Do your financials frighten you? Do you dread the end of the month when you have to look at your books?
Today we are wrapping up our Director of Operations (DOO) expert coach series with our financial DOO expert coach Jenni Davis. Jenni is more than a bookkeeper, financial coach and operator… she is a combination of high level profit strategy and operations expertise that focuses on the whole health of the business. Through profit strategy and cash flow design she comes alongside her clients with a can do attitude and takes ownership of the financial aspect of the business so they don’t have to anymore. Her goal is to eradicate financial stress for her clients and plan for profits like they have never seen before. She’s breaking the mold in the accounting and CFO space combining financial and operations in a way that skyrockets cash flow and plans for profit. Jenni is a profit advisor, a CFO, and an operations director all combined into one.
Meet Jenni Davis
Jenni joined us in round 5 of the Director of Operations certification program, which was actually rated the #1 training by our students! Once you get a better understanding, you will be less intimidated by financials.
- CEO of JMD Business Solutions
- As a profit strategist and cash flow coach, she empowers service based businesses to optimize daily financials in their business so they can reclaim their profit and ultimately let them have the freedom to do what they love as a visionary in their business
- Works mostly with married-preneurs or partnerships
Tell us about where you came from.
- Comes form long line of entrepreneurs
- Grandfather installed values of good work, and taught her systems and processes
- Worked in corporate retail and education, then decided to stay home with kids in 2008
- Wanted to do something in additions to staying home, so she started a small bookkeeping and tax practice
- Realized business owners needed someone to come alongside them with services such as marketing, team management and operations
- Decided to redesign business so she could offer all of those services
What are your designations? How did you come across “Profit First”?
- Always worked as a Quickbooks advisor
- Met Mike Michalowicz Author of “Profit First” at a conference
- Quickly implemented this model in her own business
- Decided to get certified so she could offer this strategy to clients
- Was a certified OBM, the found the DOO certification program
Tell us about your team.
- Has a team of client managers who come in and support clients individually
- Additionally, she meets with clients to do high level strategy
- Has a VA who handles the operations for her business
Has your avatar changed over time?
- She really loves learning all of the new industries
- In terms of foundation, all businesses need the same thing
“It doesn’t matter the industry or business model… operations don’t change. It is looking at human capital, resource management/financials, and the projects they want to do.” –Natalie Gingrich
Tell us about married-preneurs.
- Has been blessed to work with many couples who are in business together
- This model has another level to it because a relationship is intermingled with the business
- Works as a 3rd partner in the business to help navigate the waters
What are examples of those struggles?
- Strategic mapping is always where she starts because she can set the goals with each partner so every move is with purpose
- This helps with the personal relationship in the business
- A key part of the mapping is to incorporate the personal side
“When everyone has a job and knows what they are doing, it really makes the day to day operations easier.” –Jenni Davis
How have you rounded out your skill set with a focus on operations in your business?
- Reevaluated her service offerings
- Knew in order to serve married-preneurs she would have to incorporate strategic mapping and profit advising
- DOO certification taught her how to pivot and provide what the client needed
- Offers high level services where she serves as a DOO in businesses, profit coaching, basic bookkeeping compliance, CFO services
- Had strategy piece, but had been giving it away for free; she couldn’t show up without offering it
“When you are working with a client and they show you their financials, you are a partner on a whole new level.” –Natalie Gingrich
Share some key takeaways about focusing on financials in a small business.
- Do not be afraid of your financials; they are telling you a story about where you have been and where you are going. Do an expense audit.
- Ask questions: don’t be afraid of your bookkeeper or accountant; they aren’t only there to manage your money, but educate you in your money.
- Allocate 1% of your revenue to a profit allocation account; then quarterly, you can take half of it out as a profit distribution for you as a business account.
Money tells stories, and it is important to evaluate trends to determine the next steps or pivots in a business. Look at the data points of the past to forecast the future so you can make better calculated moves, and so you won’t have to guess. Clients will be looking to you to draw out those stories that will help them make decisions, and I hope this episode has helped bring some clarity to this topic!
Weekly Ops Activity
Set up a savings account and start contributing 1% of your monthly revenue.
Connect with Jenni Davis:
Jenni Davis is founder of JMD Business Solutions. Since 2007 Jenni has been working with 6 figure businesses as a Trusted Advisor and Profit Strategist. She has worked in many different industries to clean up and maintain the financial structure of business through operational efficiencies. She has had the privilege to see success with her clients as they build wealth and increase profits.
Jenni is a self described Nerdy Numbers Girl, who teaches that Profit does not happen by accident, It is a well crafted machine that is developed over time with streamlined systems, proper finance management, and teaching business owners to find their passion and purpose while watching the profits grow.
When Jenni is not partnering with her clients, she can be found spreading time with her 3 grown children and Husband of 32 years. She also enjoys riding her bike on the beach, or cuddling up with a good cuppa tea.
Join the Ops Insiders Facebook Community:
Other Ways to Connect with Me: