Profit First For Tradies

In this episode, Katie dives into the crucial topic of goal setting and planning for trades businesses.

In this episode, Katie Crismale-Marshall breaks down the essentials for trades businesses at any stage — whether you're just starting out or have been in business for a while.

Wanna know the secret to keeping your business momentum? It's a simple habit — pat yourself on the back!

Here's an exciting update you can't miss! In this special bonus episode, Katie shares some groundbreaking news that marks a significant milestone for both her and Profit First for Tradies.

Stressed about EOFY? Let's flip the script and finish strong!

Have you tried implementing Profit First in your business but found yourself stuck or overwhelmed? Many tradies attempt to implement Profit First but hit roadblocks due to time constraints, cash flow issues, or simply not knowing where to start. In today's episode, we'll explore practical steps to help you get back on track and successfully implement Profit First, even if you've struggled before.

Building a profitable trade business isn't just about swinging hammers — it's a juggling act of managing finances, teams, and growth. In this candid conversation, Dean Backman from Backman Builders and Build Insite sits down with Katie to uncover the secrets to financial mastery. Brace yourself for a refreshingly honest look at the struggles tradies face and how to overcome them through smart money management and building the right financial team.

If you're a tradie or builder feeling overwhelmed by the challenges of running a successful business, this episode is a game-changer. Join Dean Backman from Backman Builders and Build Insite as he pulls back the curtain on the transformative power of collaboration, education, and financial mastery in the trade space.

Mounting ATO tax debt is a growing concern for many businesses, with some owing hundreds of thousands of dollars. In this episode, Katie highlights that poor advice from bookkeepers or accountants (not all of them, many are amazing) is often the root cause of the problem, leaving business owners in a precarious financial position.

Are you aware of just how crucial your financial team is to the success of your business? They can make or break your company and be instrumental in how soon you can achieve your goals. In this episode of Profit First for Tradies, Katie Crismale-Marshall discusses the importance of building a strong financial team for your business.

In this episode of Profit First For Tradies, Katie Crismale-Marshall speaks with Simon Davis, a fencing contractor and coach who has transformed his business and mindset by implementing the Profit First system.

In this episode of the Profit First for Tradies podcast, Katie Crismale-Marshall interviews Simon Davis, a fencing business owner and coach from the north coast of New South Wales. Simon shares his powerful story of losing everything in his fencing business years ago due to poor cash management. Despite having systems for operations, he lacked a cash flow system, leading to massive overdrafts, personal loans, and eventually losing his home and equipment. Feeling defeated, Simon almost quit fencing altogether until he discovered Profit First.

The year has just begun, but are you already playing catch up in your business? This happens to many entrepreneurs during this critical time, but this doesn't mean it should be the norm. Stick around to find out how you can free your business from this crippling routine. In this episode of Profit First For Tradies, Katie Crismale-Marshall stresses the critical importance of having a strong financial team to navigate the inherent cash flow challenges in the trades industry.

Ask your current bookkeeper this critical question — Can you please let me know what I need to do to make sure that when I look at my Xero dashboard, my invoices are correct, my bills are correct, and my reconciliation is no more than seven days? The answer you get will reveal if you should stick with them or if it's time to equip your business with a better financial team.

Are you on the fence about implementing Profit First in your business? Or are you one of many who have taken the plunge but are yet to reap the benefits of this so-called money-making business tool? In this episode, Katie stresses the importance of working with a certified Profit First professional when implementing the Profit First system in your business.

Make 2024 your year of financial breakthroughs. This season, Katie guides tradies through cash flow management, profit optimization, and effective business strategies. Ideal for those ready to take control and make a change, this podcast is your first step towards a prosperous 2024.

In this final 2023 episode of the Profit First For Tradies podcast, Katie Crismale-Marshall thanks her listeners for tuning in throughout the year. She reminds us that the holiday season is an extremely busy time for tradies, but this doesn't give us a valid excuse for overlooking a crucial task — invoicing. Failure to accomplish this before the year ends can mean slow payments from clients in January through April, resulting in tight cash flow. Katie then encourages her listeners to use the holiday break to revisit past episodes covering topics such as getting paid on time, politely yet persistently chasing invoices, and many more. She also invites us to check out her book, Profit First For Tradies, where we can glean useful information on how to push a business to new heights.

Many business owners shy away from asking questions out of embarrassment or because they're harbouring certain misgivings. However, asking questions — even those that might seem repetitive or silly — is critical to learning how to effectively run your business and being instrumental in helping it grow. In the second part of this episode of Profit First For Tradies, Duayne Pearce and Katie Crismale-Marshall emphasise the benefits of investing in continuing business education, building your financial team, and never being afraid to approach experts. Continuous learning allows you to discover better business practices and exposes you to the benefits of having experts, such as coaches, lawyers, and accountants, at your back.

Successful businesses require continued learning and growth. However, many entrepreneurs get stuck in ineffective, outdated practices taught or influenced by previous mentors. In this episode of Profit First For Tradies, Duayne Pearce shares his journey on how he broke the mould and transformed his business by acquiring expert help and investing in continued learning. Quiescence kills potential, so it's essential to be willing to shake things up with the way you run your business, particularly on practices that are no longer working. It's also crucial to hire the right people to fill gaps, especially in areas you're not skilled in.

Do you ever feel overwhelmed or anxious about your business finances? Are you avoiding looking at the numbers because they stress you out? If so, it's time to get clarity and control with a simple cash management system, Profit First. In this episode, Matt Jones explains how implementing Profit First transformed his marketing agency that serves trade businesses. With nearly 20 years of experience and 400 podcast episodes under his belt, Matt is an incredible resource for tradespeople transitioning into business ownership. Once a plumber himself, Matt candidly shares his financial knowledge gaps and how he turned things around. With the help of Profit First professionals, he began dividing his revenue into separate accounts for profit, taxes, owner's pay, and operating expenses. Matt also emphasises how Profit First is often misunderstood. It's not solely about maximising profits. Having funds consistently set aside provides peace of mind and options for investing in growth.

The most successful business owners never stop learning. Education is the catalyst that sparks growth, innovation, and positive change. So how can you make professional development a priority amidst the chaos of daily operations? In this episode of Profit First For Tradies, Katie shares the key lessons she learnt from a recent continuing education event focused on the Profit First system. Katie recounts the immense value gained from conferences, masterminds, and networking with thought leaders. Complacency and stagnation are the invisible killers of potential. So set yourself up for success by making a commitment to continuing education today. While others are stuck in the same old patterns, take a leap forward with continued education. If you're eager to experience the transformative power of ongoing education and unleash the full potential of your trades business, this episode is a must-listen.

To continue the conversation from our last episode, we delve deeper into the world of Profit First and explore the rich rewards of implementing this financial management system. Mick Hawes, a seasoned expert from Builder Business Blackbelt, shares invaluable insights and practical tips for making Profit First work for you. Mick shares personal stories of his journey from financial distress to financial freedom, highlighting the incredible life changes that came with implementing Profit First. He provides a practical roadmap for those who want to make Profit First a cornerstone of their financial strategy. This episode underscores the importance of immediate action, reinforcing the notion that you don't need to wait for a perfect moment.

Imagine being hit with the reality that you have squandered away 18 years of opportunity. Fortunately, the feeling of disgust led you to adopt a system that helps you make the right financial decisions naturally without the need for excessive discipline. In this special episode, I speak with Mick Hawes of Builder Business Blackbelt about maximising profits and building success. This is the first part of a series dedicated to Mick's insights about the Profit First system for tradies. Realising that he had wasted away precious years in business propelled Mick to seek a system that would enable him to effortlessly make sound financial choices. Since then, his commitment to Profit First hasn't wavered and he continually emphasises the significance of adhering to this financial strategy.

Sometimes, life throws a curveball with unexpected hurdles and in my case, getting sick over the last week. And this has made running a business a little complicated. In this episode, I will talk about my winning strategies when I felt frustrated and behind schedule. Now, if you know me, I have high regard for having fun in business and this helps me to be more enthusiastic even on days when I don't feel like showing up. Since I'm a mad sports fan, I tapped on this to reignite the fire in my business. Soaking up on the adrenaline of the race car and sports shows inspired me about teamwork and managing the ups and downs.

For trade business owners, every dollar saved is a dollar earned, and every improvement can be a game-changer. For today's episode, I want to share an inspiring story that holds valuable lessons for all trade business owners out there, a story of how one client saved a remarkable $40,000 in expenses and transformed their entire operation. Stuart's successful journey began with a crucial step – a comprehensive expense review. This was not just about tallying bills and invoices. It was about dissecting every expense line by line, seeking hidden leaks and inefficiencies. It was about a meticulous examination of the financial health of the business.

Are late client payments killing your cash flow? Tired of wasting hours chasing payments while your business suffers? As a trades business owner, nothing is more frustrating than doing quality work and not getting paid on time. It eats into your bottom line and creates unnecessary stress. In this episode of Profit First For Tradies, we explore cracking the late payment puzzle expert solutions for tradies to get paid on time, every time. Late payments are definitely a pain and it generates constant battles, days or even weeks of uncertainty, and the disruption of our hard-earned money. However, you as the business owner should flip the script and take back control. With easy-to-follow systems, you can keep your finances steady and resolve cash flow issues.

Running a successful trades business is tough. You started out with a passion for your craft, but now find yourself buried under mounds of paperwork, cash flow issues, and no real financial plan. Does this sound familiar? In today's episode of Profit First For Tradies, we debunk some common myths about implementing the Profit First system in your business. After being in business for a long time and utilising using Profit First has made Katie aware of the unique challenges trades businesses face and why having a solid financial system can be the game-changer to confidently scale your business.

Managing cash flow is a major challenge for many trades businesses, especially as they head into the new year. Issues arise because entrepreneurs lose financial focus during their busiest season in the latter months of the previous year. In this episode of Profit First For Tradies, we learn how to gift yourself financial freedom - a tradies' Christmas guide to cash flow and profit. With Christmas right around the corner, it's easy to prioritise completing jobs over financial management. However, ignoring bookkeeping and invoicing can spell disaster by the start of the new year. To help tradespeople avoid this common pitfall, Katie recommends three key actions - implementing Profit First, optimising bookkeeping systems and carefully planning the rest of the year.

Many tradespeople don't receive proper financial education and struggle when things go wrong with cashflow or debt, and this is often not their fault entirlly. So how can you get out of situations like this and finally be able to see the light at the end of the tunnel? In this episode of Profit First For Tradies, we dive deep into crafting a profitable future - tradies, bankruptcy, and the power of Profit First. Entrepreneurs believe that when they're buried deep into significant debt or cashflow problems, there's no more room to implement Profit First. However, this is the perfect time to use Profit First as it helps identify the weak spots in your finance so you can customise and ultimately take steps to improve. Profit First is more than just putting money in a separate account. It's a process of listening to what the system tells you about your business and making changes accordingly. Certified Profit First professionals can provide customised guidance to get your finances on track. The key is to work with the right person to help educate you on you business finances - you don't need to be an expert but you do need to work with one to get started.

Many trades business owners believe that implementing Profit First is best utilised when the business is profitable. However, Profit First is highly recommended for struggling businesses since it provides direction on what areas need attention. In this episode of Profit First For Tradies, we discuss breaking the myth- Profit First is not just for the profitable. Many entrepreneurs believe that hiring new staff or getting a big job will miraculously improve their situation but not understanding pricing and costs will only lead to worsening finance. Profit First shines a light on what needs fixing before scaling. Always waiting for the perfect time to implement Profit First will only prevent positive changes. Taking small steps is better than putting it off until next year when circumstances might go downhill.

Many trades business owners end up looking back wishing they had done things differently - if only they had planned better for the business to be in a better position. Dwelling on regret can feel like an impossible pit to climb out of. In this episode of Profit First For Tradies, we go away from our usual topics and focus on what I notice most entrepreneurs suffer with - focusing on past mistakes and having regrets along the way. If there's anything that these mistakes teach us, it's that life happens and things will not always go according to our plans. What's best is to move forward with the lessons and do something different about the situation.

To continue with our topic from the previous episode, we'll talk about planning for profits and how we can start the planning process to make sure we achieve our goals. Planning may seem like an easy process for some but for others it can feel like an enormous task that we can never finish. It took me years of not planning and getting nowhere before I started little by little planning how I was going to achieve my goals. In this episode of Profit First For Tradies, we focus on three things that will foster effective planning for your business. When you're committed to making your plans come true, you write down needed steps to achieving a goal, you set a reasonable timeframe for the plan and the most important thing, is you just get started in taking action.

Some tradies avoid setting goals due to these three main concerns: it's difficult to achieve, the uncertainty of where to begin, and the fear of potential judgement from others. However, setting goals can be a catalyst for your business profit and monumental growth. In this episode of Profit First For Tradies, we dive deep into planning for profits - how profit supercharges your goals. In the first segment of this two-part series, we focus on the importance of setting your personal dreams and goals. When goals are set, it provides a clear sense of direction of where you want your trades business to go. Goals can be a compass that guides your actions and decisions toward the outcomes you want to achieve. Through this episode, we explore 3 things you can do to realise your personal dreams and goals. These are strategies that can help you focus on what you want to achieve in life and business and what can be done to actually make it happen.

The art of asking questions is a critical element that can help shape the future of your trades business. However, as we grow older, our enthusiasm to ask questions fades out, and for others, asking questions only makes them anxious and feel stupid. In this episode of Profit First For Tradies, we delve into asking questions - why this is critical to the success of your trades business.

Running a business is complicated but over time, entrepreneurs use and develop tools that can help efficiently operate a business. Leveraging the right tools is beneficial for long-term success and helps navigate the financial terrain. In this episode of Profit First For Tradies, we discuss how to increase your financial knowledge through tools of trade.

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.

Profit distribution is a fundamental concept in the world of business and finance. It requires a comprehensive grasp of financial management principles and business operations' legal framework. In this episode of Profit First For Tradies, we explore the intricacies of profit distribution. We will delve into the various factors that influence profit distribution decisions and shed light on the implications of profit distribution for both businesses and their stakeholders.

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 Profit First For Tradies, we will explore the multifaceted dimensions of the end of the financial year. We will delve into the various insights and considerations beyond the balance sheet, shedding light on the broader landscape that shapes organisations' fiscal health.

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. Verity is the founder of TradieWives, a small business born out of her desire to connect tradespeople with the business support they need. She understands that while tradespeople excel in their craft, they may require assistance in other aspects of their business, such as bookkeeping, marketing, or administrative tasks. Verity Hare shares her insights into the experiences of being married to a tradie and the importance of the spouse's role in supporting their partner's trade profession. She highlights the physical demands, long hours, and mental and emotional challenges that tradespeople often face.

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 lot of distressed business owners go to Clinton and Scott because they don't know where they are in business and not being able to properly evaluate data on time, costs, profit, materials, etc. Recording every single data is key to understanding business areas that are bringing profit or are costing you. Moreover, accurate data serves as a guide to making better decisions in business processes, systems, and potential changes.

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 this episode of Profit First For Tradies, Clinton Cowin and Scott Simpson discuss the critical role of proper software and systems setup in business and why this is TradiePad's foundation for success. This is a 2-part series where Clinton and Scott share a glimpse of how they guide clients into the proper implementation of systems so they can focus on business areas that need more attention. They are experts in helping businesses that are not using the systems correctly. Although there are a myriad of reasons for why this happens, the usual culprit is not having the right education on how to use the tools accurately or it simply isn't the best system for the business.

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 stability through the Profit First system. Teagan dives into the challenges they faced and the steps they took to build a better kitchen business. Recognising the need for a sustainable financial system, Fisher Kitchens turned to the Profit First methodology. Teagan emphasises that Profit First is not just about managing money—it's a mindset shift transforming how businesses approach their finances. It encourages a proactive approach to profit and creates a solid foundation for financial stability.

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 his journey, the challenges he faced, and how implementing Profit First transformed his business and life. Trading is often a tough and competitive industry, and many tradespeople need help to make a comfortable living. But as Jack will explain, there are specific steps you can take to turn things around and achieve financial success as a tradie. One of the most important things that Jack learned was the value of implementing a Profit First system in his business. This system prioritizes profit and ensures that your business is always making money, even in the toughest times. Through careful planning and implementation, Jack was able to survive as a tradie and thrive and grow his business beyond what he ever thought was possible.

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 to make sure that business foundations are laid properly to ensure its success. You need to determine what areas of business need the most of your focus and what needs to change. To do this, you need to assess the basic processes of your business and see to it they're working correctly. Otherwise, you're at risk of the dangerous cycle of getting the big job - hoping it will solve your problems - getting stressed out - finishing the job - ending in a worst place than where you started.

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 owners. Some Xero files may look okay at first glance but when a comprehensive review is completed, it's bound to bring more issues in the future. And this calls for a repair. The three most common issues business owners deal with in their Xero files are cashflow problems, thinking that they always have time to fix issues later, and having not having an idea where to start. Although Xero has been around for quite some time, I still see disastrous Xero files. Here at Profit First For Tradies, we want to help you identify what's wrong, fix the issue, and keep more of your hard-earned money.

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 making a profit puts you in a better state of mind where you can go with better choices. This means having options that can influence the kinds of clients you work with, how you spend time with your family, and taking better care of your health. The power of Profit First and having vast choices encourages you to take a look at business areas that need improvement. It brings a positive impact on your lifestyle and sustains a profitable business.

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 financial future. Debt can be a heavy burden that weighs down not only our finances but also our overall well-being. It can feel overwhelming and insurmountable, leaving us unsure of where to begin or how to make progress. However, the power of small steps should not be underestimated. By taking small but consistent actions towards debt reduction and financial stability, we can gain momentum and achieve our goals.

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 of working with a CERTIFIED Profit First coach to help you get up and running efficiently. A certified Profit First coach can provide invaluable guidance and support when implementing the Profit First system. They will help you understand the different components of Profit First and will remove any confusion your accountant or bookkeeper might have. In fact, working with a certified Profit First coach will ensure that your entire financial team understands everything they need to ensure the smooth implementation of Profit First in your business. By having a certified coach on hand to answer questions and give advice, you can rest assured that your Profit First implementation will be smooth and successful. Plus, having a certified coach means that all the financial advice and guidance you receive is backed by proven industry experience.

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 trade business owners. With my years of experience, I have seen firsthand that working harder is rarely the most effective way to succeed. In fact, it can often lead to burnout, exhaustion, and regret. Instead of focusing on working harder, you should focus on working more efficiently. Furthermore, understand that you are not alone. Many trade business owners feel the pressure to work harder to get ahead when what they need to do is focus on strategy and planning. By taking a step back, evaluating your goals and resources, and implementing better processes into your business (such as Profit First), you can work more efficiently and achieve success without working harder.

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 coaching and bookkeeping business has made me aware of the usual frustrations trades business owners have with their bookkeeping. To have an amazing partnership, both bookkeepers and clients need to do their part and what is expected of them. There should be a constant exchange of updates on business numbers, what can be done to improve processes, and how to get great results. There is always room for improvement, take a look at your current bookkeeping processes and evaluate what needs to be simplified or done efficiently. Doing so encourages a strengthened partnership between a bookkeeper and a client and working out a strategic plan for a profitable business.

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 about running a business. Over the course of five years, my journey with Profit First has been a continuous learning experience that has profoundly impacted not only my management skills but also my personal growth. Embracing the business of helping others has taught me valuable lessons about effective communication, collaboration, and creating an environment where our clients can succeed. I have come to understand the art of balancing financial stability with the core purpose of serving others, keeping the focus on the impact and the value we can offer. The personal fulfilment derived from genuinely helping others and contributing to their success is irreplaceable, and this has shaped both my professional and personal perspectives on running a thriving business.