Belk On Business

Transitioning to Leadership - Manage your own growth. – Set a one year and five-year growth plan. Engage the assistance of a coach and be actively involved in at least one mastermind. This helps to bring awareness to blind spots or weaknesses. Always be reading. Always be learning. Allow for constructive criticism/feedback. Leave your ego at the door. - Monitor financial and time investments. – Develop and monitor the indicators that are necessary to monitor and manage not only the financial and process side of the business, but the personal side as well. (investment in family) - Develop your own brand(reputation) within the overall business brand. People need to trust you and value you before they will trust and value your team. - Develop a growth plan for your team. You are ultimately responsible for your growth and the growth of your team. - Lift your lid of knowledge in marketing, business development, people development, finance, process, etc.. Learn to delegate. Identify who should be transitioned into

In order to empower our team members, we must be a conduit of connection in a few key areas 1. Connection to the work – providing clear direction as well as the tools and information needed to get the work done 2. Connection to their own well-being – be a leader that listens and truly cares about their well-being. This includes developing/coaching the team and provide opportunities for growth both in the business and personally 3. Connection to the team – commitment to quality, good friendships, and freedom of input 4. Connection to possibilities – an understanding and pathway to the greater good, the future, the mission and purpose of them personally as well as the business As a business owner the biggest key to provide connection is to actively listen to each individual team member. Make it a goal to listen on purpose for at least one minute per day, ask more questions than you answer and respond with gratitude and praise for feedback.

Finding Insight - Insight is a deep understanding of ourselves, of others, and of a situation. - Insight is needed to make better decisions that will lead us to reaching our goals. - How do we find insight or make steps towards reaching a level of deep understanding? 1) Start with your vision – Begin with the end in mind.  Maintaining focus will help us remain motivated in seeking the insight and understanding what is necessary to move us toward our goal. 2) Stay out of the weeds – Take a step back from a situation and think at a high level.  Staying out of the weeds means we take responsibility for stepping out of our comfort zone. Committing to making different and better decisions than we have historically, learning to become a better listener and trusting others to assist us on the journey. Moving out of our comfort zone can lead us to procrastination which is a resistance we will have to fight within ourselves. 3) Face your fears – Fear is another resistance we will face when we attempt to

In business, we will be brought in to clean up someone else’s mess and to be effective and achieve success will be the point person to take ownership of providing solutions to problems or messes we did not create. How do we clean up messes effectively? - Identify the real problems and possible solutions? This may require a causation vs correlation analysis and dig into finding the true cause of the problem we are trying to solve. Peel away emotion and deal with the facts. Politics operates in the realm of correlation, problem solving operates in the world of causation - What did the prior person/team do that caused the problem? - Talk to owners/employees to ask for clarity as to pain points they feel need to be addressed? - Review the solutions the prior individual/team provided and provide new solutions and new alignments (vendors/consultants) - Be patient and don’t move too quickly. This can cause for a decrease in morale and people to become unnerved - Documents the problem and map out the solution process

Putting people first is essential to developing a winning team with a culture where people have a sense of belonging and can thrive 1.  Communicate with clarity and purpose. If you don’t speak with clarity, confusion results. Example: email with missing elements 2. Coordinate – plug people into positions where they have the capacity to excel – set them up for success (do they have the desire and aptitude?) – Do what you love and love what you do 3. Cooperate – spend time with your team, get involved in their lives. Be creative with participation (what can they bring unique to a meeting or to the culture?) 4. Cultivate – help develop your team members. Develop or improve their strengths or skills. What gifts does your team member have that can help in both their work and even in other areas of the business or what does your team member need (mercy, recognition, encouragement, giving, service)

Employees may either ask questions verbally or through their actions when they feel uncertain as to purpose or unclear as to their position 1) What is the point of what I’m doing? Where does my role and duties fit in the larger picture? – go deeper than the org chart to define how each individual plays a part in the overall purpose of the organization 2) How do I apply what I’ve learned? - give practical application in team meetings or individual training 3) Have I learned what I was supposed to learn? – give clear instructions as to the growth goals for each person and your plan in helping them grow. 4)  Am I able to find my mistakes before my superior? If I find them or my superior finds them what was the cause? – don’t use mistakes to punish but to teach (will produce a culture of transparency and development) 5) Is the deliverable and timeline for this project clearly defined? 6) Do I bring value to my superiors and to the client? – regularly be providing encouragement as to what they’re able to prov

2020 Tax Update | Belk on Business - Episode 61

-  Give direction not orders – don’t micromanage or demand tasks be done your way.  Give direction as to the process, the why/purpose and the value it brings to the customer. -  Correct failures by educating – everyone who wins failed many times to get there.  Every failure is an opportunity to learn.  Celebrate failures and successes.  When we failed, we learned one more way not to do something. -  Track performance against goals so to reward successes -  Delegate with boundaries (brings clarity to purpose and duties) – who does what and for what purpose -  Equip with tools and techniques – have regular training and encouragement sessions

The role and responsibility in society is to try to enhance communities and be a positive voice, a collaborator, a convener, a listener, an empathizer, an educator, a volunteer, a sharer, and an innovator. – Howard Schultz At every turn, let us choose to replace meanness with kindness; pettiness with significance; hate with love; gridlock with compromise; complaints with creative solutions.  Be tough but not at the expense of others.  Be a champion and celebrate those with strength and character – the upstanders amongst us – those where actions and intentions echo the behavior of the past, who strive for honesty in the present and who are reimagining the promise of America – Howard Schultz 1.  We must listen to understand not to respond. Howard Schultz sat down to listen to his employees and shaped the future culture of Starbucks. 2.  We must speak to edify not to hurt or harm. Sarcasm is generally demeaning not humorous and is usually a tool used when we are insecure.  How is employe

Encouraging Employees: 1) People thrive where there is praise 2) Speak affirmation, acceptance, empowerment and encouragement 3) Show approval 4) Show interest in their world 5) Be a discerning listener

Cash Flow Planning | Belk on Business - Episode 57 #belkonbusiness #joshbelk 1) Run historical financial statements for past three years including cash flow statements (cash inflows and outflows). Need to compute what it actually costs in cash to run your business each month (this will not match the total of COGS and expenses on your P&L) 2) Historical profit margin 3) Pull relevant operating data (labor statistics – employee increases and decreases as it relates to output, use of resources – amount of raw material needed to meet production demands, marketing spend – how much is necessary to drive top line revenue) – metrics used for your business type and model. 4) Accounts receivable and payable timeline. How long does it take for me to receive payment and how long do I have before I have to spend it 5) Estimates regarding future performance (what is needed related to resources) 6) Run sensitivity analysis – best case, likely case, worst case scenarios (break even) related to cash. How much cash needs t

Financial Awareness When Investing in a Business: 1) Does the business model and culture align with your core values and purpose? 2) Be familiar with finances and financial processes for the type of business you are investing. 3) Insist on total transparency…especially with the financial records and processes 4) Are there internal controls with finances? Relationship with bookkeeper/finance staff and owner? 5) Is there comingling of funds with other businesses or personal spend disguised as business? 6) Know the benchmarks/KPIs for the type of business you are investing/partnering?

Timeless Customer Service Principles | Belk on Business - Episode 54 #belkonbusiness #joshbelk Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://open.spotify.com/show/5zpetTmzlkbMxJb1wj1ByO Stitcher: https://bit.ly/34aRgO2 YouTube: https://www.youtube.com/channel/UCYx1W1zTGED_m_99bqHWA7A

Qualities of the Best Talent: 1) Possess the business skills necessary for the position. 2) Experience with the technological pieces necessary for the position 3) Critical thinking skills 4) Exemplary communication and relationship skills Keeping a good attitude amongst employees in your business: 1) Have good processes. People want to know what to expect and where they fit in. This includes not only regarding tasks but communication and scheduling/time management 2) Have a strong development/training program. Have a continuous learning atmosphere 3) Provide effective and efficient tools…resources including technology 4) Be complimentary, grateful and communicate clearly with both positive and negative news 5) Leadership should be positive and upbeat. Seeing the good in every situation and can identify opportunities in each problem 6) Leadership should be calm, happy and appreciative.

Analyzing employees: 1) Are they on board with vision? 2) Do they have a servant’s spirit? Do they have a good attitude? 3) Do they follow instructions? Are your instructions clear and communicated in a way that your employee processes data? 4) Do they learn within three times of being told? – May need different voices teaching 5) Can they apply knowledge across projects/clients? 6) Are they actively learning? Sign of desire of personal growth/development? 7) Are they timely? Do they meet deadlines? 8) Do they build and cultivate internal and external relationships? 9) Are they profitable to the business? Are they an investment or expense?

Practical Tips for Working Remotely | Belk on Business - Episode 52 #belkonbusiness #joshbelk Working remotely: 1) Approach life with a greater sense of discipline and focus – this means a consistency in schedule. Have a routine to your schedule. Have a morning routine – how do you start each day? 2) Get dressed – keep up your appearance. “Dress for success” – we generally are less effective in both productivity and focus when working in what we may otherwise sleep or lounge around the house 3) Have an effective means of communicating regularly with your team to ask for help and receive status updates. Schedule time to do so. 4) Be on time with virtual meetings 5) Take breaks and enjoy the change in scenery – enjoy the opportunity to take a walk, have lunch with family, work on your computer outside or at the local park 6) Guard your spirit and keep a good attitude – get off social media and the news – time block for these activities and stay away from negativity. Listen and dialog regularly with those who ha

Thoughts on Leadership with Pastor John Wilkerson  | Belk on Business - Episode 51 #belkonbusiness #joshbelk Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://spoti.fi/2ZmJtxz Stitcher: https://bit.ly/34aRgO2 YouTube: https://www.youtube.com/channel/UCYx1W1zTGED_m_99bqHWA7A

Details on the Paycheck Protection Program under the CARES Act | Belk on Business - Episode 50 #belkonbusiness #joshbelk Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://spoti.fi/2ZmJtxz Stitcher: https://bit.ly/34aRgO2 YouTube: https://www.youtube.com/channel/UCYx1W1zTGED_m_99bqHWA7A

Tom Olson - Good Success: www.goodsuccess.com Damon Riehl - LoanBidz.com: www.loanbidz.com

Responding to Crisis: 1) Stay calm – operate with a sound mind not in fear. Lead with boldness, love and self discipline 2) Look at your short-term budget and cash flow projections 3) Communicate with vendors, lenders and employees 4) Follow ongoing changes that affect your company and employees