When it comes to tracking the business finances - in addition to the usual reports - P&L, balance sheet, job costs, there's a few other numbers you might find useful to track…
These other numbers will potentially save you time, money and increase profits in your trades business.
They are: Your marketing numbers and the return on investment you are gaining from your marketing spend.
Many tradie business owners don't know how much they are paying per lead or per client in advertising costs. Without knowing it you could be wasting money and eating into your valuable profit margins, by spending it on the wrong marketing method.
Tracking your marketing numbers in your tradies business will answer the following questions:
How much in advertising is it costing me to gain each client?
Which marketing stream is gaining me more jobs?
Am I using my marketing budget effectively?
Where are the money holes in my marketing strategy?
When I started my trades business with my partner we tried two methods of generating leads:
1. Facebook ads
2. Google Ads
We received MANY Facebook leads on a daily basis, and a few per week via Google ads, but I wanted to know….
….Which marketing method was resulting in:
The highest number of leads turning into quotes (translated to: are we attracting the right people to our ads?)
The highest number of quotes per marketing method actually turning into paid jobs (translated to: is our pricing right?)
The results were surprising - watch this video to see what the numbers told me about marketing for my trades business, and what decision they helped me make.
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