ProfitSense Archives - Business RadioX ®

Unlock Hidden Profits, with Bill McDermott, Host of ProfitSense

January 10, 2025 by John Ray

Unlock Hidden Profits, with Bill McDermott, The Profitability Coach

North Fulton Studio

Unlock Hidden Profits, with Bill McDermott, Host of ProfitSense

00:00 /

Unlock Hidden Profits, with Bill McDermott, Host of ProfitSense

In a commentary from a recent episode of ProfitSense, Bill McDermott, The Profitability Coach, discusses several ways to unlock hidden profits in your business.

Bill’s commentary was taken from this episode of ProfitSense.

ProfitSense with Bill McDermott is produced by John Ray and the North Fulton affiliate of Business RadioX® in Alpharetta.

Transcript

I want to take a moment today to share some simple strategies to unlock hidden profit in your business. Where do you start? Remember, profit isn’t just a result; it’s a choice. Achieving financial success doesn’t require an overhaul, just targeted strategies to make your business more resilient and profitable.

First, streamline your operations. Look for inefficiencies in your processes, like outdated scheduling or equipment downtime, and fix them to save time and money. Second, identify overlooked expenses. Could you negotiate better rates for raw materials or supplies? Good enough prices aren’t set in stone.

Third, realign your pricing strategy. Are you charging what you’re worth? Make sure your prices reflect the true value you bring to your customers. Finally, empower your team. Invite employees to suggest cost-saving or efficiency ideas, and reward those that work. Engaged employees can transform your business’s profitability.

Every business has hidden profit potential waiting to be discovered. With the right guidance and strategic adjustments, you can unlock that potential and achieve lasting success. If you’re ready to take your business to the next level, let’s talk.

About ProfitSense and Your Host, Bill McDermott

ProfitSense with Bill McDermott dives into the stories behind some of Atlanta’s successful businesses and business owners and the professionals that advise them. This show helps local business leaders get the word out about the important work they’re doing to serve their market, their community, and their profession.

Follow this link to find the show archive.

The show is presented by The Profitability Coach. The Profitability Coach helps business owners improve cash flow and profitability, find financing, break through barriers to expansion, and financially prepare to exit their business.

Bill McDermott is the Founder and CEO of The Profitability Coach. When business owners want to increase their profitability, they don’t have the expertise to know where to start or what to do. Bill leverages his knowledge and relationships from 32 years as a banker to identify the hurdles getting in the way and create a plan to deliver profitability they never thought possible.

Bill currently serves as Treasurer for the Atlanta Executive Forum and has held previous positions as a board member for the Kennesaw State University Entrepreneurship Center, Gwinnett Habitat for Humanity, and Treasurer for CEO NetWeavers. Bill is a graduate of Wake Forest University, and he and his wife, Martha, have called Atlanta home for over 40 years. Outside of work, Bill enjoys golf, traveling, and gardening.

Connect with Bill on LinkedIn and Instagram and follow The Profitability Coach on LinkedIn.

Yuquan Holloway, Holloway Consulting Group, and Lee Heisman, Exit Stage Left Advisors

December 3, 2024 by John Ray

North Fulton Studio

Yuquan Holloway, Holloway Consulting Group, and Lee Heisman, Exit Stage Left Advisors

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Yuquan Holloway, Holloway Consulting Group, and Lee Heisman, Exit Stage Left Advisors (ProfitSense with Bill McDermott, Episode 64)

In this episode of ProfitSense, host Bill McDermott interviews Yuquan Holloway from Holloway Consulting Group and Lee Heisman from Exit Stage Left Advisors. Yuquan shares her journey from corporate America to becoming an “accidental entrepreneur,” providing insights into how she helps large corporations solve complex challenges through project management and training. Lee discusses his path from physical therapy to entrepreneurship and the importance of professional guidance in business sales. Both guests emphasize the significance of pipeline maintenance and adaptability in entrepreneurship.

Bill concludes the show with ideas on strategies to unlock hidden profit in businesses.

This episode offers valuable lessons for business owners looking to thrive and optimize their operations.

ProfitSense with Bill McDermott is sponsored and presented by Bill McDermott, The Profitability Coach, and the show is produced by John Ray and the North Fulton affiliate of Business RadioX® in Alpharetta.

Yuquan Holloway, Holloway Consulting Group

Yuquan Holloway is a leader in the fields of business and IT. She is the Principal Consultant of Holloway Consulting Group, a consulting practice that focuses on helping corporate teams deliver IT and transformation projects, resolve systemic process issues, and train and coach associates on project management and Lean Six Sigma principles.

Yuquan graduated from Georgia Institute of Technology with a Bachelor of Civil Engineering and holds an MBA from Georgia State University. With over 20 years of experience in leading large cross-functional initiatives, Yuquan has a track record of driving successful change.

Through her work, she strives to demystify project management, create a culture of standard work and repeatable processes, stabilize and simplify core applications, and reduce critical incidents.

Holloway Consulting Group

Corporate technology teams are Holloway Consulting’s specialty; they assist clients in goal-setting, plan-making, and problem-solving.

With well over 20 years of experience leading projects and programs for Fortune 100 organizations, they are passionate about helping businesses achieve their strategic goals.

Their team of experts leverages proven methodologies like Lean Six Sigma and Business Process Re-engineering to assess challenges and provide sound solutions and improvements.

Website| LinkedIn | Facebook

Lee Heisman, Exit Stage Left Advisors

Lee Heisman is a nationally recognized M&A negotiator and a serial entrepreneur. Lee has advised and negotiated on more than 1 billion dollars of deal value as well as personally built and sold four businesses, all in different verticals. Lee’s multi-disciplinary background allows him a unique perspective to build and construct deals at maximum enterprise value for other business owners.

Lee has a Masters Degree from Rutgers University, is a founding board member of the KSU Entrepreneurship Program, and has a nationally syndicated TV show, The Roadmap.

Lee is an avid health and wellness enthusiast.

Exit Stage Left Advisors

Exit Stage Left Advisors is a premier exit consulting firm dedicated to assisting small and medium-sized business owners in selling their companies. The team, composed of seasoned entrepreneurs who have successfully exited multiple ventures, understands the challenges and complexities involved in the sale process. With a proven track record of selling over five businesses, they leverage their expertise to guide entrepreneurs, alleviate their concerns, and enhance the value of their businesses through strategic representation.

Website | LinkedIn | Instagram | YouTube

Topics Discussed in this Episode

00:00 Introduction to ProfitSense
01:11 Meet Yuquan Holloway: From Corporate to Entrepreneur
04:46 Challenges and Lessons Learned in Entrepreneurship
06:54 Future Plans and Strategies for 2025
10:36 Working In vs. On the Business
13:42 Project Management Challenges and Solutions
17:22 Contact Information and Closing Remarks
18:49 Introduction to Lee Heisman
31:55 Embracing the Struggle for Growth
32:19 The Importance of Humility and Learning
33:18 Balancing EQ and IQ in Business
34:08 Learning from Mistakes and Moving Forward
35:29 Maintaining Relationships in Business
36:39 The Art of Saying No Gracefully
38:33 The Value of Professional Representation
42:05 Understanding Business Valuation and Sales
53:46 Unlocking Hidden Profit in Your Business

About ProfitSense and Your Host, Bill McDermott

Follow this link to find the show archive.

Connect with Bill on LinkedIn and Instagram and follow The Profitability Coach on LinkedIn.

The Fundamental Breakdown Between Sales and Marketing, with Sean Shannon, Strategic Growth Design

December 2, 2024 by John Ray

North Fulton Studio

The Fundamental Breakdown Between Sales and Marketing, with Sean Shannon, Strategic Growth Design

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The Fundamental Breakdown Between Sales and Marketing, with Sean Shannon, Strategic Growth Design (One Minute Interview, Episode 128)

Sean Shannon: The fundamental breakdown between sales and marketing, as I have seen it in my time, is an understanding of the ideal customer profile.

In other words, marketing oftentimes is providing leads to the sales team that are of no use to them because marketing doesn’t understand what the sales ideal client profile is. And sales is guilty in that because they have not fed to marketing what that looks like. Peter Drucker’s famous for saying that the vast majority of businesses have no idea what their customers are buying.

They know what they’re selling to them, but they don’t know why the customers are buying it and for what use. And so I like to approach my, my, when I start to talk about value proposition with sales and marketing teams, I like to talk about the idea that we don’t necessarily buy products and services as much as we hire them to do jobs for us in our lives.

And if we can untangle what that job is, that whatever product or service we’re selling is that the customer’s hiring it to do for them in their business, we’re going to end up with an alignment between sales and marketing of both understand what that job is.

Listen to Sean’s full ProfitSense with Bill McDermott interview here.

Sean Shannon, Strategic Growth Design

Sean Shannon is the President of Strategic Growth Design.

Strategic Growth Design helps small and medium-sized businesses and start-ups chart a path to sustainable growth through thoughtful strategy and disciplined processes. Sales is the engine that drives growth, and yet little thought is given to the infrastructure that’s necessary to create repeatable success.

SGD offers business owners and CEOs the opportunity to engage on a project basis or as fractional sales leadership, all driven by the needs of the organization. Some simply need the processes; others need the leadership only years of experience can bring on an interim basis. The pros at Strategic Growth Design are ready to roll their sleeves up and get to work driving revenue north and mental anguish south.

Website | LinkedIn

The “One Minute Interview” series is produced by John Ray and the North Fulton studio of Business RadioX® in Alpharetta. You can find the full archive of shows by following this link.

Renasant Bank has humble roots, starting in 1904 as a $100,000 bank in a Lee County, Mississippi, bakery. Since then, Renasant has grown to become one of the Southeast’s strongest financial institutions, with over $13 billion in assets and more than 190 banking, lending, wealth management, and financial services offices in Mississippi, Alabama, Tennessee, Georgia, and Florida. All of Renasant’s success stems from each of their banker’s commitment to investing in their communities as a way of better understanding the people they serve. At Renasant Bank, they understand you because they work and live alongside you every day.

Financial Planner vs. Business Exit Planner: What’s the Difference?, with Bill McDermott, Host of ProfitSense

October 14, 2024 by John Ray

North Fulton Studio

Financial Planner vs. Business Exit Planner: What's the Difference?, with Bill McDermott, Host of ProfitSense

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Financial Planner vs. Business Exit Planner: What’s the Difference?, with Bill McDermott, Host of ProfitSense

In a commentary from a recent episode of ProfitSense, Bill McDermott, The Profitability Coach, offers an insightful comparison between a financial planner and a business exit planner, emphasizing the significance of both for entrepreneurs.

Bill’s commentary was taken from this episode of ProfitSense.

ProfitSense with Bill McDermott is produced by John Ray and the North Fulton affiliate of Business RadioX® in Alpharetta.

Transcript

Financial planner versus business exit planner: what’s the difference? And why you need both? I want to talk a little bit about this. Imagine you’re the proud owner of a thriving business. You’ve spent years building it up from scratch, late nights, early mornings, and more coffee than any human should consume.

Now as you’re starting to think about the next chapter, you realize there’s more to this story than just putting your feet up on a tropical beach. Enter the financial planner and the business exit planner, two professionals who play very different roles in your entrepreneurial saga.

Your financial planner is like Dr. Watson, a Sherlock Holmes sidekick. Steady, reliable, and keeping everything in order while you solve the mysteries of your business. But when it’s time for a big complex sale like selling your business, you bring in the business exit planner. The Sherlock Holmes of the operation to crack the case and get you the best deal.

Here’s some positives and drawbacks for each. The financial planner, they see the big picture in all aspects of your financial life, not just the business. They help with your personal goals, everything from retirement to that dream vacation, and they’re with you for the long haul, adjusting your plan as life changes.

However, while they’re great with personal finance, they may not be as sharp on the business side. They have a wide range of knowledge and skills, but they may lack depth in complex areas like business exits. The Business Exit Planner. They know the ins and outs of selling a business, can maximize its value.

They have focused expertise, meaning they’re laser focused on your exit strategy and help keep you from leaving money on the table. They help you craft a plan tailored specifically to your business timing and goals. On the flip side, they have a more narrow scope, meaning they’re all about the business exit and less about your overall financial health.

Lastly, timing is key. A business exit planner is useful when you’re ready to exit, but not much help before that. It’s all about knowing when to call in the right expert. Your financial planner is essential for keeping your financial house in order throughout your business journey, but when it’s time to sell, the business exit planner ensures you leave on top.

In our story, using both advisors meant the business owner didn’t just retire to that tropical beach.

They bought it.

About ProfitSense and Your Host, Bill McDermott

Follow this link to find the show archive.

Connect with Bill on LinkedIn and Instagram and follow The Profitability Coach on LinkedIn.

Paul Zanardo, Zanardo Dezignz, Beau Billington, The Free Agent, and Mitesh Patel, Blue Sky Law

September 30, 2024 by John Ray

North Fulton Studio

Paul Zanardo, Zanardo Dezignz, Beau Billington, The Free Agent, and Mitesh Patel, Blue Sky Law

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Paul Zanardo, Zanardo Dezignz, Beau Billington, The Free Agent, and Mitesh Patel, Blue Sky Law (ProfitSense with Bill McDermott, Episode 62)

In this episode of ProfitSense, host Bill McDermott talks with three distinguished guests—Paul Zanardo, Beau Billington, and Mitesh Patel—about the strategies behind marketing, the value of fractional executives, and the essentials of business exits. Paul Zanardo, Zanardo Dezignz, discusses misconceptions in marketing and the importance of organic growth over paid ads. Beau Billington, The Free Agent, elaborates on the role and benefits of fractional executives in business. Mitesh Patel, Blue Sky Law, covers critical facets of preparing for a business exit, such as legal audits and maximizing company value.

Bill McDermott concludes the show with an insightful comparison between financial planners and business exit planners, emphasizing the significance of both for entrepreneurs.

Paul Zanardo, Zanardo Dezignz

Paul Zanardo is the CEO and Founder of Zanardo Dezignz.

Paul Zanardo’s background of over 25 years was in sales and marketing. He turned his attention to entrepreneurship in the early 2000’s. While studying website design and earning his degree in graphic design, he opened Zanardo Dezignz in the same year of 2015. Zanardo Dezignz has grown into an award-winning, nationwide marketing communications agency with locations in Alpharetta and Lawrenceville, GA.

Zanardo Dezignz exists to honor God by partnering with business service providers on website design, hosting services, SEO, graphic design, & digital marketing, achieving the highest reputations online.

Paul was named Solopreneur of the Year by the Greater North Fulton Chamber of Commerce in 2024.

Beau Billington, The Free Agent

Beau Billington is the Founder of The Free Agent.

The Free Agent helps companies hire above their weight class, helping them unlock that next level of growth by providing access to vetted and battle-tested experts. They deliver interim, fractional and strategic leadership to plan, scale, and grow your business.

The Free Agent provides access to a vetted bench of battle-tested experts that work directly with technology companies in hyper-growth. Their experts have backgrounds in sales, marketing, technology, product, operations, and finance and are available on a fractional, interim, or full-time basis. Simply put, they provide the right strategic expertise at precisely the right time in order to accelerate results.

Their Core Values:

Open and Honest (Transparent)
Own the Outcome, Either Positive or Negative (Accountable)
Clear and Quick Communication (Responsive)
Intimately Understand our Customers Needs (Inquisitive)
In the Trenches with Customers and Employees alike (Dependable)

Website | LinkedIn | Beau’s LinkedIn

Mitesh Patel, Blue Sky Law

Mitesh Patel is Founder and Principal of Blue Sky Law.

Blue Sky Law is a boutique law firm focused solely on middle-market, privately held companies. Blue Sky Law is armed with experienced attorneys from diverse work backgrounds, and its specialties include mergers & acquisitions, employment disputes and counseling, corporate law, business disputes, contract disputes, general litigation, and real estate transactions and disputes.

Blue Sky Law’s attorneys have decades of combined experience in handling legal business-related matters for their corporate clients, which matters include buying and selling of businesses, creating partnership agreements and contracts, buying and selling commercial real estate, filing and defending lawsuits on behalf of our corporate clients, including partnership disputes, noncompete and trade secret disputes, landlord and tenant disputes, and all types of breach of contract suits.

From entities to acquisitions to disputes, Blue Sky Law knows that the devil is in the details when it comes to navigating business law. They learn the intricacies of your business and offer flexible and individualized service. As former business owners themselves, Blue Sky Law’s attorneys understand that business owners face a complex, ever-changing legal landscape.

Topics Discussed in this Episode

00:00 Welcome to ProfitSense
00:44 Meet the Guests: Paul Zanardo, Beau Billington, and Mitesh Patel
01:00 Paul Zanardo on Marketing Misconceptions
02:17 The Importance of SEO and Online Reputation
06:37 Challenges with WordPress and Ethical Marketing
11:09 Introduction to Beau Billington and The Free Agent
11:24 Understanding Fractional Executives
12:38 The Origin Story of The Free Agent
14:22 Product Market Fit and Business Growth
16:31 When to Leverage Fractional vs. Full-Time Resources
19:44 Current Market Trends and Future Outlook
21:51 Introduction to Mitesh Patel and Blue Sky Law
22:17 Preparing for Business Exit: When and How
25:22 Maximizing Business Value: Key Strategies
26:59 Understanding Legal Audits for Businesses
33:36 Tax Credits and Deductions for Manufacturers
36:57 Finding the Right Attorney for Your Business
39:40 Bill McDermott’s Commentary: Financial Planner vs. Business Exit Planner
42:15 Conclusion and Final Thoughts

About ProfitSense and Your Host, Bill McDermott

Follow this link to find the show archive.

Connect with Bill on LinkedIn and Instagram and follow The Profitability Coach on LinkedIn.

What is Exit Planning?, with Bill McDermott, Host of ProfitSense

September 24, 2024 by John Ray

North Fulton Studio

What is Exit Planning?, with Bill McDermott, Host of ProfitSense

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What is Exit Planning?, with Bill McDermott, Host of ProfitSense

In this commentary from a recent episode of ProfitSense, Bill McDermott, The Profitability Coach, explains why exit planning is much more than simply selling a business.

Bill’s commentary was taken from this episode of ProfitSense.

ProfitSense with Bill McDermott is produced by John Ray and the North Fulton Studio of Business RadioX® in Alpharetta.

Transcript

I want to talk a minute about “what is exit planning anyway?” Business owners may hear the phrase exit planning thrown around fairly often. But what is exit planning anyway? Every business owner dreams of that sunny retirement, sipping drinks on a beach, free from the daily grind. Yet many of us are so caught up in the hustle that we forget to plan for the big.

What’s next? Exiting our business. Is exit planning just another buzzword, or is there something more to it? At its core, exit planning is about ensuring you can leave your business on your terms. It’s about making sure you just don’t walk away with a nice goodbye card and a piece of cake, but with the financial freedom you’ve worked so hard to achieve.

On one hand, exit planning is a meticulous process. It involves numbers, valuations, legal documents, and sometimes a few uncomfortable conversations. On the other hand, it’s deeply personal. It’s about your legacy, your future, and yes, your dreams. The challenge? Balancing these practicalities with your personal aspirations.

Let’s be honest, this can be overwhelming, but here’s the good news: you don’t have to go it alone. With the right exit planning coaching, you can navigate each step confidently, ensuring your business thrives even after you step away. It’s like having a copilot on that road trip—someone to remind you to check the oil and suggest the best scenic routes.

So whether you’re just starting to think about your exit or are knee deep in the process, remember this. Exit planning. Isn’t just about leaving. It’s about leaving well, and that’s something we can all get behind.

About ProfitSense and Your Host, Bill McDermott

Follow this link to find the show archive.

Connect with Bill on LinkedIn and Instagram and follow The Profitability Coach on LinkedIn.

Desiree Caldwell, Elite HR Logistics, Jason Etheridge, Logic Speak, and Sean Shannon, Strategic Growth Design

September 12, 2024 by John Ray

Desiree Caldwell, Elite HR Logistics, Inc., Jason Etheridge, LogicSpeak, and Sean Shannon, Strategic Growth Design, on ProfitSense with host Bill McDermott

North Fulton Studio

Desiree Caldwell, Elite HR Logistics, Jason Etheridge, Logic Speak, and Sean Shannon, Strategic Growth Design

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Desiree Caldwell, Elite HR Logistics, Jason Etheridge, Logic Speak, and Sean Shannon, Strategic Growth Design (ProfitSense with Bill McDermott, Episode 61)

This episode of ProfitSense with host Bill McDermott features three distinguished entrepreneurs who share their expertise in navigating various complexities of managing a business. Desiree Caldwell from Elite HR Logistics discusses modern HR challenges, employee engagement, and the role of technology in streamlining HR processes. Jason Etheridge, Logic Speak, reveals key moments from his 20-year journey in the IT service industry, covering topics such as financial growth, acquisition, and managing technological change. Lastly, Sean Shannon from Strategic Growth Design elaborates on the critical components of a successful sales strategy, the importance of aligning sales and marketing, and the nuances of sales leadership.

Bill McDermott concludes the show with a commentary on going beyond exit planning as a buzzword.

ProfitSense with Bill McDermott is sponsored and presented by Bill McDermott, The Profitability Coach, and the show is produced by John Ray and the North Fulton Studio of Business RadioX® in Alpharetta.

Desiree Caldwell, Elite HR Logistics, Inc.

Desiree Caldwell, Director of People & Culture / President, Elite HR Logistics, on ProfitSense with Host Bill McDermott — **Desiree Caldwell, President and Director of People & Culture, Elite HR Logistics, Inc.**

Desiree Caldwell is President and Director of People & Culture at Elite HR Logistics, Inc.

Elite HR Logistics is dedicated to providing exceptional hiring and staffing solutions to keep businesses running smoothly. Founded on the principle of putting people and family first, Elite HR Logistics delivers outstanding service through a flexible and comprehensive approach, ensuring teams are equipped with professionals who are ready to perform at their best.

Specializing in finding dedicated candidates who are passionate, eager to contribute, and ready to grow, Elite HR Logistics leverages over 30 years of combined experience in the logistics industry. The company excels in safety, service, and building strong relationships, making it a trusted partner in workforce management.

Elite HR Logistics’ streamlined process saves clients time, money, and resources, allowing them to focus on their core business operations without interruption. The company manages all aspects of the hiring process, including recruiting, dispatch, payroll, education verification, background checks, DOT compliance, and more. Whether clients need temp-to-hire industrial employees or long-term team members, Elite HR Logistics provides hands-on service and industry expertise to meet all staffing needs.

With a unique ability to find talent where others aren’t looking, Elite HR Logistics equips candidates with the tools they need to succeed and places them with reputable businesses across the United States. Committed to helping clients build strong, adaptable workforces, Elite HR Logistics is the partner of choice for driving business success. The road to success starts with Elite HR Logistics.

Jason Etheridge, Logic Speak

Jason Etheridge is the Founder and President of Logic Speak

Logic Speak works with local Atlanta businesses to provide proactive Technology Strategy, Support and Security. Since 2004, Logic Speak has focused on making a positive impact on organizations to leverage technology better.

IT Strategy: A well-defined technology strategy is essential for aligning IT initiatives with business goals. It involves identifying the right technologies that can drive innovation, enhance productivity, and improve operational efficiency. By developing a clear roadmap, you can ensure that your technology investments are strategic and yield long-term benefits.

Support: Effective technology support is crucial for maintaining a productive workforce. It involves providing timely assistance and troubleshooting for IT-related issues. This can range from software and hardware support to network and infrastructure management. By ensuring that employees have access to reliable support services, you can minimize downtime and maximize productivity.

Security: Security is paramount in today’s digital world, especially with the rise of cyber threats. A strong security strategy involves implementing measures to protect sensitive data and systems from unauthorized access, breaches, and other security risks. This includes deploying firewalls, encryption, multi-factor authentication, and regular security audits.

Find out more at www.logicspeak.com or email us at hello@logicspeak.com

Website | LinkedIn | Jason’s LinkedIn | Instagram | Facebook

Sean Shannon, Strategic Growth Design

Sean Shannon, President, Strategic Growth Design, on ProfitSense with Bill McDermott — **Sean Shannon, President, Strategic Growth Design**

Sean Shannon is the President of Strategic Growth Design.

Strategic Growth Design helps small and medium sized businesses and start ups chart a path to sustainable growth through thoughtful strategy and disciplined processes. Sales is the engine that drives growth and yet little thought is given to the infrastructure that’s necessary to create repeatable success.

Website | LinkedIn

Topics Discussed in this Episode

00:00 Introduction to Profit Sense
01:20 Guest Introduction: Desiree Caldwell of Elite HR Logistics
01:40 Navigating Modern HR Challenges
02:52 Employee Engagement and Retention Strategies
04:50 The Role of Technology in HR
05:52 Success Stories from Elite HR
07:32 Fostering Healthy Workplace Cultures
09:36 Guest Introduction: Jason Etheridge of Logic Speak
10:05 Pivotal Moments in LogicSpeak’s Journey
11:35 Managing Financial Growth
14:45 Adapting to Technological Changes
18:00 Sales Strategies and Community Service
22:46 Guest Introduction: Sean Shannon of Strategic Growth Design
23:07 Key Elements of a Successful Sales Strategy
26:58 Aligning Sales and Marketing
28:32 Compensation Design for Sales Teams
30:59 Responding to Market Disruption
34:44 The Importance of Exit Planning
36:37 Conclusion and How to Stay Connected

About ProfitSense and Your Host, Bill McDermott

Follow this link to find the show archive.

Connect with Bill on LinkedIn and Instagram and follow The Profitability Coach on LinkedIn.

What is Profitability?, with Bill McDermott, Host of ProfitSense

September 9, 2024 by John Ray

What is Profitability? with Bill McDermott, The Profitability Coach

North Fulton Studio

What is Profitability?, with Bill McDermott, Host of ProfitSense

00:00 /

What is Profitability?, with Bill McDermott, Host of ProfitSense

In this commentary from a recent episode of ProfitSense, Bill McDermott, The Profitability Coach, defines profitability and discusses the dynamics behind it.

Bill’s commentary was taken from this episode of ProfitSense.

ProfitSense with Bill McDermott is produced by John Ray and the North Fulton Studio of Business RadioX® in Alpharetta.

Transcript

I want to take a moment and share with our listeners the question, what is profitability anyway? Today, I’d like to talk about profitability being the profitability coach. That’s a word we throw out a lot, but what exactly is profitability? Simply stated, profitability is how efficiently a company makes a profit.

A high gross or net margin shows a company is highly efficient in profitability. A low gross or net margin is highly inefficient in profitability. However, there are industry norms which can also dictate profitability. Service businesses usually make. Higher margins manufacturers typically lower. And the primary reason is manufacturers typically are more asset intensive than a service businesses are.

So how does a company increase profitability? Revenue, often called the top line, is the total income generated from the sale of goods or services. Increasing revenue is crucial for success and can often be done through things like developing a marketing strategy and diversifying offerings. It’s also important to manage costs effectively.

Costs are expenses incurred in running a business, including products and materials, labor, rent, utilities, and marketing expenses. Understanding the difference between fixed costs, expenses that remain constant regardless of production levels, like rent, and variable costs, expenses that vary with production, like ingredients, can help business owners make informed decisions to maximize profitability.

Try keeping fixed costs low and efficient as well as managing variable costs. With a solid understanding of profitability, success is within reach. How are you doing with your profitability?

About ProfitSense and Your Host, Bill McDermott

Follow this link to find the show archive.

Connect with Bill on LinkedIn and Instagram and follow The Profitability Coach on LinkedIn.

Two Lessons I’ve Learned After 15 Years as The Profitability Coach, with Bill McDermott, Host of ProfitSense

August 1, 2024 by John Ray

North Fulton Studio

Two Lessons I’ve Learned After 15 Years as The Profitability Coach, with Bill McDermott, Host of ProfitSense

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Two Lessons I’ve Learned After 15 Years as The Profitability Coach, with Bill McDermott, Host of ProfitSense

In this commentary from a recent episode of ProfitSense, Bill talks about two lessons he’s learned in his business after 15 years as The Profitability Coach.

Bill’s commentary was taken from this episode of ProfitSense.

ProfitSense with Bill McDermott is produced by John Ray and the North Fulton Studio of Business RadioX® in Alpharetta.

Transcript

I want to spend just a moment talking about some of my entrepreneurial journey in today’s uncertain economy. It’s more important than ever for business leaders to make the right bets. But how do you derisk your decisions and ensure that you’re making the best choices for your company?

After running my own business for 15 years, I’ve concluded that starting a business is like one big experiment. Looking back, I think there are two important points to be successful. Number one is first fire bullets, then fire cannonballs. This means starting with a small, low-risk experiment to test your ideas.

And once you’ve validated your concept, you can then go all in with a larger investment. This approach helps you avoid making costly mistakes and gives you time to course correct if needed. I believe my bullets which became cannonballs were profitability coaching and then exit planning. The scope of work has increased and my average revenue per client has increased over time.

Number two, find your true calling. This means understanding what you’re truly passionate about and what you’re best at. Start, run a business with those components. Once you know this, you can focus your resources on activities that are most likely to lead to success. Because my desire was to leave a legacy of making business owners better financial managers.

This meant we take time to understand the accounting in their financial statements, what those financial statement trends were telling us, and what course of action we need to take. I love to coach and live for those light bulb moments when financial confusion becomes financial clarity. The opportunity to listen to business owners share their stories of where they are and where they want to go helped me find my true calling.