Why Understanding Your Financials is The KEY to Profitability w/ Ruth King


 

“The reality is without good financial statements, you can’t make good business decisions.” 

— Ruth King

 

Women tend to bring superpowers to the trades and this week’s guest is no different.

She’s a trailblazer, a finance expert, and an HVAC pro, and she’s here to share her knowledge with you so you can stay profitable and keep enjoying the work you do.

The Channel Manager at HVACChannel.tv and the President of Business Ventures Corporation, Ruth King has worked in the contracting industry for 35 years and knows what it takes to succeed in the field. She has worked in sales, marketing, finance, technical training, and so much more over the years.

“Women make GREAT maintenance techs to start.” — Ruth King Click To Tweet

Join Tersh Blissett and his co-host Joshua Crouch as they talk about how to grow your HVAC company and STAY PROFITABLE with Ruth!

 

In this episode we discuss:

  • Why it’s vital to track and manage your finances as a service business.
  • Game-changing business growth strategies and tips.
  • Expert advice on starting your own service business, from setting your prices to understanding your financial statements.

 

Tune in as they converse with an inspirational business coach who divulges ideas and insights that will guide your business growth to a level of thriving, profitability, and ever-expanding success.

(Ruth King is well known as “The Profitability Master.” She is passionate about helping small business owners get profitable and stay profitable. Ruth is a serial entrepreneur, having owned 8 businesses in the past 37+ years. One of her businesses, Business Ventures Corporation, began operations in 1981. Through Business Ventures, she coaches, trains, and helps contractors and others achieve the business growth and goals they want to achieve.)

Are you looking for actionable tips that can help you navigate through every business challenge you encounter as a tradesperson along the way? This podcast is absolutely for you.

In this show, Ruth talks about the Dangers of NOT Managing Your Business’s Financials

“I will tell you that companies with lousy financials got lower multiples because they couldn’t tell what was there… didn’t get PPP loans… The reality is without good financial statements, you can’t make good business decisions,” says Ruth King [13:36-14:34] 

The Flat Rate You Should Start at When Starting an HVAC Business

When it comes to numbers, Ruth suggests that there should be a certain set of numbers that people can start to understand so they can build their first iteration of hourly or flat rate pricing

“I would suggest they start immediately with flat rate, and I don’t care where you are in the country, you should not be under $200/hour for a flat rate,” says Ruth King [22:29-23:27]

How to Know Whether Your Prices Are Costing You Money

To know whether your pricing is right or do you have to reevaluate Ruth suggests:

“First thing is, P&L is revenue is minus direct costs is equal to gross profit” [27:47-29:05]

Ruth also shares some great Finance Tips & Strategies for Starting a Service-Based Business [17:33-30:15] 

Ruth King recently joined Service Business Mastery Podcast which included his thoughts on:

  • Ruth talks about why it’s vital to track and manage your finances as a service business.
    • The dangers of not managing your financials
  • Ruth shares Business growth strategies and tips & Expert advice on starting your own service business
    • Setting your prices
    • Understanding your financial statements.
    • Resources for learning more about finance 

Key Resources From The Show:

Subscribe to Service Business Mastery on Apple Podcasts, Spotify, our website, or wherever you get podcasts to hear more such fascinating and insightful stories.

Meet the Guest:

 

Ruth King is well known as “The Profitability Master.” She is passionate about helping small business owners get profitable and stay profitable. Ruth is a serial entrepreneur, having owned 8 businesses in the past 37+ years. One of her businesses, Business Ventures Corporation, began operations in 1981. Through Business Ventures, she coaches, trains, and helps contractors and others achieve the business growth and goals they want to achieve.

Links to connect here: 

Visit her website: https://ruthkinghvac.com 

Email: ruthking@hvacchannel.tv

Check out HVACChannel.tv

 

Subscribe to Service Business Mastery on Apple Podcasts, Spotify, our website, or wherever you get podcasts to hear more such fascinating and insightful stories.

 

Tune in to the latest in business services trends on Service Business Mastery by checking us 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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