Revolutionizing Restaurant Finances: How Starfish is Making Waves
Welcome back to another exciting edition of our behind-the-scenes insights from the Restaurant Technology Guys podcast. In this episode, host Jeremy Julian dives deep with Jordan Silverman, the co-founder and CEO of Starfish, a revolutionary company that’s changing the way small businesses, especially restaurants, handle their finances. If you’ve ever been curious about how AI can help your business or the intricacies of cutting costs while increasing profits, this feature is a must-read.
An Unlikely Encounter
The episode begins with Jeremy welcoming listeners back and introducing Jordan Silverman. It’s interesting to note how their professional paths crossed—connecting through the internet, a seemingly impersonal space that brought them together to discuss something quite personal: their shared passion for helping small businesses thrive.
Jeremy:
“I thank everyone out there for joining us. I don’t take your time for granted. Today, I am joined by somebody that we met on the internet. Jordan, why don’t you tell everybody a little bit about who you are.”
Jordan reciprocates the warm introduction and shares his excitement:
Jordan:
“Sounds great. First off, Jeremy, thank you for having me. I’m a big fan of the podcast. Jordan Silverman, co-founder and CEO of Starfish. What Starfish does is we help small businesses understand their finances, using AI to help them decrease their costs and increase profits.”
The Genesis of Starfish
Jordan’s passion for the entrepreneurial world is evident as he recounts his journey from being a college student at the University of Michigan to starting his own business, and eventually leading to the birth of Starfish.
Jordan:
“I’ve been working with small businesses for the last 15 years. What really drives me is helping these passionate entrepreneurs turn their passions into viable businesses.”
It’s clear that his various experiences along the way, including working with small business owners and understanding their pain points, sparked the idea for Starfish—an AI-powered solution designed to democratize access to critical financial insights.
The Problem with Traditional Financial Management
As Jordan elaborates, traditional methods of managing restaurant finances can be cumbersome and inefficient. Most business owners are passionate about their product and customer experience, not necessarily about crunching numbers.
Jordan:
“I had a business where I overspent a third of my pre-seed money on unnecessary legal fees because I didn’t have the right guidance. That’s a mistake that could have been avoided with better financial management tools.”
Jeremy reinforces this by sharing his observations from his 30-year career, noting how many amazing brands have failed because of poor financial decisions.
Jeremy:
“They lose it all because of a poor decision or the lack of understanding that there are tools out there that can help them.”
The Role of AI in Starfish
Delving deeper into the technological backbone of Starfish, Jordan explains that the platform employs AI to automate the painstaking task of financial analysis, helping business owners make informed decisions effortlessly.
Jordan:
“We integrate into accounting systems like QuickBooks and use AI to analyze financial data. The goal is to provide actionable insights to reduce costs and increase profits.”
This automation not only saves time but also enhances accuracy, allowing restaurant owners to focus more on what they love—running their business and serving customers.
Real-World Impact
Starfish’s effectiveness is demonstrated through real-world examples, such as helping a restaurant realize they were overcharged by their uniform supplier.
Jordan:
“A customer unknowingly paid an additional $20 a week for uniforms over six months. We flagged this, and they got a $2,000 check from the supplier.”
This example highlights the tangible financial benefits that Starfish can offer, making it an indispensable tool for restaurant owners.
Overcoming Obstacles
While the benefits are clear, implementation and willingness to adopt new technology can be a hurdle.
Jeremy:
“What happens when restaurant owners are too busy or uninterested in diving into their financials?”
Jordan points out that those who are passionate about improving will always find value in such tools. For those hesitant, he emphasizes the trade-off between the time and money saved.
Jordan:
“Of course, you can do it all manually, but why spend four to five hours a week when Starfish can do it for you, and better?”
Looking Ahead
The conversation wraps up with a look into the future of AI in restaurant management. Both Jeremy and Jordan agree that while AI is not new, its applications are becoming increasingly sophisticated.
Jeremy:
“Five years from now, where do you see this going?”
Jordan:
“We’re starting with the most accurate data—the P&L. Our big vision is to integrate inventory and labor data to provide a comprehensive financial management tool, but the decisions will always be up to the business owners.”
Conclusion
Starfish is more than just a financial tool; it’s a lifeline for small businesses aiming to survive and thrive in a competitive market. By converting complex financial data into actionable insights, Starfish empowers restaurant owners to make smarter business decisions, ultimately driving profitability.
For more information about Starfish and how it can revolutionize your business, visit USE Starfish or connect with Jordan Silverman on LinkedIn.
As always, stay tuned for more insightful episodes from the Restaurant Technology Guys podcast, where we continue to explore innovations driving the restaurant industry forward.
