Mastering Your Finances: Key Tips for Trades and HVAC Businesses w/ Randy Stanbury

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.


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 and use code SBM for a free 2-week trial, 1:1 training and account setup, and 50% off your first two months!

Join the Service Business Mastery Facebook group

This episode was produced by Reignite Media and promoted by Relentless Digital.

Tune in to hear the latest and greatest in business services trends on Service Business Mastery on Apple Podcasts, Spotify, and our website.  

Listening on a desktop & can’t see the links? Just search for Service Business Mastery in your favorite podcast player.

Meet the Hosts:

Tersh Blissett

Tersh Blissett is a serial entrepreneur who has created and scaled multiple profitable home service businesses in his small-town market. He’s dedicated to giving back to the industry that has provided so much for him and his family. Connect with him on LinkedIn.

Joshua Crouch

Joshua Crouch has been in the home services industry, specifically HVAC, for 8+ years as an Operations Manager, Branch Manager, Territory Sales Manager, and Director of Marketing. He’s also the Founder of Relentless Digital, where the focus is dominating your local market online. Connect with him on LinkedIn.

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