187. How to Be a Profit First Contractor - Shawn Van Dyke

Contractor Evolution

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Did you know that the vast majority of construction and trades businesses net less than 5% profit a year?

In case you were wondering—that’s not good.

Our guest on the show today is Shawn Van Dyke, author of Profit First for Contractors and The Paperwork Punch List.

In this episode, we break down the Profit First for Contractors (or PFC) cash management model, including a prescribed framework for implementing PFC in your business right away.

If you change the way you manage your finances, you’ll also change the way you think about money flowing in and out of your accounts. And in turn, you’ll make better decisions that benefit you and your business.

Episode highlights:

• Unpack how the profit-first approach Shawn Van Dyke outlines in Profit First for Contractors produces a powerful and positive psychological change to the way you see money flowing into and out of your business.

• Learn the four most common profit-destroying mistakes that Shawn sees owners make all too often.

• Find out which five bank accounts you need to set up right away.

00:00-Intro

01:35-About Profit First for Contractors

10:31-Why is minimal profitability so common in construction and trades?

15:49-Brief synopsis of the PFC Model

21:05-Five bank accounts you need to set up

31:36-What's the value of the five bank accounts?

47:07-4 mistakes that kill profitability

01:05:08-Connect with Shawn

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