Belk on Business

Exodus 12 gives us a story about the start of a New Year. The Lord provided a plan for deliverance, a purpose for his people and the people were required to prepare for the victory. This applies to our businesses as well. As we take time to look back over 2020 and forward to this new beginning in 2021, we can consider doing the following: 1) Develop a plan for deliverance from that which we need t...

2020 has been a rough year for nearly everyone. Some clients have hit business goals, but most made modifications to simply survive through this time. Freedoms have been taken away and our businesses and personal lives have been put through a stress test. During this holiday time, it is a time for us to take all the effort from our business business to focus on the most important business we have,...

Measuring cash flow is basic arithmetic. What is my cash balance at the beginning of a month less my cash at the end of the month? If the amount increases, my business had positive cash flow. If negative, negative cash flow. Dunn and Bradstreet research shows that businesses have a 44 percent higher chance of survival over five years if it carefully plans and manages its cash flows. Cash flows inc...

There is much misunderstanding of the definition of cashflow and its relationship as to the actual health of a business. Cashflow is essential for any business, it is the lifeblood of your business but unless there is an understanding of both the myths and facts of cashflow, your business will bleed out. Common statements and myths regarding cashflow: - If I have more sales, I will have more cashf...

Bookkeeping and Recordkeeping Requirements 1) No requirement as to how you keep your books, but you are required to keep books. Methods include ledger sheets, spreadsheets, online bookkeeping software, desktop bookkeeping software and industry specific software with accounting functionality 2) If books are not kept, the IRS can charge a 20% accuracy penalty 3) Keep income tax returns along with pr...

One of the most important qualities a business owner must have is focus. The more qualities of a visionary a business owner possesses, the more difficult it can be for that business owner to focus on objectives A business owner must focus on the following: 1) Purpose – the purpose is what you do and why you do it. This needs to be front and center in the way you communicate internally and tell you...

Key People Indicators – Third Parties (Vendors, Contractors and Consultants) - Surveys can reveal indicators on whether our actions align with our shared values and what we desire culturally for our company. Shared values could include the following: if we are living up to our promises, go beyond what is expected and communication of processes. - These can also help determine our effectiveness com...

Employee review sessions and surveys can reveal indicators on whether our actions align with our shared values and what we desire culturally for our company. Shared values could include the following: if we are living up to our promises, go beyond what is expected, communicate processes, and purpose and provide the helps necessary for the present and future development. These can also help determi...

Key Performance Indicators – KPIs are the dashboard used by leadership to make decisions as it relates to performance. Like a dashboard on a car, if an owner or manager spend their time staring at the dashboard, the car will end up off course and will crash. They are merely an indicator, not an end unto themselves. The indicators should result in any necessary changes to people, process, and profi...

Mindset and Metrics| Belk on Business - Episode 73 1. Mindset is impacted by what we read, those we allow into our world, and life experiences. 2. What we allow to influence us will ultimately result in affecting our paradigms. 3. Our legacy should begin with family first. 4. In business, we must avoid the extremes of aloofness or paralysis by analysis. 5. Profit is not the most important metric o...

Elements of Starting a Business  1) Clearly identify and define the problem that I am trying to solve? Is this a problem that people will pay for a solution? Is it something they want or need? 2) Define your avatar/target market. Who has the problem? 3) Who are my customers? Who has the problem and who will pay for the solution? 4) Who are my competitors? Are you operating in the same space o...

Basics of Attracting and Keeping Customers: 1) Communicate purpose, not just the product or service offerings 2) Have deep conversations to understand their problem, not just address the product or service the customer thinks they need. This requires listening with purpose and a deeper level of knowledge of your product or service 3) Communicate with transparency – know the limits of the product,...

Conversation with special guest, Manuel Corazzari, host of the Know your Mission podcast.  DIscussion on how we can know our mission through experiences, gifts and community. 

Five Areas for Effective Communication – Meetings with our teams should include at least one or more of the following elements: 1. Relevance – Why are we doing what we are doing?  We should ask ourselves frequently “why am I doing this?”  What is their role in the business and their role beyond just profitability? Bring awareness of wins. Many times a problem we are working through will...

Personal Finance Stability Indicators  Nearly three-fourths live paycheck to paycheck. Three in ten adults have no emergency savings. Two-thirds of Americans are one major catastrophe away from bankruptcy. 1) No credit card or unsecured debt 2) Have and follow a budget 3) Monitor net worth including equity positions in business investments 4) Savings rate of 15% 5) Two months of expenses in r...

Transitioning to Leadership - Manage your own growth. – Set a one year and five-year growth plan. Engage the assistance of a coach and be actively involved in at least one mastermind. This helps to bring awareness to blind spots or weaknesses. Always be reading. Always be learning. Allow for constructive criticism/feedback. Leave your ego at the door. - Monitor financial and time investments. – De...

In order to empower our team members, we must be a conduit of connection in a few key areas 1. Connection to the work – providing clear direction as well as the tools and information needed to get the work done 2. Connection to their own well-being – be a leader that listens and truly cares about their well-being. This includes developing/coaching the team and provide opportunities for growth both...

Finding Insight - Insight is a deep understanding of ourselves, of others, and of a situation. - Insight is needed to make better decisions that will lead us to reaching our goals. - How do we find insight or make steps towards reaching a level of deep understanding? 1) Start with your vision – Begin with the end in mind.  Maintaining focus will help us remain motivated in seeking the insight...

In business, we will be brought in to clean up someone else’s mess and to be effective and achieve success will be the point person to take ownership of providing solutions to problems or messes we did not create. How do we clean up messes effectively? - Identify the real problems and possible solutions? This may require a causation vs correlation analysis and dig into finding the true cause of th...

Putting people first is essential to developing a winning team with a culture where people have a sense of belonging and can thrive 1.  Communicate with clarity and purpose. If you don’t speak with clarity, confusion results. Example: email with missing elements 2. Coordinate – plug people into positions where they have the capacity to excel – set them up for success (do they have the desire...

Employees may either ask questions verbally or through their actions when they feel uncertain as to purpose or unclear as to their position 1) What is the point of what I’m doing? Where does my role and duties fit in the larger picture? – go deeper than the org chart to define how each individual plays a part in the overall purpose of the organization 2) How do I apply what I’ve learned? - give pr...

2020 Tax Update | Belk on Business - Episode 61

-  Give direction not orders – don’t micromanage or demand tasks be done your way.  Give direction as to the process, the why/purpose and the value it brings to the customer. -  Correct failures by educating – everyone who wins failed many times to get there.  Every failure is an opportunity to learn.  Celebrate failures and successes.  When we failed, we learned...

The role and responsibility in society is to try to enhance communities and be a positive voice, a collaborator, a convener, a listener, an empathizer, an educator, a volunteer, a sharer, and an innovator. – Howard Schultz At every turn, let us choose to replace meanness with kindness; pettiness with significance; hate with love; gridlock with compromise; complaints with creative solutions. ...

Encouraging Employees: 1) People thrive where there is praise 2) Speak affirmation, acceptance, empowerment and encouragement 3) Show approval 4) Show interest in their world 5) Be a discerning listener