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EP 68: Three Profit Killers And How To Avoid Them – Benji & Igor

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Read a Summary of Episode 68

Your business is a “For-Profit Entity”.  

Profits are a slippery business though.

Sometimes it can feel like what you made on paper and what is in your bank account don’t quite line up.  

Sometimes top-line growth doesn’t translate to bottom-line growth. 

And sometimes it’s only a few expense categories on our P&L that are giving us all the headache.

Listen to the full episode and we’ll show you where and how contractors most commonly destroy their year-end profits

Episode Highlights:

  • Why it’s so easy for your overhead efficiency to spiral out of control and the best way to track your overhead deliverables
  • The difference between managing expectations in your “Ditch Diggers” vs managing expectations with your more abstract roles
  • Managing increasing material costs and why you NEED to take action in your business to mitigate them and not just accept tightening margins
  • The two kinds of companies when it comes to addressing inflation and why one thrives while the other fails
  • Why writing off big expenses at the end of the year to offset your tax bracket is a bad move
  • How your ego can tank your financials if you aren’t very careful
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Igor Trninic

Igor Trninic

Igor moved to Canada at a young age, where he learned the value of hard work as he watched his family rebuild a thriving life in a new world with extreme change. Most of Igor’s early learning came from competitive sports, where he learned how to hustle and lead. This learning transferred well to business, when he started running a College Pro Painters franchise at 18 and quickly grew it to one of the top franchises in Canada. After finishing an honours degree in Accounting and HR at the SFU Beedie School of Business, he decided to leave the dull world of numbers and followed his passion of developing people and businesses. He fell in love with leading great people and growing companies to their potential.

Working at College Pro as a General Manager for the franchisor, he tripled the revenue of his division in three years by hiring and leading great managers. Here, Igor saw the power of combining amazing people with strong systems to drive scalability. After College Pro, he chose to test these principles on a new venture with the launch of Shack Shine, and together with the guidance of a highly experienced trades entrepreneur, they grew the company to a full scale franchisor within a year and a half. Shack Shine was eventually acquired by 1-800-GOT-JUNK to be scaled across North America and Igor launched the Breakthrough Academy to guide trades and home service entrepreneurs grow their businesses through proven principles. Igor has a passion and true care for developing people and their businesses, which has formed the foundation of Breakthrough Academy. His work in developing BTA has recently been highlighted in Igor’s Top 30 Under 30 selection by BC Business Magazine.

Igor resides in Vancouver, British Columbia and loves to take on all the adventure that BC can offer. From hunting to skiing to downhill mountain biking, any outdoor adventure is up his alley.

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Welcome to Contractor Evolution, a show created for high-performing contractors that are focused on scaling up, working less and increasing profitability.

While a lot of other shows focus on early stage growth challenges, we focus on real life scenarios faced by contractors that are scaling at a rapid rate, and how they keep everything dialed in without losing sight of work/life balance.

If you’re ready to evolve from a contractor into a better business owner, you’re in the right place.

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Would you like to find out? Take the 10-day ‘Evolved Contractor’ Challenge and identify the methods that will scale your business past 8-figures.

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