Following up on my previous episode about the unique challenges of product-based businesses, today I will be discussing service-based businesses.
There are often many fewer moving parts in service-based businesses, but that does not mean that tracking your finances should be ignored. I often see service-based businesses overspending on labor, advertising, and customer acquisition because they do not have an understanding of what they should be tracking.
I will be discussing the key components to track in your service-based business to make sure that your business is sustainable.
What you'll hear in this episode:
[0:50] The unique challenges that come with a service-based business.
[1:30] The #1 thing to track in your service-based business: labor cost.
[4:50] The #2 thing to track in your service-based business: customer acquisition cost.
[9:18] The #3 thing to track in your service-based business: your time.
[11:17] The #4 thing to track in your service-based business: churn.
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Related episodes:
Questions to Ask Yourself as a CEO
Why You Want to Build a Sellable Business
Get Back In The Driver’s Seat Of Your Business Finances
Tactical Resources:
5-Day Financial Mindset Refresh: https://www.keepwhatyouearn.com/refresh
Create a Custom Podcast Playlist: https://quiz.tryinteract.com/#/6303d4c525b1e80018d47cfa
Grow Cash Flow for Your Business: https://www.keepwhatyouearn.com/endless-cash
Tax Deduction Guide: https://www.keepwhatyouearn.com/tax-deduction-guide
CFO Power Session: Text POWER to 860-609-6374
See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator
Additional Resources:
Find everything you need at https://www.keepwhatyouearn.com
Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa
Hire us: https://www.fitnancialsolutions.com/accounting
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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.