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How to make sure you are profitable with Adam Sylvester

⏱️ 37:57 🎤 Dominic Rubino, Adam Sylvester
AUDIO EPISODE
How to make sure you are profitable with Adam Sylvester
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Chapters

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  • 0:00
    Adam Sylvester's Introduction
    Dominic Rubino introduces Adam Sylvester, highlighting his roles as a contractor with two businesses and host of the Jobber podcast.
  • 0:28
    The Goback Report Explained
    Adam Sylvester explains the importance of the goback report, emphasizing that 'gobacks' cost much more than they seem annoying.
  • 0:55
    Who is Adam Sylvester?
    Adam shares his background, including his role as a coach and his journey with his two contracting businesses: Charlesville Lawn Care and Charlesville Gutter Pros.
  • 1:45
    Working On vs. In Business
    Adam discusses the distinction between working 'in' and 'on' his businesses, highlighting his commitment to not working in the field for Gutter Pros.
  • 2:22
    Understanding Job Costs
    Adam shares an anecdote about a technician asking the cost of a 'goback' and the realization that understanding true hourly operational costs is crucial for profitability.
  • 3:09
    The Impact of Discounts
    Adam illustrates how seemingly small discounts can erode profit margins, especially for businesses with tight net profit percentages.
  • 3:24
    Burden Rate Importance
    The hosts discuss the concept of the burden rate and how neglecting it can lead to unprofitability despite hard work.
  • 3:33
    The Goback Report's Revelations
    Adam explains how the goback calculator reveals the minimum hourly charge needed for profitability and how this impacts pricing and marketing strategies.
  • 4:50
    Transition to Data-Driven Decisions
    Adam describes his transition from emotional to data-driven decision-making in 2020, leading to significant business improvements and demanding higher performance from his team.
  • 5:57
    The 'What If' Calculator
    The goback report doubles as a 'what if' calculator, allowing business owners to model the financial impact of capital expenses or increased owner draws.

Speakers

D
Dominic Rubino
Host
A
Adam Sylvester
Contractor, Host of Jobber Podcast, Business Coach

Key Takeaways

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Implement a 'goback report' to understand the true cost of revisit jobs, which are often more expensive than they seem and impact overall profitability.

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Know your minimum hourly charge to ensure profitability; if your current pricing doesn't meet this, adjust your rates or refine your marketing to attract higher-paying clients.

✦

Understand your burden rate (soft costs of labor) to accurately price jobs and avoid unknowingly subsidizing employee work.

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Focus on attracting higher-quality clients and neighborhoods to avoid competing on price with lower-end services, thereby increasing average job size and profitability.

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Improve your business's image and professionalism (e.g., clean worksites, professional staff) as this can attract more discerning clients willing to pay higher prices.

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Transition from emotional to data-driven decision-making; use tools like the goback report to analyze numbers and identify areas for improvement, such as lead costs, job sizes, and operational efficiency.

✦

Utilize the goback report as a 'what if' calculator to assess the financial impact of new investments (like a new truck or building) before committing, ensuring these additions contribute to profitability rather than hindering it.

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