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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Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

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.