In this episode of The Profit Plot, host Jeremy Millar uncovers the timeless wisdom of Michael E. Gerber's "The E-Myth Revisited." Discover why many small businesses fail despite their owners' technical skills and learn practical strategies to transform your business from a chaotic operation to a well-oiled machine. Through the story of Sarah, a passionate baker turned overwhelmed business owner, Jeremy explores the critical roles of the Technician, Manager, and Entrepreneur. Find out how to cre...
Jun 21, 2024•19 min•Ep. 17
Your business performs exactly as it's designed. In this episode of the Profit Plot, Jeremy highlights the importance of intentionally designing business systems. He discusses common pitfalls small business owners face, such as neglecting crucial aspects like marketing, hiring, and financial management. Tune in to learn how to analyze and adjust your business systems to achieve better outcomes and align with your goals. Don't miss out on actionable insights to transform your business into a well...
Jun 14, 2024•6 min•Ep. 16
How does pricing affect your business? Dive into the fascinating world of price elasticity of demand with The Profit Plot. Together, we unravel the mysteries behind successful pricing strategies, drawing parallels between the elasticity of childhood rubber bands and the demands of today's market. Join Jeremy Millar on a transformative journey, learning how to craft a resilient brand that resonates with customers, converting commodities to essentials. We delve into the secrets of mastering market...
Sep 18, 2023•9 min•Ep. 15
Scaling your business can be both an exciting and daunting process. How do you foster substantial growth without exponentially increasing resources? How do you determine the right size and pace for your business growth? The concept of "economies of scale" might hold the answers you seek. Dive deep with host Jeremy Millar as he unpacks the buzzword "economy of scale" and delineates how it can be a game-changer in your business growth journey. This episode delves into the nuances of increasing pro...
Sep 11, 2023•8 min•Ep. 14
How do you improve a struggling business or grow an already successful one? There are so many ways to track your business's performance, but how do you know what's the right way? You need to measure and manage the right data points using the right method. Explore the often-misunderstood mantra, "What gets measured gets managed," and discover its potential pitfalls. Host Jeremy Millar reveals three crucial financial metrics—Current Ratio, Gross Profit Margin, and Return on Investment—that every b...
Sep 04, 2023•12 min•Ep. 13
How much money should stay in your business bank account? Creating a financial safety net is essential for small business owners. Keeping enough in the bank can allow your business to weather any storm. In this episode of The Profit Plot, Jeremy Millar explores the importance of emergency funds and strategic budgeting for businesses. We'll look at how to determine the right amount of cash to keep on hand for covering operating expenses and seizing growth opportunities. Drawing from recent studie...
Aug 21, 2023•9 min•Ep. 12
Debt - it's a word that can strike fear into the hearts of many. Whether it's a necessary evil or a strategic asset is a topic of endless debate among business owners. What if understanding debt could be the key to unlocking growth and prosperity in your business? In this episode of The Profit Plot, host Jeremy Millar dives deep into the world of debt. From its roots as a promise to its modern role in the global banking system, debt is an integral part of our financial fabric. It's not just abou...
Aug 14, 2023•13 min•Ep. 10
Entrepreneurship is an exhilarating journey. It allows you to tap into your unique skills and turn your passion into a profitable venture. But what happens when you realize that your business solely depends on you? How do you transition from being a high-performing individual to leading a sustainable business that can operate independently? In this episode of The Profit Plot, host Jeremy Millar explores how to transition from a business that is an extension of you to a sustainable enterprise tha...
Aug 07, 2023•12 min•Ep. 11
Data is one of the most sought-after resources in the world right now. Protecting, interpreting, and gathering it helps companies make billions of dollars. What if you could leverage your own financial data to understand your business, resulting in a deeper understanding than ever before? In this episode of the Profit Plot, host Jeremy Millar discusses how our world rapidly transformed into a data goldmine. From the history of application programming interfaces to the future of open banking, dat...
Jul 31, 2023•12 min•Ep. 9
Trying to predict sales figures for small business owners is like trying to build a time-traveling DeLorean. Sales numbers are one of the hardest components of a business's financial story to accurately predict! There are so many factors that can cause sales to fluctuate and many of them are out of your control completely. But there's hope: a strategy known to the most savvy of business owners that can help you peel back the fabric of the universe and predict what your sales are going to be. In ...
Jul 24, 2023•16 min•Ep. 8
A budget is often an afterthought in running your business. It's a stale document that collects dust and only gets updated once per year. But what if the budget you've tossed to the wayside could be used to scale your business and achieve your goals? In this episode of The Profit Plot, host Jeremy Millar demystifies strategic budgeting, an essential tool for aligning your financial plan with your business goals. Through exploring its advantages, implementation steps, role in business growth, ove...
Jul 17, 2023•14 min•Ep. 7
A fractional CFO can be a game-changing hire for a small business owner. Fractional CFOs allow you to redirect your energy away from your business's finance and focus instead on growing your business. These essential service providers can be cheaper than a full-time executive while still delivering immense value. In today's episode, Jeremy walks through the basics of what to look for in a Fractional CFO for small business owners who are looking to grow. Together, we'll walk through basic topics ...
Jul 10, 2023•16 min•Ep. 6
When managing cash flow, most business owners check their Chase app every morning to ensure they still have money. Cash flow management is an essential component of running your small business. Without properly managing your money as a business owner, you run the risk of defaulting on loans, not being able to run payroll, and bankrupting your business. Luckily, cash flow management is an incredibly accessible practice! In today's episode, Jeremy walks through the basics of cash flow management f...
Jul 03, 2023•13 min•Ep. 5
If you could tell the future, would it change how you make business decisions? That's what financial forecasting is for: to model scenarios and help paint a picture of the future. When done correctly, financial forecasting can help you unlock an edge in your business that is unlike any other. One that allows you to be confident in your plans moving forward, in the decisions that you're making, and in your business itself. On today's episode, Jeremy walks through the basics of financial forecasti...
Jun 26, 2023•15 min•Ep. 4
Proft and Loss. Balance Sheet. Statement of Cash Flows. These statements illicit anxiety and fear in some entrepreneurs while bringing confidence and clarity to others. Your financial statements are vital documents that uniquely illustrate your business's story! Understanding and analyzing these statements is a critical component of building a successful business. In today's episode of the Profit Plot, we'll discuss the key financial statements you should be looking at, how to read them, and wha...
Jun 19, 2023•14 min•Ep. 3
There are many types of business coaches. Some focus on C-Suite or Executive level coaching, many focus on mindset, and still others choose to focus their coaching efforts on the business as a whole. The most effective coaches leverage data and information from the business itself in order to deeply understand the story within. On today's episode of the profit plot, we're discussing Financial Coaching. What is a financial coach, and how can one help your business grow? Working with a Financial C...
Jun 12, 2023•13 min•Ep. 2
Business finance feels like an ethereal topic to most entrepreneurs. It's complex and confusing, and at the same time, incredibly important. Your understanding of your small business's finances is directly related to the overall success of your business. Without in-depth knowledge of your company's numbers, you're stuck on a quest for success without a map. In today's episode, Jeremy walks through the basics of business finance for small business owners. We'll answer basic questions together lik...
Jun 06, 2023•20 min•Ep. 1
