4. (MONEY MATTERS) HOW DO I TURN MY SERVICE BASED COMPANY INTO A PRODUCT? - KASFIA RASHID artwork
MONEY MATTERS WITH KASH THE BOOKKEEPER

4. (MONEY MATTERS) HOW DO I TURN MY SERVICE BASED COMPANY INTO A PRODUCT? - KASFIA RASHID

  • S4E30
  • 14:59
  • February 27th 2021

Creating something is easy, creating something that sells is the goal. It hardly matters how many products we have, if no one wants them or can use them, but thankfully, we aren’t starting from scratch. If you are already able to provide services, that means you have SOMETHING that SOMEONE is willing to pay for. In a service industry, that SOMETHING is usually a goal with the SOMEONE simply wanting to achieve that goal. How they get to their goal and what they use is where we come in.  

The Someone: List all of the customers you would typically service, and then really ask yourself, Why would they choose you? What made them purchase your service rather than the person across the street? Look at the demographics—age, gender, income. Can you see any patterns? Use this list to narrow down the content for your product and tailor it to your audience. 

The Something: A “repeatable” part of your product is arguably the most important. Find an aspect of your service that not only is unique to your business, but something that can be turned into a “repeat purchase.”

The best way to start figuring out your productized service is to physically write down all the services you provide and score them based on the TVR system. “Write down all of the services that you provide today—all the different, discrete, unique services you provide—and then score them on the degree to which they are teachable to employees, valuable to customers and repeatable, meaning consumers have a repeatable need for them,” says Warrillow. Then score those services out of 10 on each of the TVR aspects, for a total possible score of 30.

“Then identify which of your services is the highest scoring, and that’s probably where you’re going to find the raw material for productizing your service,” he concludes.

Your books and records holds all of this information from your customer list to your services offered and pricing. As your product list starts and grows, add them to your accounting records and track the funds coming in from each category. If you are producing several different lines of products, use classes to create miniature profit and loss statements per income stream. Lastly, you can add sub-categories under the cost of goods section to track production materials. Once set up,  be sure to review your product lines each month to make sure they are profitable!



MONEY MATTERS WITH KASH THE BOOKKEEPER

“Making good judgements when one has complete data, facts, and knowledge is not leadership- it’s bookkeeping.”-Dee Hock FOUNDER AND CEO EMERITUS VISA USA AND VISA INTERNATIONAL, NOW VISA INC

My name is Kasfia Rashid but you can call me Kash. It is my job to prepare you to understand the language of business AKA accounting. Think about it, what is the first thing you learn when you decide to travel to a foreign country? The language, of course! Warren Buffett, said that accounting is the language of business. So who better to learn from than an accountant with over 16 years worth of experience!

My mission is to repair the gap between small business owners and their bookkeeping processes. Take back control of your business and leave the bookkeeping to me. I am not your average bookkeeper. I understand that discussing money is difficult, my no-nonsense attitude combined with a no-judgement approach creates a safe environment. Ready to add the expertise of a corporate back office accounting manager to your small business?

  • Accounting Coach
  • Quickbooks Online
  • ​Monthly Bookkeeping Maintenance​

“Money matters-Ask the Bookkeeper” is all about answering burning accounting questions! You know, the ones you would only ask your best bookkeeping buddy. Each show will have one main question from the audience with supporting questions from my various travels. Have a question to ask? Don’t be shy, step right on up. We will follow the same path as last season with two shows on each of the main concepts of accounting and one show for each financial statement! 

Each episode has additional written information your might find helpful. Here is a complete listing of Show Notes. Want to continue the conversation? Add your thoughts in the comments section available at the bottom of each page of notes on the site. Simply click "read more" and let's get the conversations started!

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Kasfia Rashid avatar
Kasfia Rashid
Kash the Bookkeeper

    Kash grew up in Brooklyn, NY and is a proud only child of a single mother who immigrated from Bangladesh.

    Her accounting career started at age 8 when it was discovered that someone was skimming from her piggy back. After a careful audit of her records (kept in a little pink book) she confronted her mother about the missing funds.

    In 2003 (12 years later-finally allowed out again) she started working in a Manhattan CPA firm while earning her degree in accounting with a double major in finance and economics.

    Her corporate career ended in the hedge fund industry in 2014. She is a QuickBooks Online certified pro, and excel wizard and an automation expert. By having Kash as your bookkeeper you gain a partner, who acts as an extension of your C-class executive team, bringing the expertise of a corporate back office accounting manager to your small business.

    ​When she is not managing small business’s books and records, Kash can be found networking at her BNI meeting on Tuesdays, attending monthly WHIMBY events, and other various networking organizations around town.

    ​Kash broadcasts from Richmond, VA