Transformative Strategies: How to Increase Profits and Cash Flow in Your Business with Cary Prejean

Summary

In this episode of the Winner's Circle podcast, host Jay Adewole interviews CFO consultant and executive coach Cary Prejean. They discuss transformative strategies for increasing profit and cash flow, focusing on the entrepreneurial mindset, common challenges faced by business owners, and 12 actionable strategies that can be implemented immediately. Cary emphasizes the importance of understanding financial statements, the need for effective leadership, and the significance of having a clear market position. The conversation concludes with practical steps for business owners to take to improve their profitability and cash flow.

Takeaways

CFO consultants can help business owners understand financial statements.

Entrepreneurs often struggle with management due to their dominant personalities.

Effective leadership involves empowering team members with a vision.

Many business owners operate as glorified employees rather than true owners.

Raising prices incrementally can lead to increased profits without losing customers.

Cutting unnecessary costs is essential for improving cash flow.

Compelling offers can attract new customers and drive sales.

Upselling and cross-selling can significantly increase revenue.

Joint ventures can create new business opportunities and expand reach.

Drip campaigns help maintain customer engagement and awareness.

Sound bites

"Joint ventures can expand your customer base."

"Drip campaigns keep you top of mind."

"You can eat profits, you can't eat revenue."