Today we’d like to introduce you to Naveen David Meagher.
Naveen David, we appreciate you taking the time to share your story with us today. Where does your story begin?
My journey began as an aspiring foreign student who came to America more than twenty-five years ago with lots of hopes and dreams, loads of enthusiasm, and a desire to learn from the best education system in the world. My initial few months were the most difficult when I was getting acclimatized to a new culture and environment, sleeping on the floor in a $20 dollar Walmart sleeping bag, and surviving on a meagre grocery budget. But the great education I was getting made it all worthwhile. I learnt how to design microchips in graduate school and after being equipped with a master’s degree in electrical engineering, I started working for Microchip Technology in Chandler, Arizona designing semiconductor chips for advanced electronics used in computing and automotives.
Later in life, my curiosity to learn about how businesses work and make profits inspired me to go to business school. I went on to get an MBA in finance from the University of Florida in Gainesville, and was recruited by NextEra Energy, a fortune 200 clean energy company based around West Palm Beach, Florida. There I learnt about renewable energy, solar, and wind power generation. I worked on utility scale projects worth hundreds of millions in capital investments and also worked as business manager for one of their biggest nuclear power plants based in the Northeast.
Throughout my professional career, I was always curious to learn about various types of businesses. That curiosity led me to work in companies ranging from financial services, e-commerce, and retail, to real estate. I moved to Minnesota in 2014 and worked with Ameriprise financial and later with Best Buy supporting a significant part of their business with more than $4 Billion in annual sales.
It was during COVID that a realization hit me — I was no longer going to work for the big bosses and spend the rest of my life trying to earn profits for the big corporations. So, in 2022, I decided to take a leap of faith and started my own financial consulting company. But this time, I decided to work with the little guys. The startups, the bootstrapped entrepreneurs, and small businesses. These businesses are the real backbone of our communities. They provide almost half the jobs and GDP boost which is more than all the big companies combined but yet, don’t get the support and the appreciation they deserve.
Armed with a team of accountants and bookkeepers, I started to provide fractional CFO and accounting/bookkeeping services to help startups and small businesses get off the ground or get out of debt. One of the most important parts of my services is to help struggling businesses figure out what’s happening beneath the surface. Most of the business owners/founders who come to me are really good at what they do. They are an inspiration in grit, dedication, and hard work, but not all are financially savvy, and often need help. That’s where I and my team get into action and help them see things that they never knew about their businesses. We show them what’s hurting and what would help their business. We work with them closely to identify pain points, and design and plan solutions to get them back on track and put them on the path to growth and profitability. We stand beside them every step of the way and constantly engage with them as an extension of their own team, watching their back, and supporting them to run and grow their business profitably. Our clients come from the Northeast to Texas to California within sectors such as retail, aerospace, energy, real estate, and more.
Besides running my financial consulting firm, I am also involved with a twin-cities chapter of a non-profit organization called SCORE which is sponsored by the US small business administration to help startups and small business owners get the resources and support they need in running their business. This has been a fulfilling journey so far where I get to provide free mentorship and work with budding local entrepreneurs, veterans, stay home moms who are starting their in-home business, or struggling small business owners who don’t know how they will pay their rent or make payroll.
I hope to continue this free mentorship work for many years to come and see many startups and small businesses thrive and flourish to their full potential.
Would you say it’s been a smooth road, and if not what are some of the biggest challenges you’ve faced along the way?
There were many struggles along the way right from the beginning and even to this day. Every day is a new challenge. The most difficult was when I decided to quit a lucrative six figure corporate job with handsome bonuses and perks and ventured out into the unknown starting my own consulting company. All I had was a vision, a dream, and lots of finance experience, but did not know how to navigate starting something completely from scratch. It took a lot of learning, doing things I never had a clue how to, such as designing a website, marketing, and sales. I had to wear a lot of different hats like most startup entrepreneurs do. Living with uncertainty and risk was something I had to learn quickly. Looking back, this was good because it made me walk in the shoes of founders, entrepreneurs, and small business owners, and experience first-hand what they go through every day.
Thanks for sharing that. So, maybe next you can tell us a bit more about your business?
Profit Spear Consulting LLC specializes in driving profitability and growth solutions for startups and small businesses. We provide financial management services which include fractional CFO services and accounting & bookkeeping. Not all startups and small businesses need or can afford a full-time finance team. That’s where we step in to give them the best of both worlds: top-notch expertise in finance and accounting with experienced professionals at a fraction of the cost. This reduces the payroll burden for our clients and reduces risk. We keep our clients needs front and center. It’s not about making a quick buck, but about long term relationships, treating our clients with respect, and working with them shoulder to shoulder as part of their own team.
We especially tailor our services to meet the various financial challenges faced by our clients, ranging from business planning, cash flow management, strategic and long-term financial planning, due diligence and advisory on capital and growth investments, to everyday financial management to run and grow their businesses profitably. We equip our clients to take control of their financials, transform their businesses, and maximize profits. Our key differentiator is our emphasis on being available to our clients whenever they need us, to guide, mentor, and partner with them as an extension of their own team in running and growing their business.
Recently we helped one of our dearest clients, bunker27.com, a veteran-owned business open their tenth retail location. We are on track to take their sales to $10 million in the next few years. We are also working with a clean energy developer in Connecticut on the financial due diligence of their fuel-cell based power plant that costs tens of millions that also captures CO2 emissions to produce clean energy for data centers.
We are very excited about the future prospects and how we are able to support these small businesses across America that create jobs and help with economic development in their communities.
Are there any important lessons you’ve learned that you can share with us?
To be resilient and relentless as an entrepreneur and business owner. Always be willing to learn, be humble and respectful, and never give up when the going gets tough, which is practically every day.
Contact Info:
- Website: www.profitspear.com
- Instagram: https://www.instagram.com/profitspear
- Facebook: https://www.facebook.com/profitspear
- Linkedin: https://www.linkedin.com/in/naveenmeagherfinancialstrategist
- Youtube: https://www.youtube.com/@profitspear
