Dispelling the Myths of Accounting in Small Business.

  • November 3, 2023

BRIEF SUMMARY OF THE EPISODE

It’s a Play-Off! Two Business Coaches Vs Two Drunk Accountants.

This week we are joined by Nic & Waz from Tradies in Business, we’ve featured on their podcast, it’s now time to turn the mic around. We are talking all things Tradies in Business and the Top 5 Biggest Challenges Tradies face. Grab a drink and have a sit down, this is the episode you want to listen too if you are asking why am I having such peaks and troughs with the work coming in? or with the revenue I am generating? What can I do to make sure I don’t need to buy yet another wheelbarrow or hammer drill as it was left out of the truck before heading to a site?

All this and more as we talk the main problems and the way forward through them. If there is any issues you think we have missed or you just want to give your 2 cents, reach out on the socials, we are always wanting to hear from them people.

BULLET POINTS OF KEY TOPICS & CHAPTER MARKERS

  • Tim & Danlow [1:55] Tim’s little man is sick, thanks to starting daycare. But he managed a game of golf, so we are on the way out of the sick zone. Dan test-drove a new car, and Russell Coight is helping narrow it down. Then he bought a new phone, prepare for the new and improved content coming at you soon. Nic is at the pointy end of a kitchen reno, 9 years in the making! Tim is feeling the feels, who is also on the reno journey. Waz has welcomed his first baby, shout out to Ronald McDonald House, they do amazing work!
  • Business Update [10:25] Super – Super Guarantee for yourself as a business owner and employee of your own business. There have been some changes, with Single Touch Payroll, your super is now being reported to the ATO each week, and there are some harsh penalties coming if you aren’t paying your super. Which, you should be! Prepare for your future.
  • Tim’s Tight Ass Tip [13:45] Don’t forget your credits! Store credits, flight credits it’s your money! Don’t forget to use it.
  • Main Topic [18.58] 5 Biggest Challenges Tradies Face w. Nic & Waz from Tradies in Business,
    1. No experience running a business or no business education. You don’t know, what you don’t know. & don’t know how to find it,this is from a lack of Business Education. You’re taught how to be a tradesman, a really good one, but no one teaches you how to run a business
    2. Cashflow Issues: A lot of the time its Pricing, no one is checking the margins or back checking to make sure the correct margins are in place. Also, taking too much money from the business.
    3. Lack of Time & Problem-solving skills: Generally, they throw more work at the problem, which turns into a cycle of work harder, throw more time into work to fix the problem, then there isn’t any time to actually look at the issues as well as solving problems like an employee and or a trade, and being a tradesman, they think I can fix that. Not always the best way forward
    4. Marketing & Sales: Boom, Bust Cycle. Lack of consistency with workflow, as they don’t focus on marketing.
    5. Structure around the business: Systems, if you look at trade business owners that have a team, no one knows what the business owner is up too as it’s all in their head, there is not structure, no system. Everything done reactionary.
  • Other Thing [45:45]
      • Dan’s other thing is Halloween. “Someone” has Tp’d Tim’s Desk! Dan is on the war path to find the culprit. His other, other thing is the new under desk treadmill. Dan was skeptical, but he is loving it. (Shoutout to Ben from TechNine, who got us onto it!)
      • Tim’s other thing is AI. AI to help write a podcast script for example and then record it in your own voice. The crew isn’t convinced. But it’s some cool tech that for sure!
      • Nic’s other thing is insight timer, a mediation app. There are few out there these days, Nic rates this one after trial and error with others.
      • Waz’s other thing is Sleep. Sleep with a newborn is a whole new world, or lack thereof. Waz is planning to design a new swaddle to help with this. But the real other, other thing is Cold Plunge! There is so many benefits to cold water immersion, mental, physical, muscle repair. If you haven’t tired it, now is the time.

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