Sustainable Profit Expert – in Just 7 Minutes with Jennifer Peek

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Summary:

Jennifer Peek is the founder of Peek Advisory Group and The CFO School which help businesses build sustainable profits for long-term business success and create business legacies. Her 20+ years of corporate experience combined with 10+ years of personal entrepreneurship focused on business profitability, valuation and transition uniquely qualify Jennifer to provide businesses with proven insights for focused growth and compounding results.

Here are the highlights of this episode:

Jennifer has shared with us that they've been working usually with business owners who knows exactly who their customers are, what services & products they offer, but they're still stuck on that profit-cashflow rollercoaster. her team then tries to help these folks to gain a consistent, sustainable, profitability. And the biggest payoff for that is that it helps people sleep better at night because they stop being constantly worried. Most business owners face the underlying level of anxiety; a wondering question like "Is this going to be a profitable month or not?". So, this overall anxiety shows up in different ways. The first thing these people do is to chase revenue, because revenue or sales will fix everything. However, they don't really look at what that cost is.

 Another thing they do is to cross-cut their way to profit. A bunch of little things that even when they cut them a 100% it will not make a big difference. If someone wonders "Which is important; revenue or profit?" because you can't have profit until you have revenues, it's like the 'chicken and the egg' question. The answer is that there should be a balance. Whatever happens so much with revenue, that's where the focus becomes.

And the media is not helping with that. "What's your revenue? The size of your company is measured by the revenue..." but you can have a 10 million dollar company and be losing money. So, it's really that balance. Also, it's important to know that regardless of where companies are in their business life cycle, to be balancing those and to look at them equally and not over-correct in one direction or the other.

Jennifer’s Valuable Free Action (VFA):

She said that it's important to know that not all of your revenue is created equally. Take a good look at where your revenue is, not only where it's coming from but what it is generating for you. Because you don't want to chase revenue that's just going to give you the same results. It will just become the same problem but with a bigger number.