05: From Financial Ruin to Profit Freedom: Simon Davis’ Transformation
March 12, 2024
In this episode of the Profit First for Tradies podcast, Katie Crismale-Marshall interviews Simon Davis, a fencing business owner and coach from the north coast of New South Wales.
Simon shares his powerful story of losing everything in his fencing business years ago due to poor cash management. Despite having systems for operations, he lacked a cash flow system, leading to massive overdrafts, personal loans, and eventually losing his home and equipment. Feeling defeated, Simon almost quit fencing altogether until he discovered Profit First.
In this episode of the Profit First for Tradies podcast, Katie Crismale-Marshall interviews Simon Davis, a fencing business owner and coach from the north coast of New South Wales.
Simon shares his powerful story of losing everything in his fencing business years ago due to poor cash management. Despite having systems for operations, he lacked a cash flow system, leading to massive overdrafts, personal loans, and eventually losing his home and equipment. Feeling defeated, Simon almost quit fencing altogether until he discovered Profit First.
Implementing Profit First with Katie's guidance was a game-changer. Simon now spends just 30 minutes each Friday allocating percentages across his bank accounts. This simple process has eliminated financial stress by ensuring money is set aside for expenses like taxes, equipment maintenance, and personal spending.
Simon highlights how Profit First has given him a new lifestyle freedom. He can now take holidays, help the family financially, purchase equipment with ease, and even work fewer hours if desired — all without the constant worry over cash flow. His team benefits too through a better work-life balance.
Perhaps most notably, Profit First shifted Simon's pricing mentality from chasing jobs to quoting for profit. He now carefully vets each job to meet his profit goals, leading to a sustainable business model focused on the bottom line over frantic business activity.
In this episode of the Profit First for Tradies, you’ll learn the following:
- Who Simon Davis is and how his business was impacted by not having a cash management system in place (00:09)
- Does it take a lot of time to deal with your business’ financials? (04:24)
- A glimpse into how Simon handles his business’ financials (05:27)
- How you can stop playing catch up with Profit First (07:42)
- How a Profit First mentality can help you achieve the lifestyle change you want (13:42)
- A Profit First mentality shift: pricing your jobs for profit (19:55)
Simon's story underscores how implementing a cash management system like Profit First can transform a business by alleviating financial pressures and enabling business owners to operate proactively with the lifestyle they desire.
Resources
CONNECT WITH KATIE CRISMALE-MARSHALL
- Website: https://www.profitfirstfortradies.com.au/
- YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured
- Facebook: https://www.facebook.com/ProfitFirstforTradies/
- Email: katie@profitfirstfortradies.com.au
- Instagram: https://www.instagram.com/profitfirstfortradies/
CONNECT WITH SIMON DAVIS
- Fencing business website: North Coast Fencing
- Coaching and mentoring business website: The Profitable Fencer
- Facebook group: The Fence Posts Facebook Group
- You Tube podcast: A Fencer’s Life - Lessons from the Trenches
- Spotify podcast: A Fencer’s Life - Lessons from the Trenches