Managing the financial aspect of the business always brings in headaches, especially among those who are not familiar with financial terms and processes. Usually, what most tradies and founders do is just leave these issues for accountants and bookkeepers to handle, avoiding it altogether. However, as a responsible business owner, there is a need to know and somehow grasp what is going on in the financial aspect of your business. This is easier said than done especially because of communication barriers between the two parties. 

In today’s podcast, we will be uncovering Katie Marshall’s book, Profit First for Tradies. Katie is a certified profit first coach who helps tradies, in particular, manage their finances and how to coordinate with their accountants and bookkeepers effectively while following the profit-first framework. In this podcast, we will also discuss the importance of financial literacy across all ages and professions. 

If you want to know more about this framework and its direct and indirect effects to your business, tune in to this episode now!

What’s Discussed in This Episode:

1. Katie’s professional background [02:49]
2. What is profit first? [05:24]
3. Why Katie wrote the Profit First for Tradies book [07:07]
• Importance of financial literacy [09:50]
4. It gets worse before it get better [12:27]
5. The perspective of profit first [15:00]
6. The framework raises the red flags [16:29]
7. Profit first reports based on balance sheets and reports [18:56]
• Identify and separate the accounts [20:08]
8. Allocate an appointment with yourself [23:03]
9. Break down a vision into actionable steps [26:05]
10. Indirect positive effects of the profit first framework [27:31]
11. The shift that makes a client interested in checking their finances [30:21]
12. Tradies, accountants, and profit first [31:37]
13. Katie’s tips for tradies [35:17]

About the Guest:

Katie Crismale-Marshall started out as a financial planner before she encountered the profit first framework. She, now, is a certified profit first coach and is the newly acclaimed author of Profit First for Tradies. She manages a bookkeeping business, Efficient Tradie, that primarily focuses on helping tradies with their bookkeeping to make it efficient and simple. With this framework, Katie sees how her clients change their view about bookkeeping, from avoiding it to checking into it closely. 

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