Electa Bartels of Profit in your Pocket, was a stay-at-home mom when her husband launched his own electric service company. After countless sleepless nights and increasing frustration learning business financials, she found thereโs a significant communication gap between the accounting industry and the small-business owners it serves. This communication gap is what inspired Electa to build a bookkeeping practice where compliance bookkeeping is just the beginning.
Time Stamp
๐[4:21]Marketing Spend: 10-25% (10 percent minimum)
๐[6:37]Marketing: Electa notices that managing marketing numbers is often the major pain point in marketing.
๐[7:37]Marketing: It takes 60-120 days for most marketing efforts to fully cook.
๐[9:13]Marketing: From blanded to branded @dan antonelli
๐[11:53]Check out this post FULL of awesomeness re: truck/van wraps!
https://www.facebook.com/photo?fbid=10159795022535987...
๐[14:21]Differentiators: Answer your phone! Show Up! Be honest & trustworthy!
๐[16:17]Most business owners pay themselves less than they would make working for somebody else.
๐[17:01]Billable Time & Pricing!
๐[18:57]Billable time is the amount of time you're getting paid for...
๐[19:25]Only 1000 billable hours per year per tech
๐[23:29]If you don't know what you should be charging per hour - just triple it and you'll get close
๐[23:29]https://s3.amazonaws.com/ProfitF.../PF-InstantAssessment.pdf
๐[26:37]https://profitfirstbook.com/
๐[27:41]1. Known Financial Position 2. Adjust Pricing 3. Cash Flow System
๐[28:49]If it's not broken - don't fix it...
๐[31:25]Electa prefers Vendor lines of credit over credit cards
๐[33:13]How to ensure quality? Price right to buy you time and find better clients.
๐[34:09]How to structure commission & incentive pay to ensure quality holds steady...
๐[34:57]https://qualitydrivensoftware.com/
๐[37:25]Quality based on communication & customer service
๐[38:45]Pay should not be a participation award - it should be a performance award.
๐[42:01]Marketing Homework: Review your current marketing spend - does it align with your goals?
๐[42:21]Systems Homework: Do the Profit First instant assessment
๐[43:45]People Homework: How do you balance productivity and quality?
๐[44:29]Electa Homework: Run a balance sheet and see if you agree with whats on it?
๐[46:21]Finance Homework: Calculate your labor rate. Take total sales/# technicians/1000 = labor rate
๐[46:57]Schedule an appt with Electa w/ Profit in Your Pocket https://piypbookkeeping.com/
"Quote of the day"
"Change is not always fun but in order to run a profitable business, you've got to course correct, constantly."
Resources:
Electa Bartels: piypbookkeeping.com
Tay Meroni (Marketing) with Pure Pressure Washing
Meaghan Likes (Finances) with Bookkeeping Academy Online, Likes Accounting Company & Jeff Likes Clean Windows & Gutters
Michelle Myers (Systems) with Pink Callers
Martha Woodward (People) with The Pay for Performance Expert, Quality Driven Software & Dusting Divas