11/9/22 Survival Guide for CPG Brands, Part 4: Becoming Profitable
This survival guide was developed for entrepreneurs as they prepare for and endure the financial uncertainties of the current market. In this session, our panel of experts share how emerging brands and entrepreneurs can manage margins to ensure a healthy profit. They discuss balancing growth with profit, the critical levers for profitability, and the challenges entrepreneurs might face when shifting to a profit mindset.
- Rick Collins, Advisor, Omnium
- Greg Doyle, COO and CFO, GoMacro
- Brandon Hernandez, Co-Founder and Partner, Whole Brain Consulting
- Ericka Karner, Chief Growth Officer, Kuli Kuli Foods
A few highlights from the discussion:
- 8:40 – Brandon Hernandez, Owner, Whole Brain Consulting suggests spending time deciphering the type of business you are trying to build. Lifestyle businesses and businesses that are built to sell have very different business mechanics and in order to become profitable with either model, you must make this distinction.
- 14:40 – Ericka Karner, Chief Growth Officer, Kuli Kuli Foods gives advice around setting benchmarks while understanding the targets that the industry inadvertently sets for each category.
- 28:42 – Rick Collins, Advisor, Omnium, talks about the importance of finding a sales person who is collaborative, trustworthy, and transparent in order to best track your cost of sales.
- 31:56 – Greg Doyle, COO/CFO, GoMacro discusses his experience with making sure profitability is a part of compensation for everyone in the company and how it can be beneficial to shift your mindset.
SURVIVAL GUIDE SERIES RECAP
Check out the whole series.
Part 1 – Raising Capital
Part 2 – Managing Cash
Part 3 – Borrowing Money
Part 4 – Becoming Profitable