
- How pain drives trades business owners to seek solutions (42:33)
Regularly checking your Profit First accounts allows you to spot potential issues early and make proactive changes. It's like a weekly checkup for your business money health. Stop avoiding your finances and limiting your growth potential. Become the profitable, freedom-focused business owner you desire to be.
QUOTES
"If you don't try Profit First, you'll never really know the benefits. But if you're gonna try it, you've got to give it the attention that it deserves." -Matt Jones
"Where you start is never where you end up." -Matt Jones
"There's a process to it, but you've got to get started somewhere. And if anyone is on the fence about Profit First, get off the fence, or just keep struggling." -Matt Jones
"There are so many people who are self-employed, who continue in their business, even though it's struggling because they don't want to go work for somebody else. But then they also don't know how to improve it." -Katie Crismale-Marshall
"When we stop overcomplicating it, we follow the system and we do as we should, Profit First is a simple system." -Katie Crismale-Marshall
Resources* Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine
CONNECT WITH KATIE CRISMALE-MARSHALL* Website: https://www.profitfirstfortradies.com.au/ * YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured * Facebook: https://www.facebook.com/ProfitFirstforTradies/
CONNECT WITH MATT JONES
* Website: https://www.tradiewebguys.com.au/
* LinkedIn: https://www.linkedin.com/in/iamthemattj/
* Twitter: https://twitter.com/mattjones1981
* Podcast: https://www.thesiteshed.com/
The most successful business owners never stop learning. Education is the catalyst that sparks growth, innovation, and positive change. So how can you make professional development a priority amidst the chaos of daily operations?In this episode of Profit First For Tradies, Katie shares the key lessons she learnt from a recent continuing education event focused on the Profit First system. Katie recounts the immense value gained from conferences, masterminds, and networking with thought leaders. Complacency and stagnation are the invisible killers of potential. So set yourself up for success by making a commitment to continuing education today.In this episode of the Profit First for Tradies, you’ll learn the following:
- The value of investing time and money into business education (00:57)
- Attending the Profit First Professionals conference and learning from the Profit First co-founder Mike Michalowicz (02:20)
- The benefits of attending conferences and learning from experts (03:06)
- The need for business owners to share their challenges and ask for help to improve their businesses (04:38)
- Making a plan now to avoid cash flow problems in the new year (05:55)
While others are stuck in the same old patterns, take a leap forward with continued education. If you're eager to experience the transformative power of ongoing education and unleash the full potential of your trades business, this episode is a must-listen. Quotes:"When you find the right people to coach you, to mentor you, and the right people to educate you, business becomes so much easier.” -Katie Crismale-Marshall “When we can share what's not working, we can then start to get help. If we don't share, we can't help you or you can't be helped.” -Katie Crismale-Marshall CONNECT WITH KATIE CRISMALE-MARSHALLEmail: katie@profitfirstfortradies.com.au* Website: https://www.profitfirstfortradies.com.au/ * YouTube:https://www.youtube.com/@profitfirstfortradies9503/featured * Facebook: https://www.facebook.com/ProfitFirstforTradies/
To continue the conversation from our last episode, we delve deeper into the world of Profit First and explore the rich rewards of implementing this financial management system. Mick Hawes, a seasoned expert from Builder Business Blackbelt, shares invaluable insights and practical tips for making Profit First work for you.Mick shares personal stories of his journey from financial distress to financial freedom, highlighting the incredible life changes that came with implementing Profit First. He provides a practical roadmap for those who want to make Profit First a cornerstone of their financial strategy. This episode underscores the importance of immediate action, reinforcing the notion that you don't need to wait for a perfect moment. In this episode of the Profit First for Tradies, you’ll learn the following:
- The value of the reward component within Profit First (01:16)
- Why increasing revenue is not always the solution to business problems (05:38)
- The impact of Profit First in navigating life's ups and downs (10:23)
- Mick's tips for implementing Profit First (12:08)
The powerful message that emerges from Mick's wisdom is clear: there are no valid excuses for not implementing Profit First. You can start small, but the key is to start now and create the behavior that will transform your financial management habits.
If you haven’t listened to our previous episode about Maximising Profits and Building Success with Mick Hawes of Builder Business Blackbelt- A Profit First for Tradies Special (Part 1), check out Episode 040. QUOTES
"The purpose of your business is to give you the time and financial freedom to either go and enjoy what your passion is, or be able to deal with the challenges that life throws at you." -Mick Hawes
"Why take all of the time, effort and money it costs to learn from experience when you can learn from other people's experience? Ask questions, don’t make the mistakes they made, but gain the benefit of the lesson they can give you for nothing." -Mick Hawes
"With Profit First, it was easy for me to make decisions. In a period of time where it was stressful, I didn't have to spend more energy making business decisions because I had the system set up." -Katie Crismale-Marshall
"There's no easy profit road, we all have to come through the same process." -Katie Crismale-Marshall
Resources* ToolShed
CONNECT WITH MICK HAWES* Website: https://buildersbusinessblackbelt.com.au/ * LinkedIn: https://www.linkedin.com/in/mickhawes/ * Facebook: https://www.facebook.com/buildersbusinessblackbelt/ * Instagram: https://www.instagram.com/builders_business_blackbelt/ * Podcast: https://buildersbusinessblackbelt.com.au/podcast/
Imagine being hit with the reality that you have squandered away 18 years of opportunity. Fortunately, the feeling of disgust led you to adopt a system that helps you make the right financial decisions naturally without the need for excessive discipline. In this special episode, I speak with Mick Hawes of Builder Business Blackbelt about maximising profits and building success. This is the first part of a series dedicated to Mick's insights about the Profit First system for tradies.Realising that he had wasted away precious years in business propelled Mick to seek a system that would enable him to effortlessly make sound financial choices. Since then, his commitment to Profit First hasn't wavered and he continually emphasises the significance of adhering to this financial strategy.
In this episode of the Profit First for Tradies, you’ll learn the following:
- The parallels between sports and business (00:04)
- Mick's personal experience with Profit First and how it transformed his business (10:59)
- Common hurdles and challenges when implementing Profit First (21:30)
For Mick, Profit First is not just an accounting method; it's an emotional system that generates life-changing effects. Aside from increasing revenue, it creates financial freedom, manages your business effectively, and prepares you for life's unexpected challenges.
If you haven’t listened to our previous episode about Katie's Winning Strategies- How Sports Can Fuel Motivation for Tradies in Business, check out Episode 039. QUOTES
"Concentrate on getting your money and get your act together. Because money distress amplifies the circumstances of every other problem you've got." -Mick Hawes
"Do it 100% or don't bother." -Mick Hawes
"Profit First is an emotional system. It changes your desire to make the right financial decisions, naturally, without discipline." -Mick Hawes
"We can make better decisions when we've got more data." -Katie Crismale-Marshall
"I don't care how much money you make, I care about how much money you keep." -Katie Crismale-Marshall
Resources* ToolShed
CONNECT WITH MICK HAWES* Website: https://buildersbusinessblackbelt.com.au/ * LinkedIn: https://www.linkedin.com/in/mickhawes/ * Facebook: https://www.facebook.com/buildersbusinessblackbelt/ * Instagram: https://www.instagram.com/builders_business_blackbelt/ * Podcast: https://buildersbusinessblackbelt.com.au/podcast/
Sometimes, life throws a curveball with unexpected hurdles and in my case, getting sick over the last week. And this has made running a business a little complicated. In this episode, I will talk about my winning strategies when I felt frustrated and behind schedule. Now, if you know me, I have high regard for having fun in business and this helps me to be more enthusiastic even on days when I don't feel like showing up.Since I'm a mad sports fan, I tapped on this to reignite the fire in my business. Soaking up on the adrenaline of the race car and sports shows inspired me about teamwork and managing the ups and downs.
In this episode of the Profit First for Tradies, you’ll learn the following:
- How personal issues can disrupt the regular workflow of business (01:07)
- The importance of taking time to rest (03:53)
- Passion for motorsports and its contribution to energy, excitement, and motivation (05:35)
- Managing challenges and the value of taking small, actionable steps (07:33)
Sports can be more than just entertainment: they can be a wellspring of motivation and inspiration. Your trades business journey can be as thrilling as a motorsport race - you just have to keep moving forward.
If you haven’t listened to our previous episode about Slashing Costs: How One Client Saved $40,000 in Expenses and Transformed Their Trade Business, check out Episode 038. QUOTES
"It's really easy for something small to happen to us, particularly health-wise, and it can throw our business off track quite considerably." -Katie Crismale-Marshall
"We just have to keep going and keep taking the next step, because eventually, it will all work out. But if we just sit there and mope, nothing is going to change." -Katie Crismale-Marshall
Resources* Profit First for Tradies * Beckham * Mount Panorama Bathurst * Formula 1
CONNECT WITH KATIE CRISMALE-MARSHALL* Email: katie@profitfirstfortradies.com.au * Website: https://www.profitfirstfortradies.com.au/ * YouTube:https://www.youtube.com/@profitfirstfortradies9503/featured * Facebook: https://www.facebook.com/ProfitFirstforTradies/
For trade business owners, every dollar saved is a dollar earned, and every improvement can be a game-changer. For today's episode, I want to share an inspiring story that holds valuable lessons for all trade business owners out there, a story of how one client saved a remarkable $40,000 in expenses and transformed their entire operation.Stuart's successful journey began with a crucial step – a comprehensive expense review. This was not just about tallying bills and invoices. It was about dissecting every expense line by line, seeking hidden leaks and inefficiencies. It was about a meticulous examination of the financial health of the business.In this episode of the Profit First for Tradies, you’ll learn the following:
- Stuart's business situation (00:58)
- The significance of doing an expense review (01:40)
- Tips for what to look for in an expense review (04:28)
- How Katie helps tradespeople with cash flow issues (06:02)
This story isn't just about numbers and savings; it's about a powerful reminder that change is possible, even in the toughest of industries and the journey to slashing costs and achieving remarkable transformation can begin with a simple financial review.
If you haven’t listened to our previous episode about Cracking the Late Payment Puzzle Expert Solutions for Tradies to Get Paid on Time, Every Time, check out Episode 037. QUOTES
"An expense review is about patching the leaky bucket and stopping expenses that we actually don't need to spend money on." -Katie Crismale-Marshall
"The expense review is not there for you to feel bad about yourself for wasting money on things in the past but it helps us learn from it and move forward." -Katie Crismale-Marshall
Resources* Profit First for Tradies
CONNECT WITH KATIE CRISMALE-MARSHALL* Email: katie@profitfirstfortradies.com.au * Website: https://www.profitfirstfortradies.com.au/ * YouTube:https://www.youtube.com/@profitfirstfortradies9503/featured
Facebook: https://www.facebook.com/ProfitFirstforTradies/
Are late client payments killing your cash flow? Tired of wasting hours chasing payments while your business suffers? As a trades business owner, nothing is more frustrating than doing quality work and not getting paid on time. It eats into your bottom line and creates unnecessary stress.In this episode of Profit First For Tradies, we explore cracking the late payment puzzle expert solutions for tradies to get paid on time, every time.Late payments are definitely a pain and it generates constant battles, days or even weeks of uncertainty, and the disruption of our hard-earned money. However, you as the business owner should flip the script and take back control. With easy-to-follow systems, you can keep your finances steady and resolve cash flow issues. In this episode of the Profit First for Tradies, you’ll learn the following:
- The three biggest frustrations of getting late payments (01:03)
- The value of getting back to your quote stage and payment terms (02:27)
- Why you need to invoice promptly after completing work (04:40)
- Looking at your processes to identify and fix issues causing late payments (08:11)
With this episode, you will discover how to set clear payment expectations upfront so clients know exactly when and how much to pay, learn the invoicing techniques to get money in your account promptly after a job, and efficiently recoup what's owed in your trades business.
If you haven’t listened to our previous episode about Busting the Top 3 Myths About Profit First, check out Episode 036. QUOTES
"We need to teach our clients how we want to be responded to." -Katie Crismale-Marshall
"We need to make sure that we keep going back up the line and have a look at our process to see why our client isn't paying us on time." -Katie Crismale-Marshall
Resources* Profit First for Tradies
CONNECT WITH KATIE CRISMALE-MARSHALL* Email: katie@profitfirstfortradies.com.au * Website: https://www.profitfirstfortradies.com.au/ * YouTube:https://www.youtube.com/@profitfirstfortradies9503/featured
Facebook: https://www.facebook.com/ProfitFirstforTradies/
Running a successful trades business is tough. You started out with a passion for your craft, but now find yourself buried under mounds of paperwork, cash flow issues, and no real financial plan. Does this sound familiar?In today's episode of Profit First For Tradies, we debunk some common myths about implementing the Profit First system in your business. After being in business for a long time and utilising using Profit First has made Katie aware of the unique challenges trades businesses face and why having a solid financial system can be the game-changer to confidently scale your business.In this episode of the Profit First for Tradies, you’ll learn the following:
- Three main myths about Profit First (01:17)
- Why Profit First professionals must be certified (02:28)
- The possible consequences of implementing Profit First by yourself (04:22)
- Why thinking that "Profit First won't work for my business" is false (05:08)
Don't let money keep running you ragged. Learn how Profit First puts you back in the driver's seat of your trades business and opens your eyes to what's really possible when you have the right financial controls in place.
If you haven’t listened to our previous episode about Gift Yourself Financial Freedom - A Tradies' Christmas Guide to Cash Flow and Profit, check out Episode 035.
Resources* Profit First for Tradies
CONNECT WITH KATIE CRISMALE-MARSHALL* Email: katie@profitfirstfortradies.com.au * Website: https://www.profitfirstfortradies.com.au/ * YouTube:https://www.youtube.com/@profitfirstfortradies9503/featured
Facebook: https://www.facebook.com/ProfitFirstforTradies/
Managing cash flow is a major challenge for many trades businesses, especially as they head into the new year. Issues arise because entrepreneurs lose financial focus during their busiest season in the latter months of the previous year.In this episode of Profit First For Tradies, we learn how to gift yourself financial freedom - a tradies' Christmas guide to cash flow and profit.With Christmas right around the corner, it's easy to prioritise completing jobs over financial management. However, ignoring bookkeeping and invoicing can spell disaster by the start of the new year. To help tradespeople avoid this common pitfall, Katie recommends three key actions - implementing Profit First, optimising bookkeeping systems and carefully planning the rest of the year.In this episode of the Profit First for Tradies, you’ll learn the following:
- The importance of focusing on your numbers NOW (02:00)
- The value of implementing Profit First in business (02:42)
- Why you need to review your bookkeeping system (03:48)
- Planning for the rest of the year (06:03)
You have the power to transform financial futures with focused effort before the busy holiday crunch. Implementing Profit First along with the other recommendations can help trades businesses start the new year off on the right financial foot.
If you haven’t listened to our previous episode about Crafting a Profitable Future- Tradies, Bankruptcy, and the Power of Profit First, check out Episode 034. QUOTES
"Everything I do with clients has to be simple and efficient. My brain can't function if there are too many steps. I will make sure that we can get the outcome in the shortest possible steps." -Katie Crismale-Marshall
"I'm finding more people struggling with business in general and it's not getting any easier. One thing we can all control is what we do about it, put our hands up and ask for help." -Katie Crismale-Marshall
Resources* Profit First for Tradies
CONNECT WITH KATIE CRISMALE-MARSHALL* Email: katie@profitfirstfortradies.com.au * Website: https://www.profitfirstfortradies.com.au/ * YouTube:https://www.youtube.com/@profitfirstfortradies9503/featured
Facebook: https://www.facebook.com/ProfitFirstforTradies/
Many tradespeople don't receive proper financial education and struggle when things go wrong with cashflow or debt, and this is often not their fault entirlly. So how can you get out of situations like this and finally be able to see the light at the end of the tunnel?In this episode of Profit First For Tradies, we dive deep into crafting a profitable future - tradies, bankruptcy, and the power of Profit First.Entrepreneurs believe that when they're buried deep into significant debt or cashflow problems, there's no more room to implement Profit First. However, this is the perfect time to use Profit First as it helps identify the weak spots in your finance so you can customise and ultimately take steps to improve.Profit First is more than just putting money in a separate account. It's a process of listening to what the system tells you about your business and making changes accordingly. Certified Profit First professionals can provide customised guidance to get your finances on track. The key is to work with the right person to help educate you on you business finances - you don't need to be an expert but you do need to work with one to get started.In this episode of the Profit First for Tradies, you’ll learn the following:
- The common thread for struggling regular business owners (01:39)
- The importance of educating clients (03:15)
- The value of having a good financial team (05:29)
- The customisation of Profit First (09:35)
- Three steps you can do to steer clear of unwanted business situations (11:32)
Facing financial distress is indeed overwhelming, but with the right knowledge, systems, and support, it's possible to turn around even the major challenges.
If you haven’t listened to our previous episode about Breaking the Myth- Profit First is NOT Just for the Profitable, check out Episode 033. QUOTES
"Whatever the goal is, your entire financial team should be communicating to each other about what each of us needs to do, because we have different roles in the process and how we can help you achieve your goal." -Katie Crismale-Marshall
"It's never as bad as it seems. But if you don't put your hand up and say 'Hey, I'm not sure where to next.' It's never ever going to change." -Katie Crismale-Marshall
Resources* Profit First for Tradies * Profit First for Tradies: Transform your business from a cash eating monster to a money making machine
CONNECT WITH KATIE CRISMALE-MARSHALL* Email: katie@profitfirstfortradies.com.au * Website: https://www.profitfirstfortradies.com.au/ * YouTube:https://www.youtube.com/@profitfirstfortradies9503/featured
Facebook: https://www.facebook.com/ProfitFirstforTradies/
Many trades business owners believe that implementing Profit First is best utilised when the business is profitable. However, Profit First is highly recommended for struggling businesses since it provides direction on what areas need attention.In this episode of Profit First For Tradies, we discuss breaking the myth- Profit First is not just for the profitable.Many entrepreneurs believe that hiring new staff or getting a big job will miraculously improve their situation but not understanding pricing and costs will only lead to worsening finance. Profit First shines a light on what needs fixing before scaling.Always waiting for the perfect time to implement Profit First will only prevent positive changes. Taking small steps is better than putting it off until next year when circumstances might go downhill.In this episode of the Profit First for Tradies, you’ll learn the following:
- A common myth that hinders tradies from implementing Profit First (01:15)
- How your business can benefit from Profit First (01:50)
- The impact of not utilising Profit First in its entirety (04:00)
- How to get started with Profit First (05:02)
Profit First can stop finances from worsening and highlight problems to fix. Furthermore, it prompts incremental progress that leads to massive improvements over time.
If you haven’t listened to our previous episode about Mending Mistakes - Katie's Revelation on Business Regrets and Profit First for Tradies, check out Episode 032. QUOTES
"Your situation is not going to miraculously get better and change unless you do something about it." -Katie Crismale-Marshall
"I can't take you back 12 months or 18 months and start that time again. But I can encourage you to find out the best option for you, invest a little bit of time and figure out what's going to work." -Katie Crismale-Marshall
Resources* Profit First for Tradies * Profit First for Tradies: Transform your business from a cash eating monster to a money making machine
CONNECT WITH KATIE CRISMALE-MARSHALL* Email: katie@profitfirstfortradies.com.au * Website: https://www.profitfirstfortradies.com.au/ * YouTube:https://www.youtube.com/@profitfirstfortradies9503/featured
Facebook: https://www.facebook.com/ProfitFirstforTradies/
Many trades business owners end up looking back wishing they had done things differently - if only they had planned better for the business to be in a better position. Dwelling on regret can feel like an impossible pit to climb out of.In this episode of Profit First For Tradies, we go away from our usual topics and focus on what I notice most entrepreneurs suffer with - focusing on past mistakes and having regrets along the way.If there's anything that these mistakes teach us, it's that life happens and things will not always go according to our plans. What's best is to move forward with the lessons and do something different about the situation.In this episode of the Profit First for Tradies, you’ll learn the following:
- One thing Katie regrets in business and its impact on her ability to help clients (02:11)
- The importance of educating clients (04:08)
- The commitment to increasing visibility and content to add more value to clients (05:00)
- Ideas that might change the course of business in the future (07:25)
As a trade business owner, you have the power to learn from your past mistakes and regrets. Doing so redirects your path and builds the business that you truly want. And it starts with being committed to your actions and decisions.
If you haven’t listened to our previous episode about Planning for Profits- How Profit First Supercharges Your Goals Part 2, check out Episode 031. QUOTES
"What has happened in the past doesn't have to continue on and be the norm in the future, we absolutely can change it." -Katie Crismale-Marshall
"Our businesses can be amazing, they can be so much more than what they are now. We just need to take some time and focus on what we want." -Katie Crismale-Marshall
Resources* Profit First for Tradies
CONNECT WITH KATIE CRISMALE-MARSHALL* Email: katie@profitfirstfortradies.com.au * Website: https://www.profitfirstfortradies.com.au/ * YouTube:https://www.youtube.com/@profitfirstfortradies9503/featured
Facebook: https://www.facebook.com/ProfitFirstforTradies/
To continue with our topic from the previous episode, we’ll talk about planning for profits and how we can start the planning process to make sure we achieve our goals. Planning may seem like an easy process for some but for others it can feel like an enormous task that we can never finish. It took me years of not planning and getting nowhere before I started little by little planning how I was going to achieve my goals.In this episode of Profit First For Tradies, we focus on three things that will foster effective planning for your business. When you’re committed to making your plans come true, you write down needed steps to achieving a goal, you set a reasonable timeframe for the plan and the most important thing, is you just get started in taking action.In this episode of the Profit First for Tradies, you’ll learn the following:
- The value of writing down steps needed towards a goal (03:27)
- Taking action by setting a timeframe (03:55)
- Why it’s significant to get started (04:33)
Planning is a great way to showcase how serious we are to progress from our current state in business, and to achieve this, it’s crucial to set clear goals, create a well-defined plan, and ultimately, take action. Otherwise, all your efforts towards business growth will end in vain and a complete waste of resources.
If you haven’t listened to our previous episode about Planning for Profits- How Profit First Supercharges Your Goals Part 1, check out Episode 030. QUOTES
"It doesn't matter what other people think about your plans. What's important is what works for you and your business." -Katie Crismale-Marshall
"Making sure that you put timeframes around your goals and your planning makes it much easier to stick to and it becomes clearer for everybody involved." -Katie Crismale-Marshall
Resources* Profit First for Tradies
CONNECT WITH KATIE CRISMALE-MARSHALL* Website: https://www.profitfirstfortradies.com.au/ * YouTube:https://www.youtube.com/@profitfirstfortradies9503/featured
Facebook: https://www.facebook.com/ProfitFirstforTradies/
Some tradies avoid setting goals due to these three main concerns: it's difficult to achieve, the uncertainty of where to begin, and the fear of potential judgement from others. However, setting goals can be a catalyst for your business profit and monumental growth.In this episode of Profit First For Tradies, we dive deep into planning for profits - how profit supercharges your goals. In the first segment of this two-part series, we focus on the importance of setting your personal dreams and goals.When goals are set, it provides a clear sense of direction of where you want your trades business to go. Goals can be a compass that guides your actions and decisions toward the outcomes you want to achieve.Through this episode, we explore 3 things you can do to realise your personal dreams and goals. These are strategies that can help you focus on what you want to achieve in life and business and what can be done to actually make it happen.
In this episode of the Profit First for Tradies, you’ll learn the following:
- The significance of thinking about your personal dreams and goals (03:37)
- Highlighting important goals right now (05:42)
- Creating a draft of what your goals look like (07:12)
By understanding the significance of personal dreams and goals, you can drive your trades business to profitable growth, and unlock the true potential of your craft.If you haven’t listened to our previous episode about Asking Questions - Why This is Critical to The Success of Your Trades Business, check out Episode 029. QUOTES
"If you set goals, you are far more likely to achieve them, to have clarity around your business, and have a much better understanding of what you need to do to help you to achieve those goals." -Katie Crismale-Marshall
"We need to stop letting other people's opinions of our goals stop our growth." -Katie Crismale-Marshall
Resources* Profit First for Tradies
CONNECT WITH KATIE CRISMALE-MARSHALL* Website: https://www.profitfirstfortradies.com.au/ * YouTube:https://www.youtube.com/@profitfirstfortradies9503/featured * Facebook: https://www.facebook.com/ProfitFirstforTradies/
The art of asking questions is a critical element that can help shape the future of your trades business. However, as we grow older, our enthusiasm to ask questions fades out, and for others, asking questions only makes them anxious and feel stupid.In this episode of Profit First For Tradies, we delve into asking questions - why this is critical to the success of your trades business.A recent conversation with my client has made me realise that although the concept of asking questions may occur naturally for others, some have different, and often negative perceptions towards it.However, the journey to your trades business’ success does not end in asking questions alone, it integrates asking the right person, having comfortable conversations with your financial team, and determining whether their responses are helpful to your business progress.In this episode of the Profit First for Tradies, you’ll learn the following:
- The impact of not asking questions or asking the wrong questions (01:10)
- The essence of seeking clarifications through questions (02:55)
- Why it’s necessary to ask the right person (05:01)
- The importance of open and comfortable communication with your financial team (05:42)
- The value in not being afraid to ask AGAIN and attentively listening to the answers (07:25)
Understanding the impact of not asking questions or focusing on the wrong questions empowers you to make informed decisions, grab better opportunities and thrive in the ever-changing trades industry. If you haven’t listened to our previous episode about How to Increase Your Financial Knowledge Through Tools of the Trade, check out Episode 028. QUOTES
"Don't be afraid to ask questions, but make sure that you are listening to the responses, and taking that as feedback on how you could improve asking your questions." -Katie Crismale-Marshall
"As a result of not asking the questions or asking the wrong questions, is that you end up in a situation, particularly in the financial side of things, where it's not looking pretty." -Katie Crismale-Marshall
Resources* Profit First for Tradies
CONNECT WITH KATIE CRISMALE-MARSHALL* Website: https://www.profitfirstfortradies.com.au/ * YouTube:https://www.youtube.com/@profitfirstfortradies9503/featured
Facebook: https://www.facebook.com/ProfitFirstforTradies/
Having the right tools of trade is crucial for long-term business success. But there's one tool that is often overlooked, financial knowledge. Just as you upgrade your equipment, it's equally important to upgrade your financial knowledge and utilise it to propel your business forward. In this episode of Profit First For Tradies, we explore the significance of increasing your financial knowledge as a tradie and why investing in your own education is essential.As a tradie, you have unique business goals, whether it's boosting cash flow, achieving work-life balance, or living your dream lifestyle. To achieve these goals, it’s vital to effectively utilise your tools of the trade, including the tool of financial knowledge. By incorporating strategies to enhance your financial understanding, you gain an invaluable asset that can revolutionise your business operations. These tools can streamline processes, deliver exceptional value to clients, and empower you to make impactful decisions within your trade. Tune in to this episode to discover how harnessing your financial knowledge can unlock new levels of success in your trade business.In this episode of the Profit First for Tradies, you’ll learn the following:
- The business problems that can be solved by making the most of your tools of trade (02:09)
- How to increase financial knowledge through education and training (05:59)
- Three things you need to consider when it comes to tools of the trade upgrade (08:47)
By harnessing the power of tools of the trade, tradies and business owners gain a competitive edge and enhance their financial knowledge. In the long run, these learnings help them serve clients better and drive their business to new heights. If you haven’t listened to our previous episode about Key Steps to Transform Your New Financial Year for Success, go back and check out episode 027QUOTES
"Updating your tools of trade is going to make a huge difference to your business, yourself, family, health, and to everything you do. Once you can nail your numbers, everything in your business will change for the better." -Katie Crismale-Marshall
"Don't wait for later. Later never comes and things don't miraculously get better." -Katie Crismale-Marshall
Resources* Profit First for Tradies
CONNECT WITH KATIE CRISMALE-MARSHALL* Website: https://www.profitfirstfortradies.com.au/ * YouTube:https://www.youtube.com/@profitfirstfortradies9503/featured
Facebook: https://www.facebook.com/ProfitFirstforTradies/
As we welcome the start of a new financial year, this is also an opportunity for tradies and business owners to reflect on the successes and challenges of the past year and more importantly, set the stage for a transformative year ahead.In this episode of Profit First For Tradies, we talk about the key steps to transform your new financial year for success. One of the usual frustrations of business owners at the beginning of a financial year is being stuck on where they were last year and having the mindset of everybody else is doing so much better than them.Rather than focusing on these problems, I recommend taking the 3 steps that will help elevate the business for long-term success. These are acknowledging the need for change, deciding on what you truly want, and the importance of seeking out the help of capable individuals.Seizing every opportunity to transform the business is crucial for success, with these three steps in place, you lay the groundwork for a prosperous financial year.In this episode of the Profit First for Tradies, you’ll learn the following:
- The importance of deciding you want something different (02:33)
- Deciding on what you want by listing what you don’t want in business (03:12)
- The impact of determining who can help you achieve the things you need in business (04:45)
- Why it’s valuable to have conversations with your financial team to ensure everything’s on track (05:47)
If you want to maximise the business's financial potential, you need to embrace change, set clear goals, seek support, and stay in close communication with your financial team.If you haven’t listened to our previous episode about Effective Profit Distribution For Your Tradie Business, check out Episode 026. QUOTES
"We have to acknowledge that unless we do something differently, we are not miraculously going to be in a different spot to where we are now." -Katie Crismale-Marshall
"Even if you want to grow, profit must always come first. You cannot grow a business that isn't profitable, and just expect for it to magically become profitable." -Katie Crismale-Marshall
Resources* Profit First for Tradies
CONNECT WITH KATIE CRISMALE-MARSHALL* Website: https://www.profitfirstfortradies.com.au/ * YouTube:https://www.youtube.com/@profitfirstfortradies9503/featured
Facebook: https://www.facebook.com/ProfitFirstforTradies/
A Profit distribution in Profit First happens every quarter from our profit account. This is your reward for taking the risk of being the business owner.In this episode of Profit First For Tradies, we explore the intricacies of profit distribution. We will talk about when to start using your profit account and how and when to do a profit distribution.
Profit distribution is a critical aspect of any business's financial management strategy. It involves determining how to allocate the profits generated by the business among various stakeholders, including owners, investors, and employees.
It's important to note that profit distribution has different purposes at different stages of your business. If you have debt then using the majority of your profit account each quarter to make a lump sum payment to your debt will help you get out of debt sooner. You may want to use some of your profit distribution to help you build your buffer accounts quicker. The one rule for the profit distribution is that your always take some for yourself as your reward as the business owner
Whether you are a business owner or entrepreneur looking to implement Profit First in your business and improve your financial situation, this episode provides a comprehensive overview.
In this episode of the Profit First for Tradies, you’ll learn the following:
What is profit distribution? (00:00)* How to implement profit first in your business (02:13) * Is taking money out of your business a good thing? (03:42) * Profit distribution - how to implement it in your business (05:00) * The importance of working with a specialist (06:37)
Using Profit First in your business and taking your profit first is key to ensuring you are building a permanently profitable business.If you haven’t listened to our previous episode about Beyond the Balance Sheet: Insights into the End of the Financial Year check out Episode 025. QUOTES
“Every quarter is a game changer not only for your personal life but also for the business.” -Katie Crismale-Marshall
“We need to do something to make a change in your business.” -Katie Crismale-Marshall
Resources* Profit First for Tradies * Profit First Professionals
CONNECT WITH KATIE CRISMALE-MARSHALL* Website: https://www.profitfirstfortradies.com.au/ * YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured * Facebook: https://www.facebook.com/ProfitFirstforTradies/
As the end of the financial year approaches, businesses and organisations worldwide embark on a crucial period of reflection, evaluation, and planning.
Beyond the traditional focus on balance sheets and financial statements, this time of the year offers a unique opportunity for business owners to delve deeper into the intricate dynamics of their financial operations.
In this episode of Profit First For Tradies, we will explore the multifaceted dimensions of the end of the financial year. We will delve into the various insights and considerations beyond the balance sheet, shedding light on the broader landscape that shapes organisations' fiscal health.
The end of the financial year signifies more than just an accounting deadline. It is a turning point for businesses to assess their performance, scrutinise their strategies, and envision their future trajectory.
It also prompts businesses to analyse their revenue streams, profit margins, and cash flow, but it also necessitates a broader examination of their market position, competitive landscape, and strategic objectives.
In this episode of the Profit First for Tradies, you’ll learn the following:
- Is the end of the financial year a good or a bad thing? (00:50)
- The key points about the end of the financial year (01:28)
- The importance of assessing your current financial situation (02:42)
- The changes you need to make at the end of the financial year (04:17)
By taking a holistic approach, organisations can identify underlying patterns, risks, and opportunities that may have gone unnoticed. If you haven’t listened to our previous episode about Supporting Your Partner's Trade Profession: A Spouse's Perspective with Verity Hare, check out Episode 024. QUOTES
“Unless we make changes and do something different, we're probably going to get the same of what we've already got.” -Katie Crismale-Marshall
“What we have to do is decide to make a change, and you are the only one who can do that.” -Katie Crismale-Marshall
Resources* Profit First for Tradies * Profit First Professionals
CONNECT WITH KATIE CRISMALE-MARSHALL* Website: https://www.profitfirstfortradies.com.au/ * YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured * Facebook: https://www.facebook.com/ProfitFirstforTradies/
Behind every tradesperson is often an unsung hero—their spouse- who supports them through the long hours, physical demands, and challenges of a trade profession. These remarkable individuals have a unique perspective on what it's like to be married to someone working in the trades.In this episode of Profit First For Tradies, we delve into what it’s like to be married to a tradie with Verity Hare. Verity is the founder of TradieWives, a small business born out of her desire to connect tradespeople with the business support they need.
She understands that while tradespeople excel in their craft, they may require assistance in other aspects of their business, such as bookkeeping, marketing, or administrative tasks.
Verity Hare shares her insights into the experiences of being married to a tradie and the importance of the spouse's role in supporting their partner's trade profession. She highlights the physical demands, long hours, and mental and emotional challenges that tradespeople often face.
In this episode of the Profit First for Tradies, you’ll learn the following:
- TradieWives - what is it, and how Verity started it (01:05)
- The power of figuring out what you want and don’t want to do (05:00)
- How to find the right people for your business (09:03)
- Is it necessary to help your husband or wife in their business? (13:14)
Using the correct systems and software in the business allows you to capture valuable data. And this information gives you options about what needs to change or what can be improved. If you haven’t listened to our previous episode about The Critical Role of Proper Software and Systems Setup in Business: TradiePad's Foundation For Success (Part 2), check out Episode 023. QUOTES
“Just be easy on yourself and don't do things that you don't enjoy.” -Verity Hare
“Surround yourself with other like-minded women because there are so many people out there willing to jump in and support.” -Verity Hare
“Playing to your strengths can help you with communication and in defining your roles.” -Katie Crismale-Marshall
Resources* Profit First for Tradies * Profit First Professionals
CONNECT WITH VERITY HARE* Website: https://tradiewives.com.au/ * Facebook: https://www.facebook.com/groups/TradieWives
CONNECT WITH KATIE CRISMALE-MARSHALL* Website: https://www.profitfirstfortradies.com.au/ * YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured * Facebook: https://www.facebook.com/ProfitFirstforTradies/
In this episode of Profit First For Tradies, we continue the conversation about the critical role of proper software and systems setup in business: TradiePad’s foundation for success with Clinton Cowin and Scott Simpson.In line with the previous episode, this one centres on the impact of not being able to capture the correct data brought about by not using the proper systems in business. A lot of distressed business owners go to Clinton and Scott because they don't know where they are in business and not being able to properly evaluate data on time, costs, profit, materials, etc. Recording every single data is key to understanding business areas that are bringing profit or are costing you. Moreover, accurate data serves as a guide to making better decisions in business processes, systems, and potential changes.In this episode of the Profit First for Tradies, you’ll learn the following:
- The effect of choosing the right management software on tracking costs and profitability (01:45)
- The importance of investing in systems and software training (06:37)
- The power of business tools integration (08:20)
- How to reach out to TradiePad (13:22)
Using the correct systems and software in the business allows you to capture valuable data. And this information gives you options about what needs to change or what can be improved. If you haven’t listened to our previous episode about The Critical Role of Proper Software and Systems Setup in Business: TradiePad's Foundation For Success (Part 1), check out Episode 022. QUOTES
"We're not tradespeople anymore, we're actually data collectors, we got to collect this information about what we're doing and how we're doing it so that we can analyse our businesses." -Clinton Cowin
"By capturing the time and all of our material costs accurately, we can then be confident that we've got all our costs captured against the job." -Clinton Cowin
"Time recording and recording costs against the job is key because it leads into job costing and being able to run a profitable business." -Scott Simpson
"If you're running manually, or if you don't have visibility on how profitable your business is, the worst case scenario is you might not have a business." -Scott Simpson
"So many businesses are winging their numbers. They're making it so much harder for themselves by not having these systems and cold hard data in place." -Katie Crismale-Marshall
"Data gives you choices and options." -Katie Crismale-Marshall
Resources* TradiePad * Profit First for Tradies * Profit First Professionals
CONNECT WITH CLINTON COWIN
* Website: https://www.tradiepad.com.au/
* Facebook: https://www.facebook.com/mrtradiepad/
* LunkedIn: https://www.linkedin.com/in/clintoncowin/
CONNECT WITH SIMON SIMPSON
* Website: https://www.tradiepad.com.au/
* LinkedIn: https://www.linkedin.com/in/scott-simpson-48988351/
CONNECT WITH KATIE CRISMALE-MARSHALL* Website: https://www.profitfirstfortradies.com.au/ * YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured
Facebook: https://www.facebook.com/ProfitFirstforTradies/
A fast-paced and technology-driven world has its influence on different types of trades and we normally see this in businesses heavily relying on the power of software and systems.However, it’s a common sight for businesses to not use these systems correctly. Rather than being able to leverage it, the software becomes an additional cost with no massive impact on productivity and profitability.In this episode of Profit First For Tradies, Clinton Cowin and Scott Simpson discuss the critical role of proper software and systems setup in business and why this is TradiePad’s foundation for success.This is a 2-part series where Clinton and Scott share a glimpse of how they guide clients into the proper implementation of systems so they can focus on business areas that need more attention.They are experts in helping businesses that are not using the systems correctly. Although there are a myriad of reasons for why this happens, the usual culprit is not having the right education on how to use the tools accurately or it simply isn’t the best system for the business.In this episode of the Profit First for Tradies, you’ll learn the following:
- Clinton’s journey into the TradiePad (01:20)
- How Scott joined TradiePad and what he does in the business (04:42)
- Understanding the importance of setting up software and job management systems correctly (09:10)
- The greater impact of having systems in place (13:08)
- How job management systems increase business profitability (17:40)
Investing in the correct systems and learning how to use them properly brings a substantial difference in how business owners run their trade. It does wonders for team productivity, understanding costs and profit, and overall business success.If you haven’t listened to our previous episode about Building a Better Kitchen Business: Fisher Kitchens' Journey to Financial Stability with Profit First, check out Episode 021. QUOTES
"We work closely with software companies because they realise the benefit that we bring in being able to do a proper implementation and rollout into a business with change management." -Clinton Cowin
"You can't just expect someone to pick up an app and know how to use it. You need to give them a little bit of training and explain why we are doing this, the benefits, and what they need to do." -Clinton Cowin
"We're in the business of change management; we help people move from what they've done for a very long time to something new." -Scott Simpson
"Having the technology set up correctly, will help your staff to be more productive and see how you're making money on your jobs." -Scott Simpson
"The bookkeeping business at some point, wasn't fun. But the not-fun part meant that I came across Profit First and it has been fun ever since." -Katie Crismale-Marshall
Resources* TradiePad * Profit First for Tradies * Profit First Professionals
CONNECT WITH CLINTON COWIN
* Website: https://www.tradiepad.com.au/
* Facebook: https://www.facebook.com/mrtradiepad/
* LinkedIn: https://www.linkedin.com/in/clintoncowin/
CONNECT WITH SCOTT SIMPSON
* Website: https://www.tradiepad.com.au/
* LinkedIn: https://www.linkedin.com/in/scott-simpson-48988351/
CONNECT WITH KATIE CRISMALE-MARSHALL* Website: https://www.profitfirstfortradies.com.au/ * YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured
Facebook: https://www.facebook.com/ProfitFirstforTradies/
In the competitive world of kitchen businesses, achieving financial stability is often daunting. In such a challenging environment, it becomes crucial for businesses to adopt innovative strategies not only to survive but thrive.In this episode of Profit First For Tradies, Teagan Fisher shares how Fisher Kitchens, her family-owned kitchen business, embarked on a journey to achieve financial stability through the Profit First system. Teagan dives into the challenges they faced and the steps they took to build a better kitchen business. Recognising the need for a sustainable financial system, Fisher Kitchens turned to the Profit First methodology.Teagan emphasises that Profit First is not just about managing money—it's a mindset shift transforming how businesses approach their finances. It encourages a proactive approach to profit and creates a solid foundation for financial stability.In this episode of the Profit First for Tradies, you’ll learn the following:
- The importance of putting money aside for staff (02:18)
- Profit First - why Teagan thought they needed it (03:18)
- Benefits of implementing profit first in the business (07:17)
- One thing Teagan didn’t expect to get out of Profit First (12:50)
- How to customise Profit First for your business? (14:42)
- The Expensive Review Module - what is it? (15:20)
- Knowing your cash flow and invoicing (18:35)
- Teagan’s ultimate advice to tradies (22:35)
Running a successful kitchen business is a challenging task. An industry filled with fierce competition and ever-changing customer demands requires a keen eye for detail, innovative strategies, and a solid financial foundation.If you haven’t listened to our previous episode about From Struggling to Thriving: A Tradie's Journey to Profit First Success with Jack Sedgman, check out Episode 020. QUOTES
“Let's not kick ourselves about what we could have, should have, and would have done because we cannot change that.” -Katie Crismale-Marshall
“With Profit First, we feel very confident that at the end of each quarter, we can do a profit distribution and that we can pay ourselves a profit.” -Teagan Fisher
“When accumulating funds, accumulate for a purpose.” -Teagan Fisher
Resources* Profit First for Tradies * Profit First Professionals
CONNECT WITH TEAGAN FISHER
* Website: https://fisherkitchens.com.au/
* Facebook: https://www.facebook.com/fisherkitchensandcabinets/
* Instagram: https://www.instagram.com/fisherkitchens/
CONNECT WITH KATIE CRISMALE-MARSHALL* Website: https://www.profitfirstfortradies.com.au/ * YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured
Facebook: https://www.facebook.com/ProfitFirstforTradies/
As a tradesperson, it's not uncommon to feel like you're constantly struggling to make ends meet. You work hard, but it seems like there's never enough money to go around. So, is there a way to survive and thrive as a tradie?
In this episode of Profit First For Tradies, we'll be talking to Jack Sedgmen, a tradie who went from struggling to thriving with the help of Profit First. Jack will share his journey, the challenges he faced, and how implementing Profit First transformed his business and life.
Trading is often a tough and competitive industry, and many tradespeople need help to make a comfortable living. But as Jack will explain, there are specific steps you can take to turn things around and achieve financial success as a tradie.
One of the most important things that Jack learned was the value of implementing a Profit First system in his business. This system prioritizes profit and ensures that your business is always making money, even in the toughest times.
Through careful planning and implementation, Jack was able to survive as a tradie and thrive and grow his business beyond what he ever thought was possible.
In this episode of the Profit First for Tradies, you’ll learn the following:
- Challenges Jack faced in his early years (01:03)
- Why giving up is never an option (04:35)
- Finding the balance between freedom and security (07:20)
- Work efficiency - how to achieve it (09:22)
- How determination can help you overcome adversity (14:05)
- The value of being in a group setting (19:20)
- The importance of having a clear vision (22:30)
- Imposter syndrome in the trading industry (24:20)
- Jack’s ultimate advice to those who want to start trading (28:11)
Trading is a challenging industry, and many tradies need help to make a decent living despite working hard and being skilled at their craft. The good news is that some strategies and systems can help tradespeople survive and thrive in their business.If you haven’t listened to our previous episode about Business Myths- Winning The Next BIG Job Is Not Going To Solve The Problem, go back and check out Episode 019. QUOTES
"If you've got an interest, give it a go. You don't have to be in a specific spot to start making more profit." - Jack Sedgmen
"Often we think that if we have more money, everything will be okay. But that by itself is not enough" -Katie Crismale-Marshall
Resources* Profit First for Tradies * Profit First Professionals
CONNECT WITH KATIE CRISMALE-MARSHALL* Website: https://www.profitfirstfortradies.com.au/ * YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured * Facebook: https://www.facebook.com/ProfitFirstforTradies/
As a business owner, you will get pulled in so many different directions. It becomes easier to believe that landing the next big job will miraculously eliminate all your business woes, however, it won’t.In this episode of Profit First For Tradies, I discuss another business myth - winning the next big job is not going to solve the problem. Getting the next big job is indeed amazing but you need to make sure that business foundations are laid properly to ensure its success.You need to determine what areas of business need the most of your focus and what needs to change. To do this, you need to assess the basic processes of your business and see to it they’re working correctly.Otherwise, you’re at risk of the dangerous cycle of getting the big job - hoping it will solve your problems - getting stressed out - finishing the job - ending in a worst place than where you started.In this episode of the Profit First for Tradies, you’ll learn the following:
- Three main frustrations of tradies (01:17)
- Why winning the big job is not a miracle problem solver (02:11)
- The importance of setting business foundations properly (02:50)
- Determining business areas you need to focus on (04:50)
- Why you need to stop looking for the next big job (06:20)
You need to stop looking for the next big job to fix your cash flow because it certainly won’t. Look at the business basics you can develop such as a cash management system, fixing your Xero file, and spending more time in business to see what needs to be improved.If you haven’t listened to our previous episode about Business Myths- My Xero File Is Fine...Isn't It?, go back and check out Episode 018. QUOTES
"If you win the big job that's amazing. But let's start to manage it correctly and look at what areas of your business need your focus to make sure it is going to be successful." -Katie Crismale-Marshall
"Winning the next big job is not going to solve all the problems." -Katie Crismale-Marshall
Resources* Profit First for Tradies * Profit First Professionals
CONNECT WITH KATIE CRISMALE-MARSHALL* Website: https://www.profitfirstfortradies.com.au/ * YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured
Facebook: https://www.facebook.com/ProfitFirstforTradies/
Most business owners believe that their Xero file is working great but when given the opportunity to have an in-depth review, certain issues arise.In this episode of Profit First For Tradies, I talk about a business myth I constantly see on new clients - my Xero file is fine… isn’t it? It may seem like a simple problem but a chaotic Xero file causes heaps of trouble for so many trades business owners. Some Xero files may look okay at first glance but when a comprehensive review is completed, it’s bound to bring more issues in the future. And this calls for a repair. The three most common issues business owners deal with in their Xero files are cashflow problems, thinking that they always have time to fix issues later, and having not having an idea where to start.Although Xero has been around for quite some time, I still see disastrous Xero files. Here at Profit First For Tradies, we want to help you identify what’s wrong, fix the issue, and keep more of your hard-earned money.In this episode of the Profit First for Tradies, you’ll learn the following:
- Common bookkeeping issues from clients (01:52)
- Three main problems that arise when doing a Xero review (03:59)
- Cash flow issues (04:10)
- The detrimental effects of the "fix-it-later" mindset (04:52)
- Trainees don't have an idea where to start (06:00)
Xero is an amazing bookkeeping program, I personally have used this for over 11 years in business. However, when your Xero file is not reviewed regularly, you’re risking the business of wasted time and money. If you haven’t listened to our previous episode about More than Money: How profit and choice go hand in hand, go back and check out Episode 017. QUOTES
"If you try and fix the cashflow problems in your business without looking at your Xero file, you're wasting time and money." -Katie Crismale-Marshall
"We go through an extensive checklist and every single section of Xero to uncover everything that might look fine but actually going to cause problems down the track." -Katie Crismale-Marshall
Resources* Profit First for Tradies * Profit First Professionals
CONNECT WITH KATIE CRISMALE-MARSHALL* Website: https://www.profitfirstfortradies.com.au/ * YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured
Facebook: https://www.facebook.com/ProfitFirstforTradies/
Being a business owner should provide you with the freedom to live the life you desire. However, if you’re constantly struggling to make a profit, your choices in both life and business become limited.In this episode of Profit First For Tradies, I discuss why putting profit first means more than money and how it goes hand in hand with the choices you make.Not having to constantly worry about making a profit puts you in a better state of mind where you can go with better choices. This means having options that can influence the kinds of clients you work with, how you spend time with your family, and taking better care of your health.The power of Profit First and having vast choices encourages you to take a look at business areas that need improvement. It brings a positive impact on your lifestyle and sustains a profitable business.In this episode of the Profit First for Tradies, you’ll learn the following:
- The impact of implementing Profit First in your business (00:20)
- How can profit amplify your choices (02:47)
- The effect of profit on your health (03:35)
- How profit influences family choices (06:45)
Profit First certainly gives you choices - in business, health, and family. However, what’s crucial is that it gives you an assurance that you are on the right track and taking care of both your personal life and business. If you haven’t listened to our previous episode about The Power Of Small Steps: How Profit First Can Help You Take Care Of Your Debt And Your Future, go back and check out Episode 016.
QUOTES
"Profit gives us choices and in business, it may mean choosing clients we want to work with or choosing our hours." -Katie Crismale-Marshall
"Having a profitable business absolutely changes our lifestyle and health." -Katie Crismale-Marshall
Resources* Profit First for Tradies * Profit First Professionals
CONNECT WITH KATIE CRISMALE-MARSHALL* Website: https://www.profitfirstfortradies.com.au/ * YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured * Facebook: https://www.facebook.com/ProfitFirstforTradies/
Are you struggling with debt and feeling overwhelmed by the prospect of trying to get your finances in order? If so, you're not alone. Many people find it difficult to get on top of their debt and build a secure financial future.
In this episode of Profit First For Tradies, I talk about the power of small steps and how Profit First can help you take control of your debt and secure your financial future.
Debt can be a heavy burden that weighs down not only our finances but also our overall well-being. It can feel overwhelming and insurmountable, leaving us unsure of where to begin or how to make progress.
However, the power of small steps should not be underestimated. By taking small but consistent actions towards debt reduction and financial stability, we can gain momentum and achieve our goals.
In this episode of the Profit First for Tradies, you’ll learn the following:
- Getting clear on how much debt you have (01:39)
- How to map out your cash flow (03:24)
- How to start reducing your expenses (04:50)
- Client invoicing and how often should it be done (06:07)
- Fixing the gaps in your business the right way (08:16)
- How to get your debt under control (09:50)
To sum up, taking small but consistent steps is a powerful strategy for achieving financial stability and getting out of debt. By leveraging the Profit First framework, we can put these principles into action and make steady progress towards our financial goals.
If you haven’t listened to our previous episode about Maximising Your Profitability - How to Implement Profit First Without Overwhelming Your Accountant or Bookkeeper, go back and check out Episode 015. QUOTES
“Once you have that debt under control, everything else seems so much simpler and so much more manageable.” -Katie Crismale-Marshall
“Most of the time, it's a number of small steps that have the biggest impact.” -Katie Crismale-Marshall
“Don't let your debt determine what is going to happen in your business.” -Katie Crismale-Marshall
Resources* Profit First for Tradies * Efficient Tradie Bookkeeping * Profit First Professionals
CONNECT WITH KATIE CRISMALE-MARSHALL* Website: https://www.profitfirstfortradies.com.au/ * YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured
Facebook: https://www.facebook.com/ProfitFirstforTradies/
For any business, maximising profitability should always be a top priority. However, implementing new financial strategies, like Profit First, can often be overwhelming, especially for accountants and bookkeepers.
In this episode of Profit First For Tradies, I talk about how to implement Profit First without overwhelming your accountant or bookkeeper. Specifically, I discuss the importance of working with a CERTIFIED Profit First coach to help you get up and running efficiently.
A certified Profit First coach can provide invaluable guidance and support when implementing the Profit First system. They will help you understand the different components of Profit First and will remove any confusion your accountant or bookkeeper might have. In fact, working with a certified Profit First coach will ensure that your entire financial team understands everything they need to ensure the smooth implementation of Profit First in your business.
By having a certified coach on hand to answer questions and give advice, you can rest assured that your Profit First implementation will be smooth and successful. Plus, having a certified coach means that all the financial advice and guidance you receive is backed by proven industry experience.
In this episode of the Profit First for Tradies, you’ll learn the following:
- The importance of asking questions (02:40)
- The importance of working with a certified Profit First coach (03:48)
- The need to create and automate systems and processes (05:14)
- How does working with a Profit First coach help your accountant or bookkeeper? (05:14)
- How to plan your taxes for the year (09:43)
As a business owner, you understand that maximising profitability is crucial for long-term success. With careful planning and clear communication, you can effectively incorporate Profit First into your financial strategy without causing any headaches for your financial team.
If you haven’t listened to our previous episode about The Truth About Working Harder- Myths, Realities, and Strategies for Trade Business Owners, go back and check out Episode 014. QUOTES
“You must continue to ask the question until you get the answer.” -Katie Crismale-Marshall
“If you're sick of that, then it's maybe time to reach out and have a look at what Profit First can do for you.” -Katie Crismale-Marshall
“Profit first will change your business for the better.” -Katie Crismale-Marshall
Resources* Profit First for Tradies * Efficient Tradie Bookkeeping * Profit First Professionals
CONNECT WITH KATIE CRISMALE-MARSHALL* Website: https://www.profitfirstfortradies.com.au/ * YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured
Facebook: https://www.facebook.com/ProfitFirstforTradies/
Are you an entrepreneur in the trade business wanting to take your career to the next level? Working smart, rather than hard is often an underrated and undervalued approach. We have all heard that working harder leads to opportunities for growth, but does it?
In this episode of Profit First For Tradies, I discuss the truth of working harder, including myths, realities, and strategies for trade business owners. With my years of experience, I have seen firsthand that working harder is rarely the most effective way to succeed.
In fact, it can often lead to burnout, exhaustion, and regret. Instead of focusing on working harder, you should focus on working more efficiently.
Furthermore, understand that you are not alone. Many trade business owners feel the pressure to work harder to get ahead when what they need to do is focus on strategy and planning.
By taking a step back, evaluating your goals and resources, and implementing better processes into your business (such as Profit First), you can work more efficiently and achieve success without working harder.
In this episode of the Profit First for Tradies, you’ll learn the following:
- The right way of setting up profit first in your business (02:44)
- Identifying the areas you need to focus on in your business (03:46)
- Knowing what you want from a personal perspective (05:19)
- The importance of having a clear vision (06:53)
- Why you should work with a Profit First professional (08:30)
Remember that you don't have to be a superhero or superhuman to succeed in the trade business. Working more efficiently is the key to achieving your goals and growing your business without sacrificing your well-being.If you haven’t listened to our previous episode about The Power of Partnership- How a Strong Relationship with Your Bookkeeper Can Boost Your Bottom Line, go back and check out Episode 013. QUOTES
“We want to run our businesses, we don't want to let our businesses run you.” -Katie Crismale-Marshall
“If we don't have goals, the business is just going to give us whatever it can.” -Katie Crismale-Marshall
“I want you to have the courage to put your hand up and reach out to a specialist.” -Katie Crismale-Marshall
Resources* Profit First for Tradies * Efficient Tradie Bookkeeping * Profit First Professionals
CONNECT WITH KATIE CRISMALE-MARSHALL* Website: https://www.profitfirstfortradies.com.au/ * YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured
Facebook: https://www.facebook.com/ProfitFirstforTradies/
There is a strong link between poor bookkeeping processes to poor cashflow management and how an entrepreneur feels toward the business. When systems are not great, financial troubles are always expected.In this episode of Profit First For Tradies, I talk about the power of partnership - how a strong relationship with your bookkeeper can boost your bottom line. My years of experience working in a coaching and bookkeeping business has made me aware of the usual frustrations trades business owners have with their bookkeeping.To have an amazing partnership, both bookkeepers and clients need to do their part and what is expected of them. There should be a constant exchange of updates on business numbers, what can be done to improve processes, and how to get great results. There is always room for improvement, take a look at your current bookkeeping processes and evaluate what needs to be simplified or done efficiently. Doing so encourages a strengthened partnership between a bookkeeper and a client and working out a strategic plan for a profitable business. In this episode of the Profit First for Tradies, you’ll learn the following:
- Three common frustrations of trades business owners (01:25)
- The importance of knowing what to do and when to do it (02:49)
- Why you need to take responsibility for the steps in the process (03:48)
- Why bookkeepers appreciate proactive clients (05:03)
- Three points that make a great client (05:45)
- The outcome of being a great client (06:43)
- How to become a great client (08:22)
The success of your business will not magically happen, you need to work hand-in-hand with your bookkeeper on how you can help make things better. Nurture your existing relationship by being proactive and being the great client your business needs. If you haven’t listened to our previous episode about The Business of Helping Others: What 5 Years in Profit First Has Taught Me About Running a Business, go back and check out Episode 012. QUOTES
"If we keep doing things to how we've done them, we're going to get the same results." -Katie Crismale-Marshall
"We have to put our hands up when things aren't working and ask our bookkeeper what's not working and how can we fix it." - Katie Crismale-Marshall
"If you are much better off in your business from a financial perspective, that means you're less stressed around your numbers." -Katie Crismale-Marshall
Resources* Profit First for Tradies * Efficient Tradie Bookkeeping * Profit First Professionals
CONNECT WITH KATIE CRISMALE-MARSHALL* Website: https://www.profitfirstfortradies.com.au/ * YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured
Facebook: https://www.facebook.com/ProfitFirstforTradies/
The journey of running a business becomes truly fulfilling when it encompasses not only the pursuit of profit but also the passion for helping others. In my five years of implementing Profit First, I have learned invaluable insights about managing and sustaining a successful business.
In this episode of Profit First for Tradies, I share with you what 5 years in profit first has taught me about running a business. Over the course of five years, my journey with Profit First has been a continuous learning experience that has profoundly impacted not only my management skills but also my personal growth.
Embracing the business of helping others has taught me valuable lessons about effective communication, collaboration, and creating an environment where our clients can succeed. I have come to understand the art of balancing financial stability with the core purpose of serving others, keeping the focus on the impact and the value we can offer.
The personal fulfilment derived from genuinely helping others and contributing to their success is irreplaceable, and this has shaped both my professional and personal perspectives on running a thriving business.
In this episode of the Profit First for Tradies, you’ll learn the following:
- How numbers can change lives (01:37)
- The importance of having up-to-date bookkeeping data (03:55)
- How to go searching for solutions (06:13)
- Why you should implement the profit first system (07:58)
- What is a profit first mentor and why you should have one (09:44)
In this unpredictable world, it is evident that the true essence of business success is in fostering collaboration, nurturing relationships, and striving for the greater good, igniting an unshakable motivation to continue learning, growing, and sharing, even beyond our comfort zones.If you haven’t listened to our previous episode about Beyond the Numbers: What 5 Years in PF Has Taught Me About Understanding Clients, go back and check out Episode 011. QUOTES
"There is always a solution if we are open to receiving and looking and not just settling for what we have." -Katie Crismale-Marshall
"If you are going to implement a system or a process, follow the system as it is first, then you can tweak and change it later on." -Katie Crismale-Marshall
"Make sure you get a mentor or an accountability person and work with the specialist who has done the thing that you want to do." -Katie Crismale-Marshall
Resources* Profit First for Tradies * Profit First Professionals
CONNECT WITH KATIE CRISMALE-MARSHALL* Website: https://www.profitfirstfortradies.com.au/ * YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured
Facebook: https://www.facebook.com/ProfitFirstforTradies/
As an entrepreneur, understanding what your clients need and want can be one of the most difficult parts of running a successful business. Whether you’ve been in business for 5 years or 50 years, it can be hard to keep up with the ever-changing dynamics of modern-day businesses, especially when those changes have to do with financials.
In this episode of Profit First for Tradies, I share with you what 5 years in PF has taught me about understanding clients that will help you better understand your own clients and create long-lasting solutions that benefit everyone involved.
In the past 5 years, I've been able to gain invaluable insights into understanding my clients by managing their finances through a system known as Profit First. This approach has allowed me to focus on common goal-setting principles, such as setting achievable financial targets that help businesses implement cash flow strategies and realise profits.
Throughout this period of time, I have seen many clients succeed in achieving more satisfying outcomes for themselves – whether it's reaching profitability goals with less stress and along the way having more balance between work and life or simplifying their business operations.
In this episode of the Profit First for Tradies, you’ll learn the following:
- Some of the things I have found out about my clients (00:09)
- The importance of looking forward (02:01)
- Why you should focus on your financial fundamentals first (04:02)
- Ways to make your bookkeeping simple and efficient (05:43)
- The value of having data to back up gut feelings (06:50)
- Understanding underpricing and over delivering (08:35)
- How to re-build your financial foundations (09:42)
As someone who works closely with small business owners every day, I understand how difficult some decisions can be—and that’s why guiding them toward implementing a system like Profit First has proven so beneficial over time.If you haven’t listened to our previous episode about Building a Solid Financial Foundation: How a Certified Profit First Professional Can Help, go back and check out Episode 010. QUOTES
"Be proactive and look ahead and see what we can do rather than be reactive and wait for things to happen to us." -Katie Crismale-Marshall
"Those who fail and choose to leave their businesses are often in a better position than those who decide to stay and keep working harder and longer." -Katie Crismale-Marshall
"You must focus on your financials first, before anything else in your business." -Katie Crismale-Marshall
Resources* Profit First for Tradies * Profit First Professionals
CONNECT WITH KATIE CRISMALE-MARSHALL* Website: https://www.profitfirstfortradies.com.au/ * YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured
Facebook: https://www.facebook.com/ProfitFirstforTradies/
Lots of unfortunate incidents in business happen because of one thing - hiring an uncertified individual to do the job. This leads to losing money, and resources and doubling the effort to fix the situation.In this episode of Profit First for Tradies, we explore building a solid financial foundation and how a certified Profit First professional can help in the process. The Profit First system is simple but it’s certainly not easy at the start. Qualified Profit First professionals go through the rigorous process of getting certified and keeping up with the latest in Profit First. Doing so ensures they are capable of providing strategies for long-term success.It can be enticing to work on business systems by yourself or hire the one that charges the cheapest but this can delay the results you want and the risk of things going wrong is huge.Time is precious, especially for Trades business owners. Certified professionals can give you guaranteed results, and ensure profit first without having to question the quality of work they provide.In this episode of the Profit First for Tradies, you’ll learn the following:
- Three reasons why you need to work with certified professionals (00:55)
- The process of getting certified (02:00)
- The consequences of doing everything yourself (03:05)
- Impact of getting prolonged results (03:45)
- How to determine the type of Profit First professional you should work with (05:50)
Avoid horror stories and ensure you hire licensed professionals in the business. They can guide you in all business concerns while helping you save time, effort, and money. If you haven’t listened to our previous episode about Demystifying the GST BAS and Tax Account: A Practical Guide to Simplifying Your Trades Business Finances with Profit First, go back and check out Episode 009. QUOTES
"Working with someone who isn't certified makes the process longer with more stops and starts and more room for things to go wrong." -Katie Crismale-Marshall
"I like to pull businesses apart and see what's working and what's not working and focus on areas that I can help with." -Katie Crismale-Marshall
"Time is precious and we can't get that back." -Katie Crismale-Marshall
Resources Profit First for Tradies* * Profit First Professionals
CONNECT WITH KATIE CRISMALE-MARSHALL* Website: https://www.profitfirstfortradies.com.au/ * YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured
Facebook: https://www.facebook.com/ProfitFirstforTradies/
When it comes to managing the finances of your trade business, every business owner needs to take control of their GST/BAS and Tax Account in order to ensure they are following the right steps.
While this can seem like an insurmountable task, demystifying these accounts and making sense of them is easier than you think. The Profit First system can simplify and clarify the entire process, providing an accessible and enjoyable way to take stock of your company's finances without getting bogged down.
In this episode of Profit First for Tradies, we’ll talk about your GST/BAS and Tax account and how Profit First can simplify managing your business finances. Having a good understanding of your GST and tax obligations can help you stay on top of your finances and be compliant with the law.
As a Trades business owner, you must understand the GST from a practical perspective: what inputs it applies to, how you calculate it, when to file your GST/BAS, where to lodge it and so on. By doing so, you ensure you’re GST compliant, keep up with the deadlines and deal with any errors that may have occurred.
In this episode of the Profit First for Tradies, you’ll learn the following:
- What is a GST account? (01:10)
- What to do with surplus funds (02:30)
- What is a tax account? (04:16)
- How to prepare a tax bill (06:08)
- What to do when you have more money than you need (08:09)
Demystifying the GST/BAS and Tax Account is all about understanding its basics; from tracking income and expenses to filing taxes and managing cash flow, you'll be equipped with the knowledge to make better financial decisions for your business. Listen to this episode now to learn more! If you haven’t listened to our previous episode about Mastering the Profit Account: The Key to Building a Strong Financial Foundation for Your Trades Business, go back and check out Episode 008. QUOTES
“Do not ever touch any of the bank accounts and use any of those funds until you know exactly what that tax bill is going to be.” -Katie Crismale-Marshall
“Growing a successful trade business isn't about you being the best on the tools; it's about how you profit, plan, prepare and prosper.” -Katie Crismale-Marshall
Resources* Profit First for Tradies with Katie Crismale-Marshall
CONNECT WITH KATIE CRISMALE-MARSHALL* Website: https://www.profitfirstfortradies.com.au/ * YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured * Facebook: https://www.facebook.com/ProfitFirstforTradies/
Do you have a profitable business? If not, the most important thing you can do is establish a profit account. Creating one means that profits from your sales ill no longer go unnoticed or be funnelled into other areas of your business.
It also serves as an indicator of success — giving you an understanding of how much money your company is actually making and providing insights on what steps to take to improve financial performance.
In this episode of Profit First for Tradies, we’ll explore why having a profit account is so essential and discuss the advantages of getting one set up today. A profit account is, quite simply, an individual saving or investment that allows you to keep track of money coming in versus going out.
By creating this type of account, you can ensure that all income generated from either business activities or investments is properly being tracked and allocated in such a way as to maximise returns.
In this episode of the Profit First for Tradies, you’ll learn the following:
- What is a profit account and why is it important? (00:57)
- What to do with your profit account (01:51)
- The purpose of the profit distribution (03:38)
- Tax implications of taking a profit distribution (05:40)
- Why and how should you plan out your income (07:46)
Ultimately, by becoming aware and creating dedicated accounts specifically for tracking profits - businesses are able to not just generate greater profitability but also build valuable insights into how their expenditures are affecting overall growth trajectories. Let’s take a look at why having a profit account is important and how it can benefit businesses of all shapes and sizes! If you haven’t listened to our previous episode about How Profit First For Tradies Is Empowering Business Owners To Make A Difference In Their Business And In Their Community And Beyond, go back and check out Episode 007. QUOTES
“The profit distribution is your reward for being the business owner.” -Katie Crismale-Marshall
“Always speak to your tax accountant. They are the only people who can give you tax advice.” -Katie Crismale-Marshall
Resources* Profit First for Tradies with Katie Crismale-Marshall
CONNECT WITH KATIE CRISMALE-MARSHALL* Website: https://www.profitfirstfortradies.com.au/ * YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured * Facebook: https://www.facebook.com/ProfitFirstforTradies/
Are you a tradie or small business owner who feels like they’re always pinching pennies, with little room to grow your business? Do you know success is within reach, but don’t know how to get there and keep your finances in check at the same time?
For many tradies, the path to financial freedom can seem like trying to climb Mt. Everest with no shoes! With a lack of sound strategies and guidance that understand the unique circumstances of business owners in this sector, it can be incredibly challenging to manage your cash flow and maximise your profits.
In this episode of Profit First for Tradies, we talk about how Profit First For Tradies is empowering business owners to make a difference in their business and in their community and beyond. We'll explore the key strategies and ideas that have helped tradies to generate more revenue while keeping their cash flow in a healthy state.
As a business owner, making a difference in your business and in the community is a huge responsibility. You have to make sure you’re not only serving your customers but also helping your employees and the environment. Profit First For Tradies helps you do just that by providing sound advice on how to manage financials, increase revenue and be more competitive in the market.
In this episode of the Profit First for Tradies, you’ll learn the following:
- How often should you pay your bills? (00:48)
- Understanding the structure of Profit First (04:42)
- What is Profit First? (06:06)
- The ripple effect of financial freedom (07:31)
- Sticking to the Profit First mindset (08:44)
Profit First For Tradies provides tradies with the tools necessary to not only secure greater success now but lay the foundation of a sustainable long-term future too. Learn more about it in this episode!If you haven’t listened to our previous episode about the Behind the Scenes of Profit First with Mike Michalowicz, go back and check out Episode 006. QUOTES
“If your business is much more financial, and you're much less stressed, then you're going to have that flow-on effect with others as well.” -Katie Crismale-Marshall
“The key is understanding what that structure is of Profit First and being able to adapt, and adjust. and customize it for your business.” -Katie Crismale-Marshall
Resources* Profit First for Tradies with Katie Crismale-Marshall
CONNECT WITH KATIE CRISMALE-MARSHALL* Website: https://www.profitfirstfortradies.com.au/ * YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured * Facebook: https://www.facebook.com/ProfitFirstforTradies/
Learning to properly manage your business finances is one of the most important tasks for any business owner or entrepreneur. Developing a solid financial strategy and understanding what you need to do in order to maximise profits can determine whether or not your business succeeds or fails.
In the world of small businesses, Profit First has become an increasingly popular method for business owners and entrepreneurs to better understand their finances, identify potential risks and grow their companies more effectively over time.
In this episode of Profit First for Tradies, we talk with Mike Michalowicz, author of Profit First and co-founder of Profit First, as he explains what Profit First is. According to Mike, Profit First is a simple and effective way to ensure that your business stays profitable.
By applying the Profit First principles, business owners and entrepreneurs are able to set aside a certain percentage of their income for profits before allocating the rest for other expenses. This allows them to track and monitor their finances more closely and identify areas where they can potentially save money or invest in growth opportunities.
In this episode of the Profit First for Tradies, you’ll learn the following:
- The Profit First book and its impact (02:27)
- What is Profit First (04:44)
- The importance of researching and sticking into your process (07:38)
- The importance of being of service to humanity (09:25)
- How to recruiting and retaining staff (14:27)
- Mike’s favourite story of transformation from a Profit First client (19:24)
- The puritanical definition of profit distributions (22:00)
Profit First is fast becoming one of the most popular strategies among small business owners who want to increase revenue, manage cash flow more effectively, and build a solid foundation for sustainable growth. Learn more about it in this episode!If you haven’t listened to our previous episode about Nailing the Instant Assessment, go back and check out Episode 005. QUOTES
“If you have to pay your staff good money to keep them and hire well, then you've got to know your numbers.” -Katie Crismale-Marshall
“When you have income, take a portion of that money, hide it away for your future and what's left over is what you live off of.” -Mike Michalowicz
“Potential is where we identify someone's strength before they've deployed them experientially.” -Mike Michalowicz
Resources* Get your copy of Profit First for Tradies HERE * Join the Profit First for Tradies Facebook Group
CONNECT WITH KATIE CRISMALE-MARSHALL* Website: https://www.profitfirstfortradies.com.au/ * YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured
Facebook: https://www.facebook.com/ProfitFirstforTradies/
CONNECT WITH MIKE MICHALOWICZ
* Website: https://mikemichalowicz.com/
* Facebook: https://www.facebook.com/MikeMichalowiczFanPage/
* Instagram: https://www.instagram.com/mikemichalowicz/
* Twitter: https://twitter.com/MikeMichalowicz
* LinkedIn: https://www.linkedin.com/in/mikemichalowicz/
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It’s been proven that getting the foundations right, regardless of the endeavour, is a critical factor that sets you up for success. It saves you from disastrous decisions that can impact the future of your business. In this episode of Profit First for Tradies, we talk about nailing the Instant Assessment. This is a tool I use and recommend for identifying where the business stands and possible actions for future planning. A fair warning, this can get overwhelming the first time you try it, that’s why I’ve included a Step-by-Step Guide that you can check as I explain the Instant Assessment process. Keep in mind that it’s vital that you get clear on your data and numbers to give you the right perspectives and business percentages.The basic premise of the Instant Assessment is whether you receive the cash or not, it gives you a clear understanding of your real revenue, profit, operating expenses, taxes, and much more. It allows you to work in confidence and put strategies in place so the business can sustain forthcoming changes.In this episode of the Profit First for Tradies, you’ll learn the following:
- What can you use the Instant Assessment for (01:05)
- Why it can be tricky for some people (01:52)
- The importance of having the right foundations in business (02:28)
- Step-by-step guide on Instant Assessment and what to include in the data (03:45)
- Why you should only work with the real revenue range (05:21)
- Understanding your operating expenses (05:52)
- Taxes and Owner's compensation (07:20)
- Moving from Current Allocated Percentages to Target Allocated Percentages (10:03)
The Instant Assessment can get tricky and confusing at the start but following the steps and consistently practising it will bring great results. It transforms how you make decisions and guides you closer to your business goals.If you haven’t listened to our previous episode about 8 mistakes people make when implementing Profit First, go back and check out Episode 004. QUOTES
"Getting the foundations right in your business is critical to everything else." -Katie Crismale-Marshall
“Following and practising the steps for Instant Assessment will change the way you look at your business and the way you make decisions.” -Katie Crismale-Marshall
"Working with the right revenue range will determine the target allocated percentages you are headed for." -Katie Crismale-Marshall
Resources* Profit First Instant Assessment Step-by-Step Guide * PFFT Episode 003: Why Bookkeeping is Important For Your Business
CONNECT WITH KATIE CRISMALE-MARSHALL* Website: https://www.profitfirstfortradies.com.au/ * YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured * Facebook: https://www.facebook.com/ProfitFirstforTradies/
Are you someone who is passionate about the success of your business but need help seeing a return on investment? Maybe it’s time to give Profit First a try.
In this episode of Profit First for Tradies, we talk about the eight mistakes people make when implementing Profit First. We discuss how to avoid these mistakes and what you can do to make your business more sustainable and profitable.
Profit First is an innovative approach that turns traditional business accounting on its head by shifting your focus from simply maintaining books to building profitability through actionable strategies.
This technique turns how we think about our financials upside down; instead of worrying about revenue first and then using what’s left to pay yourself (or cope with surprise expenses), Profit First gets profit out in front so that the well-being of your business isn't sacrificed on the altar of cash flow crunching.
In this episode of the Profit First for Tradies, you’ll learn the following:
- Is going out alone a good thing? (01:00)
- The importance of a slow and steady start (02:05)
- How to grow your business in a profitable way (03:07)
- What costs should you cut? (04:14)
- How plowing back and reinvesting can damage your business (05:51)
- Why you should not write your tax account (07:08)
- How to not make things complicated (08:20)
- The must-have bank accounts for your business (09:04)
Gain greater clarity into your true financial performance and have more control over profits with this methodically proven system that uses simple workflow tactics to help businesses achieve their goals. Listen to this episode to discover what you should not do when implementing Profit First. If you haven’t listened to our previous episode about why bookkeeping is important for your business, go back and check out Episode 003. QUOTES
“We need to start where we are.” -Katie Crismale-Marshall
“Don't go too hard too soon. Don't do too much too soon.” -Katie Crismale-Marshall
“If growth in your business is your goal, do it in a sustainable and profitable way.” -Katie Crismale-Marshall
Resources* Get your copy of Profit First for Tradies HERE * Join the Profit First for Tradies Facebook Group
CONNECT WITH KATIE CRISMALE-MARSHALL* Website: https://www.profitfirstfortradies.com.au/ * YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured * Facebook: https://www.facebook.com/ProfitFirstforTradies/
When it comes to managing your business's finances, there are many moving parts you need to keep up with. One thing that often gets overlooked is setting up the proper bank accounts for your company. Did you know that having multiple financial accounts can help to streamline how you manage and process payments?
In this episode of Profit First for Tradies, we talk about the 7 types of bank accounts you should have for your business. We discuss what these accounts are, what they entail, and why they are important to have.
Having all the right accounts in place is the first step in setting up a financial infrastructure for your business. With the right reports, you can easily keep track of expenses and income and make payments quickly and securely.
Furthermore, having all the right accounts will help you keep your business organised, track sales and manage taxes. Businesses must have the proper accounts to ensure a successful future.
In this episode of the Profit First for Tradies, you’ll learn the following:
- Why you need to separate your cash flow and bank accounts
- Which accounts you need to run a successful tradie business
- How to get started setting up your bank accounts today
Having multiple bank accounts can be overwhelming, but it is critical to managing your finances. By understanding the different types of accounts, you can ensure that you set up your business for success and stay on top of payments. Listen to this episode to learn more!If you haven’t listened to our previous episode about the 4 Core Principles of Profit First, go back and check out Episode 001. QUOTES
“If your business can't even afford to pay you, then it's going to be in some financial trouble.” -Katie Crismale-Marshall
“When you are running Profit First in your business, what it encourages you to do is to become resourceful.” -Katie Crismale-Marshall
“Sometimes the solution isn't the best solution that we want, but there is always a solution.” -Katie Crismale-Marshall
RESOURCES* Get your copy of Profit First for Tradies HERE * Join the Profit First for Tradies Facebook Group
CONNECT WITH KATIE CRISMALE-MARSHALL* Website: https://www.profitfirstfortradies.com.au/ * YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured * Facebook: https://www.facebook.com/ProfitFirstforTradies/
FOR MORE INFORMATION VISIT: PROFITFIRSTFORTRADIES.COM.AU
Working in the trades business can get too challenging and demanding that it's considered normal to clock in excessive hours. Tradies usually miss out on important events and they pass on the opportunity of spending the holidays with the family.
Despite all these trials of working as a tradie, it’s good to remember that you are not alone. However, it’s also crucial to understand that unless changes are set, there will be no significant transformation in your business.
In this episode, I’ll talk about the 4 core principles of profit first. The Profit First system helps you manage cash simply and efficiently. So, you don’t have to spend lots of hours understanding and managing your finances.
Knowing your numbers takes away the confusion and gives you clarity in making the right decisions toward business profitability.
In this episode of the Profit First For Tradies, you’ll learn:
- The impact of using "small plates" or multiple bank accounts (03:10)
- The value of serving sequentially (03:50)
- How to best handle accumulating money (05:50)
- Why you need to enforce a rhythm that works for your business (07:03)
These four principles help implement Profit First in our business and understanding each one provides strategies that allow us to continuously build a permanently profitable business, in both good and hard times. If you haven’t listened to our previous episode talking about What is Profit First and How Can It Help You, go back and check out Episode 000. QUOTES"These four principles make sure that we build a permanently profitable business, in the good times, in bad times, and everything in between." -Katie Crismale-Marshall
"Enforcing a rhythm is one of the key areas to making sure that you can build a permanently profitable business." -Katie Crismale-Marshall
"Nothing will change unless you make some adjustments in your business." -Katie Crismale-MarshallRESOURCES* Get your copy of Profit First for Tradies HERE * Join the Profit First for Tradies Facebook Group
CONNECT WITH KATIE CRISMALE-MARSHALL* Website: https://www.profitfirstfortradies.com.au/ * YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured * Facebook: https://www.facebook.com/ProfitFirstforTradies/
FOR MORE INFORMATION VISIT: PROFITFIRSTFORTRADIES.COM.AU
Do you find yourself stressed about cash flow, despite having a profitable business? Over the years I’ve seen how the lack of cash flow can slowly destroy tradies and their businesses.
Join us on the Profit First for Tradies podcast, as we explore the struggles of paying bills and keeping cash flow flowing smoothly. I share my own experiences and how I found the solution to my financial struggles with the Profit First system.
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.