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TCF1073: Stop Being Your Town’s Best Kept Secret with Joey Yak

⏱️ 7:33 🎤 Tom Reber
AUDIO EPISODE
TCF1073: Stop Being Your Town’s Best Kept Secret with Joey Yak
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Chapters

Click to jump to section

  • 0:00
    Profit over Sales
    Discover why increasing profit doesn't always require more sales and how to address a profit problem instead of a sales problem.
  • 0:46
    Know Your Numbers
    Learn the three essential financial numbers every contractor must track: gross profit, overhead, and net profit.
  • 2:08
    Raise Gross Profit
    Understand how to quickly boost net profit by increasing gross profit through better pricing and improved production efficiency.
  • 3:24
    Cut the Fat
    Identify and eliminate unnecessary overhead expenses that drain your profit, treating your overhead like a backpack.
  • 4:29
    Value Your Time
    Recognize that your time is your most expensive overhead and learn to delegate low-value tasks to maximize your profit-generating activities.

Speakers

T
Tom Reber
Host

Key Takeaways

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Prioritize understanding your financial numbers, specifically gross profit, overhead, and net profit, as you cannot improve what you don't measure.

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Increase your prices by at least 10-20% and aim to charge at least double your production costs to significantly boost your gross profit.

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Improve operational efficiency by pre-planning projects, minimizing wasted time on re-trips and poor preparation, and tracking job costs against estimates.

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Regularly audit and cut unnecessary overhead expenses; if an expense doesn't add value or save time, eliminate it.

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Delegate low-dollar-per-hour tasks (like bookkeeping or errands) to free up your time for high-value activities such as leading, selling, and system building.

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