E145: How To Price Yourself Correctly And Boost Your Bottom Line

Stephen King is one of the top thought leaders in the accounting industry. He is the President & CEO of GrowthForce, one of the nation’s largest cloud-based accounting services, and has a life-long commitment to giving back to the community through charitable causes. His eBooks and blog provide insights on management accounting, business strategy, and finance to small businesses and nonprofits, the latter being his largest client sector. When not immersed in helping clients grow, he serves as a role model to his company for proper work-life balance.

In this episode, we talked about managerial finance, financial reporting, business strategy, entrepreneurship, accounting, management services…

Show notes

• Introducing Stephen King. [1:29]
• The road that got Stephen to where he is now, and what the future looks like. [3:28]
• A couple of simple steps to get you through the current crisis. [9:13]
• The small but critical things that businesses in the home service space should get a grip on to improve their operations and performance. [12:58]
• Why the single biggest challenge with entrepreneurs these days is their fear of their own finances. [19:04]
• Why it’s important for business owners to understand value pricing, and how that can help them price themselves correctly for their customers. [22:17]
• Why you should avoid minimizing the work you bring to the table, no matter what industry you’re in—and why you should be billing every single hour you spend working. [25:15]
• The difference between a CPA, a CFO, and a controller, and when it’s time to get somebody to handle auditing for your company. [30:54]
• What a good percentage of net profit looks like for a well-run company in most industries. [39:19]
• Some key decisions businesses have to make with data right now if they want to make it through their current situation, and some of the data points that they need to be paying attention to. [40:02]
• How to get more information about Stephen. [45:09]
• Three books on Stephen’s reading list. [46:27]
• Stephen’s most important piece of advice to home service business owners. [48:40]

Resources And People Mentioned:

• GrowthForce
• MasterCard International
• Netscape
• Microsoft Excel
• Profit First by Mike Michalowicz
• QuickBooks
• Xero
• NetSuite
• Al Levi
• The Power of Positive Pricing: How Much Is Your Pricing Costing You? by Matt Michel
• Implementing Value Pricing by Ronald J. Baker
• Ron Smith
• Walmart
• Craigslist
• Google
• Traction by Gino Wickman
• Start With Why by Simon Sinek
• The E Myth Revisited by Michael Gerber