The Secret to Calculating True Billable Hours for Contractors with Ruth King

Welcome to the ServiceBusinessMasteryPodcast! 🎙️

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In this episode of the Service Business Mastery podcast, hosts Tersh Blissett and Joshua Crouch sit down with financial expert Ruth King to delve into the critical topic of understanding financial management for service-based businesses.

Ruth, a seasoned advisor and author of multiple financial books, shares invaluable insights on how contractors can improve profitability, avoid common financial mistakes, and master the art of managing business finances. This episode is packed with actionable strategies to help contractors make informed decisions, maximize revenue, and build long-term wealth.

She also provides a two-day, on-site training program “Building Profit and Wealth School”
Register Now: https://keap.page/rk139/building-profit-and-wealth.html

Timestamps ⏰
00:00 – Episode Introduction
03:27 – Meet Ruth King and Her Expertise in Financial Literacy
08:07 – Common mistakes in the trades
16:42 – Dumb financial mistakes business owners make
25:00 – Common Financial Pitfalls to Avoid in the Service Industry
29:08 – Calculating Overhead Costs and Setting Profitable Billable Hour Rates
36:18 – Developing and Selling Profitable Maintenance Programs
42:00 – How to Build Profit and Wealth - Overview of On-site Training Program
45:38 – Wrapping-up & details about “Building Profit and Wealth School” two-days Training Program

Expect to Learn
1. Why billable hours are the cornerstone of revenue generation for contractors.
2. How to avoid the most common financial mistakes that could cost your business thousands.
3. The role of inventory management in boosting business valuation and ensuring accurate financial reporting.
4. Practical tips for calculating overhead costs and net profit per billable hour.
5. How to design a maintenance program that is profitable and sustainable.

Ruth King is a celebrated financial consultant, speaker, and the host of the Contractor Cents podcast. With decades of experience advising contractors, Ruth has authored several influential books, including 101 Dumb Financial Mistakes Business Owners Make and How to Avoid Them.

Her no-nonsense approach to financial literacy has helped countless business owners turn their struggling operations into thriving, profitable enterprises.

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Видео The Secret to Calculating True Billable Hours for Contractors with Ruth King канала Service Business Mastery Podcast