Nov 22, 2021
This week’s key takeaway:
It’s all about the numbers with Francis Gu
Episode intro:
Our guest this week has been on a really interesting journey... he’s certainly qualified to tell you which key numbers you should be focusing on to make sure your business is profitable and efficient.
Francis Gu began in corporate finance, then went out alone with his own accountancy business, and then ended up buying out one of his collision repairer clients. His own father also worked for his client (Melbourne-based Euroimage), so like so many of us, he has the additional experience of doing the family thing in collision repair.
He took the plunge and bought the business during Covid, and thanks to his superb understanding of numbers and process, he’s managed to turn a healthy profit and grow the business significantly since he took over. He’ll tell you how he did it, and just how simple it is for you to zone in on certain metrics to make sure your business stays on track.
In this week’s episode you will learn:
-Is collision repair really that much different from other industries?
-The benefits of a fixed-price model
-The pros and cons of only having one or two customers
-The importance of gross margin
-Why you need to analyse your invoices in terms of cost of goods sold
-The long-term benefits of improving insurer scorecards
-How Francis managed to increase profitability during Covid
-Why it’s worth investing in proper accountancy software and advice
-How to systemise in order to reach a positive outcome
-The key numbers you need to understand
Show links:
** Find Francis on Linkedin: https://www.linkedin.com/in/frank-g-a907161a9
** Gavin McGahey’s book, Know Your Numbers will help you implement what Francis has recommended. Buy it here: https://planningplus.ac-page.com/know-your-numbers
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