Belk on Business

For groups to work effectively they must have the following: 1) Good information. Bad information will result in bad results. Good, factual information is essential as a foundation for making good decisions. 2) Trust – the individuals must be able to trust each other, be vulnerable yet able to keep the end in mind. Should be able to disagree agreeably for the betterment of the whole 3) Be honest a...

1. IRA contribution limits $6k/&7k if over 55 – have until April 15, 2020 (no extension) 2. 401(k) limits $19k/$25k 3. HSA contribution limits $3,500 individual/$7k family – have until April 15, 2020 (no extension) 4. SEP contribution – up to 25% of salary or $56,000, whichever is less for employees. If self-employed business owner, up to 20% or $56,000. 5. Medical expense deduction if you...

Have an “always be learning” culture- Have a strong professional development program investing in your team to develop or polish the skillset related to their position in the company, improve communication skills, lift their leadership lid Regularly be analyzing processes and improve when needed to increase efficiency Always be looking forward towards possibilities.  Learn from past mistakes...

Does my product or service bring greater value than my competitors? Does my pricing reflect my value and is it affordable to my avatar? Does the combination of my avatar, product/service, pricing and costs align to a model that is profitable? What are my steps/hurdles to get to my goals? What are the steps/hurdles my customer/client have in reaching their goals?

When looking at business costs, especially for a business that is struggling or looking to improve its margins will want to look at costs as bringing us one of three things: Identifiable ROI (investment in the business) Increases value to the client Improves the culture of the business or life of the team When looking at the balance sheet, one common issue we see is not comprehending the interacti...

The company’s r asset, liability, equity, income and expense accounts compile a businesses’ chart of accounts.  Most of a basic list will be provided for you if you are using accounting software or software with an accounting function. Common questions regarding the chart of accounts are: 1) What goes above or below the line (COGS/COP) 2) What belongs on the income statement vs the balance sh...

Most every business has three positions/areas of leadership: 1) Visionary – leader responsible for the company’s vision 2) Managers – responsible for the execution and creating value 3) Administrators – responsible for process and tasks Some thoughts regarding leadership in your company: If leaders are going to lead in a way that will allow for perpetuity of not only the business but continue to b...

Creating a synergetic and positive corporate culture includes the following: A place one can focus (movement away from open concept) An affirming environment (encouragement and gratitude) Value people (serve) Where one can grow into their goals – can grow with their gifts outside their comfort zone in a safe environment Two-way mentorship

  Break costs down into two categories … needs and wants or necessities and luxuries.  Ask what wants or luxuries can be eliminated and what needs or necessities can be reduced. Determine your fixed costs.   A business’ fixed costs generally should be 20-30% of net revenue (gross revenue less cost of goods sold).   Develop an operating budget Automate payments from clients...

Make each customer’s experience feel personal.  How do they prefer to be contacted?  What is their method of processing information (graphics, lists, written explanation or in person)?   Get to know your clients on a deeper level.  If appropriate, connect with them on social media.  When meeting with a client, go beyond just completing the basic “profile” information neede...

Value based leadership is when a leader draws both on his or her own values as well as the values of the individuals on the team to provide direction and motivation. To be effective in leading a team, a leader brings value by exhibiting the following traits: 1) Transparency - allow for honesty in providing viewpoints and a platform for those viewpoints to be heard and analyzed 2) Vulnerability – t...

1) Create a development plan. How am I going to develop professionally and even personally to become what the company needs? A professional development plan should be in place to identify the necessary skills and resources needed to support the individual’s goals as well as the organization’s business needs. 2) Find out the personal and professional goals of each employee and include these goals i...

1) Who is responsible for each area of the business? 2) What are the strategic objectives in leadership, talent, process, technology and growth? 3) How will progress be measured in each area of the business (define KPIs/metrics)? 4) Establish initiatives in support of objectives. Do costs need to be reduced, efficiency increased, improved sales performance, etc. 5) What is an acceptable timeline f...

1) What do you want your future to look like for both you personally and for the business? 2) What is the business model? A business model has three major components  1) strategy 2) operations 3) structure. The model includes identifying product and service offerings, resources, competitors, suppliers, partners, market opportunities, competitive advantage, hierarchy, access to capital etc. Ea...

Most businesses experience the pain points that come in an ever changing, fast paced economy. A business not in motion will become stale and will eventually find itself irrelevant and probably out of business altogether. All business should have the following: 1) Vision casting board – will outlines what you want to be, do, have and create in the next 3-5 years. This will be the foundation of the...

Agility is needed to react quickly during crisis or disruption. Agility is needed to foresee and change with changes in the marketplace the business serves. Agility is a reactive quality. Anticipating opportunities as a result of market trends is proactive. Agility is defined as the ability of a business system to rapidly respond to change by adapting its initial stable configuration.” Both fortun...

Every business has elements (real estate may include single family rentals, wholesale, turnkey properties, construction management, property management, etc.). A service business will have different areas of services they render (an accounting firm can provide tax, consulting, audit). In addition to the service or product offerings they have elements that include culture, marketing, sales, hiring,...

1. Recruit, develop and retain team members with both the skill and attitude desired by your company 2. Benchmark customer experiences then implement strategies to improve the experience. Have a renewed focus on the customer experience through providing improved customer service and business development 3. Improve and expand your network to include individuals and companies which will bring synerg...

Define the tasks that needs to be done daily, weekly, monthly.  Delegate those tasks in your business that are not in your core genius and don’t maximize profit.  If you don’t like doing it or aren’t good at it, delegate it. Hold a weekly huddle which includes at least these three elements: Look at the task list to make sure they are being productive and identify areas of weakness Ask wh...

Visionaries/influencers generally tend to want change to happen quickly forcing their team to move too quickly which results in a lack of adequate time for change to be planned and adopted property.  This leads to the demise of the idea or change.  Individual goals for each team member for adaptation is essential for true transformation.   Start with a clear 2-5 year vision plan. &n...

Some businesses are in a position where they need to be optimized, others transformed.  Optimization would include improving productivity and the customer experience.  Transformation is generating new revenues, new service or product offerings, new business models or change of business structure.   Optimization is needed when  There is an opportunity to increase revenues from e...

Most business owners are intelligent and driven people yet over 80% of businesses fail.  The top two reasons businesses fail due are due to a lack of business experience by the owner and cash flow issues or lack of profitability.   Individuals start business for people, process or product, not for producing and generating financial reports.  Most business owners have a passion for w...

Client/customer retention/nuture – 10X thinking as it relates to clients.  Do we filter a client or nuture a client?  This is determined by factors that include profitability, referrals, coachable, appreciated, push us to lift our lid (new challenges).  Surveying your team in these areas and keeping measurables such as point of contact with a client (email, phone calls and meetings)...

  Operating cash flow – answers the question “does my business generate sufficient cash flow to maintain and grow operations?”  Measures cash flow after all direct business activities (COGS/COS) to pay administrative costs, save, invest and expand.  If net income is less than cash flow from operations, you will have to find financing to pay non-operational costs.  This metric c...

Fractional CFO's are a bit of a hot topic right now. There are many purposes a Fractional CFO can have. Here are a few things that this position can offer.