From the archive: This episode was originally recorded and published in 2020. Our interviews on Entrepreneurs On Fire are meant to be evergreen, and we do our best to confirm that all offers and URL’s in these archive episodes are still relevant.
Perry K. Jeffries III is a fractional CFO to 6 and 7-Figure Entrepreneurs helping them Increase Revenue and Improve Cash Flow through the P.A.S.S. (Profit Accelerator Small-Business System) Membership.
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Offer to Fire Nation – Check out Perry’s P.A.S.S Program and get your 40% off the annual membership fee!
3 Value Bombs
1) You will know that you’re on the right track if it makes sense on paper.
2) Try to learn the system on your own, and identify and work with experts who have documented results in helping businesses.
3) Success is measured by what you have accomplished personally, while relevance is measured by the number of people who become successful with your help.
Sponsor
HubSpot: Learn how HubSpot can help your business grow better and get a special offer of 20% off on eligible plans at HubSpot.com/eof!
Show Notes
**Click the time stamp to jump directly to that point in the episode.
Today’s Audio MASTERCLASS: You’re Accidentally Killing Your Company with Perry K. Jeffries III
[00:35] – Perry shares something interesting about himself that most people do not know.
- He is a self-proclaimed fast food connoisseur.
[1:51] – What are the signs that point to an entrepreneur accidentally killing their business?
- Most common symptoms:
- Owing taxes
- Use of business funds to cover personal expenses
- Not seeing any cash profits
[6:57] – Why are the signs so prevalent in small businesses?
- The reason is that most entrepreneurs do not have a proven financial system in place.
- Small businesses needs to have 3 systems:
- Operations
- Marketing
- Finances
[8:37] – What are the most common mistakes entrepreneurs make concerning their financial management?
- They only focusing on the top-line revenue.
- They make emotional decisions instead of Data-Driven Decisions
- They don’t know their numbers
[11:35] – What happens if you do not address the aforementioned mistakes?
- 70-80% possibility that your business will fail.
- You will not reach your personal goals.
[12:50] – What can you do to address and fix the issues if you cannot afford to hire a full-time CFO?
- Try to learn the system on your own.
- Identify and work with experts who have documented results in helping businesses.
[13:36] – A timeout to thank our sponsor!
- HubSpot: Learn how HubSpot can help your business grow better and get a special offer of 20% off on eligible plans at HubSpot.com/eof!
[14:53] – How do you know if you are on the right track?
- You will know that you on the right track if it makes sense on paper.
- You will see the answers in the numbers.
[15:47] – Are the financial issues different for a start-up versus an existing business?
- Both start-up’s and existing businesses need to have a financial system from the start.
[17:02] – Why is having a financial system important to the community?
- When you create wealth and have a solid financial foundation, you will be able to provide for yourself, your family, and your community.
[19:43] – Why is having a financial system important to you, Perry?
- He learned that success is measured by what you have personally accomplished, while relevance is measured by the number of people who become successful with your help.
- He chooses to be relevant, and by focusing on helping others become successful he believes there is no need for him to worry about his success.
[22:25] – What is the difference between profit and income?
- Your income is not your profit.
- You can identify your profit after all your expenses in the business have been paid.
[25:10] – Perry’s parting piece of guidance
- Advice is information delivered by an expert with a proven track record specific to your needs.
- Offer to Fire Nation – Check out Perry’s P.A.S.S Program and get your 40% off the annual membership fee!
[30:20] – Thank you to our Sponsor!
- HubSpot: Learn how HubSpot can help your business grow better and get a special offer of 20% off on eligible plans at HubSpot.com/eof!
Killer Resources!
1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!
2) Free Podcast Course: Learn from JLD how to create and launch your podcast!
3) Podcasters’ Paradise: The #1 podcasting community in the world!
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