Contractors Are Losing Money With These Financial Tracking Mistakes | Mark Curry

The Wealthy Contractor

EPISODE 213: Are you working hard but finding yourself not making the profit you deserve? Then you might want to give this episode a listen.

No matter how much revenue you generate as a home improvement company, it might not be enough for you to really thrive in the current market.

One way to change that is to get your financial management in check and start focusing on better profitability. And that means structuring your books correctly, using your P&L to make decisions, and maintaining high gross and contribution margins.

To discuss this in more detail, I’ve invited an expert on the podcast, the brilliant Mark Curry.

Mark is from Revelare Home and he is a seasoned expert with nearly four decades of experience in the home improvement industry.

Today, Mark and I will be discussing the importance of accurate financial tracking and how high profit margins are attainable in our industry, which can provide a better life for you and your family.

We’ll also be touching on why so many P&L statements are inaccurate, the difference working smart (compared to working hard) can make in a business, the three types of decision-makers, which car we’d pick in a cross country race, and more.

Are you ready for this?

Then run, don’t walk, and listen to this episode now!

Key Takeaways:

Introduction (00:00)

Key indicators of a successful business (03:30)

How to make the right decisions (08:10)

Balance sheet vs P&L (10:29)

Is your P&L broken? (18:23)

Is your business able to survive the worst? (27:52)

P&L and margins (31:51)

Why you’re not actually making money (36:23)

Every day you’re buying your business (42:00)

Additional Resources:

⚡ Register for The Profit Workshop 2024: https://www.TheWealthyContractor.com/Profit

⚡ Learn more about The Wealthy Contractor Success Society: https://www.TheWealthyContractor.com/SuccessSociety

⚡ Brian’s book, The 7 Secrets To Becoming A Wealthy Contractor, is now available. Visit https://www.TheWealthyContractor.com/ for a free copy (just pay shipping).

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The Wealthy Contractor is a podcast for home improvement professionals who want to grow their business, work less, and make more money. Follow us for more!