Welcome to the online press kit for The Profit Experts™ and The Profit Beacon™
Custom CFO Solutions for Small Business
The Profit Experts™ helps businesses identify and solve profit leaks and gives them “actionable intelligence” to grow and thrive
About half of small businesses fail in the first five years and only about a third survive 10 years or longer, according to the Small Business Administration. One of the biggest reasons: they run out of money.
Many companies use accounting tools such as QuickBooks™ or hire a CPA to track their finances and pay their taxes. But these do not provide the expertise and foresight that a Chief Financial Officer can to preserve cash flow and make smart capital decisions. That’s why veteran CFO Fred Parrish founded The Profit Experts™ and created its new software solution, The Profit Beacon™ (TheProfitBeacon.com).
During a 37-year career, Fred has held positions from staff accountant to CEO in public and private companies with revenues ranging from startup to $3.5 billion, and has served on the boards of directors for 12 organizations in aerospace, manufacturing, healthcare services, insurance, international missions, technology and other sectors.
Most small business owners do not have a financial management background, and that puts them at risk, Fred says, of inadvertently making a “fatal decision” at any moment.
“Unfortunately, they may make a decision today that will not materialize into a problem until six months or maybe even a year or two down the road,” he says. “And by the time they see it coming, it's too late to do much about it.”
While QuickBooks™ gives business owners accounting data to help them pay vendors, get paid by customers and record profits and losses and other tax data, its focus is on historical data, not actionable intelligence for the future. Likewise, most CPAs are compliance-oriented, focusing on past data rather than the numbers that can help business owners make smart decisions going forward.
Many companies are not large enough to employ a full-time CFO, yet they still need the best “operational intelligence” to maintain and grow cash flow and profitability. To fill that gap, Fred created The Profit Experts CFO-supported service, and The Profit Beacon™, a new predictive management software application.
“We want to get people to better decisions faster because there's usually more than one good decision in any particular situation,” he says. “And it's a matter of how quickly you can get to a good decision that will determine how much lead time you have to address a problem.”
Like a ship in the fog alerted by a lighthouse, the sooner businesses can make course corrections, the better chance they have of avoiding the rocks and emerging from storms to sail smoothly.
As objective professionals, The Profit Experts provide a realistic view of each company’s financial position, and the data they need to create a permanent “Profit Mentality.” As author of “The Profit Mentality: The Method for Making Every Decision a Profitable Success,” Fred is an expert in this area.
Among many success stories of The Profit Experts is a small plumbing company that was headed toward a $150,000 debt that would have put them out of business when they hired The Profit Experts a few years ago.
“We were able to identify a number of areas where there were issues in the business,” Fred says. “And so by managing very specific aspects – labor, production for each of the technicians that they were using, adding new technologies and managing the cost and timing – we were able to not only save the business but change the outlook over a five-year period.” The result was a swing from $150,000 debt to more than $500,000 in profits.
The Profit Experts works with all kinds of businesses to help them plug profit leaks to improve profitability, cash flow and value, while The Profit Beacon™ does this in the form of an app.
“We have taken the functionality in our predictive management application that is only managed by senior level CFO types, and automated it in an application that the business owners themselves can manage quickly and efficiently, and get similar outputs to what we would give them in the fully supported CFO version. So basically what they get is an automated CFO.”
The result is a simple tool designed to empower small business owners to survive and thrive in today's world. Like The Profit Experts, The Profit Beacon™ is built to provide the decision-making power of a CFO without the overhead and at a fraction of the cost.
Download a One Pager.
For more information, please see TheProfitBeacon.com.