Today we Interview Ben Richman. Ben is CEO of ProﬁTrust, a company that reduces operating expenses without changing the vendor you use now by using their advanced technology and economies of scale. Our process identiﬁes expense categories where your business is overspending and provides you with discounted rates, apples to apples, no changes other than reduced rates. We offer some of the lowest rates in the Country for small parcels, heavy freight and merchant processing.
Here is an exclusive interview of Ben. Read till the end to find how his company can help yours.
What motivated you to start ProfiTrust? How did the idea come about?
When I was an importer, there was a tremendous amount of "overspend" (paying more than one should and foregoing market-appropriate rates one deserves for pursuant to their volume and spend) in our P&L for operating expenses, mainly small parcel, heavy freight and merchant services. I wanted to see if we could pay less for the same, and that's exactly what I was able to accomplish for our company.
What was your mission at the beginning of starting your business?
To do for others what I was able to do for us and monetize it. We saved almost 40% on these operating expenses, and it drastically improved our gross profit margins. I always say to our clients, consider how many "units" you would have to sell to NET the money (which is tens of thousands, sometimes hundreds of thousands, and even millions of dollars a year) we saved for you. Why should anyone pay more for the same when they can pay less for the same? That is a lot of units sold.
What do you attribute your success to? Is there a trait you have or a person who helped you along the way?
It’s simple, by providing a transparent service that irrefutably delivers what it promises, and then some. That's it…Many people have helped me, it really takes a village.
When times get tough, what would you say motivates you to keep going? To not hit the snooze button and to keep fighting for your goals?
It’s the impact we make for our clients, and the money it generates for us. When you increase a client's profit margins without changing anything, it's most meaningful…Everyone wins, and they never forget what you did for them.
Employees are one of the most important parts to succeed in business. What do you look for in an employee?
Will, care, dedication and the ability to execute. Success comes easily when they have that foundation.
What is unique about your business? Is there a competitive advantage that you have over the rest?
Absolutely. Our purchasing power and technology allows ProfiTrust to literally reduce what you pay your current service providers with no changes. It's a total win for everyone. Many companies offer savings if you switch service providers or change service types/levels. With us, you keep the same level of service and the same provider…apples to apples and you pay less for the same.
Moreover, our fees are a percentage of what we save you…no savings, no fees, this is an irrefutable testament to our capabilities. That's our guarantee, and that's total confidence in our service and deliverables. We keep it simple and transparent. Hard to argue with our model, there is no risk for our clients, and there are tremendous savings. We have many clients that we have saved millions of dollars for, ask them about our competitive advantage. No changes, just savings.
Have you ever gotten a disappointed client or customer? If so, how did you handle the situation
The only disappointment is that they didn't meet us sooner. Once our clients experience the savings, they are disappointed they didn’t start earlier. Occasionally, there are cases where we can't save clients money because they already have great rates. It's still good corporate hygiene, a silver lining to our business, to see if you actually have the best rates. Outside of our technology, it is near impossible to determine where you stand with your vendor. That's what usually leads to a full endorsement and a referral.
Is there a type of marketing that has worked amazingly for ProfiTrust? If so, how did you stumble upon it?
The best form of marketing is a referral. It always comes with a personal testimonial about how much they've saved taking advantage of our technology. You can't beat that…
Is there any resource or resources that helped you on your journey to becoming a business owner?
(Over) Deliver what you promise and be transparent. Sometimes we can't save clients money because they have good rates already, and that's ok. Our technology confirms you either have the best rates or you don't. If you don’t, you will soon because our technology eliminates overspend. Outside of our process, it is almost impossible to determine where you stand with your vendor. There is no downside and that's a winner for everyone.
What are the three best pieces of advice that you would give to anyone starting a business? What do they need to know from the very beginning?
Goals. Dedication. Sacrifice. Replication. Discipline.
A great product/service that always delivers as promised or over-delivers.
Make sure you love what you are doing and that your customers can see the indisputable benefits you provide…Then you have a winner.