Successful shop owners spend time learning how to understand their finances.
Are you stuck turning wrenches so that you aren’t doing a good job running your business?
We see many business owners, shop owners who love to work hard but haven’t been trained for the “on the business” stuff, and can’t get out of the shop and into the office in a meaningful way. If you’re an owner, you need to be running your business or get out of the way for someone who will, and here’s why:
When I was just 20, maybe 21, I was working as an apprentice cabinetmaker for a renovation company in Calgary. It wasn’t my forte. Although I’m not bad working with my hands and do actually quite enjoy building and fixing things of wood, metal and machines, I wasn’t born to be a cabinetmaker.
Every now and then we’d do a renovation project that required a good chunk of hard labour like digging holes, hauling debris; stuff that was hard on the body and didn’t require much skill. That’s where Pete the Greek came in. No idea why we called him Pete the Greek, but any time we had some tough work to do he’d show up.
Pete was old. Not just because I was 20, but actually old. And for an old guy he worked really hard; even compared to a lot of young guys Pete worked hard.
I was an apprentice and so I often ended up on the end of a shovel as well. So there we were, Pete the Greek and I, digging holes for some pilings one summer day. This particular day, we stopped to take a break cause our shovels were tired and Pete says to me “Everett…short pause…whatever you do, don’t end up like me where you’ve gotta shovel holes to make a living.” I’m sure I grunted something 20-year-old-ish in response, but little did I know Pete’s words would stick with me for the rest of my life.
I shifted away from that career path, in part because of Pete’s words, and spent the next 20+ years learning business, strategy, leadership, communication and all things entrepreneurial. My goal was that by understanding business I would be able to make a life in whatever industry I was placed, but not on the end of a shovel. That’s why I’m here now, helping folks like you.
Here’s the point:
Just being in business and doing work doesn’t make you successful. You might even be making reasonable money doing it. Doing “the right work” is what brings joy and frees up time for other things.
Those evenings you spend at the shop doing paperwork show that you’ll do what it takes, but eventually it gets tiring. You know this, but no-one has ever showed you how to start paying attention to the critical financial pieces, margins, ratios and statements. Having an accounting partner that works with you on those things means you don’t get old and are still stuck turning wrenches just to make a buck.
Let’s get your shop on track with its financial management and ensure all the right people are turning the right wrenches.
The MoneyWrench CFO bay helps shop owners understand the key financial pieces of their shop so they can be successful.
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