Belk On Business

Mindset of Money: Debt– Belk on Business – Episode 167 1) How are we using debt? 2) Debt and bank accounts 3) How are we managing debt? 4) Paying operational debt 5) Fixed assets, depreciation, and loans 6) Owner loans and seed money Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/Bdra5cNAuZk

Mindset of Money: Cashflow – Belk on Business – Episode 166 1) Cash flow is rarely defined properly, if defined at all 2) Cash flow statements – coordination and control 3) Cash inflow – good or bad air 4) Free cash flow – measurement of business health 5) Operating cash flow ratio 6) Three metrics to review weekly Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/ZqGDSea-UrY

Mindset of Money: Purpose before Profit – Belk on Business – Episode 165 - Your purpose is your legacy. - When we focus on purpose, people then process, profits will follow. - Confront the work.  Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/sK0WLDO8TnU

Mindset of Money: Purpose First – Belk on Business – Episode 164 1. Planning begins with purpose. 2. To make purposeful plans, we must first understand our purpose. 3. To make purposeful progress in business, we need to know our current position. 4. When we know our purpose, it fuels our motivation and becomes the foundation of our vision. Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/BKNLhlLiHRU

Growth and Team Development – Belk on Business – Episode 163 Once the business is growing and many of the foundational elements have been addressed, the logistics of the business, as it relates specifically to team members, must be continually maintained. -The decision of whether to focus on fewer, higher-paying customers or many lower-paying customers should not be a distraction. The owners and sales team must clearly understand who does and who does not meet the requirements to be a customer. Always be quick to say “no” to someone that isn’t a fit. If you attempt to take on everything, your processes will fall apart and you will lose your ideal clients while trying to serve those who aren’t -Put in processes, utilize technology, and adequately train your team members to allow them to become more efficient at their work and how to have a project management mindset. Training should not only focus on how to do the work, but also on how to manage energy and focus. This may require bringing in outside advisor

Proper Business Growth – Belk on Business – Episode 162 Growing a business is not easy. There are always hurdles that range from marketing on one end of the spectrum to meeting or hopefully exceeding customer expectations on the other. To properly grow a business, there are steps both foundationally and logistically that need to be addressed. This week we will talk about the foundational, next we will discuss some of the logistics as it relates to team members. Foundationally, the following needs to be analyzed at each step of the growth process: - Is the avatar clearly defined and does our messaging and fulfillment process align with the avatar. Is there a specific industry or type of client that you are uniquely able to reach - Be selective and purposeful as to the work or client you take on. Not every opportunity is a good opportunity. Wisdom in business (and in life) is knowing what to say “no” to. - Have personnel that is in alignment with and is dedicated to the product and customer. Whether

Qualities of an Effective Team Member – Belk on Business – Episode 161 - Ability to work independently and collaboratively. - Mindset is team before individual. - Comfortable working in the gray areas. - Can manage stress. Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/MlIXDWYyvdA

Onboarding to Relationship – Belk on Business – Episode 160 - Set objectives - Define deliverables and timelines - Assign responsibilities - All involved in the process receives regular status updates - Project leader focuses on implementation not with day-to-day tasks - Document client’s policies, processes and approval hierarchies - How do we improve the business? - Set quantifiable objectives and how progress is measured and communicated Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/23-kNbsUEhk

Meeting Participation – Belk on Business – Episode 159   When in a meeting, regardless of whether you are holding the meeting or are participating otherwise in the meeting, a few questions to consider as to how and when to participate.     1) How do you show up prepared?    2) Is what you’re saying on point and necessary?    3) Does what you’re saying bring a different perspective to the topic?   4) Is what you’re saying supported by facts or feelings?    5) How do I say what needs to be said in a concise manner?   Subscribe on these platforms:  Apple Podcast: https://apple.co/2Zp6hgj   Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/LsyNgKWkbxk

Charitable Giving Strategies – Belk on Business – Episode 158 - Contribution Limits - Qualified Charitable Contributions - Bunch giving / prefunding - Donor Advised Funds - Private Foundations / nonprofits - Legacy or Planned Giving / Charitable Remainder Trusts (CRUT / CRAT) Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj  Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/9cjG_QUNsAM

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 employees alike. Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/ulrpEK9Wzho

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: https://youtu.be/xSKVLQ3Od98

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 $16,000 11) Property purchased, traded or sold 12) Business records 13) Lawsuit settlements or prizes received, lottery or gambling income 14) Rental income/expenses 15) Health insurance paid, marketplace, medical, dental and drug expenses, medical mileage by month 16) State income tax paid, property taxes, sales tax/excise tax paid on vehicles 17) Home mortgage interest 18) First time homebuyer that took distribution from IRA or repayment/recapture of 2008 credit if home has been sold or change in use 19) Charitable contribution information 20) Educational expenses 21) Student loan interest paid 22) Child or care fo

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 good internal culture at the firm level?  7) Are they able to deliver high quality work in a timely manner? 8) Do they have a network that can support and assist both them and you for execution of strategies, processes, etc? Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj​​​​​​​​​​​​ ​ Spotify: https://lnkd.in/gcWDnFZ​​​​​​​​​​​​ Stitcher: https://bit.ly/34aRgO2​​​​​​​​​​​​ YouTube: https://youtu.be/kdCzMA9g6tI

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 technology 7) Have a set time weekly you work on the finances 8) Have a set place you keep required paper records 9) Talk to attorney and accountant about recordkeeping requirements 10) Have a year-end call with tax professional, attorney and financial planner Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj  Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/H9DIKByWjkY

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 instead of working on ourselves Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj​​​​​​​​​​​​ ​ Spotify: https://lnkd.in/gcWDnFZ​​​​​​​​​​​​ Stitcher: https://bit.ly/34aRgO2​​​​​​​​​​​​ YouTube: https://youtu.be/Q2nia3NPi6M

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 in 1955 was 929 pages and today it is over 6,600 pages. Following are some of the most common, not all, of the areas the IRS generally reviews when looking for fraudulent intent: 1) Dealing in cash - Have a good point of sale system in place, invoices, sequential receipts and always reconcile cash to receipts. Never pay employees, contractors, or vendors in cash 2) Failure to file tax returns – file every year in a timely manner 3) Filing false documents including false tax returns - properly record and report income and expenses and properly issue W-2s, 1099s, etc. 4) Understating income – keep books, invoice clien

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) Tax minimization Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/vEJiJ-dDYh4

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 and restructured debt. He repositioned properties as well as modified and restructured loans for borrowers. In 2014, Jack entered into a partnership with a large private equity fund and led the asset management arm of the firm that made over 3 billion dollars in purchases of non-performing and re-performing mortgage debt between 2015 and 2019. An entrepreneur by nature, Jack decided to start JK Asset Management to focus on alternative assets such as value-add multifamily real estate. He then launched the JKAM Diversified Real Estate Fund in September 2020 and is launching a 2nd Diversified Fund in 2022. Connect with