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04: Business Is a Team Sport: Stop Trying To Do It All Alone
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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.
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