220 The One Where We Learn How To Make Data-Driven Decisions

As the fourth quarter of 2021 draws to a close, what are the things you are evaluating to make sure that Q4 ends well and that 2022 is going to be a more profitable year for you and your company? If you have ever wondered: how much money should the company have in the bank, why are we taking on more clients but not making a profit, or why are we spending more money on the company but not seeing the payoff, then today's episode is for you. Today's guest is Russ Stephens, co-founder of the Association of Professional Builders, a leading business coaching company dedicated to improving the residential construction industry for both builders and consumers.  Since 2014 he has been helping builders double the size of their businesses through profitable growth. The Association Of Professional Builders excels in providing cutting-edge systems, world-class support, and sales & marketing training to the construction industry. And Russ knows how to do this because he uses data to make the right decisions to increase profits.    Bottom line: Russ is going to give you the data your company needs to be looking at to make the right decisions. Your roadside friend, as you travel from client to client.   -Trace    Timestamps:  Get to know Russ Stephens, the man who moved to Australia and grew an entire industry's profits with data [6:00] Understand the true financials as a business owner [11:40] What are the core numbers we need to be looking at [15:13] The most important thing to look at to scale  [22:10] How much money should a business have in the bank [25:00]  What formula should a business use to budget for marketing [27:37]  The importance of KPIs and SOPS [29:32] Understanding today's consumers to generate more business  [31:20] Lightning round questions [37:15] James' Challenge: " Ask your customer what you can do better."  [47:08]   Quotes: "Margins are linked to marketing." - Russ Stephens "The backbone to any good company is SOPs or Standard Operating Procedures." - Russ Stephens "As a business owner, you cannot be a micromanager. You need to only look for the gaps in the system and address them." - Russ Stephens "The internet turned the sales process on its head over a decade ago. Consumers are more educated than any generation in history, so we need to become the online provider of information. We need to educate the consumer before we sell to them." - Russ Stephens   Connect with Russ Stephens: Phone: +61450519613 Email: [email protected] Website: associationofprofessionalbuilders.com LinkedIn: in/russstephens   Links Mentioned: scalinguph2o.com/audible  Industrial Water Week 2022 starts Oct 3rd Episode 204 on being profitable Episode 101 with Colin Frayne Episode 102 with Colin Frayne The Rising Tide Mastermind   Books Mentioned: Procrastinate on Purpose: 5 Permissions to Multiply Your Time by Rory Vaden Powered By Change by Nicholas Brealey Influence by Robert B. Cialdini Psycho-Cybernetics by Maxwell Maltz