#411 Harnessing AI for Financial Insights with Mike Barnhart

The Home Service Expert Podcast

Tommy Mello

Business, Management

4.8 • 705 Ratings

🗓️ 2 May 2025

⏱️ 69 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this conversation, Mike Barnhart, COO and CFO of Eco Plumbers, discusses the essential role of hope in leadership, financial growth strategies, and the importance of curiosity in business. The discussion also covers customer retention through membership models, the importance of incentive plans, and effective budgeting practices. Additionally, Tommy and Mike delve into team development, the use of technology for efficiency, and managing expenses for profitability. The conversation also highlights the role of technology in improving sales processes and the necessity of effective recruitment and training to build a strong workforce.

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00:00 The Role of Hope in Leadership

01:43 Introduction to Mike Barnhart and Eco Plumbers

02:11 Financial Growth and Strategic Planning

03:00 Greenfield vs. M&A Strategies

06:55 The Importance of Curiosity in Business

08:41 Leveraging AI for Financial Insights

10:54 Rebranding and Expanding Services

12:20 Marketing Strategies and Storytelling

15:13 Navigating Economic Challenges

16:40 Membership Models and Customer Retention

19:51 Incentive Plans and Employee Engagement

20:57 Key Performance Indicators in Business

23:06 Budgeting and Financial Planning

26:10 Top Grading and Team Development

28:55 Utilizing Technology for Efficiency

30:43 Revenue per Employee and Operational Efficiency

32:42 Managing Expenses and Profitability

36:13 Navigating Pricing Strategies for Profitability

39:20 The Importance of Reviews and Conversion Rates

41:20 Sales Techniques and Customer Engagement

46:09 Leveraging Technology for Improved Sales

51:05 Recruitment and Training for Success

55:07 Building Relationships and Networking

01:00:59 Work-Life Balance and Purpose in Business

Transcript

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0:00.0	As leaders, we are dealers of hope. And there's this phrase, without hope, the people will perish.
0:08.4	And so we have to be providing hope for everybody that's part of our team. And literally, like,
0:13.9	I don't think a week goes by that I don't think about that, is that we as leaders are dealers are dealers of hope so that our people don't perish. Welcome to the home
0:22.5	service expert where each week Tommy chats with world-class entrepreneurs and experts in various fields
0:28.7	like marketing, sales, hiring and leadership to find out what's really behind their success in business.
0:35.8	Now, your host, the home Service Millionaire, Tommy Mello.
0:40.5	Before we get started, I wanted to share two important things with you.
0:43.9	First, I want you to implement what you learned today.
0:46.6	To do that, you'll have to take a lot of notes,
0:48.9	but I also want you to fully concentrate on the interview.
0:52.4	So I ask the team to take notes for you. Just text,
0:55.5	note, N-O-T-E-S, to 888-526-1-2-99. That's 888-526-1-2-99, and you'll receive a link to
1:06.9	download the notes from today's episode. Also, if you haven't got your copy of my newest book, Elevate, please go check it out.
1:14.0	I'll share with you how I attracted and developed a winning team that helped me build a
1:17.5	$200 million company in 22 states.
1:20.0	Just go to elevate and win.com forward slash podcast to get your copy.
1:24.4	Now let's go back into the interview.
1:26.4	All right, guys, welcome back to the home service expert. Today is a special day. I've been trying
1:30.5	to get Mike Barnhart here for three years. Three years. And we've been talking about just how to get
1:37.5	him on the podcast. He's a busy guy. He is acting as the COO, the CFO, shared services within eco-plumbers.
1:45.2	You guys know I hang out with Aaron Garner quite a bit, but Mike started listening to the podcast originally.
1:50.3	Turned Aaron on to me, and little did you know that Aaron's son, Chase, moved out here to go to ASU.
	...

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