In this episode of Remodeler's On The Rise, Kyle Hunt discusses the importance of evaluating financials, setting business budgets, and understanding key performance indicators for success in the remodeling industry. He emphasizes the need for peer groups to foster improvement and engagement among remodelers, and shares insights on job costing, cash flow management, and pricing strategies.
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Takeaways
- Success in business is not a linear path.
- Evaluate your financials regularly to ensure progress.
- Top 20% remodelers have a clear business budget.
- Understanding your KPIs is crucial for success.
- Job costing helps in maintaining profitability.
- WIP reports are essential for accurate financial statements.
- Cash flow management is key to a healthy business.
- Know your markup and margin to price effectively.
- Peer groups can provide valuable insights and support.
- Continuous learning and improvement are vital in remodeling.
Chapters
00:00 Introduction and Personal Anecdote 03:18 Introduction to the Financial Structure of Remodelers on the Rise 05:04 Creating and Reviewing a Business Budget 06:59 Key Financial Metrics to Monitor 09:23 Evaluating Business Budget and Actual Results 13:03 The Significance of the Work in Progress (WIP) Report 16:24 Additional Financial Metrics to Consider 18:18 The Importance of Knowing Your Numbers 20:15 Conclusion and Contact Information
