Belk On Business

The Hiring Process with Austin McCurdy - Belk on Business - Episode 107   Topics Covered: - Core values and culture  - Employee quality vs. pay  - Hiring from within or outside the company  - Predictive indicators  - Interview process   Austin McCurdy, Owner, Sharper Personnel  austin@sharperprocess.com  https://sharperprocess.com/personnel   Subscribe to the Belk on Business podcast on these platforms:     Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/BK-ab4SN4uA   #belkonbusiness #business #hiring #personnel #podcast #payroll #joshbelk #employees #corevalues #culture #interview #sharper

Structure and Taxation for Real Estate Investors  - Belk on Business - Episode 106   Ful Active Turnkey Podcast:   https://www.youtube.com/watch?v=itBnrvKVJyc&t=1759s   Subscribe to Belk on Business on these platforms:     Apple Podcast: https://apple.co/2Zp6hgj​​​​​​​​​​​​ ​  Spotify: https://lnkd.in/gcWDnFZ​​​​​​​​​​​​   Stitcher: https://bit.ly/34aRgO2​​​​​​​​​​​​   YouTube: https://youtu.be/R09BmdJX2z4   #belkonbusiness​​​​​​​​​​​​ #business #joshbelk #tax #structure #accounting #finance  #realestate #realestatetaxation #passiveincome #activeturnkey #podcast

Cutting Costs - Develop a budget with savings plan and follow it. What gets ignored will never be followed. - Evaluate your physical footprint – remote working, use of space, negotiate lower rate, purchase location. - Evaluate staffing needs – how much time are your employees spending on essential vs nonessential activities (use software to track), make good hires (spending more on good employee will reap greater benefits than paying less to try to save costs), get rid of dead weight (entitled employees). - Do you have a product or service you can use to barter with client or vendor? - Evaluate vehicle costs – do you need it? - Negotiate with suppliers and seek alternatives – eliminate vendor dependency. - Evaluate effectiveness of marketing/advertising – stop what isn’t working - Insurance costs – shop policies annually, multi-lines discount, personal and business with same company). - Implement effective tax strategies - Lower debt options (credit card, LOC, refinance). - Use cloud-based software to re

Paying Myself as the Owner  - Belk on Business - Episode 104   1. What is the entity structure?  Single member LLC/sole proprietor…cannot have payroll, only draws.  Set aside 25-30% minimum for taxes.  Guaranteed payments for multi-member LLC owners or partners of partnership, not payroll. LLCs taxed as S-Corp or S-Corp…owner should be on payroll, distributions as approved and documented by owners  2. What do other businesses in my industry and market pay for the position?  What would it cost to replace me in the business?  3. What do I need to support my lifestyle?  Am I taking draws beyond my payroll on a regular basis to support my lifestyle or am I paying personal expenses with business funds?  4. Does the IRS care?     Subscribe on these platforms:    Apple Podcast: https://apple.co/2Zp6hgj​​​​​​​​​​​​ ​  Spotify: https://lnkd.in/gcWDnFZ​​​​​​​​​​​​   Stitcher: https://bit.ly/34aRgO2​​​​​​​​​​​​   YouTube: http

Getting the Team to Think Like CFOs  - Belk on Business - Episode 103   1. Ask questions that make them think beyond the transactional.  Get them to think with a strategic lens.  Be transparent with numbers so they understand their role in the overall financial picture of the company to create a buy in .    2. Teach them to look for ordinary moments all can learn from that can result in an increase in profitability or efficiency.    3. Balance people skills with head down work ethic.  What opportunities do they see that can be communicated with the client?  4. Put focus on the client relationship first and the deliverable second.  Relationships allow for deeper conversations and a higher and longer return on investment.    5. Be patient with your team.  This process will take time.  Invest in planting seeds that improve culture.  Give plenty of examples in meetings with your team of how the thought process works.    

Eliminating Competition  - Belk on Business - Episode 102   “At the end of the day people won't remember what you said or did, they will remember how you made them feel.”  -Maya Angelou 1. When you get a hold of people’s emotions, they will flock to you.  people are ruled by their emotions  2. People want to feel positive, happy, and accepted 3. You don’t need the best product or service but have to have a product or service with a brand with messaging that makes people feel a certain way Subscribe on these platforms:    Apple Podcast: https://apple.co/2Zp6hgj​​​​​​​​​​​​ ​ Spotify: https://lnkd.in/gcWDnFZ​​​​​​​​​​​​  Stitcher: https://bit.ly/34aRgO2​​​​​​​​​​​​  YouTube: https://youtu.be/QkwaD-qLcRA    #belkonbusiness​​​​​​​​​​​​ #joshbelk​​​​​​​​​​​​ #competition #emotions

Issues In Your Business from a CFO's Perspective- Part 3  - Belk on Business - Episode 101   1) Where to invest cash to increase revenue? - Cost per lead - Invest in infrastructure (point of sale system to increase efficiency) - Invest in developing your people to increase knowledge, efficiency and improve problem solving skills - Sales training 2) Pathway to obtain more money to invest in growth? How much is needed? - Operational costs low, sales up, cash flow strong – indicator for scaling - Business line of credit vs equity investors vs venture capital – investors can bring connections and advice in addition to cash - Break even analysis to determine cash needs 3) Scenarios - What if scenarios to determine how decisions can impact budget, revenue and expenses, scaling, refinance or sell, market opportunities, scaling opportunities 4) How do you get customers? - Referrals, network, more from existing customers (retention), partner with other businesses, online presence (website, SEO), content prod

Issues In Your Business from a CFO's Perspective- Part 2  - Belk on Business - Episode 100   Issues: 1) Sloppy record keeping 2) Fiscal management 3) Revenue and profit projections 4) When to hire? 5) Where to cut costs? Subscribe on these platforms:    Apple Podcast: https://apple.co/2Zp6hgj​​​​​​​​​​​​ ​ .Spotify: https://lnkd.in/gcWDnFZ​​​​​​​​​​​​  Stitcher: https://bit.ly/34aRgO2​​​​​​​​​​​​  YouTube: https://youtu.be/_SG5ahjluD8    #belkonbusiness​​​​​​​​​​​​ #joshbelk​​​​​​​​​​​​ #podcast​​​​​​​​​​​​ #entrepreneur​​​​​ #business​​​​ #cfo #accounting #revenue #profit #projections #fiscalmanagement #recordkeeping #bookkeeping #hiring

Issues In Your Business from a CFO's Perspective- Part 1  - Belk on Business - Episode 99   1) Lack of internal controls - who is providing oversight? 2) Mismatched accounting platform with industry or required output and deliverables 3) Owners loose with handling equity 4) Not securing and protecting intellectual property Subscribe on these platforms:    Apple Podcast: https://apple.co/2Zp6hgj​​​​​​​​​​​​ ​ Spotify: https://lnkd.in/gcWDnFZ​​​​​​​​​​​​  Stitcher: https://bit.ly/34aRgO2​​​​​​​​​​​​  YouTube: https://youtu.be/YeenuNI-duQ    #belkonbusiness​​​​​​​​​​​​ #joshbelk​​​​​​​​​​​​ #podcast​​​​​​​​​​​​ #entrepreneur​​​​​ #business​​​​ #cfo #accounting #internalcontrols #equity

CFO Direction in Each Business Phase - Belk on Business - Episode 98   Early – accounting ecosystem, tax compliance, cash forecasting, economics/pro-forma Investment – internal controls and reporting, tax credits and incentives, institutional controls, three-year projections, cash burn and KPIs Cash flow – accounting platform and processes, revenue sourcing (tax implications), liquidity, budgets, sales efficiency Scale – execution oversight, 3-5 year plan Monetize/Exit/Succession – due diligence, liquidity risk, capital structure, key valuation metrics. Subscribe on these platforms:    Apple Podcast: https://apple.co/2Zp6hgj​​​​​​​​​​​​ ​ Spotify: https://lnkd.in/gcWDnFZ​​​​​​​​​​​​  Stitcher: https://bit.ly/34aRgO2​​​​​​​​​​​​  YouTube: https://youtu.be/bcX8YR80y_U    #belkonbusiness​​​​​​​​​​​​ #joshbelk​​​​​​​​​​​​ #podcast​​​​​​​​​​​​ #entrepreneur​​​​​ #business​​​​ #cfo #accounting #tax #cashflow #scale #kpis

What Drives your Compass? - Identity (insecurity) - Security - Power - Leisure - Passion - Purpose - Legacy - Impact How you handle money is a metric to what controls your compass and to your true core values.  Look at how you are allocating your dollars and it will be a picture of what you truly view as important. The love of money is the root of all kinds of evil. Pride drives our need for “things” to establish our identity in front of others There is prudence in saving and every business and individual should have a savings plan. A fool spends everything he earns Are you clear as to your purpose and the purpose of your business? Are you investing dollars back into your business and into your people? What does “freedom” mean to you? We all leave some sort of a legacy. What will yours be? Subscribe on these platforms:    Apple Podcast: https://apple.co/2Zp6hgj​​​​​​​​​​​ ​ Spotify: https://lnkd.in/gcWDnFZ​​​​​​​​​​​  Stitcher: https://bit.ly/34aRgO2​​​​​​​​​​​  YouTube: https://youtu

 Organizational Alignment When there is alignment in an organization, the organization has the highest chance to win. Without alignment, even with the best of intentions, the organization will not be capable of implementing their business strategy, will have poor customer attraction and service, poor employee morale, poor corporate culture, and financial underperformance. When individuals and organizations look to align with another, they look to see if there is a sustainability mandate. For a business to succeed, there must be strategic alignment in the following areas: 1) Culture – alignment between employees and organizational values. Core values more than a list on a wall but put into action by each member of the organization. Each member of the organization must hold the organization’s mission as their own. 2) People – engage people in success – an organization where they can invest their time, energy and talent. Developing people so they can grow as individuals. 3) Systems – does the business have

Leadership and Impact 1. Making an impact is contingent on having a mission beyond serving customers, building employees and making money. What is the delineator/distinguishing areas of impact the company, employees, clients and network would connect? 2. Making an impact requires alignment. Do we have systems in place to make sure that behavior aligns with purpose and culture? How do we reward alignment? Do we have measurables to bring attention to purpose, accountability and culture? Where there is alignment there is impact. Whenever there isn’t alignment, frustration ensues. 3. Making an impact requires leadership to set the tone. If leadership is focused on managing and not leading, focus becomes clouded and impact will be stunted. Most leaders spend less than one day on long term strategy and most leadership teams spend less than one hour per month on strategy. 4. Making an impact requires the ability to make hard choices. Procrastination is natural and awareness and process to combat is essential to achi

Lessons from Grandma: 1) Caring 2) Authentic 3) Responsive 4) Affectionate Subscribe on these platforms:    Apple Podcast: https://apple.co/2Zp6hgj​​​​​​​​ ​ Spotify: https://lnkd.in/gcWDnFZ​​​​​​​​ Stitcher:  https://bit.ly/34aRgO2​​​​​​​​ YouTube: https://youtu.be/lYWoUgp_PnU    #belkonbusiness​​​​​​​​ #joshbelk​​​​​​​​ #podcast​​​​​​​​ #entrepreneur​ #business​

  Growing a Business in 2021 1. Clear goals with organized process for growth 2. Embrace transformation with a resilient corporate culture (trust, inclusivity, purpose, innovation) 3. Focus on sales training, exceptional service, cross selling and leveraging data 4. Pursuit of excellence in three different areas within niche 5. Training programs focused on digital 6. Hire diverse people with diverse skills 7. Position employees as experts who have valuable insights 8. Provide educational, thought provoking content (weekly email, social media, podcast, webinars, experts, blog, white paper). Subscribe on these platforms:    Apple Podcast: https://apple.co/2Zp6hgj​​​​​​​ ​ Spotify: https://lnkd.in/gcWDnFZ​​​​​​​  Stitcher: https://bit.ly/34aRgO2​​​​​​​  YouTube: https://youtu.be/H7i4lw77PRQ    #belkonbusiness​​​​​​​ #joshbelk​​​​​​​ #podcast​​​​​​​ #entrepreneur #business #growth

An Overlooked Key to Success - Humility 1. Be humble enough to be wrong and handle rejection - be open minded 2. Be humble enough to accept when a customer seeks other direction/advice - the customer/client’s victory is the end result and should be our victory 3. Be humble enough to ask for forgiveness Subscribe on these platforms:    Apple Podcast: https://apple.co/2Zp6hgj ​​​​​​​​Spotify: https://lnkd.in/gcWDnFZ​​​​​​​ Stitcher: https://bit.ly/34aRgO2​​​​​​​ YouTube: https://youtu.be/CzZ1f5iQuKk #belkonbusiness​​​​​​​ #joshbelk​​​​​​​ #podcast​​​​​​​  

Conversations with Your Accountant (Part 3) 1.  A deeper dive into your KPIs – example: analysis of personnel costs per client/customer 2. Use of network for solutions – example: succession, exit, estate, business, and tax planning – accountants have other professionals to help address needs (attorney, service providers, brokers, tax specialists, business valuation specialist, coaches) 3. Mergers, acquisitions or expansion into new products, services or into new territory 4. Personal or professional issues – a listening ear – motivation, the fallacy of work/life balance – accountants work with many different types of people with different types of businesses and can provide unique insight and support. Subscribe on these platforms:    Apple Podcast: https://apple.co/2Zp6hgj​​​​​​    Spotify: https://lnkd.in/gcWDnFZ​​​​​​    Stitcher: https://bit.ly/34aRgO2​​​​​​    YouTube: https://youtu.be/cUr9KcbR8vU

Conversations with Your Accountant (Part 2) 1. Cash flow – How is your business’s current cash flow? What is burn rate? What cash flow is needed for maintenance and expansion? Cash is the oxygen every business needs to survive. 2. Contracts – do budgets, plans and changes align with language in contracts. Balloon payments, covenant violations, etc. can derail budgets and plans if not aware of language in contracts. 3. Negotiations or opportunities – is there an opportunity for better terms – bank loans, vendor relationships, tax credits, etc. 4. Staffing concerns – who is leaving? onboarding needs or concerns, employee retention and employee training. 5. Capital improvements, fixed asset and personal property needs. What is an expense vs. investment? Every outlay of cash should have a dollar value and/or purpose assigned to it. Subscribe on these platforms:    Apple Podcast: https://apple.co/2Zp6hgj​​​​​    Spotify: https://lnkd.in/gcWDnFZ​​​​​    Stitcher: https://bit.ly/34aRgO2

Conversations with Your Accountant (Part 1) 1. Review of financial statements. Owners focus mainly on P&L or metrics that generate emotion. Confuse key process indicators with key performance indicators. Finance team can be good and generate good P&L and balance sheet but usually not the best at interpreting the data for the owner. Having the conversation with you accountant gives you an outside perspective, takes emotion out of the discussion and helps identify opportunities you would otherwise miss. 2. Review of variances. This can be any process or performance indicators. Cost overruns, employee inefficiencies and changes in the market are examples of areas that can be identified when working through the comparative figures…monthly and annual comparatives 3. Trending. Looking at income, expense, asset and liability accounts to see what is trending up and down. This also will help provide a perspective as to weaknesses, inefficiencies and opportunities. 4. Taxes. Tax planning is not a once or twice

Leading and Responding in Crisis Genesis 42:1 - Famine in the land (moment of crisis) - Food available in Egypt - Jacob says to his sons “Why are you standing around looking at each other?” - Failure of leadership to plan, teach a logical thinking process and how to respond to crisis Every business will face times of crisis. Jacob, known for being a “go getter” became complacent after the life of his wife, The sons had become complacent and didn’t want to leave their comfort zone. Complacency breeds complacency. The crisis was not a man made crisis but there is always a man made response to any crisis. 1. Plan for crisis – savings plan, succession plan, survival plan 2. Develop team with critical thinking skills – the solution should have been obvious. It was obvious to the leader but the followers didn’t see it. They may have reacted or simply did not react at all due to fear, they may have not been taught or simply may have been complacent and expected the leader to fix their problem 3. Involve team members