Belk on Business

Accountable Plans for Business Expenses– Belk on Business – Episode 157 Some employees will regularly or occasionally pay for expenses for their employer’s business out of pocket and usually have an expectation to be reimbursed. In this podcast, Josh talks about accountable plans, the rules surrounding the plan, rules around documenting expenses and how it can be beneficial to business owners and...

Handling Understaffing Issues – Belk on Business – Episode 156 1) It takes time to find the right team member 2) Communicate with your team more frequently 3) Don’t force the work 4) Cross-train 5) Consider outsourcing 6) Use automation where possible Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: htt...

Preparing for Tax Preparation – Belk on Business – Episode 155 1) Any changes in family status 2) Change in job 3) Change in address 4) Unemployment 5) Retirement contribution or distribution or rollover 6) Social security benefits 7) Bought and/or sold stocks, bonds, mutual funds, etc 8) Virtual currency/cryptocurrency 9) Distribution from inheritance or trust 10) Made or received any gifts over...

Finding a Tax Professional for your Business – Belk on Business – Episode 154 1) Make sure your professional is licensed.  2) Do your research.  3) Does the preparer know and use technology for productivity, accuracy and efficiency both internally and for advisory purposes? 4) How responsive are they to client needs? 5) Are they able to make the complex simple.  6) Do they have a go...

Ten Organization Tips before Year End – Belk on Business – Episode 153 1) Best path to peak performance is addressing physical, emotional and spiritual needs before the professional every day 2) Organization is a mindset and process 3) Have a process for tracking transactions 4) Have a process for documenting and sharing records, receipts and tax documents 5) Keep the processes simple 6) Use techn...

Social Media: The Enemy of Contentment – Belk on Business – Episode 152 1) Comparison (with others) is the enemy of contentment 2) Social media can result in distractions and a lack of focus 3) Social media platforms can end up being a place of competition instead of collaboration 4) Social media keeps us from making best use of our time 5) Social media can put us seeking temporary dopamine hits i...

Civil Tax Fraud – Belk on Business – Episode 151 As we begin to see a trend with the law passed this week which has funding for the IRS for increased enforcement action, business owners can use the common areas the IRS as a learning tool to make sure their manner of action, bookkeeping and record keeping is handled in a way to improve the probability of a properly prepared tax return. The tax code...

Five Cs of Business Failure – Belk on Business – Episode 150 Five reasons a business fails: 1) Commitment/Complacency 2) Compromise 3) Compassion 4) Cashflow 5) Conversion Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj​​​​​​​​​​​​ ​ Spotify: https://lnkd.in/gcWDnFZ​​​​​​​​​​​​ Stitcher: https://bit.ly/34aRgO2​​​​​​​​​​​​ YouTube: https://youtu.be/t9gM5P3TKHM

Prioritizing Financial Direction – Belk on Business – Episode 149 Business owners must evaluate at minimum annually which financial goals will take priority while attempting to balance the other areas to keep the business fiscally responsible. 1) Cash flow for operations and debt obligations 2) Owner’s compensation 3) Equity participants (shareholders, partners) 4) Bank or lender requirements 5) T...

Fund Investing with Jack Krupey – Belk on Business – Episode 148 Jack Krupey has been investing in both real estate and distressed debt since 2001. He has built long term relationships with experienced real estate developers, sponsors, and syndicators over his 20-year career. Jack leveraged the 2008 financial crisis as part of a private equity fund that yielded impressive returns off of distressed...

Stepping up the Leadership Game – Belk on Business – Episode 147 1) Expand your network beyond region and profession.  Will bring new ideas, perspectives, and challenges 2) Move beyond having mentors and have coaches that will hold you accountable.  Coaches provide honest and timely feedback. 3) Shift mindset from focusing on profit to leading with passion and vision.  What do you w...

Maximizing Growth and Profit with Pam Jordan – Belk on Business – Episode 146 Pam Jordan is a no-nonsense financial expert and speaker. Pam specializes in analyzing and streamlining the backend of fast-growing companies as well as efficiently creating more profit and strategic growth. Pam can translate the hidden message your numbers are saying about your business.  Pam can be reached at www....

The “Be’s” of Business Relationships – Belk on Business – Episode 145 To be effective in business relationships, there are a few “be’s” we should consider: 1) Be present in the moment 2) Be authentic /be vulnerable 3) Be honest 4) Be grateful/be complimentary 5) Be kind Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj​​​​​​​​​​​​ ​ Spotify: https://lnkd.in/gcWDnFZ​​​​​​​​​​​​...

Internal / External Alignment – Belk on Business – Episode 144 There will be parallels or alignment between how you conduct your business internally with culture and team and externally with clients if your business is going to strive.   Four areas of alignment: 1) How easy is it for clients to do business with you and how easy it for employees to work with you.  (communication and techn...

Family, Dreams and Resiliency with Sean Thomson – Belk on Business – Episode 143 Join my conversation with Sean Thomson of Thomson Multifamily Group as we discuss working with family, Sean’s blueprint of putting dreams into action and the importance of resiliency for success in business. Sean can be reached at: https://www.thomsonmultifamilygroup.com/ Subscribe on these platforms: Apple Podcast: h...

S Corporation Payroll Guidelines – Belk on Business – Episode 142 IRS requires owners of an entity taxed as an S Corporation to take a salary if the owner does anything more than contribute capital. The IRS defines reasonable compensation as “the value that would ordinarily be paid for like services for like enterprises under like circumstances” IRS recommends considering the following when settin...

Processing Entrepreneurial Frustration – Belk on Business – Episode 141 1. Do we have the right people in the right roles in the business?  Need to consider whether people are truly where they want to be in the business.     2. Do we have the right technology and are we using it correctly?    3. Are we training properly?  Learned that teaching something once or t...

Dealing with Entrepreneurial Frustration – Belk on Business – Episode 140 As entrepreneurs we can get to a position where we are frustrated, feeling sorry for ourselves, questioning whether those around us understand at all the burden and stress of owning a business.   How to deal with frustration during a stressful season: 1) You don’t have the time to focus on what went wrong.  Decide...

Preparing for an Economic Crisis – Belk on Business – Episode 139 Prepare for an economic crisis resulting from high inflation, market crash, bank runs, national debt default which generally results in a material devaluation of currency by doing the following: 1) Invest in foreign markets that are in a healthy economic position or market cycle  2) Invest in assets with reliable cash flow 3) D...

Taxation of Short-Term Rentals – Belk on Business – Episode 138 Note: Not giving specific tax advice. Meant to be a high-level primer of some of the basics. Consult your own tax professional for specifics as it relates to your tax situation. Generally rental income from single family rentals in a traditional sense if a residential property is considered passive. Not subject to self-employment tax...

The Five Mutuals for Effective Business Relationships – Belk on Business – Episode 137 1) Mutual core values – commonality of purpose and values that underly manner of operating and relating 2) Mutual respect – individual/company hired for skillset. Is there a trust when there is a lack of clarity or understanding? 3) Mutual listening – both parties let the other finish thoughts, listen to underst...

Relational or Transactional Business Model – Belk on Business – Episode 136 - Evaluation of business model and core values – all decisions in business from what we do to why we do it to with whom we work should filter through core values - A transactional business model is built on the short term. It is a model that the business does whatever it takes to make a sale many times neglecting what the...

Clear Numbers, Clear Direction – Belk on Business – Episode 135 1) Clear vision and goals - know where you are going so you know what to measure 2) Clear picture - have a process in place to provide a clear picture of the numbers – a budget to control the numbers with performance indicators that measure and direct performance 3) Clear decisions – use the numbers as a tool in decision making 4) Cle...

Looking to the Future – Belk on Business – Episode 134 1) Do you have a clear vision of what your business looks like 5-10 years in the future? 2) Do you have or can you develop the talent and leadership necessary to get you there?  Most of the people (customers, vendors and advisors) who helped you get to where you are at now may look much different than those who will help you get to where...

Caring for Your Website with Robert Simmons – Belk on Business – Episode 133 Connect with Robert regarding his Website Partner Program: https://thehatmen.com/ Here With the Ears YouTube channel: https://www.youtube.com/c/HereWithTheEars Robert joins the podcast today to talk about the importance of having a website, what information should you have on your website, how to communicate through a web...