Belk On Business

Building a connection with clients What issues are they facing? With whom to they associate?  Get in those rooms What do they need?  Sometimes our customer doesn’t know what they need or what they think they need isn’t what they need.   Who are their thought leaders/influencers?  Listen to who they are listening to and read what they are reading What technology are they using?  Websites, social media, apps, software Talk to their mentors/consultants.  Connect with them and build a synergy of helping each other and networking (your network is your net worth)

Seven conversations when starting a business: 1) Identify your why, purpose, mission, vision 2) What is your legacy? Financial freedom, retirement, what is your end game? 3) Cabinet of advisors  4) What problem am I solving?  Build solutions not just deliver a product or service 5) Entity structure 6) Plan for success (business plan, marketing plan, etc).  How am I getting customers and how am I going to serve them? 7) Projections, budgets, metrics

There are three ways to grow a business 1)  Increase volume 2)  Increase top line revenue 3)  Decrease expenses At a more granular level, some ideas to consider before taking the next step of growth: 1)  Define rules and processes before adding people.  Develop efficiency by simplifying processes.  Automate processes that can be automated and outsource those that should be outsourced. 2)  Evaluate your current client or customer list and determine who in your client list generates the most revenue and profit.  This is your ideal client. 3)  Identify your niche and define your avatar.  It is easier to market your product or service to a smaller potential customer base and charge them premium pricing.  Network with those in that group, read what they read, listen to what they are listening to and advertise in those mediums. 4)  Be able to give the benefit of what you do (service) or the product you sell in one sentence 5)  Become a lifetime learne

As the business owner and working with your team in your daily or weekly huddles, a few questions should be asked and analytics reviewed at least weekly: How was our pace last week and what does our pace need to be this week? Was our pace too slow or too fast?   Any areas we need to change?  Bad assumptions, bad decisions, bad measurements or bad inputs. Any areas slowing us down?  What needs to be measured or what needs to happen to increase pace/output? Did we deliver value that at least equaled but ideally exceeded client expectations? Did we lose a client to a competitor? If so, what did we learn and does something need to change as a result?  Look at customer satisfaction.  Document replies to questions asked when speaking to customers or use surveys Cash flow.   Look at your cash inflow against projections and cash outflow against projections and budget.  Look at cash flow projections and accounts receivable for the coming week against budgeted expenses

What should I be looking for in an accountant to add as a trusted advisor in my business: 1) Knowledge of industry 2) Responsiveness (timeline as to responding to questions/issues … phone, text, meeting needs) 3) Proactive (understands coming timelines as it affects your business such as lending issues, deliverables, etc.) 4) Strategic (tax planning, investing in the business, cash flow management, etc.) 5) Comprehensive (explain the complex) 6) Platform to teach and communicate (Adequate technology and staff to meet needs) 7) Understanding of risk management and asset protection (can provide this service or work well with attorneys, insurance, etc. to balance tax vs. legal)

 Many people have successful businesses and have achieved defined goals but don’t feel like they have achieved success.  There is a difference between success as defined by others or sometimes even ourselves and have the feeling of being fulfilled in life and business.   To achieve not just success but a fulfillment in that success, a few matters we must consider: 1) Are we using the gifts we have been given not just in business but in life.  We are given gifts which we can use for financial gain but also use those gifts to serve the communities in which we live (family, local assembly, community outreach organizations, etc.).  What causes beyond our little circle can we invest not just our resources but our time and influence will leave a lasting impact that outlives our lives or business? 2) Establish metrics (KPIs/OKRs) that not just measure what needs to be measured in our business but establish metrics for setting fulfillment goals.  3) Fulfillment requires four elements (ac

Simon Sinek’s talk regarding starting with our way changed the dialog in many ways for entrepreneurs and business owners.  He said the following: Very few people or companies can clearly articulate WHY they do WHAT they do. By WHY I mean your purpose, cause or belief - WHY does your company exist? WHY do you get out of bed every morning? And WHY should anyone care?    We need to not know just our why but also our mission and vision.  Our why, our passion, our drive isn’t enough.  Our goals and objectives need to be clearly identified.  Goals and objectives are summarized in mission and vision statements. Both of these serve different purposes for a company but are often confused with each other. While a mission statement describes what a company wants to do now, a vision statement outlines what a company wants to be in the future.   In my experience, I run into business leaders that are unable to lift their lid to achieve their w