Budget Your Business

Unlock the secrets of strategic financial planning as I, Scott Geller, team up with Phyllis Barnett from Neo Consulting to navigate the intricate world of budgeting for small businesses. Phyllis, leveraging her wealth of experience as a fractional controller, emphasizes the pivotal role of setting future financial objectives while meticulously reviewing past data to ensure your financial inputs are anything but "garbage in, garbage out."

We unravel the art of optimizing your business's financial structure, diving deep into the nuances of organizing a chart of accounts for clarity and comparability. Learn how striking the perfect balance in account groupings can lead to more insightful financial reporting and performance analysis. Phyllis shares her valuable insights on dissecting costs to enhance understanding of profit margins, which is crucial for maintaining a healthy financial track record and making informed decisions.

Phyllis spotlights using QuickBooks flexibility and budget features that cater to evolving business needs. Discover how QuickBooks allows businesses to manage multiple budgets, adapt to changing conditions, and distinguish between budgets and forecasts. We'll highlight the importance of both annual budgeting and periodic forecasting as essential components of effective financial management.

Podcast Recommendation: Revolutions by Mike Duncan

Find out more about Phyllis Barnett: [email protected]

Send us Fan Mail

Join us for our discussion with Christian Moser of BenX Consulting as we uncover the secrets to offering meaningful employee benefits without breaking the bank. Small business owners often face the challenge of balancing cost and value when it comes to benefits, but Christian shares how voluntary benefits like critical illness and life insurance at group rates can be both affordable for employees and financially viable for companies. Hear firsthand how understanding employee demographics and preferences can transform your approach to benefits, making them more tailored and relevant over time.

Christian dives deep into the world of voluntary benefits, highlighting their role in managing employer costs, particularly for businesses with under 100 employees. By offering benefits that employees can pay for themselves, companies can relieve financial pressure while still providing valuable options. Christian shares insights into strategies like ACA-rated plans and level funding to control health insurance costs, offering a fresh perspective on how these options can guide future benefits decisions that align with what employees truly value.

As we explore budgeting strategies, Christian emphasizes the importance of understanding competitor offerings and exercising financial caution, especially for startups. Learn how to start small with employee benefits and gradually expand as you gain more insights from your workforce. Cost containment strategies such as ICRA and PEOs are discussed, alongside a special podcast recommendation that inspires entrepreneurial success. 

Podcast Recommendation: The Nick Bare Podcast

Find out more about Christian Mosier: 

https://www.linkedin.com/in/christian-mosier/

Send us Fan Mail

Unlock the secrets behind effective workers' compensation insurance with expert insights from Kevin Ring of the Institute of Work Comp Professionals. Journey with us as we explore how this essential coverage acts as a financial shield for both employers and employees. Kevin draws from his extensive knowledge to unravel the historical significance of workers' comp and its crucial role, even in states like Texas where it's not mandatory. Expect to learn why businesses prioritize this insurance to avoid legal pitfalls and ensure comprehensive coverage beyond what typical health or short-term disability insurance offers.

Embark on a path through the complex landscape of workers' comp insurance by understanding the value of partnering with independent insurance agents. We discuss the importance of accurate classification codes and how they can significantly impact insurance costs, especially for staffing companies with temporary employees. Kevin shares actionable strategies to maintain proper classifications and avoid costly surprises during audits. Learn how a certified workers' comp advisor can be your guiding light, keeping your business protected and ensuring a seamless reintegration of injured employees back into the workforce. Tune in for practical takeaways that can optimize your approach to workers' comp insurance, making it a powerful tool for safeguarding your business.

Book Recommendations: 

Sandy Koufax: A Lefty's Legacy by Jane Leavy

You Are an IP Company: The 12-Step Plan to Increase Your Intellectual Property Influence, Impact, and Income by Kary Oberbrunner, Katherine Rubino

Find out more about Kevin Ring: 

www.workcompprefessionals.com 

Send us Fan Mail

 E#22: Matt Polson with The Video Department RVA discusses creating video for marketing and your business. 

Join me, host Scott Geller, on the Budget Your Business podcast to listen. 

In this episode of Budget Your Business, Scott Geller hosts Matt Polson with The Video Department RVA to dive into the transformative power of video marketing for small businesses. Learn why video has become the #1 tool for connecting with clients, how to craft impactful storytelling, and what it takes to create engaging content for multiple platforms. From planning and production to using testimonials, Matt finished up by framing up how to budget for using video in your marketing. Matt covers everything you need to know to make video marketing an efficient and effective addition to your business strategy.

Podcast Recommendation:
Business Made Simply with Donald Miller
Shawn Ryan Show
PBD Podcast

Find out more about Matt Paulson:
www.thevideodepartment.com
Video Department RVA on social media

Send us Fan Mail

 E#21: James Long, a risk expert, provides his practical applications for dealing with uncertainty and risk. 

I asked the person with the greatest mind for risk I know to join me on a special, albeit slightly longer, show. James Long has a rich experience working in places where handling risk is paramount to success at the largest levels. The best part... James shares his thought process and approaches on a practical level appropriate for small business. Find out how businesses can identify, assess, and plan for risks. Learn the difference between uncertainty and risk, how to evaluate inherent risks using practical tools like trend analysis and scenario modeling, and why proactive planning is essential. Discover strategies to handle the unexpected, from contingency plans to decision gates, and how to balance reversible and permanent decisions. Tune in for actionable insights to strengthen your risk management approach and safeguard your business. 

Book Recommendation: Thinking in Bets by Annie Duke

Podcast Recommendation:
Money Stuff by Bloomberg with Katie Greifeld and Matt Levine
Against the Rules with Michael Lewis 

Send us Fan Mail

 E#20: Warren Fischi with MrGriff discusses “How cyber crime is NOT covered by your existing coverages”.

Join me, host Scott Geller, on the Budget Your Business podcast to listen. 

In this episode of Budget Your Business, host Scott Geller dives into the essential details of cyber insurance policies. Learn how these policies differ from traditional coverage, why standalone cyber policies are crucial, and what financial risks they can mitigate. We explore the key elements of securing a cyber policy, from understanding vulnerabilities to navigating the application process. Tune in to discover how to protect your business from ransomware, data breaches, and other costly cyber threats with the right insurance strategy.

Podcast Recommendation: American Scandal 

Find out more about Warren Fischi: 
[email protected] 

Send us Fan Mail

E#19: Josh Farber of G&A Partners shares how to Fix or Clean up an Accounting Mess. Join me, host Scott Geller, on the Budget Your Business podcast to listen. 

In this episode of "Budget Your Business," we dive into identifying and fixing an accounting mess. Josh outlines two lenses to recognize trouble: the “wrong” lens, where financials don’t align with bank statements, and the “suboptimal” lens, where processes are too complex or granular to deliver clear insights. He explains who to bring in, emphasizing the need for accountants skilled in both fixing and ongoing management. Josh also describes the phased approach to cleanup: fixing immediate issues, pressure-testing for accuracy, and transitioning to a regular accounting cadence. Finally, he highlights best practices for keeping bookkeeping accurate through a clear partnership, regular review cycles, and segregation finances.

Book Quotes: 
“Be efficient with processes, not people” … Stephen Covey’s The 7 Habits for Highly Effective People 

“Create a culture of guidance, both for praise and criticism.” Kim Scott Radical Candor 

Find out more about Josh Farber:
https://www.linkedin.com/in/joshfarber/
https://www.gnapartners.com/

Send us Fan Mail

E#18: Joe Kozubowski with EOS Worldwide discusses Applying Business Metrics into Planning. 

Join me, host Scott Geller, on the Budget Your Business podcast to listen. 

Joe Kozubowski talks about the importance of business metrics and how to use them for growth. We explore why weekly tracking is essential, how metrics differ from KPIs, and how a well-structured scorecard can serve as a “business GPS.” From setting clear 90-day goals to choosing the right number of metrics, Joe covered practical steps that help business owners focus on real-time progress. Tune in to learn actionable strategies for building a metrics-driven business.

Book Recommendation: Who Not How: The Formula to Achieve Bigger Goals Through Accelerating Teamwork by Dan Sullivan and Benjamin Hardy

Reach out to Joe Kozubowski at [email protected] or 630.240.9312

Send us Fan Mail

E#17: Scott Geller performs a planning session, discussing “Saying “And” Instead of “No” When Planning.”

Join me, host Scott Geller, on the Budget Your Business podcast to listen. 

Scott keeps the microphone in today’s episode walking through a different budgeting approach to saying “No” all the time. Finance is often the "No" group or pitted against other departments, especially during this time of year when many companies are rolling through or into budget season. Either / Or leads to a downward spiral and results in the worst of both worlds. Using "And / Both" creates synergistic thinking, allowing people to brainstorm about the combined problem. Scott walks through examples and a process to approach with an “And / Both” mindset. The "And / Both" process creates discomfort, which is good, until the point where the business feels comfort in discomfort. The goal is finding the "Both / And" solution. If you come to a fork in the road, take it.

Podcast Recommendation: The Storytelling Podcast by Rain Bennett 

Find out more about Scott Geller:
https://www.linkedin.com/in/scott-geller-cfo/
www.PathPredict.net
www.CapitisAdvisors.com

Send us Fan Mail

E#16: John Atkinson with Growth Logik discusses “Creating a Biz Dev Process for Professional Services and Using it to Predict Revenue.”
Join me, host Scott Geller, on the Budget Your Business podcast to listen. 

John Atkinson dives into business development strategies with a focus on building a formal business development program. Learn how a structured plan can eliminate guesswork, help teams align with growth goals, and forecast revenue more accurately. We discuss key elements like client targeting, CRM tools, and how to move beyond just relying on sales reps. Learn the value of the Why, Who, and How for your business development. Tune in to discover how a solid biz dev framework can transform your business growth strategy and set your revenue plan.

Book Recommendation: Give to Grow by Mo Bunnell
Find out more about John Atkinson: www.growthlogik.com and https://www.linkedin.com/in/johnlatkinson/ 

Send us Fan Mail