Service Business Mastery for Skilled Trades: HVAC, Plumbing & Electrical Home Service

The Secret to Calculating True Billable Hours for Contractors with Ruth King

21 snips
Jan 1, 2025
Guest
Ruth King
In this engaging discussion, Ruth King, a financial expert and author, reveals essential strategies for contractors to enhance profitability. She highlights the importance of accurately calculating billable hours and managing overhead costs. Ruth also warns against common financial pitfalls that can drain resources. Her insights on inventory management’s role in boosting business valuation are invaluable. With practical tips and a focus on sustainable maintenance programs, this talk is a treasure trove for anyone looking to master the financial side of contracting.
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ADVICE

Study Your Financials

  • Study your financial statements like you would study a wiring diagram.
  • Familiarizing yourself with financials is crucial for business success.
INSIGHT

Debits and Credits

  • Debits and credits in accounting are different from banking terminology.
  • Debit means left side, credit means right side; don't overthink it.
ADVICE

Inventory on Balance Sheet

  • Always include inventory on your balance sheet, even if it seems daunting.
  • Missing inventory can significantly lower your business valuation.
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