Top performing 360 Painting owner added 46% more profit
Chad Neilson's business was busy and growing. A monthly look at his numbers showed him where the money was going, and what to change.
- Business
- Residential and commercial painting, Rockwall, Texas
- Software
- Housecall Pro and QuickBooks Online
- Services
- Monthly accounting and financial review
- Result
- 46% more profit
Where he started
Chad Neilson owns 360 Painting of Rockwall, one of the top performing locations in the 360 Painting franchise system.
When Chad opened his territory, he went with the accounting firm the franchise system recommends to new owners. His books were updated once a quarter, and all questions went through an online portal.
His business was growing fast, and he needed someone to call when he had tax and accounting questions.
What changed
| Before | With PharmaGov | |
|---|---|---|
| Financials | Updated once a quarter | Every month |
| Questions | Sent through an online portal | A call to a dedicated point of contact |
| His numbers | Reports, with no one to explain them | Reviewed with him every month |
| Profit | Too little of each job left over | 46% more profit |
- Financials every month instead of quarterly.His financials are done every month instead of once a quarter, so he's never waiting months to find out how the business did. When he takes on bigger jobs that pay out later, he has real numbers in front of him.
- A dedicated point of contact who knows his business.When Chad has an urgent question, he calls our office, and a real person who knows his business answers.
- A monthly review of his numbers.Every month we walk him through what's making him money, what's costing him money, and what to keep an eye on.
What matters most is that Chad isn't building his business alone. Someone who understands franchises, and understands his specific business, watches his financials every month and helps him figure out where he can make more money.
The result
In his monthly reviews, one item kept coming up month after month. His business was busy and growing, but after labor and materials, too little of each job was left over.
If you're a PharmaGov client, you'll hear this often. There are only two ways to grow profit, increase revenue or decrease expenses.
We caught the trend early, talked through where the gap was, and showed him what closing it could mean for his bottom line. With that information in hand, he was able to make changes in his business.
Those changes resulted in 46% more profit.
"I've been leaving money on the table."
What we watch every month
Every franchise owner's numbers are different. These are the four things we look at first, for Chad and for every franchise client.
Profitability
Busy doesn't always mean profitable. We watch whether the business is keeping the money it should. If something starts to slip, we dig in, find out why, and walk you through what we found.
Franchise specific overhead
Franchise owners carry costs other businesses don't. We account for them every month, so you always know what your business really costs to run.
Cash flow
Profit on paper and money in the bank aren't the same thing. Each month we show you where the cash went, so your bank balance makes sense.
Growth
Growth can expose hidden problems. We catch them early and make sure your profit keeps pace with your sales.
In Chad's words
"My books get done every month, and when I have a question I can call and talk to a real person. Every month PharmaGov goes over my numbers with me, and that's how I saw I was leaving money on the table."
"Make sure your accountant does your books every month and actually goes over them with you. Most new owners don't know what their numbers should look like. That's why you need someone who does, and who's watching out for you. That's what PharmaGov does for me."
Own a franchise?
PharmaGov is the finance department for franchise owners. We take care of your entire accounting back office, including monthly accounting, financial reviews, tax planning and preparation, and payroll support, so you can focus on running your business.