3-15-22 FC4B with Electa Bartels
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 there’s 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
📍[4:21]Marketing Spend: 10-25% (10 percent minimum)
📍[6:37]Marketing: Electa notices that managing marketing numbers is often the major pain point in marketing.
📍[7:37]Marketing: It takes 60-120 days for most marketing efforts to fully cook.
📍[9:13]Marketing: From blanded to branded @dan antonelli
📍[11:53]Check out this post FULL of awesomeness re: truck/van wraps!
https://www.facebook.com/photo?fbid=10159795022535987...
📍[14:21]Differentiators: Answer your phone! Show Up! Be honest & trustworthy!
📍[16:17]Most business owners pay themselves less than they would make working for somebody else.
📍[17:01]Billable Time & Pricing!
📍[18:57]Billable time is the amount of time you're getting paid for...
📍[19:25]Only 1000 billable hours per year per tech
📍[23:29]If you don't know what you should be charging per hour - just triple it and you'll get close
📍[23:29]https://s3.amazonaws.com/ProfitF.../PF-InstantAssessment.pdf
📍[26:37]https://profitfirstbook.com/
📍[27:41]1. Known Financial Position 2. Adjust Pricing 3. Cash Flow System
📍[28:49]If it's not broken - don't fix it...
📍[31:25]Electa prefers Vendor lines of credit over credit cards
📍[33:13]How to ensure quality? Price right to buy you time and find better clients.
📍[34:09]How to structure commission & incentive pay to ensure quality holds steady...
📍[34:57]https://qualitydrivensoftware.com/
📍[37:25]Quality based on communication & customer service
📍[38:45]Pay should not be a participation award - it should be a performance award.
📍[42:01]Marketing Homework: Review your current marketing spend - does it align with your goals?
📍[42:21]Systems Homework: Do the Profit First instant assessment
📍[43:45]People Homework: How do you balance productivity and quality?
📍[44:29]Electa Homework: Run a balance sheet and see if you agree with whats on it?
📍[46:21]Finance Homework: Calculate your labor rate. Take total sales/# technicians/1000 = labor rate
📍[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
