Profit First For Tradies

As we welcome the start of a new financial year, this is also an opportunity for tradies and business owners to reflect on the successes and challenges of the past year and more importantly, set the stage for a transformative year ahead. In this episode of Profit First For Tradies, we talk about the key steps to transform your new financial year for success.  One of the usual frustrations of...

A Profit distribution in Profit First happens every quarter from our profit account. This is your reward for taking the risk of being the business owner. In this episode of Profit First For Tradies, we explore the intricacies of profit distribution. We will talk about when to start using your profit account and how and when to do a profit distribution. Profit distribution is a critical aspect of a...

As the end of the financial year approaches, businesses and organisations worldwide embark on a crucial period of reflection, evaluation, and planning.  Beyond the traditional focus on balance sheets and financial statements, this time of the year offers a unique opportunity for business owners to delve deeper into the intricate dynamics of their financial operations. In this episode of Profi...

Behind every tradesperson is often an unsung hero—their spouse- who supports them through the long hours, physical demands, and challenges of a trade profession. These remarkable individuals have a unique perspective on what it's like to be married to someone working in the trades. In this episode of Profit First For Tradies, we delve into what it’s like to be married to a tradie with Verity Hare....

In this episode of Profit First For Tradies, we continue the conversation about the critical role of proper software and systems setup in business: TradiePad’s foundation for success with Clinton Cowin and Scott Simpson. In line with the previous episode, this one centres on the impact of not being able to capture the correct data brought about by not using the proper systems in business.  A...

A fast-paced and technology-driven world has its influence on different types of trades and we normally see this in businesses heavily relying on the power of software and systems. However, it’s a common sight for businesses to not use these systems correctly. Rather than being able to leverage it, the software becomes an additional cost with no massive impact on productivity and profitability. In...

In the competitive world of kitchen businesses, achieving financial stability is often daunting. In such a challenging environment, it becomes crucial for businesses to adopt innovative strategies not only to survive but thrive. In this episode of Profit First For Tradies, Teagan Fisher shares how Fisher Kitchens, her family-owned kitchen business, embarked on a journey to achieve financial stabil...

As a tradesperson, it's not uncommon to feel like you're constantly struggling to make ends meet. You work hard, but it seems like there's never enough money to go around. So, is there a way to survive and thrive as a tradie? In this episode of Profit First For Tradies, we'll be talking to Jack Sedgmen, a tradie who went from struggling to thriving with the help of Profit First. Jack will share hi...

As a business owner, you will get pulled in so many different directions. It becomes easier to believe that landing the next big job will miraculously eliminate all your business woes, however, it won’t. In this episode of Profit First For Tradies, I discuss another business myth - winning the next big job is not going to solve the problem. Getting the next big job is indeed amazing but you need t...

Most business owners believe that their Xero file is working great but when given the opportunity to have an in-depth review, certain issues arise. In this episode of Profit First For Tradies, I talk about a business myth I constantly see on new clients - my Xero file is fine… isn’t it? It may seem like a simple problem but a chaotic Xero file causes heaps of trouble for so many trades business ow...

Being a business owner should provide you with the freedom to live the life you desire. However, if you’re constantly struggling to make a profit, your choices in both life and business become limited. In this episode of Profit First For Tradies, I discuss why putting profit first means more than money and how it goes hand in hand with the choices you make. Not having to constantly worry about mak...

Are you struggling with debt and feeling overwhelmed by the prospect of trying to get your finances in order? If so, you're not alone. Many people find it difficult to get on top of their debt and build a secure financial future.  In this episode of Profit First For Tradies, I talk about the power of small steps and how Profit First can help you take control of your debt and secure your finan...

For any business, maximising profitability should always be a top priority. However, implementing new financial strategies, like Profit First, can often be overwhelming, especially for accountants and bookkeepers.  In this episode of Profit First For Tradies, I talk about how to implement Profit First without overwhelming your accountant or bookkeeper. Specifically, I discuss the importance o...

Are you an entrepreneur in the trade business wanting to take your career to the next level? Working smart, rather than hard is often an underrated and undervalued approach. We have all heard that working harder leads to opportunities for growth, but does it?  In this episode of Profit First For Tradies, I discuss the truth of working harder, including myths, realities, and strategies for tra...

There is a strong link between poor bookkeeping processes to poor cashflow management and how an entrepreneur feels toward the business. When systems are not great, financial troubles are always expected. In this episode of Profit First For Tradies, I talk about the power of partnership - how a strong relationship with your bookkeeper can boost your bottom line. My years of experience working in a...

The journey of running a business becomes truly fulfilling when it encompasses not only the pursuit of profit but also the passion for helping others. In my five years of implementing Profit First, I have learned invaluable insights about managing and sustaining a successful business.  In this episode of Profit First for Tradies, I share with you what 5 years in profit first has taught me abo...

As an entrepreneur, understanding what your clients need and want can be one of the most difficult parts of running a successful business. Whether you’ve been in business for 5 years or 50 years, it can be hard to keep up with the ever-changing dynamics of modern-day businesses, especially when those changes have to do with financials. In this episode of Profit First for Tradies, I share with you...

Lots of unfortunate incidents in business happen because of one thing - hiring an uncertified individual to do the job. This leads to losing money, and resources and doubling the effort to fix the situation. In this episode of Profit First for Tradies, we explore building a solid financial foundation and how a certified Profit First professional can help in the process.  The Profit First syst...

  When it comes to managing the finances of your trade business, every business owner needs to take control of their GST/BAS and Tax Account in order to ensure they are following the right steps.  While this can seem like an insurmountable task, demystifying these accounts and making sense of them is easier than you think. The Profit First system can simplify and clarify the entire proce...

Do you have a profitable business? If not, the most important thing you can do is establish a profit account. Creating one means that profits from your sales ill no longer go unnoticed or be funnelled into other areas of your business.  It also serves as an indicator of success — giving you an understanding of how much money your company is actually making and providing insights on what steps...

Are you a tradie or small business owner who feels like they’re always pinching pennies, with little room to grow your business? Do you know success is within reach, but don’t know how to get there and keep your finances in check at the same time?  For many tradies, the path to financial freedom can seem like trying to climb Mt. Everest with no shoes! With a lack of sound strategies and guida...

Learning to properly manage your business finances is one of the most important tasks for any business owner or entrepreneur. Developing a solid financial strategy and understanding what you need to do in order to maximise profits can determine whether or not your business succeeds or fails.  In the world of small businesses, Profit First has become an increasingly popular method for business...

It’s been proven that getting the foundations right, regardless of the endeavour, is a critical factor that sets you up for success. It saves you from disastrous decisions that can impact the future of your business.  In this episode of Profit First for Tradies, we talk about nailing the Instant Assessment. This is a tool I use and recommend for identifying where the business stands and possi...

Are you someone who is passionate about the success of your business but need help seeing a return on investment? Maybe it’s time to give Profit First a try.  In this episode of Profit First for Tradies, we talk about the eight mistakes people make when implementing Profit First. We discuss how to avoid these mistakes and what you can do to make your business more sustainable and profitable.&...

Bookkeeping may not be the most glamorous part of running a business, but it’s one of the most important. You won’t have an accurate account to track your spending and income without proper bookkeeping.  This means that you could take advantage of opportunities for growth or overlook potential financial problems in your business. But despite its importance, many entrepreneurs put off learning...