Belk On Business

Staying Relevant with Customers Once you have engaged a client or customer, a business must continue to keep itself in front of the customer and can do this several ways: 1. Be unique – true to your differentiators. When you sold the customer on your and your product or service, there were differentiators that made them chose you. Be more than your customers were expecting and bring something even unexpected that helps that client remember you. 2. Provide value –Your customer expects you to live up to their expectations and solve their problem but what can you do to exceed the expectations? What can you do or give that makes the customer feel that you gave them something well beyond that they paid for? 3. Cross sell – do you have other products or services that can help the customer reach their goals. 4. Use your network – when your customer has a want or need and your company does not provide that service or product, is your network vast enough you can connect them to that person who can fill that want or ne

Biden’s Tax Proposals 1. Increased individual tax rate for individual taxpayers with income above $400,000 2. Increased capital gains rate for those with income over $1,000,000 3. Repeal of SALT deduction 4. Death as taxable event 5. Limitations on itemized deductions 6. Phaseout of QBI deduction 7. Payroll tax increase for taxpayers with earnings above $400,000 8. Increased corporate tax rate 9. Repeal of like kind exchanges 10. Tax on unrealized gains Subscribe on these platforms:    Apple Podcast: https://apple.co/2Zp6hgj​    Spotify: https://lnkd.in/gcWDnFZ​    Stitcher: https://bit.ly/34aRgO2​    YouTube: https://youtu.be/OKy7STnN-Ok

Why People Buy 1) Reputation 2) Business Acumen – good judgement quickly 3) Asks Good Questions 4) Differentiators – what sets you apart 5) Listened – seek to understand before being understood 6) Feel Special – pay attention to what is important to them personally 7) Likable Team – feel comfortable with others in the office 8) Agree with Summary (evaluation of problem) 9) Pre meeting planning (shows you care) 10) Environment (professionalism) 11) Knowledge of Business/Industry 12) Adds Value – what do we provide that we don’t charge for or client would even expect Subscribe on these platforms:    Apple Podcast: https://apple.co/2Zp6hgj​    Spotify: https://lnkd.in/gcWDnFZ​    Stitcher: https://bit.ly/34aRgO2​    YouTube: https://youtu.be/CC9KseUOoIs

Holding Sales Meetings 1) Initial Rapport 2) Agenda – key points of differentiation 3) Key questions to identify pain points/challenges 4) Confirm pain points/challenges 5) Set second meeting or terms for engagement Key Questions/Discussion Points: 1) Tell us about your business 2) What areas do you excel? 3) Why are you uncomfortable with current provider/solution? 4) What areas of business may require special attention? 5) From what your saying, you would like our support in the following areas… 6) Share case studies of how you’ve helped others 7)  This is what working with us looks like Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj​ Spotify: https://lnkd.in/gcWDnFZ​ Stitcher: https://bit.ly/34aRgO2​ YouTube: https://youtu.be/H_TKb1zosuc

Five Areas of Growth 1) Leadership - Ability to connect different talents and perspectives - Ability to question the status quo - Ability to hold one’s self and others accountable - Ability to manage and not avoid risk 2) Technology - Hindsight, insight, foresight, project/workflow management, and communication 3) Talent – right person/right seat 4) Process – a work process and a process for generating and filtering ideas, funding projects and business scaling 5) Development – product/service and people Subscribe on these platforms:    Apple Podcast: https://apple.co/2Zp6hgj​    Spotify: https://lnkd.in/gcWDnFZ​    Stitcher: https://bit.ly/34aRgO2​    YouTube: https://youtu.be/KxkboMLXMZE

Exodus 12 gives us a story about the start of a New Year. The Lord provided a plan for deliverance, a purpose for his people and the people were required to prepare for the victory. This applies to our businesses as well. As we take time to look back over 2020 and forward to this new beginning in 2021, we can consider doing the following: 1) Develop a plan for deliverance from that which we need to stop and a plan for reaching our goals in the new year. We may need deliverance from debt, toxic employees, a poor marketing strategy or overspending on nonessential items. 2) Develop goals that align with our purpose. How are we going to develop our people, improve culture, enlarge our influence, become more focused on those values and deliverables our business is uniquely qualified? 3) Empower our people to prepare for reaching those goals. Determining not just what our team members are able to do or like to do but empowering them to make improvements in themselves, the business and reach their own personal goals

2020 has been a rough year for nearly everyone. Some clients have hit business goals, but most made modifications to simply survive through this time. Freedoms have been taken away and our businesses and personal lives have been put through a stress test. During this holiday time, it is a time for us to take all the effort from our business business to focus on the most important business we have, the business of showing up and being present in our personal relationships. This year has seen divorce, suicide, addictions, and illness all on the rise. Personal relationships are falling apart.  Some of my own relationships have come close to becoming frayed to the point of becoming irreparable. Seems to be so much focus was on the health and survival of my professional business that the personal business became neglected because of the failure of taking all the knowledge we have on how to build a business and have failed to apply it to our family business. During the holiday season, we can work on our family

Measuring cash flow is basic arithmetic. What is my cash balance at the beginning of a month less my cash at the end of the month? If the amount increases, my business had positive cash flow. If negative, negative cash flow. Dunn and Bradstreet research shows that businesses have a 44 percent higher chance of survival over five years if it carefully plans and manages its cash flows. Cash flows increasing or decreasing can be a result of any number of reasons. Following are two reasons, both related to accounts receivable: 1) The timeline to collect accounts receivable is greater than the timeline of payables. If a business has only one month of cash but it takes two months to collect receivables, cash will trail receivables by one month. Depending on the spread between A/R timeline and A/P timeline, profit margins and the amount of cash spent that only hits the balance sheet determines how long a business can operate. 2) Similarly, if it takes months longer to collect on receivables than the timeline to produ

There is much misunderstanding of the definition of cashflow and its relationship as to the actual health of a business. Cashflow is essential for any business, it is the lifeblood of your business but unless there is an understanding of both the myths and facts of cashflow, your business will bleed out. Common statements and myths regarding cashflow: - If I have more sales, I will have more cashflow - If my business is profitable, I will have adequate cashflow - If I have cash in the bank, I will have good cashflow - Managing cashflow is someone else’s job. (bookkeeper, CFO, accountant) - If I need more cash, I will just get another loan to float the business for the short term. - People owe me money so my cashflow will be fine eventually. - My business lives from week to week like my employees and my business is small and it is just the way small business works. - I have a budget so my cashflow will be fine if I follow it. The key is figuring out your “free cashflow” and learning how to manage the cashflow

Bookkeeping and Recordkeeping Requirements 1) No requirement as to how you keep your books, but you are required to keep books. Methods include ledger sheets, spreadsheets, online bookkeeping software, desktop bookkeeping software and industry specific software with accounting functionality 2) If books are not kept, the IRS can charge a 20% accuracy penalty 3) Keep income tax returns along with proof of mailing or filing (delivery receipt, e-file verification) indefinitely 4) Keep supporting documents used to compute income and expenses (invoices, receipts, etc.) for three years from filing for two years from payment, whichever is later 5) Keep employment tax returns along with proof of mailing or filing indefinitely 6) Keep supporting documents for payroll tax return computations (payroll ledgers, timesheets, receipts for payment of employee benefits) for four years from filing the return. Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https:/

One of the most important qualities a business owner must have is focus. The more qualities of a visionary a business owner possesses, the more difficult it can be for that business owner to focus on objectives A business owner must focus on the following: 1) Purpose – the purpose is what you do and why you do it. This needs to be front and center in the way you communicate internally and tell your story externally 2) Consistency of message – if messaging internally and externally is confusing or conflicting, the brand message will be confusing. All communication and messaging must be consistent with your purpose so employees, third parties and customers know who you are and why you do what you do 3) People and processes – a company may have a COO or integrator that manages processes and people but the roles and processes themselves need to be a focus of the owner. Are the right people in the right seats and are the processes followed, efficient and managed well? 4) Empowerment – allowing those to whom you de

Key People Indicators – Third Parties (Vendors, Contractors and Consultants) - Surveys can reveal indicators on whether our actions align with our shared values and what we desire culturally for our company. Shared values could include the following: if we are living up to our promises, go beyond what is expected and communication of processes. - These can also help determine our effectiveness communicating - Review sessions or surveys can ask the following questions to help provide indicators as to our effectiveness with values and culture with third parties. On a scale of 1-10… 1) Do we provide what you asked from us including appropriate payment? 2) How well did we keep to deadlines? 3) Did we do whatever extra was required? 4) When you needed us, how easy was it to get to the person you needed? 5) How well did we handle unexpected changes? 6) How well were you kept apprised of the processes? 7) How likely are you to recommend us to others?

Employee review sessions and surveys can reveal indicators on whether our actions align with our shared values and what we desire culturally for our company. Shared values could include the following: if we are living up to our promises, go beyond what is expected, communicate processes, and purpose and provide the helps necessary for the present and future development. These can also help determine our effectiveness communicating and how well we are providing the support helps that our team needs from leadership. Review sessions or surveys can ask the following questions to help provide indicators as to our effectiveness with values and culture with our team members.  On a scale of 1-10… 1) Do you feel you can be transparent with team members? Do you feel physically and psychologically safe? 2) Do you feel you can be transparent with leadership? How comfortable do you feel in approaching leadership with issues, problems, or mistakes? 3) How well do you feel your opinion is valued by team members? 4) How

Key Performance Indicators – KPIs are the dashboard used by leadership to make decisions as it relates to performance. Like a dashboard on a car, if an owner or manager spend their time staring at the dashboard, the car will end up off course and will crash. They are merely an indicator, not an end unto themselves. The indicators should result in any necessary changes to people, process, and profit to improve a company’s health. Don’t fall into paralysis by analysis. Daily KPIs are 2-3 numbers looked at to see if the actual work is on target. These may include daily revenue, work in progress/percentage of completion, cash received, cash disbursed, bank balances, receivables, payables, etc. Weekly KPIs may include such items as accounts receivable past due, accounts payable past due, lead generation indicators. Looking at lead generation indicators is a lag indicator that generally would not be reviewed more than weekly Monthly – P&L, balance sheet, cash flow statement, bank reconciliations and bank statem

Mindset and Metrics| Belk on Business - Episode 73 1. Mindset is impacted by what we read, those we allow into our world, and life experiences. 2. What we allow to influence us will ultimately result in affecting our paradigms. 3. Our legacy should begin with family first. 4. In business, we must avoid the extremes of aloofness or paralysis by analysis. 5. Profit is not the most important metric of our business. It is not the best indicator as to the health of a business. 6. As we move through the stages of business, moving backwards and focusing on our legacy will help a business owner to begin with the end in mind.

Elements of Starting a Business  1) Clearly identify and define the problem that I am trying to solve? Is this a problem that people will pay for a solution? Is it something they want or need? 2) Define your avatar/target market. Who has the problem? 3) Who are my customers? Who has the problem and who will pay for the solution? 4) Who are my competitors? Are you operating in the same space or are you creating a new space? 5) What are my differentiators? Why would someone buy from me over my competitor? 6) How am I going to distribute my story? Social media, podcasts, local meetups, boots on the ground? 7) Build out a business plan with budget and timelines. 8) How much funding do I need? How am I going to pay it back? Do not overfund as it can result in complacency. 9) Who can help me?  (People, process, product, purpose)

Basics of Attracting and Keeping Customers: 1) Communicate purpose, not just the product or service offerings 2) Have deep conversations to understand their problem, not just address the product or service the customer thinks they need. This requires listening with purpose and a deeper level of knowledge of your product or service 3) Communicate with transparency – know the limits of the product, service and your personal limits. Be true to your word and don’t overpromise 4) Keep professional boundaries – relationships will be ruined if personal and professional lines are blurred. Keep employees aligned with your business’ core values without feeling like they are employees of the customer. 5) Give meaningful expressions of gratitude.  When giving gifts, make sure they align with your company’s values and the values of the customer.

Conversation with special guest, Manuel Corazzari, host of the Know your Mission podcast.  DIscussion on how we can know our mission through experiences, gifts and community. 

Five Areas for Effective Communication – Meetings with our teams should include at least one or more of the following elements: 1. Relevance – Why are we doing what we are doing?  We should ask ourselves frequently “why am I doing this?”  What is their role in the business and their role beyond just profitability? Bring awareness of wins. Many times a problem we are working through will bring us back to one of the following areas: 2. Business-mindedness - Beyond just what are we measuring but how do we think…what should our mindset be?  What is our mental process when having conversations with customers, vendors, and each other?  Does our manner of conversation and action align with our core values? 3. Innovation -What technology could make us more efficient or assist in improving communication with customers, vendors, and each other?  What processes can be improved? 4. Quality – What can be done to improve the deliverable whether product or service?  What can be done to incr

Personal Finance Stability Indicators  Nearly three-fourths live paycheck to paycheck. Three in ten adults have no emergency savings. Two-thirds of Americans are one major catastrophe away from bankruptcy. 1) No credit card or unsecured debt 2) Have and follow a budget 3) Monitor net worth including equity positions in business investments 4) Savings rate of 15% 5) Two months of expenses in reserves 6) Insurance and plan for medical expenses 7) Life insurance – six to ten times your salary 8) On target for retirement