#318 // “Five Simple Ways To Make More Money In Your Electrical Business (Part 4) with Greg Crowe

Making money is easy when you know how. The trouble is, sometimes we get busy and conveniently forget the ways to make money.The truth is that it’s not that complicated, it’s actually a very simple concept. In this podcast series we go through the 5 simple ways to make more money in your electrical business which are as follows: -weekly revenue exceeds weekly expenditure (ie profit / loss) -the jobs that are starting and finishing every week (ie “closed jobs”) are at a solid net profit -the jobs that are running over weeks + months(ie “open jobs”) are on their way to making a solid net profit -all paid hours are allocated to a job (ie “labour efficiency”)-all hours completed are effective + efficient (ie “quality of hours”) Sometimes it’s in the moments when we peel ourselves away from the mundane day to day grind where we can see how simple running a business really is. The goal? That revenue would consistently hit significantly above expenditure. Be kind. Repeat. May these words inspire you as you proceed on your journey of making money, building wealth + being kind. Much love, CroweSummaryIn this episode, Greg Crowe shares practical insights on how service industry businesses, especially electrical, solar, and aircon companies, can increase profitability by focusing on labor and materials, effective quoting, managing staff, and personal finance discipline.Keywordsbusiness profitability, service industry, labor and materials, quoting, staff management, personal finance, ongoing jobs, project management Key TopicsLabor and materials split in service businessesEffective quoting and variation managementImportance of personal and business budgetsManaging staff performance and accountabilityHandling ongoing jobs and client relationshipsTitlesMastering Profit in Service Businesses: Greg Crowe's Top StrategiesHow to Use Labor as a Trojan Horse for Profit Sound Bites"Labor is a Trojan horse for profit""20% of a higher number is a higher number""Not all revenue is good revenue"Chapters00:00 Introduction to Profitability in Service Industries02:30 Understanding Labor and Materials in Business05:17 The Importance of Budgeting in Business08:36 Time Management and Its Impact on Profitability11:33 The Consequences of Poor Staffing Decisions14:26 Identifying and Managing Underperforming Staff17:16 The Ripple Effect of Bad Decisions in Business20:38 The Importance of Client Relationships23:31 Final Thoughts on Business Success