Mike Minutes Mastermind 05/12/2023

Hey everyone, let's go and get started. Happy Friday.

Quick reminder, if you haven't seen it already last a couple days ago I put a video on the Facebook group that I'd really recommend everyone watch and it is about.

Follow up calls. So feel free to check that out. Sorry, here, one second, let me get this link in here.

It's about follow up calls. I kind of walk you through the process and the workflow that you can use for doing follow up phone calls.

Whether it be voicemail or whether it be.

If they actually call, if you actually get them on the phone. So definitely recommend that for general managers and owners. You all that are in control of your schedule in terms of general managers and owners can use more scarcity than even command center. So that video was made for command center training. But if you are able to discount or actually give people real dates of service, it's even, even better for closing. So highly recommend watching that, giving it to anyone that is on your team that is doing follow up phone calls. It'll give you those workflows really well.

All right, jump into some questions here. Nick from Marysville is if one of your employees out in the field doesn't just want to see your profit and loss, but they want to see the business bank account, would you show them?

Probably not. Like why?

That would be my first question. Like why? Like if they're being malicious. Definitely not. If they don't trust your P L, they probably shouldn't work for you. Like, like so just becoming like what's the why? Like why are they asking for that information?

Like honestly, if someone doesn't trust, like if you're doing open book management and showing all of your numbers and your team isn't believing that you're showing the right numbers, you know, they should probably work for someone else. Like they obviously don't trust you, right? So just they can go work for somebody else. If they're, if they think you're trying to fudge numbers, that other employee they work for likely will not be showing a P and L, let alone any, you know, let alone their banking information. So I don't, I wouldn't really have an issue with it. Honestly though, it's like there's nothing to hide. It's just a matter of why are they asking for that information? Right? Because if they're looking for a data point to basically say, oh, you have so much money in the bank account and to most invest employees it'll seem like a lot of money but you know that it's literally just A few weeks or a month worth of, of cash flow that, that, you just gotta be careful of that, right? Like if, like if I shared how much is in my bank account, people like oh my word, that's so much. I'm like, look, in one month all that gets used up in payroll, right? So you, you just gotta be careful with that much information, I would say, because numbers start to get pretty large as the company grows. But it's just like, yeah, like why, why do they need to see the bank account? That's my bigger question. Kyle Tarvin, piggybacking on my question yesterday about us not having cash in the bank. I have 5k just sitting in my personal account I could use to float us until we bill at the end of the month. Would that be a good idea to put that into the business or is it better to get debt in this scenario? I was kind of wanting to hold on to my cash, but I don't want the business to not have cash either. Two if I was. So first of all, what I was talking about yesterday was using the debt as a backstop. Ideally you don't go get a loan, but you get like a line of credit. And again, remember that it might actually be cheaper for you to use a credit card if you're only using the credit for 60 to 90 days. Because otherwise if you go loan origination fees, even though you might be paying 18, 20% on a credit card compared to 10% on a loan, you still might end up paying more in the loan if you're paying off that debt within six months. So keep that in mind. Like you can use credit cards if you have to. Those are backstops. And like I have, I have a few credit cards I don't even use, but they are massive lines. So that way like in the worst case scenario, there's something I can go tap into. It's high interest rate, I obviously never want to do that. But it's a backstop because the last thing you want to do is lose a business that's worth a few hundred thousand dollars because you, you're two or $3,000 short or something. You know, calamity happens, right. Two if I was to do an owner's investment into the business, could I take the money back out in a month or two as an owner's draw and not pay tax on it? My company is taxed like an S corp, so moving money in and out of your account like this has no impact on your taxes. All right, Moving money in owner's draw and an owner's investment has no impact on your on your P and L. It's a balance sheet item. The therefore it will not affect your taxes at all. But you'll need to do it just like you said, that is move the owner's investment, move it out. As owners draw, they don't cancel each other out but effectively from a tax perspective they do. So just it's a balance sheet item. Remember that you're only getting taxed on the profits of that business as a pass through entity and therefore moving money in and out for owners draw and owner distribution. Owner's investment. Owner's draw is not going to affect your taxes.

Kurt Kyler CC is not leaving notes on Zooper for me, I don't know what the customer wants an estimate for. When I call a customer I feel silly asking what they wanting an estimate for.

You're likely talking about the estimate request form. CC not leaving note because if they. I don't know. Yeah, because so I would have to see what you're talking about because if, if.

If there, if, if we're getting a phone call, there's almost no way we can not put what the customer wants unless it's an estimate request form or it is a web chat. In those cases what can happen is people leave insufficient information. For example, they can submit an estimate request form and say yard work. And it's like, well, I don't know what they want. Right. So.

Two things. One, send a picture of this in case it is an actual error. You can, you can have command center look into this like Yellow Slip @augusta longer service.com you can have them look into it. But I would, I would imagine this is a vague, a vague asset request form or web chat. Again, they can look into this for you, no worries. But I would almost guarantee that it is because someone calls in, they're taking notes throughout. It's pretty difficult for them to forget to not put the services that the customer wants. So I wouldn't feel stupid asking the customer again because it's likely it's an estimate request form, it's a web chat, etc. It's just very difficult for someone to get. For us to get a call and for us not to put the service on there. That's why I'm thinking that. But again, if we're wrong, send a screenshot. We can look into it specifically if you just submit it to Yellow slipustalonga versus dot com. But if you're saying this is like happening more than one time, like I've never heard of it. Like, if it's having more than one time, I can almost guarantee it's a web chat or an estimate request form. And you shouldn't feel bad calling and asking.

But a lot of times too, if we, if we, if it's vague, we call and then it hits voicemail, it's like, well, do we wait to put this on their schedule? No, we need to put it on your schedule as a drive by. Otherwise it gets lost. Because I think three days later, if they call us back now we don't have any record of it, so we need to put it somewhere. So, yeah, just don't feel bad calling about things like that. Just know if there's a phone call comes, it's very difficult for us to like, not remember to put the type of services they want on there.

All right, cool. I just saw something on Facebook.

Looks like someone had a fallen tree, damaged roof. I will take a look at this. Thank you, Ryan, for posting that.

All right.

Guys, have a great weekend. We'll see you.