E40: B2C Interview w/- Jennifer McKinley – Using Profit First to rebuild a profitable skin care brand
This episode explores the journey taken to build a global skincare brand – Cor Silver. Our guest is the brand owner, Jennifer McKinley. She discusses with Neil, some of the hurdles she overcame in growing an international skin care brand.
Armed with an MBA from Yale University, Jennifer had thought her qualifications would set her up for success, as she set about growing her brand. She used all the usual approaches of chasing top-line sales growth and securing many prestigious stockists around the world.
However, she soon discovered that at the end of each month, after paying her team and other costs… there wasn’t the profit she’d hoped for or worked so hard to deliver. After much frustration, Jennifer discovered the Profit FirstⓇ system – which she exactingly followed – to restructure her finances. This process also forced her to review the brand’s profitability and as a result, she withdrew her product from both the Russian and Japanese marketplaces.
Today, thanks to Profit First and a refined distribution plan, Jennifer has a profitable business that gives her a brilliant lifestyle. This is a truly inspirational story, that all business owners need to hear.
In this episode you’ll learn about:
- That top-line sales growth isn’t always profitable
- Chasing turnover is vanity, while having profit is sanity
- Making tough business decisions can lead to a more enjoyable lifestyle
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