Cash is king Part 1. I’ve broken this up into parts so that you will have ample time to read, digest & implement each part and not be overwhelmed. I am always here to answer your questions along the way.
This topic has grown since I started writing it. Looking back to owning my own pool business, I began thinking of all the times I failed and had to climb my way back up again. Everything I have written comes from my own experiences and lessons learned.. I truly hope you get something out of what is written and that it helps you and your business.
Cash Flow is important in any business but it really matters when you own a seasonal pool business in the Midwest. The winter season can slow the pace of even the most cash savvy business owners. Many variables can affect your cash flow. Believe me, All of what I am about to suggest I have lived, learned and implemented in my own business.
It’s common knowledge – controlling your expenses & increasing your prices will quickly cure your cash flow woes. Listed below are tips that will help you manage your cash flow and keep your pool business in business for many years to come. Whether you are just starting out or you are a seasoned professional, I believe you will find these tips helpful.
Software: It starts with utilizing software or an app that will track your income & expenses. If you are an independent pool service professional I recommend the most popular and simplest accounting app; QuickBooks Online. Download it on your phone and you will have a powerful accounting app to run your small business on the go. Other apps like,
If you have a retail store with one or more locations you will want something more robust. Choose a point of sale system designed specifically for the pool business. The top three pool business Point of Sale providers are Evosus, RB Control Systems and Wise Software. Do your research and find the best company that fits your needs and your budget.
Get Online: Having a professionally designed website that is updated often and being on social media is key to your business success. Your potential customers are dreaming online; Google, Bing, Apple Maps, Facebook, Instagram, LinkedIn, Snap, Houze, Yelp, Twitter, Pinterest. Make your business easy to find. If your business is easy to find your business is easy to choose. If your competitor is posting pictures of beautiful backyards and happy homeowners they WILL get the first call. When a potential customer is online looking for a builder to upgrade their backyard living space they will choose a business that has a strong website & social media presence. Be present online. Download my FREE beginners guide to social media. I provide tips on how to get your business noticed online, how often to post and how to expand your reach.
For help with your website, logo, blog, SEO, etc I recommend Sumy Designs. Sumy Designs is located in my home town. The owner is a personal friend and former client. Amy Masson has a pool & spa in her own backyard. When I owned my pool business, Amy was a customer. In fact, Amy first contacted me back in 2011 because she needed pool work done and noticed I did not have a website. We ended up doing business together and have been friends ever since. Amy knows the pool business.
Be Insured: As a former dealer I am well aware how much business insurance costs. Trust me, it is the most important part of owning a business. You will want to have a business liability policy in place before ever stepping foot in your first backyard. Not only will you want a business liability policy, I recommend also having a commercial auto policy on your work truck.
This concludes Part 1 of this series, Cash is King.. Be sure to keep checking back for future posts on this subject. You can continue the conversation by commenting below or looking us up on Facebook, Twitter or Instagram @ThePoolBlog. I look forward to hearing from you.
You can learn more about Business Cash Flow Tips by picking up, “Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine” by Mike Michalowicz. With dozens of case studies, practical, step-by-step advice, and his signature sense of humor, Michalowicz has the game-changing roadmap for any entrepreneur to make money they always dreamed of.