Tradies – Know Your Numbers
Has your current effort given back to you what you believe you deserve?
Hi Business owners, and I use that term loosely because I don’t know if you are a true business owner or a busy tradie who happens to own a business!
There are a stack of definitions for a business but the one that I relate to the most is A profitable enterprise that runs without you.
Do you know your …….
- Turnover per day, per week or per month that the business needs to produce for you to simply survive.
- Required leads to be generated this month?
- What your recent history of quote conversions %’s is?
- What your current average sale value is?
- What your margin % is that will ensure you are covering all your operating expenses?
If I bumped into you on the street and asked you any of those questions, you should be in a position to answer them
Why are you going to work today when you don’t know what you need to earn and if you have been doing that for a period of time, I have to say that’s just insane.
As a BUSINESS OWNER you must know your numbers if you want to grow, have a business worth buying (even if there are no plans to sell). Struth I even go so far as to say, from my experience, some need to know these numbers just to survive.
We can talk about buying that new jet ski later down the road.
I know one of the reasons you decided to be a business owner was a craving to create a better lifestyle and I’m going to say, you deserve, because you are the risk taker that started this thing.
However, don’t be tricked into thinking that running a successful business, creating the business that looks after you is simply down to being a good tradie. Oh my, it’s a whole heap more than that.
Start to create what you deserve. Put in the required hard work (not on the tools) along with an enormous amount of discipline. Get to know the numbers your business needs. The jet skis, new 4×4, or whatever it is that you desire only comes when the numbers say they can.Greg Smith
Greg Smith – the Founder & CEO of Admins The Answer
Created this business from personal experience, having owned his own successful trade business for 7 years. During that time he bought a second business and just 2 years later, sold that for 2.5 times what it cost him.
Now Admins the Answer provides a complete admin and paperwork solution for tradies all over Australia. This immediately allows them (Tradies/Business owners) to spend more of their valuable time planning and they do end up making more money.
Admins the Answer: Our Why
After running his own trade business for several years, Greg Smith soon realised the need for admin tasks was an ever- consuming component of the business that was difficult to stay on top of. After working long hours on building sites every day, the last thing he wanted to do after dinner every night, was write up quotes, chase invoices and update paperwork.
Unfortunately, upkeeping the admin side of the business was integral to its success. You can be the best tradie in town, but if you have poor admin, your business will suffer. Greg realised this was a huge problem for many tradies, with no real solution known to them.
Many organisations have been created over the years to support mental health in Australian tradesmen. Jeremy Forbes founded Hope Assistance Local Tradies as he noticed many tradesmen were suffering from depression by overworking and losing touch with their families due to the financial pressures of working, invoicing, preparing quotes and chasing money.
Greg Smith created Admins the Answer to address this issue and allow tradesmen to run a successful business whilst also having freedom away from their business. He aimed to give tradies a work-life-balance, and take away the stresses of admin work, allowing them to focus on their trade and customers.
The mission for this brand is to foster, long-term, authentic relationships built on trust, integrity, clear communication and strong work ethic, to deliver a real impact that changes lives both personally and in business.
Admins the Answer provides different packages based on your business needs and is a customisable service, as we recognise that every business has different, unique needs. From chasing payments, scheduling works or following up quotes, Admins the Answer is here to help with all your business needs.
I4Tradies, 2020, Tradies! Are we helping our mates enough? Suicide is real. It’s time to talk! https://www.i4tradies.com.au/articles/mental-health-of-tradies