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SFP Ep 41 – Engineering More Profit and Cash in the Business with Jason Skinner

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Engineering More Profit and Cash in the Business with Jason Skinner

Are you chasing revenue or engineering profit? Greg interviews Jason Skinner, chief accountant and business strategist, of Skinner Hamilton. They discuss different concepts on engineering profit like the concept of profit wedge and the 5 key profit drivers. Jason also shared the value of meeting with your accountant. Don’t miss this episode!

In This Episode You’ll Discover:

  • How Jason ended up where he is now
  • Thoughts on how and why people are chasing revenue rather than engineering profit or cash
  • The Concept of Profit Wedge
  • Mistakes made when the focus is on revenue
  • What is a ‘Reverse Budget’ and how you can apply one
  • Quantifying what you are chasing and knowing your goals
  • Quarterly vs Annual meetings with your accountant
  • 5 Key Profit Drivers
  • Understanding the difference between gross profit and net profit
  • The difference between accounts receivable and accounts payable
  • The Car Analogy on Accounts Payable
  • Inventory day figures
  • Importance of Accounting

Links & Resources Mentioned in This Episode:

 Quotes from the episode:

The time with your accountant should be spent analyzing numbers, and not actually preparing tax returns. #salesforprofit Click To Tweet Establish a time in each month that you’re going to sit down and pay your bills. #salesforprofit Click To Tweet When you are selling more and you’re making less margin, your profit wedge is in reverse. #salesforprofit Click To Tweet

Thanks for Listening & Next Steps!

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  • rob hili

    What a timely episode for me, I’m in a new company and last week asked for the numbers to understand where they stand. As mentioned in the podcast, sales up, profit percentage down, physical money in the bank? Not aware why so little.
    So now we will analyse the numbers and find some truths, massive eye opener. I will listen to the podcast again to ensure I suck up all the great noted. Thanks guys