In this episode I brought Rhamy Alajeal by to make sure you are aware of upcoming changes to the Fair Labor Standards Act's Overtime Exemption Rules in the United States. Starting in July 2024, any salaried employee making less than $43,888 per year MUST be paid overtime. In January 2025 that number will move up to $58,656. These changes will have a major financial impact on small businesses with employees. Businesses may have to raise salaries, reclassify employees as hourly, or risk costly legal issues if they don't adjust their overtime practices. Rhamy outlines several strategies businesses can use to address the new rules, as well as the importance of proper record-keeping and communication with employees.

What you'll learn:

• A history of overtime exemptions from the FLSA (Fair Labor Standards Act)

• New minimum salary thresholds coming in 2024 and 2025

• Strategies for addressing the new rules

• Potential impacts on salary compression and overall labor costs

• Importance of tracking hours for non-exempt salaried employees

• How to avoid a $1 million lawsuit due to misclassification of salaried employees

Listen to all episodes at https://profitablehomeservices.com/

Connect with Rhamy at https://peopleprocesses.com/

Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

It's not all about the 'books', and accounting where a service business can leak profits. It's in EVERY area of the business. I already shared 10 hidden profit leaks from some of the amazing guests I've had on the Profitable Home Services Podcast, and I have 10 more. Believe me when I say there ARE more areas we can dive into. I hope their insights on what they think are major profit leaks in a service business sheds light on your own business, so that you can plug them and put more money in your pocket.

Use this as a checklist to plug those profit leaks in YOUR home service business. I also give the links to the episodes to listen to the whole conversation to glean even more insights.

You'll learn to avoid:

• Mistakes that create duplicate calls and work with Ron Saharyan

• Forgetting about past clients that can generate repeat business with Bill McGowan

• Confusing the difference between profit and cash flow with Mike Milan

• Technician errors and callbacks by creating solid SOP's Diane Gardner

• Using an outdated price book with Tersh Blissett

• Paying employees who are not performing well (especially family) with Ellen Rohr

• Overuse of meetings that waste time and money with Jeremy Lowe

• Invisible costs of employee turnover with Rhamy Alejeal

• A lack of checklists that foster 'wow' service with Dave Sullivan

• Only marketing to new customers with Diane Gardner

Take action and stop your hard-earned profits from leaking out of your business!

Listen to all episodes at https://profitablehomeservices.com/

Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

I am delighted to welcome back Steve Juetton! Last time we talked about making the decision to sell your business and the right timing to sell. This week we dove into the practical steps to exiting a business successfully. Steve covers essential aspects like business valuation, assessing the business from a buyer's perspective, improving profitability, finding a buyer, conducting due diligence on the buyer, and planning for life after selling the business.

What you'll learn…

• The crucial step of getting a business valuation to realistically know it's worth

• How to assess the business from a buyer's standpoint to find areas for improvement

• How to fix profit leaks like Seller Discretionary Expenses (SDE) to increase the business's value and attractiveness to buyers.

• Why you should conduct due diligence on potential buyers

• What kind of plans to make for your life after selling the business

Listen to all episodes at https://profitablehomeservices.com/

Connect with Steve at www.bridgegatepartners.com

Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

Are you struggling to get your HVAC or home service business noticed? Wondering how to turn clicks into customers?

Tune in to this episode of the Profitable Home Services Podcast where I chat with marketing experts Evan Hoffman and Thaddeus Tondu from On Purpose Media Group. They'll be unpacking the secrets of effective marketing, from creating a website that converts to mastering customer service with a personal touch. Plus, they'll reveal how to use your business numbers to make smart, data-driven decisions.

Whether you're looking to make small tweaks or big changes, this conversation is packed with actionable advice to elevate your business and delight your customers. Don't miss out on these game-changing strategies!!!

You'll learn how to:

• Tackle common marketing challenges and develop effective strategies

• Optimize your website and respond quickly to customer inquiries

• Conduct return customer marketing and effectively measure ROI

• Track phone numbers for different service lines & analyze website traffic sources

• Find the cost per acquired customer and understand their lifetime value

• Leverage technology for improved customer communication and follow-up

• Understand company culture and employee buy-in to drive the success of your business

Listen to all episodes at https://profitablehomeservices.com/

Connect with Thaddeus and Evan at https://onpurposemedia.ca/

Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

Ever felt stuck on how to expand your home service business without spending a fortune on marketing? Tune in to this episode of the Profitable Home Services podcast where I get to talk once more with expert Joe Pallo, author of "How to Sell Nothing"!! Joe's insights last month were invaluable and now he's back to unlock the secrets of referral-based growth. Joe equips you with immediate, powerful strategies for harnessing referrals. This isn't just a conversation—it's a turning point for your business strategy. Join us and discover how to tap into the goldmine of referrals!

What you'll learn:

• The significance of referrals for expanding your business

• How to shift your mindset about referrals to open doors for more opportunities

• A tried-and-true script for asking for referrals

• Strategies to overcome the fear of rejection when asking for referrals

• How to ask for referrals with confidence (and build trust in the process with clients)

• How to identify opportunities to ask for referrals in service businesses

• To set realistic goals and track referrals

Listen to all episodes at https://taxcoach4you.com/profitablehomeservicespodcast/

Connect with Joe at https://www.sellnothing.co/

Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

Screenshot: https://www.canva.com/design/DAGCgzK-JzQ/vc5qZ_Zye6NXZ7iJAKMPpg/edit

Profit Leaks - All the little ways money is leaking out of your business instead of going in your pocket.

After interviewing over 20 experts in the Home Services Industry I learned alot about other areas that can improve your ability to create more profits. I asked these industry leaders what they considered the biggest profit leak from what they see out in the field. And wow - so many different answers.

The great news - you can use this as a checklist to plug those profit leaks in YOUR home service business. I also give the links to the episodes to listen to the whole conversation to glean even more insights.

Here is a quick overview of what I share:

🎙️ Missing out on creating extra revenue streams (like Captive Insurance) with Randy Sadler

🎙️Raising salaries because it's just the protocol (ie length of time employed) with Mike Michalowicz

🎙️Trying to do everything yourself instead staying in your area of genius with Dave Sanderson

🎙️Not having your company retirement plan set up to primarily benefit YOU, the owner with Bill Black

🎙️How your Customer Service Representatives answer the phone and track data with Stephen Christopher

🎙️ Thinking that content creation is a 'nice to have' vs a tool that attracts clients and generates revenue with Justin Wise 🎙️ Only marketing to NEW customers with no strategy to get future sales from your current customers with Daniel Dixon

🎙️Not Having Financial Responsibility Built Into Your Business with Mike Disney

🎙️ Neglecting to train your Customer Service Representatives to WOW customers with Brigham Dickinson

🎙️Not using opportunities to minimize tax liabilities (legal ways to pay less tax!) with Ed Lyon

There is so much actionable knowledge in these episodes that can save you so much money!

Listen to all episodes at https://profitablehomeservices.com/

Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

If you are like most home service business owners, you've thought about selling at least once. Do you wonder when the right time is, what you should sell it for and how to create an exit strategy?

Tune in to this episode of the Profitable Home Services podcast where I chat with Steve Juetten, a seasoned exit strategist. Discover the secrets to exiting your business at its peak value and learn why timing is everything. Steve will walk you through his five-step exit blueprint, designed to maximize your profits and ensure a smooth transition for you, your employees, and your customers. Don't let burnout or a decline in business value catch you off guard.

Here's a taste of what Steve covers:

• Learn to identify the optimal moment to sell your business

• Understand the emotional challenges of selling a business

• Discover the importance of strategic planning in the sale process

• Explore different options for selling your business

• Learn how to document processes and systems within your business to increase its value

• Find out how to conduct thorough due diligence before selling

• Get a step-by-step guide on preparing your business for sale

Listen to all episodes at https://profitablehomeservices.com/

Connect with Steve at https://bridegeatepartners.com

Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

Are you ready for sales strategies that actually work for home service businesses? Tune in to this episode of the Profitable Home Services Podcast where I sit down with Joe Pallo, a master sales coach. He's going to teach you how to win clients and boost your sales by making genuine connections. Discover Joe's "Earning" process, driven by listening and responding to your client's needs effectively. This is a game-changer for anyone in the home service industry looking to boost their sales and create lasting customer relationships. Don't miss out on these expert insights!

• Discover successful sales strategies and techniques tailored for home service businesses

• Benefit from Joe Pallo's wealth of experience in commission sales

• Explore key insights from Joe's book, "How to Sell Nothing," so that you can update your sales tactics and stand out in the market.

• Learn the importance of making an emotional connection with clients in sales

• Have a more impactful and persuasive sales conversation with Joe's 'EARNING' system

• Why people buy, how to sell 'nothing' and make an emotional sale to successfully close more sales

Listen to all episodes at https://homeservicespodcast.com

Connect with Joe at https://www.sellnothing.co/

Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

Are you running a small home service business and want to keep your hard-earned profits safe? Tune in to our latest podcast episode where my guest Michelle Scribner share what it means to be financially vigilant.

Discover how a simple oversight could open the door to profit loss and even fraud. We'll walk you through a real-life scenario where a business was blindsided by supplier-related delinquency. Plus, get actionable strategies to bulletproof your finances, from implementing solid procedures to training your team and cultivating strong vendor ties.

In this episode, we go into the details of how you can….

• Grasp the essentials of financial management

• Learn from a real-world case study about how to handle unexpected financial challenges from suppliers

• Gain insights on how to lessen the risk of financial fraud for your business.

• Understand how to go through your past financial data to find potential financial red flags

• Recognize warnings when reviewing things like expenses and inventory

• Avoid potential fraud by championing an ethical business

• Document and build a case for financial misconduct if you need legal help from fraud

Listen to all episodes at https://profitablehomeservices.com/

Connect with Michelle at www.sumofallnumbers.com

Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

Are you running a small business and want to avoid hefty fines or, even worse, jail time? Tune in to the latest episode of the Profitable Home Services Podcast, where I am diving into the brand new Corporate Transparency Act. Starting January 1st, 2024, this law will shake up the reporting requirements for corporations and LLCs, and you need to be ready. I will guide you through what you need to know to stay on the right side of the law and keep your business thriving. Some of the things you will learn are:

• What is the new Corporate Transparency Act (CTA)

• How does it affect small business owners?

• Find out the specific reporting requirements for your business entity (LLC vs SCorp etc)

• Know the details required for reporting so that you can have them ready

• Learn where and how to file Corporate Transparency Act reports

• Ensure you know the timeframe you have to file within

• Understand the penalties for non-compliance so you can avoid costly fines and legal issues

• Stay informed so you can safeguard your business against future regulatory changes.

NOTE - At the time that this episode is live, this is still ongoing, and is being challenged in the court systems so expect further updates once we hear more.

Listen to all episodes at https://homeservicespodcast.com

Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com