Are You Financially Fluent?
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\\xa0I recently revealed the "The 4 ISO Model Fundamentals " as Financial, Strategic, Mindset, and People. It doesn't matter whether you own a solo cleaning business or a catering company. If you want to grow your company to create the life you've dreamed of, you'll need to master these fundamentals. I am not a caterer... obviously. I can't coach caterers. I can't coach photographers or digital agencies or doctors. I'm a 16-year solo cleaner that has optimized 2 solo cleaning companies to over $50,000 profit per year on 2 cleaning days per week without employees, subs, or drama. I've successfully sold one solo cleaning business for $80,000 and I've successfully scaled another solo cleaning business to allow my family to go to Florida for the month of February the past two years. I have mastered these 4 fundamentals for winning with a solo cleaning business and therefore, I am highly qualified to be your coach if you're looking to master your solo cleaning company.
In that podcast episode, I stated that I wanted to lay out the 4 fundamentals in simple terms first. Then, I promised to follow-up with episodes adding more depth to each. Today, we start with the first one called FINANCIAL. There are thousands of cleaning business owners in Facebook cleaning groups. I have interacted with hundreds and personally coached dozens over the years. The ones I've coached have been side-hustlers, startups, solos, and striving to 7-figures. I have enough data to make this bold statement.
Of the 4 fundamentals of a successful solo cleaning company or any cleaning company, the most lacking skill is Financial Fluency. In my experience (and the combined experience of other reputable coaches in the industry), over 95% of cleaning business owners do NOT know their numbers. They are Financially Illiterate.
This is scary as these cleaning business owners go year-to-year making jokes about "sucking at math" or "not knowing where they are". It's not funny. It's sad. 95% of you RIGHT NOW are literally treading water and about to drown. You are one bad wave or rip current from financial bankruptcy and you don't even know it. 90% of you are anxious, stressed, and overwhelmed because you don't know where you stand. When you are Financially Illiterate, you are standing on sinking and shifting sand. You have literally nothing firm to build on. So what do you do? You continue to work harder and harder and hope that the money works out. Enter geniuses like Mike Michaelowicz and his book "Profit First". Mike was Financially Illiterate until he took the first step. He went from not-knowing his numbers to knowing his numbers. This didn't make the business any better. But it did allow Mike to place his feet on something firm and something he could build from. His stated mission is to help the millions of us in the same place and to eradicate entrepreneurial poverty.
My friend Ellen was once in this position. She ran a successful cleaning company with 20 team members and close to a half-million in revenue. She did not know her numbers at all and she was the first to admit it. I helped her set goals to over a 3-month period to learn her business through a Profit and Loss Statement or a P&L. Once she understood her P&L, she was able to set financial goals and track her business through a financial dashboard. Ellen has grown quite a bit since this major change. There are thousands of Ellens' out there, so don't feel bad if that's you. We will address all 4 fundamentals over time.
Read the rest of this article at the Smart Cleaning School website