Belk On Business

Stepping up the Leadership Game – Belk on Business – Episode 147 1) Expand your network beyond region and profession.  Will bring new ideas, perspectives, and challenges 2) Move beyond having mentors and have coaches that will hold you accountable.  Coaches provide honest and timely feedback. 3) Shift mindset from focusing on profit to leading with passion and vision.  What do you want to be and experience?  Focusing on passion bring energy that attracts relationships.  4) Spend time every day improving your skill set.  Have focused and purposeful time of improving every day through articles, podcasts, blogs, webinars, and continuing education.   5) Reflect each day on failures.  Document what you learned.  Think, reflect, plan, and execute.  This will bring growth.  6) Invest and train your team to lead clients through influence.  Be vulnerable as to your leadership journey, your passion, and your vision.  Keep the vision in front of them. &nbs

Maximizing Growth and Profit with Pam Jordan – Belk on Business – Episode 146 Pam Jordan is a no-nonsense financial expert and speaker. Pam specializes in analyzing and streamlining the backend of fast-growing companies as well as efficiently creating more profit and strategic growth. Pam can translate the hidden message your numbers are saying about your business.  Pam can be reached at www.pamjordan.com 1) Tell us a little about your journey from working for a company that went up in flames, to working with business owners to put out those flames in their business. 2) Many business owners get into business pursuing freedom. Those owners don’t realize they are going to go from working for a business owner and working 40 hours a week, to working for potentially hundreds of people working 80 plus hours per week. How do you help a business owner define freedom, determine their purpose, and leave a legacy? 3) What role should a fractional CFO or CFO consultant play in the entrepreneur’s journey? 4) We hear

The “Be’s” of Business Relationships – Belk on Business – Episode 145 To be effective in business relationships, there are a few “be’s” we should consider: 1) Be present in the moment 2) Be authentic /be vulnerable 3) Be honest 4) Be grateful/be complimentary 5) Be kind Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj​​​​​​​​​​​​ ​ Spotify: https://lnkd.in/gcWDnFZ​​​​​​​​​​​​ Stitcher: https://bit.ly/34aRgO2​​​​​​​​​​​​ YouTube: https://youtu.be/ZBc_SAATcmo

Internal / External Alignment – Belk on Business – Episode 144 There will be parallels or alignment between how you conduct your business internally with culture and team and externally with clients if your business is going to strive.   Four areas of alignment: 1) How easy is it for clients to do business with you and how easy it for employees to work with you.  (communication and technology)  Where to you place people in the office so they can communicate easily and work together, how do clients schedule time with you and what platforms do you use)  2) What differentiators are there between you and your competitors in your product and/or service and what differentiators are there in your culture and as an employer? (value, relationship, service).  What makes you unique? How do you develop and educate? (Situation with bankers working with clients).  How do you innovate?  How do you lead (inspiration, empowerment, motivation)? How do you communicate? 3) People do business wi

Family, Dreams and Resiliency with Sean Thomson – Belk on Business – Episode 143 Join my conversation with Sean Thomson of Thomson Multifamily Group as we discuss working with family, Sean’s blueprint of putting dreams into action and the importance of resiliency for success in business. Sean can be reached at: https://www.thomsonmultifamilygroup.com/ Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj​​​​​​​​​​​​ ​ Spotify: https://lnkd.in/gcWDnFZ​​​​​​​​​​​​ Stitcher: https://bit.ly/34aRgO2​​​​​​​​​​​​ YouTube: https://youtu.be/HOKeIaBLrmc

S Corporation Payroll Guidelines – Belk on Business – Episode 142 IRS requires owners of an entity taxed as an S Corporation to take a salary if the owner does anything more than contribute capital. The IRS defines reasonable compensation as “the value that would ordinarily be paid for like services for like enterprises under like circumstances” IRS recommends considering the following when setting an owner’s salary: - Duties performed - Volume of business handled - Character and amount of responsibility - Complexities of the business - Amount of time required - Cost of living in the locality - Ability and achievements of the individual performing the service - Pay compared with gross and net income of the business - Distributions to shareholders - History of salaries paid to other employees - Company policies regarding wages Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj​​​​​​​​​​​​ ​ Spotify: https://lnkd.in/gcWDnFZ​​​​​​​​​​​​ Stitcher: https://bit.ly/34aRgO2​​​​​​​​​​​​ YouTube: htt

Processing Entrepreneurial Frustration – Belk on Business – Episode 141 1. Do we have the right people in the right roles in the business?  Need to consider whether people are truly where they want to be in the business.     2. Do we have the right technology and are we using it correctly?    3. Are we training properly?  Learned that teaching something once or twice isn’t sufficient.   Repetition is the key to learning.   4. Are we consistent with deliverables?  .  Most clients prefer something consistent and comprehensive over cutting edge and customized. Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/Z5wqoyNEuxk

Dealing with Entrepreneurial Frustration – Belk on Business – Episode 140 As entrepreneurs we can get to a position where we are frustrated, feeling sorry for ourselves, questioning whether those around us understand at all the burden and stress of owning a business.   How to deal with frustration during a stressful season: 1) You don’t have the time to focus on what went wrong.  Decide what is top priority and conquer 2) Schedule a time to process what happened, how I ended up here.  Develop the list of facts, not emotions, of what occurred and its impact on the business 3) Develop a plan that still empowers the team that provides systems and processes that addresses the problem 4) Schedule a meeting with the team to walk through the journey, present the facts of the situation and its impact on the business.  Discuss solutions with the team.   Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj  Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2

Preparing for an Economic Crisis – Belk on Business – Episode 139 Prepare for an economic crisis resulting from high inflation, market crash, bank runs, national debt default which generally results in a material devaluation of currency by doing the following: 1) Invest in foreign markets that are in a healthy economic position or market cycle  2) Invest in assets with reliable cash flow 3) Diversify savings across different asset categories (currencies, precious metals, stock market, ETFs, real estate, cryptocurrencies, etc.).   4) Maintain some liquid assets Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj  Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/Xdkdk5SYDkk

Taxation of Short-Term Rentals – Belk on Business – Episode 138 Note: Not giving specific tax advice. Meant to be a high-level primer of some of the basics. Consult your own tax professional for specifics as it relates to your tax situation. Generally rental income from single family rentals in a traditional sense if a residential property is considered passive. Not subject to self-employment tax and has loss limitations based on hours of activity, real estate professional status and tax structure. Short-term rentals (Airbnb, VRBO, etc.) are 1) Active is rental period is less than seven days or less than thirty days and significant personal services are provided by you or on behalf of the owner of the property to make the property available for rent. 2) Active – can use any losses to offset other non-passive income if you materially participate in the activity 3) Test for active participation: a) more than 500 hours during the year b) individual’s activity and activity on the owner’s behalf constitutes substa

The Five Mutuals for Effective Business Relationships – Belk on Business – Episode 137 1) Mutual core values – commonality of purpose and values that underly manner of operating and relating 2) Mutual respect – individual/company hired for skillset. Is there a trust when there is a lack of clarity or understanding? 3) Mutual listening – both parties let the other finish thoughts, listen to understand, not to react. Good communication across platforms 4) Mutual agreement – deliverables and expectations 5) Mutual understanding – no perfect relationship but willingness to work together through difficulties to achieve success. Both parties desire to see the other succeed. Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/KMoT83ksH0I

Relational or Transactional Business Model – Belk on Business – Episode 136 - Evaluation of business model and core values – all decisions in business from what we do to why we do it to with whom we work should filter through core values - A transactional business model is built on the short term. It is a model that the business does whatever it takes to make a sale many times neglecting what the customer really wants or needs. A transactional business model is focused purely on profit resulting in poor relationships with customers, employees and vendors. They advertise and market consistently. - A transactional business model works best if price is the main decision point of the prospective buyer. When a customer is purchasing mostly on price, they will generally return. A relational business model is broader as to its approach and focuses more on overall customer satisfaction and experience. - A relational business model starts with a goal of building a long-term relationship with the client by determining

Clear Numbers, Clear Direction – Belk on Business – Episode 135 1) Clear vision and goals - know where you are going so you know what to measure 2) Clear picture - have a process in place to provide a clear picture of the numbers – a budget to control the numbers with performance indicators that measure and direct performance 3) Clear decisions – use the numbers as a tool in decision making 4) Clear direction – unleash your company’s earning potential with strategic approaches, systems and advisors Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj​​​​​​​​​​​​ ​ Spotify: https://lnkd.in/gcWDnFZ​​​​​​​​​​​​ Stitcher: https://bit.ly/34aRgO2​​​​​​​​​​​​ YouTube: https://youtu.be/MzI_fvndcyo #belkonbusiness​​​​​​​​​​​​ #business #joshbelk #podcast #clarity #numbers #control #finances #accounting #kpis #performance #indicators #vision #goals #decisions #direction #earning #potential #strategy #systems #advisors #entrepreneur #entrepreneurship

Looking to the Future – Belk on Business – Episode 134 1) Do you have a clear vision of what your business looks like 5-10 years in the future? 2) Do you have or can you develop the talent and leadership necessary to get you there?  Most of the people (customers, vendors and advisors) who helped you get to where you are at now may look much different than those who will help you get to where you want to go.   3) Determine the type of client or customer that will help you get there 4) What specific operating system needs to be implemented? 5) What processes and technologies are needed to get you there? 6) What marketing and sales plan is needed? 7) What elements of your culture are essential to get you there (training/learning, confidence, and accountability)? Subscribe on these platforms:  Apple Podcast: https://apple.co/2Zp6hgj   Spotify: https://lnkd.in/gcWDnFZ  Stitcher: https://bit.ly/34aRgO2  YouTube: https://youtu.be/BfkMNGPKHig #belkonbusiness #business #joshbelk #podcast

Caring for Your Website with Robert Simmons – Belk on Business – Episode 133 Connect with Robert regarding his Website Partner Program: https://thehatmen.com/ Here With the Ears YouTube channel: https://www.youtube.com/c/HereWithTheEars Robert joins the podcast today to talk about the importance of having a website, what information should you have on your website, how to communicate through a website, the importance of speed and serving the user and its impact on search engine optimization and conversion, and how he developed a website partner program to make sure your site is and remains compliant and secure. Lastly, Robert talks to us about perseverance in business. Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj​​​​​​​​​​​​ ​ Spotify: https://lnkd.in/gcWDnFZ​​​​​​​​​​​​ Stitcher: https://bit.ly/34aRgO2​​​​​​​​​​​​ YouTube: https://youtu.be/qT_KIW2msOA #belkonbusiness​​​​​​​​​​​​ #business #joshbelk #podcast #robertsimmons #thehatmen #websites #seo #marketing #communication #conversio

Measuring Employee Satisfaction - Belk on Business – Episode 132 Less than 20% of employees feel their leaders communicate well Less than 20% of employees feel their leaders provide enthusiasm Less than 25% of employees feel their leaders measure performance in a way that motivates them What KPIs are you measuring for satisfaction? - Employee fulfillment or satisfaction should be measured by asking employees how satisfied they are with the current workplace, how well does the workplace meet your expectations and how close is the workplace to an ideal one? - Factors that impact satisfaction are opportunity, mission and values, rewards and recognition, organizational structure, leadership style and skills and business competitiveness The more an employee makes, the less increases in pay impact satisfaction in the workplace Invest in employees in a way that engages them. Putting people in a place where their skills meets purposeful experiences and relationships. A place where their emotional paradigm, purpose an

On this podcast, we discuss the role that debt plays in our personal finances and business finances, the emotions surrounding debt, mindsets regarding debt and the road to either bondage or freedom. The podcast concludes with the two practical action items every business owner needs to possess a proper paradigm towards debt and achieve financial health in the long term. Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj​​​​​​​​​​​​ ​ Spotify: https://lnkd.in/gcWDnFZ​​​​​​​​​​​​ Stitcher: https://bit.ly/34aRgO2​​​​​​​​​​​​ YouTube: https://youtu.be/PVyC5Wg_ELk #belkonbusiness​​​​​​​​​​​​ #business #joshbelk #podcast #debt #bondage #freedom #finances #financialhealth #entrepreneur #entrepreneurship

Becoming Your Own Administrator and Trustee on Your Retirement Account with Saen Higgins – Belk on Business – Episode 130 Connect with Saen and become your own retirement plan administrator: www.qrpcall.com Saen Higgins, owner of Association for Optimum Achievement since 1996 is the world’s most sought-after teacher and public speaker on the topic of Tax Deed and Tax Lien Certificate investment. He started his career in finance as a stockbroker. Later became a financial planner and developed his own strategy investing in tax lien certificates. Saen’s passion ranges from assisting clients build and protect their wealth to photography and family. 1. Tell us a little about your background 2. In your journey, while a financial planner, you discovered an overlooked way an individual can generate income using tax lien certificates and tax deeds. Tell us about that journey and how it became your passion to the point you developed an entire education and coaching program. 3. While someone is accruing wealth, they nee

Setting Benchmarks to Reach 2022 Goals 1. One can have resolutions or even goals for your business but benchmarks and timelines for success need to be set 2. What does success look like for you? 3. Focus on the identifying the person you need to be so to reach the goals you have set. 4. Set up personal and business calendars and budgets that direct you towards hitting benchmarks. Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj​​​​​​​​​​​​ ​ Spotify: https://lnkd.in/gcWDnFZ​​​​​​​​​​​​ Stitcher: https://bit.ly/34aRgO2​​​​​​​​​​​​ YouTube: https://youtu.be/L9pGXzJtVLI #belkonbusiness​​​​​​​​​​​​ #business #joshbelk #podcast #entrepreneur #entrepreneurship #2022 #accounting #budget #kpis #benchmarks #cashflow #development

21 Year-end Tasks for 2021 - Belk on Business - Episode 128 1. Review licensing requirements – business, sales, and industry specific licenses 2. File annual reports with your state’s secretary or department of state and/or make any necessary amendments for changes (address, officers, etc.) 3. Hold annual board meeting and prepare and file meeting notes 4. Conduct inventory count as of December 31 5. Review large purchases for capitalization requirements. Review fixed asset count 6. Review aged accounts receivable for bad debt or collection 7. Review accounts payable for any possible adjustments 8. Review other current liabilities (payroll and sales tax) 9. Confirm loan balances 10. Review personal vs. business nature of transactions 11. Review and properly book any funds received through grants or federal/state relief 12. Reconcile all bank and credit card accounts 13. Reconcile prepaid accounts and accruals such as payroll 14. Reconcile point of sale reports with revenue and deposits 15. Make sure all bonus