Are you running a service-based business and struggling to hit profitability targets? In this episode, Jon Morris shares how to use financial benchmarks to boost growth, optimize margins, and free up resources for innovation.
#BusinessGrowth #ServiceIndustry #Entrepreneurship #Benchmarking #Profitability #SmallBusinessTips
Key Notes
- Benchmarking helps service companies identify growth opportunities and avoid financial blind spots.
- Aim for 50% gross margin to stay competitive despite rising costs and pricing pressure.
- The holy grail: 20% YoY growth and 20% EBITDA.
- Dedicate 5% of revenue to innovation to stay ahead of competition.
- Start benchmarking by unbundling payroll to track real margins by function
Links
Website www.fiscaladvocate.com
https://www.linkedin.com/in/jonmorrisramsayinnovations/
Offer
- Free 77-page ebook on benchmarking, budgeting, and forecasting
- Free community for 8-figure service companies at FiscalAdvocate.com
- Connect with Jon Morris on LinkedIn (posts 3x/week)
- Email: jon@fiscaladvocate.com
Meet Jon
Jon Morris is the Founder and CEO of Fiscal Advocate Inc,
a technology-enabled professional services company
powered by EngineBI software. Prior to Fiscal Advocate,
he established Rise Interactive in 2004 with prize money
from his second-place finish in the University of Chicago’s
prestigious New Venture Challenge. Over the next 16
years, he grew Rise from a one-person shop to one of the
largest independent marketing agencies in the world.
After selling Rise, Jon pondered his next move and
realized that he was most energized when connecting and
helping fellow entrepreneurs grow their businesses.
