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Today, we've another tradie tip.
It's about our friend Ryan McKean and a financial lesson that completely turned his world upside down. 📈💰
Ryan was running his contracting business, thinking everything was sailing smoothly. But little did he know, a financial storm was brewing.
One day, Ryan realized he had a problem. He'd been recording all his customer deposits as revenue.
This simple mistake made it look like he was making tons of money, but in reality, he wasn't. 😱
He started investing and spending that money, thinking he was in the green.
But it was all just smoke and mirrors. 😥
He was losing money, and he had no clue. 💔
So remember that just looking at financial statements isn't enough.
You need to trust them. If you don't understand them, seek help. 🆘
Know your numbers, and know they're accurate. Otherwise, you might be making all the wrong moves with the best intentions. 🤷♂️
Learn how to price your services correctly, understand your financials, and make informed decisions.
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Full episode available to listen to on:
📌 Apple Podcast
https://podcasts.apple.com/us/podcast/the-profit-for-contractors-podcast/id1504320346
📌 Spotify:
https://anchor.fm/profitforcontractors
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