Profitability Made Simple with Joey Albertson

Profitability Made Simple with Joey Albertson

Starting and running a small business can be a thrilling adventure, fueled by passion and creativity. Yet, for many entrepreneurs, navigating the financial side of their business often feels like venturing into uncharted territory. In this episode of the Redefine Business Podcast, Brittni sits down with Joey from the Profitability Project to discuss the financial challenges small business owners face and how they can overcome them. 

Meet Joey: The Finance Expert for Small Businesses

Joey founded the Profitability Project four years ago after transitioning from a career in corporate finance. Initially hesitant to embrace entrepreneurship—despite growing up in a family of entrepreneurs—Joey’s journey began during the pandemic when friends and acquaintances sought her financial expertise. “What started as bookkeeping turned into a full-stack finance offering,” Joey explained, highlighting how her team has grown to include specialized departments for bookkeeping, payroll, financial strategy, and taxes.

What sets Joey’s team apart is their comprehensive approach to finance. They’re not just about crunching numbers but providing actionable strategies that empower small business owners, particularly women, to grow their businesses sustainably.

Common Financial Pitfalls for Small Businesses

One of the recurring themes in Brittni and Joey’s discussion was how often small business owners overlook the financial side of their operations. Joey pointed out that many entrepreneurs begin with a great idea but struggle to manage the less glamorous aspects of running a business, like finances.

“If you’re not in business to make money, what are we doing here?” Joey emphasized the importance of understanding cash flow, calling it the most critical metric for small businesses. “When businesses fail, it’s because they run out of cash. It’s as simple as that.”

For many, this issue stems from relying on outdated financial practices, such as sticking with a family CPA who lacks an entrepreneurial perspective. Joey’s mission is to help business owners move beyond these limitations and embrace modern financial strategies.

Hiring Smart

A major pain point for many small businesses is labor. Joey and Brittni both stressed the importance of being strategic when hiring.

“There’s a time and place to hire someone cheap,” Joey advised. “But when it comes to roles that directly impact your business’s growth, invest in quality.” She recounted stories of clients who initially opted for low-cost solutions, like having a family member handle bookkeeping, only to face costly financial corrections later.

Brittni echoed this sentiment, highlighting the need for standard operating procedures (SOPs) and systems before bringing on additional help. “Without clear processes, hiring someone can end up costing you more time and money,” she said.

Using Automation and Systems to Save Time and Money

Both Joey and Brittni highlighted the value of automating processes to save time and reduce errors. Brittni shared how she helps clients implement automation and systems, acknowledging that while these investments may seem costly upfront, they ultimately free up time and allow business owners to focus on their strengths.

“You cannot hire someone at $15 an hour and expect them to grow your business,” Brittni explained. “That’s where automation and the right tools come in.”

Embracing Financial Strategy for Growth

Joey’s final advice was for entrepreneurs to embrace financial strategy. “You don’t need to be an expert at everything,” she said. “Focus on what you’re great at, and let experts handle the rest.”

From understanding cash flow to hiring the right people and leveraging automation, Brittni and Joey’s conversation underscored the importance of integrating financial strategy into the heart of any business. By doing so, small business owners can not only survive but thrive—without burning out.