“As I started to work with clients, I realized a real disconnect between what was in their books and what they knew about their business- so I worked on making it easy for them to understand.”
-– Cheryl Lanahan
Do you struggle to manage your finance as a business owner?
As the service industry continues to grow rapidly, it’s more important than ever for business owners to have a solid grasp on their finances, isn’t it?! And that’s where Cheryl Lanahan from PlumbBooks comes in.
This episode features Cheryl Lanahan from PlumbBooks, who is committed to providing meaningful, accurate, and on-time custom reporting so that decision-makers understand their financial situation and make informed decisions. Cheryl’s goal is to have a business where people love to work, clients are wowed with their services, and provide value that is #1 PlumbBooks is an online bookkeeping service for plumbing businesses that have assisted customers in growing their businesses, improving their profitability, and feeling completely confident that their books are in great shape.
“I make sure you see all the money that's leaving, not just what's on the income statement.” - Cheryl Lanahan Click To Tweet
Join Joshua Crouch from Relentless Digital as he discusses with Cheryl her journey and the challenges she faced when working with contractors and how she turned those data into actionable intelligence. Tune into this fun episode to hear what business owners need to keep in mind as they plan for the new year.
In this episode of Service Business Mastery, Cheryl talks about her background and how she got started with PlumbBooks. She describes how she turned the data she collected from contractors into actionable intelligence and how she used it to solve problems with contractors. As she prepares for the new year, Cheryl explains what it takes to clean up disorganized books. She also gives advice on what business owners need to think about.
How PlumbBooks helps Budget and Optimize your Service Business
[1:33-2:31] “As I started to work with clients, I realized that. A real disconnect between what was in their books and what they knew about their business. And so I worked on, uh, making it easy for them to understand I didn’t want to have to, or I didn’t, I didn’t feel like it was worth their time for me to explain to them all of how the… And uh, so. I started making particular reports and stuff that pulled all the information from the three different statements just in one place. So they just have to look in one place and know everything they need to know…” says Cheryl Lanahan
The #1 Contractor Growth Killer: Hidden Costs!
[2:51-3:34] “From what I was looking at, you guys break it down even to the, like truck revenue per day or what it, how much does a truck need to make in a day, which I think is super valuable when it comes…. But what happens under the gross profit line is what’s missing in a lot of the data that my contractors aren’t seeing. So what’s it cost for that truck to sit there a day? Yeah doesn’t have any money in it. What’s it cost you to have that truck every day?” says Cheryl Lanahan
How To Determine If Your Pricing Is Accurate in a Service Business
[38:24-38:48] “What does it look like as far as your service? Cause getting your pricing right I think would be one of the next things that’s most important…Usually, coaches have, they’ve built. Sold businesses so they know what those numbers, at least from an industry perspective, the benchmarks are so that way, okay, this is high, this is low. Like you can start to figure that out and that way you can take what you guys like an extension, take what you guys have done, and move it to that next stage.” says Cheryl Lanahan
The show further talks about, What An Optimized Income Statement Can Do For Your Service Business
[8:09-10:15] “Right now, people start thinking about the new year, 2023 planning, making changes to their business because now it’s not super hot or super cold. What, what do you guys, where do you guys help?
What, what does that look like for you to help clients get ready for the next year when it comes to some of that stuff?… They’re in a truck, they’re in the field and they. They still need to know this stuff, but they just don’t have time to sit in front of a computer and go through paperwork for two hours. So, no. And who wants to No. So having that I wanna make things easy, I want to make things easy for contractors.” says Cheryl Lanahan
This podcast interview is a must-listen for any service business owner, whether you are just starting out or have been in business for years. You’ll walk away with actionable advice that will help you succeed. So, what are you waiting for tune in right away and take your business to another level with us!
Cheryl Lanahan recently joined Service Business Mastery Podcast and here are some highlights of the podcast:
- Cheryl discusses how she got started with PlumbBooks and her professional background
- She discusses what problems she saw working in the service business industry and how she applied that data towards improving the business’ financial process and output for clients.
- The show discusses when business owners should be thinking about their work as they plan for the new year.
- Further, the show discusses what the process looks like for cleaning up books that are in disarray.
Key Resources Helpful for You From This Show:
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- This episode is kindly sponsored by the following:
- UpFrog https://www.upfrog.io
- Profit Rocket.
- This episode is kindly sponsored by the following:
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- CompanyCam (visit www.companycam.com/SBM for a 14-day trial and 50% off your first two months).
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- Visit PlumbBooks site here.
- Follow PlumbBooks on Facebook.
Meet the Guest:
Cheryl Lanahan is the Founder of PlumbBooks. She is dedicated to providing meaningful, accurate, and on-time custom reporting so that decision-makers understand their financial position and can make informed money moves. Cheryl’s goal is to have a business where people love to work, clients are wowed with their services, and providing value is #1. PlumbBooks has helped clients grow their businesses, adjust their spending so that they are more profitable, and feel completely at peace that their books are in great shape. When not working, Cheryl enjoys playing a little Zelda Breath of the Wild, and she can’t wait for the next one to come out. Connect with her on LinkedIn.
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