Jordan Silverman, CEO of Starfish, joins us on this week’s episode of Adventures in Business to share his journey from running a startup in college to helping small businesses grow their profits back. With years of entrepreneurial experience, Jordan’s mission in Starfish is to help small businesses make more money. Read on to hear our discussion on how Starfish helps businesses become more profitable, his advice for new business owners, and what Jordan envisions for the future of AI.
Jordan Silverman on the Story Behind Starfish
Why “Starfish”? Jordan explained that starfish lose their limbs when they’re stressed, but they’ll grow them back once they de-stress. His company helps business owners reduce stress, pinpoint where they’re losing money, and grow their profits back.
Lessons from Jordan’s First Startup
Jordan’s entrepreneurial adventure started in college with Star Toilet Paper (star is a theme here!). This business printed ads on toilet paper and paper towels, targeting high-traffic locations around college campuses. From door-to-door sales to cold calls, Jordan learned the importance of storytelling in his selling.
Advice for New Business Owners
When asked for advice for new business owners, Jordan said this:
Be prepared: Entrepreneurship is harder than it seems, so prepare mentally, emotionally, and financially.
Build a support system: Surround yourself with people who believe in your vision.
Partner wisely: Collaborate with someone who complements your skills – it makes the journey more manageable and enjoyable.
How Starfish Helps Small Businesses Make More Money
Starfish is transforming the way small businesses approach their finances, helping them recover lost profits and grow sustainably. Starfish identifies specific areas where businesses may be losing money, like pricing strategies that no longer work, unnecessary overhead costs, or missed tax savings opportunities.
Here’s an example: Starfish recently worked with a local coffee shop struggling to keep up with rising costs. After looking at their P&L sheets, Starfish recommended pricing adjustments and bulk purchasing strategies that saved the business thousands annually.
In another case, Starfish helped a small creative agency discover they were spending too much on software subscriptions they weren’t using.
Many entrepreneurs only analyze their numbers every once in a while. Jordan’s team ensures that businesses act on insights right when they happen, so they can maximize their profits.
Why Bookkeepers Love Starfish
Starfish is changing the game for both bookkeepers and small businesses. While many might assume that Starfish replaces bookkeepers, the reality is the opposite. It actually helps bookkeepers save time and drive more value for their clients.
From Competitors to Collaborators
Initially, Starfish was geared toward multi-unit retail businesses, but bookkeepers actually became one of their top client groups. Jordan thought they were supposed to replace bookkeepers, but after listening to client feedback, it became clear that Starfish complements bookkeepers by handling the tedious analysis side of things.
Here’s how Starfish supports bookkeepers:
Streamlining Processes: Starfish automates error-checking and simplifies complex financial reports into actionable insights.
Enhancing Services: Bookkeepers can shift from being traditional record keepers to acting as fractional CFOs. They can budget, forecast, and suggest business strategies.
Saving Time: By eliminating manual data analysis, bookkeepers can focus on client relationships and more important tasks.
Using AI in Everyday Life
AI is a cornerstone of Starfish’s technology. While many business owners worry about the complexity or fear it may replace their jobs, Jordan says that’s not happening anytime soon.
Instead, he says we should all learn to use AI in our everyday life, and to start small when learning. For example, he introduced his wife to AI when they were trying to choose a toothbrush for their toddler. Instead of getting lost in endless Google searches, they used AI for a concise recommendation.
From there, she began using AI tools for Excel formulas and other daily tasks. Jordan says we can all start to think about how we can use AI in our businesses each day for small tasks.
The Future for Starfish
Looking to the future, Starfish is focusing on growing in two areas:
Bookkeepers: Expanding their offerings to include full financial analysis, including P&Ls, balance sheets, and cash flow management.
Multi-Unit Retail: Integrating with POS systems, inventory software, and labor tools to provide a comprehensive financial picture.
In the long run, Starfish envisions offering advanced services like group purchasing, professional services, and robust budgeting tools. For now, the focus remains on building tools that make financial analysis faster, more accurate, and actionable for their clients.
Connect with Jordan Silverman
🔗 Starfish
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