Artwork for podcast Fight Club 4 Business
E.92 Electa Bartels
Episode 43 β€’ 21st March 2022 β€’ Fight Club 4 Business β€’ Tay, Meaghan, Michelle & Martha
00:00:00 00:47:56

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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

πŸ“[4:21]Marketing Spend: 10-25% (10 percent minimum)

πŸ“[6:37]Marketing: Electa notices that managing marketing numbers is often the major pain point in marketing.

πŸ“[7:37]Marketing: It takes 60-120 days for most marketing efforts to fully cook. 

πŸ“[9:13]Marketing: From blanded to branded @dan antonelli

πŸ“[11:53]Check out this post FULL of awesomeness re: truck/van wraps! 

 https://www.facebook.com/photo?fbid=10159795022535987...

πŸ“[14:21]Differentiators: Answer your phone! Show Up! Be honest & trustworthy!

πŸ“[16:17]Most business owners pay themselves less than they would make working for somebody else.

πŸ“[17:01]Billable Time & Pricing!

πŸ“[18:57]Billable time is the amount of time you're getting paid for...

πŸ“[19:25]Only 1000 billable hours per year per tech

πŸ“[23:29]If you don't know what you should be charging per hour - just triple it and you'll get close

πŸ“[23:29]https://s3.amazonaws.com/ProfitF.../PF-InstantAssessment.pdf

πŸ“[26:37]https://profitfirstbook.com/

πŸ“[27:41]1. Known Financial Position 2. Adjust Pricing 3. Cash Flow System

πŸ“[28:49]If it's not broken - don't fix it...

πŸ“[31:25]Electa prefers Vendor lines of credit over credit cards

πŸ“[33:13]How to ensure quality? Price right to buy you time and find better clients.

πŸ“[34:09]How to structure commission & incentive pay to ensure quality holds steady...

πŸ“[34:57]https://qualitydrivensoftware.com/

πŸ“[37:25]Quality based on communication & customer service

πŸ“[38:45]Pay should not be a participation award - it should be a performance award.

πŸ“[42:01]Marketing Homework: Review your current marketing spend - does it align with your goals?

πŸ“[42:21]Systems Homework: Do the Profit First instant assessment

πŸ“[43:45]People Homework: How do you balance productivity and quality?

πŸ“[44:29]Electa Homework: Run a balance sheet and see if you agree with whats on it?

πŸ“[46:21]Finance Homework: Calculate your labor rate. Take total sales/# technicians/1000 = labor rate

πŸ“[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 OnlineLikes Accounting Company Jeff Likes Clean Windows & Gutters

Michelle Myers (Systems) with Pink Callers

Martha Woodward (People) with The Pay for Performance ExpertQuality Driven Software & Dusting Divas





















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