Tradies – Know Your Numbers

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.