Where Did the Money Go? with Ellen Rohr

Why owners must own the financial manager box on the org chart and how contractors do much harder math in their job than is required to understand their accounting and financials. [:008 ] The value of Ellen's best selling book, "Where Did the Money Go?" [3:05 ] A budget tells you what you need to hit your goals—but only if the numbers you're using to create it are right. [7:49] The three most important KPIs you need to track. [12:07] The two reports that allow you to track those three things. Cost of goods sold. [16:03 ] Who you need to help you figure out your financial situation. [20:40] Real world accounting vs. tax accounting [22:17] Getting your team in on the game [24:09] Getting to a "Known Financial Position" or KFP, keeping reports up to date, and reviewing them weekly so you can make better more profitable financial decisions. [31:14] The 1-page dashboard report updated weekly that tells you everything you need to know. [37:57] The process of getting to a Known Financial Position. Fixing the easy stuff first. [40:36] How Frank J. Blau, Jr. tackled the low self esteem issue in the contracting industry. [52:49] How charging the right price gives you the ability to give bad customers their money back and focus on serving the good customers. [54:00] Script for building value for the right price with a customer. [55:00] Resources and People Mentioned The 7-Power Contractor Signature Financial System with Ellen Rohr Demonstration fo Financial Quick Check Document Service Titan (Schedule a demo) Where Did the Money Go? by Ellen Rohr (Amazon) Soaring with Eagles: The Life and Legacy of Frank J. Blau, Jr. by Ellen Rohr and Helena Bouchez (Amazon) The 7-Power Contractor: Run Your Contracting Business with Less Stress and More Success by Al Levi (Amazon) Episode 368: Embracing Financial Transparency to Build Accountability in Your Organization The Home Service Expert Podcast with Tommy Mello

Find more resources at www.7powercontractor.com.

Notice to listeners: The information in this book, along with the forms and structures provided, are meant to serve as a helpful reference guide for the plumbing, heating, cooling, electrical, and other contracting industries. The host of and contributors to this podcast take no responsibility for compliance with the laws or regulations that govern your specific business. The responsibility for making sure everything is compliant (among other things) is 100 percent yours. Before you implement any new information or forms, please check with your own trusted business advisers, including your own attorney, to make certain that the forms and the information you plan to implement will comply with all relevant laws, customs, and regulations.

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