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.

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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 what the client truly needs and wants and putting the wants and needs of the business secondary.

- You allow the customer to buy on their own terms (no high pressure or manipulating or scare sales tactics)

- Valuing and cultivating the relationship comes first in a relational business model. The transactional business generally just meets the minimum expectations of the customer. In a relational business model, you will deliver value first, under-promise as opposed to over-promise and even easily tell a client that you may not be the best option.  You will have resources and referrals that align with your core values that can help the client achieve their results or goals.

- A relational business model may not hit profitability as quickly as a transactional one, however, a relational business has a much higher probability of achieving profitability and impact in the long term.

- A relational business model generally has a much better internal culture which can make a greater external impact in the community it serves.

- A relational business model will generate loyal customers that send you referrals that come to you already understanding a little how you make people feel.

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Stitcher: https://bit.ly/34aRgO2​​​​​​​​​​​​

YouTube: https://youtu.be/_-BOTCtB-vQ

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

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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)?

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YouTube: https://youtu.be/BfkMNGPKHig

#belkonbusiness #business #joshbelk #podcast #future #leadership #entrepreneur #entrepreneurship 

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.

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Stitcher: https://bit.ly/34aRgO2​​​​​​​​​​​​

YouTube: https://youtu.be/qT_KIW2msOA

#belkonbusiness​​​​​​​​​​​​ #business #joshbelk #podcast #robertsimmons #thehatmen #websites #seo #marketing #communication #conversion #compliance #security #entrepreneur #entrepreneurship

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 and knowledge intersects.

More people want growth or development over promotions, rewards and recognition.

Act as a coach with your team members, not as a boss or manager. Provide feedback, care and purposeful development over just instructing, informing and general training.

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Stitcher: https://bit.ly/34aRgO2​​​​​​​​​​​​

YouTube: https://youtu.be/3IV9PQQtzTI

#belkonbusiness​​​​​​​​​​​​ #business #joshbelk #podcast #entrepreneur #entrepreneurship #employees #development #team #communication #enthusiasm #performance #kpis #satisfaction #opportunity #mission #values #rewards #recognition #emotions #purpose #talent #skills #competitiveness #management #coaching #knowledge #promotion

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.

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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 need to make sure they are protecting their wealth.  What is the role of retirement accounts in asset protection?

4. Most people use a broker, third party administrator or custodian for their retirement accounts. Is this necessary and what are the hurdles one faces when dealing with third parties, especially if they are wanting to self-direct their retirement?

5. You have worked with bankers and attorneys to develop a solution to the problems one faces when working with third party administrators and custodians. Could you tell us about this solution?

6. How can a person invest their retirement funds?

7. What can one do within this structure?

8. What responsibilities do I have within this structure?

9. There has been a lot of talk about setting up an LLC and having a checkbook IRA which has drawn the attention of tax courts and Congress. Is having a checkbook IRA a good idea and how does becoming one’s own custodian and trustee differ from having a checkbook IRA?

10. Please tell us a little about prohibited transactions and what should some practically do to make sure they avoid any prohibited transactions?

11. You’ve worked with hundreds of entrepreneurs from solopreneurs trying to figure out how to become profitable to 7, 8 and 9 figure businesses. From your experience, what are the top reasons why a business succeeds vs. fails?

12. If someone wants to reach out to you, how do you prefer they connect with you?

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Stitcher: https://bit.ly/34aRgO2​​​​​​​​​​​​

YouTube: https://youtu.be/H5Q7VS3eDXk

#belkonbusiness​​​​​​​​​​​​ #business #joshbelk #podcast #saenhiggins #retirement #qrp #401k #sep #taxdeed #taxlien #investing #finances #wealth #administror #trustee #selfdirected #retirementplan #realestate  #entrepreneur #entrepreneurship #powerroom

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.

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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 bonuses, retirement or other employee benefit requirements are paid according to employee contracts or company policies

16. Compare budget to actual and trending to identify any material variances and abnormalities

17. Reconcile PTO balances for any liability adjustments

18. Scan or file all receipts and supporting documents

19. Generate backups of all important data and retain pursuant to data retention policies

20. Prepare budget for next year

21. Review policies and procedures

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#belkonbusiness #business #joshbelk #podcast #entrepreneur #entrepreneurship #yearend #2021 #accounting #compliance #budget #policies #procedures