Belk on Business

Cash Flow Planning | Belk on Business - Episode 57 #belkonbusiness #joshbelk 1) Run historical financial statements for past three years including cash flow statements (cash inflows and outflows). Need to compute what it actually costs in cash to run your business each month (this will not match the total of COGS and expenses on your P&L) 2) Historical profit margin 3) Pull relevant operating...

Financial Awareness When Investing in a Business: 1) Does the business model and culture align with your core values and purpose? 2) Be familiar with finances and financial processes for the type of business you are investing. 3) Insist on total transparency…especially with the financial records and processes 4) Are there internal controls with finances? Relationship with bookkeeper/finance staff...

Timeless Customer Service Principles | Belk on Business - Episode 54 #belkonbusiness #joshbelk Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://open.spotify.com/show/5zpetTmzlkbMxJb1wj1ByO Stitcher: https://bit.ly/34aRgO2 YouTube: https://www.youtube.com/channel/UCYx1W1zTGED_m_99bqHWA7A

Qualities of the Best Talent: 1) Possess the business skills necessary for the position. 2) Experience with the technological pieces necessary for the position 3) Critical thinking skills 4) Exemplary communication and relationship skills Keeping a good attitude amongst employees in your business: 1) Have good processes. People want to know what to expect and where they fit in. This includes not o...

Analyzing employees: 1) Are they on board with vision? 2) Do they have a servant’s spirit? Do they have a good attitude? 3) Do they follow instructions? Are your instructions clear and communicated in a way that your employee processes data? 4) Do they learn within three times of being told? – May need different voices teaching 5) Can they apply knowledge across projects/clients? 6) Are they activ...

Practical Tips for Working Remotely | Belk on Business - Episode 52 #belkonbusiness #joshbelk Working remotely: 1) Approach life with a greater sense of discipline and focus – this means a consistency in schedule. Have a routine to your schedule. Have a morning routine – how do you start each day? 2) Get dressed – keep up your appearance. “Dress for success” – we generally are less effective in bo...

Thoughts on Leadership with Pastor John Wilkerson  | Belk on Business - Episode 51 #belkonbusiness #joshbelk Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://spoti.fi/2ZmJtxz Stitcher: https://bit.ly/34aRgO2 YouTube: https://www.youtube.com/channel/UCYx1W1zTGED_m_99bqHWA7A

Details on the Paycheck Protection Program under the CARES Act | Belk on Business - Episode 50 #belkonbusiness #joshbelk Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://spoti.fi/2ZmJtxz Stitcher: https://bit.ly/34aRgO2 YouTube: https://www.youtube.com/channel/UCYx1W1zTGED_m_99bqHWA7A

Tom Olson - Good Success: www.goodsuccess.com Damon Riehl - LoanBidz.com: www.loanbidz.com

Responding to Crisis: 1) Stay calm – operate with a sound mind not in fear. Lead with boldness, love and self discipline 2) Look at your short-term budget and cash flow projections 3) Communicate with vendors, lenders and employees 4) Follow ongoing changes that affect your company and employees

“When we are motivated by compassion and wisdom, the results of our actions benefit everyone, not just ourselves or some immediate convenience” – Dalai Lama 1. Owner must take ownership – owner must lead with compassion and respect if the owner expects the employee to feel valued and in turn work to bring value to the client or customer. The business must be run with its core values in mind…consis...

Developing a savings plan 1) Know where you are spending your money.  Document all spending for past 30, 60, 90 days 2) Build budget for spending 3) What cost can be cut or reduced? 4) Set savings goals based around priorities 5) Have a short term and long term savings plan

Debt can cause your business to become over leveraged, result in selling ownership to raise capital, selling golden eggs in the business, cripple future business plans, limit the ability of the business to scale and erodes profit. 1) Always pay principal and interest on secured loans monthly 2) Pay off unsecured debt monthly 3) Generate a debt elimination plan  - Where am I at now? - Elimitat...

Principles of Financial Success - Part 1 - Giving | Belk on Business - Episode 44 #belkonbusiness #joshbelk   Give of talent, treasure, time: 1) What is your purpose? 2) Everyone has something to give - who can you influence? 3) What skill set do you have that can be used to help and influence others? 4)  Have a weekly time you choose to give of your time 5) Set goals of financial giving

Building Your Business in 2020: 1) Visionary leadership, self management and self discipline 2) Planning 3) Accountability 4) Coachable and committed talent and teams 5) Unique processes 6) Ability to integrate and leverage technology

Joy of Christmas | Belk on Business - Episode 42 #belkonbusiness Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://spoti.fi/2ZmJtxz Stitcher: https://bit.ly/34aRgO2 YouTube: https://www.youtube.com/channel/UCYx1W1zTGED_m_99bqHWA7A

Preparing for a New Year 1) Revisit processes - where do we have bottlenecks? 2) Revisit clients - with whom do we want to continue working and who should be referred elsewhere 3) Indentify capacity - have a point person responsible for client interaction and manages the process 4) Get started earlier - be proactive with communication and setting expectations 5) Plan out the year - plan quarterly...

Effective Client Relations How can we be effective in our client relationships? 1) Managing a delivery on the client’s expectations. Clients expect your advice, insight, decision support and guidance – even if they don’t ask for it 2) Understand the client’s vision and core values 3) Understanding what the client does and does not want to do 4) Understanding the technology that they use or need to...

“All dreams come true if we have the courage to pursue them” Walt Disney One limits their ability to pursue opportunities by the following: 1) Fear mindset 2) Entitlement mindset 3) Employee mindset 4) Disbelief 5) Lack of discipline 6) Education/skillset

The context of pay we have with the client’s range depending on whether we are discussing the reasonableness of an owner’s salary, tax strategy or just a practical approach in the context of personal finances. In the context of determining if a business is profitable, many business owners pay themselves last or sometimes not at all. If this is the case, you don’t have a functional business. The ow...

1) Set aside one hour per week during which you think about your future and the future of your business. Discuss your thoughts with a mentor or group of advisors. Advisors can include a member of small business groups or mastermind groups that can help you analyze and organize your thoughts and plans. 2) Have an accountability call regularly. This can be a once a month call with a mentor or adviso...

Having an objective team is one that has the following qualities: 1) Creative 2) Able to evaluate situations effectively 3) Able to analyze data 4) Able to apply practical principles to real-life business situations 5) Has the skill set necessary and cognitive ability to grow and adapt to change As business owners, we can use tools to assist with some of these but practically, we can be active to...

Key elements of business include process, people and purpose. Improving processes would include the following: 1) Define the process – assess the current state of the process. Map out the process asking, “how are we doing it now?” 2) Measure key elements of the process such as time, resources, etc. to identify inefficiencies. 3) Analyze the process for insights beyond financial. Use visualization...

When hiring, don’t hire people just like you.  Different age groups bring different ideas, different methods of interaction, different methods of work and how work is managed. Hire for culture and attitude.  Screen people for the right personality. Allow other team members to be involved in the hiring process.  They can help the candidate know what a day looks like.  Allow memb...

Whether coaching, training or mentoring there are parts of the skillset that need to be continually worked on.  These include the following: Asking good questions.  The goal is to determine where you can help them in alignment with their goals and vision.   Asking the right questions will give you the information needed to be able to guide them to an accurate assessment of thei...