In this episode of Service Business Mastery, Tersh and Josh interview Randy Stanbury to tackle a common hurdle faced by business owners – understanding their financials. Randy is the founder of “4 Level Coach” and former founder of Service Freight Systems, Randy reveals that a staggering 98% of business owners lack an understanding of their financial metrics, leaving them without a clear direction.
To overcome this, he stresses the importance of regularly reviewing financial statements like the Profit and Loss statement and balance sheet. Additionally, tracking industry-specific Key Performance Indicators (KPIs), such as billable hours and labor burden, is essential for service businesses.
Moreover, Randy advocates for pricing services based on the value they bring rather than adhering to market standards. By mastering financial insights and aligning pricing with value, business owners can ensure profitability and sustainable growth.
Tune in for valuable strategies and insights to help your business thrive and make informed decisions for lasting service business mastery and success.
SHOW NOTES
Intro 00:01
Sponsor Messages- 01:35
Biggest Hurdles That Bussiness Owners Face – 08:08
Understanding the importance of financials- 09:13
Self-performing work vs subcontracting.- 12:14
Technician guilt and growth in business – 18:48
Making a Realistic ROI Plan and Vision for Your Business- 21:17
How Coaches and Mentors Unravel Struggles in Conversations – 25:58
Embracing Stretch Goals to Propel Business Success – 30:04
Sustaining Success in 90-Day Cycles – 33:00
Discussing Failure and Rewards – 35:02
Achieving Clarity without Overwhelming the Team – 42:01
Closing out the Conversation with Randy Stanberry – 46:13
Outro – 46:53
Resources And People Mentioned:
This episode is kindly sponsored by:
– Sera (visit their website)
– CompanyCam (visit their website)
– UpFrog (visit their website)
– Emerson (visit their website)
– Visit www.companycam.com/SBM and use code SBM for a free 2-week trial, 1:1 training and account setup, and 50% off your first two months!
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This episode was produced by Reignite Media and promoted by Relentless Digital.
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