The Ambiguous &: Business Basics & Beyond

In this episode, host Molly Beyer addresses the topic of delegation, a necessary skill for business owners and managers to master for success. In order for an entrepreneur to be effective, they must learn how to delegate in order to free up their time. Molly investigates what it takes to effectively delegate, why it’s a strategic process, and the necessity of having the right task to the right person to manage. 

Molly outlines three areas to look at when considering what to delegate. Looking at the task, looking at the delegatee, and looking at the delegation process itself. There are a series of things to consider in each area. When considering the task itself, is it truly critical or can it be handed off without risking the big picture, and is it straightforward or does it require specialized knowledge? Examine whether or not the task has a documented process, what time of ours the task delegation will free up, and even if the task itself can be handed off whole or broken off into sub-tasks.

With the delegate, it’s about matching tasks to a person. The person being delegated to needs to have the right skills and experience to succeed, the time and bandwidth, and the desire to take the task on. In a team, is the task an opportunity for the delegatee to grow? Finally, Molly examines the delegation itself, outlining the details that must be in the handoff process for the task to succeed in the delegatee’s hands. This requires clear communication and provision of support and tools. Delegation is vitally important, but so often done without a strategy or thinking through the entirety of the task. Molly challenges us to look closer into delegation so we’re doing it right for ourselves and those we delegate to.

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Contact Molly Beyer: 

• MKBeyerBooks.com
• MKBeyerConsults.com
• Facebook: MK Beyer Books

In this episode, host Molly Beyer defines what a small business is and just how many small businesses exist, in order to illustrate how many fail and why. When statistics say that one in three small businesses won’t make it past the two-year mark, what is the common denominator there? Molly explains that 82% of failures come down to one root problem: cash flow. So, what is cash flow, and how can it be managed successfully? Molly answers these questions and more.

Cash flow, simply put, is the movement of money in and out of a business over a period of time. It’s not the same as profit. Profit is what remains after a business’s expenses are factored in. Cash flow is what is available in the bank and when. Molly explains three types of cash flow that a business will have and how it can be either positive or negative. Cash flow matters because when what’s expected to come in doesn’t happen and what’s going out stays the same, a business will run out of money and fail. 

How do business owners avoid having their businesses become a failure statistic? Molly offers up several ways to manage cash flow that will assist a business in staying afloat: building a budget, protecting credit, paying bills on time, and maintaining complete and accurate financial records, tended to regularly by a bookkeeper or tax professional are some of those practices. Cash flow is an indicator of business health, and Molly’s insight will prevent a business from falling ill and into negative cash flow.

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Contact Molly Beyer: 

• MKBeyerBooks.com
• MKBeyerConsults.com
• Facebook: MK Beyer Books
  
  

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In this episode, host Molly Beyer talks about do-it-yourself bookkeeping and addresses commonly held beliefs that are actually myths. Molly breaks down what people often think about bookkeeping and explains why each myth is not necessarily a good direction to take our businesses in. Molly stresses that bookkeeping is a key part of having a successful business as an entrepreneur, so keeping good books with solid financial habits is a must.

There are six myths that Molly addresses and debunks. 1. That everything people need to know about keeping their own books is on YouTube. 2. Commercial accounting software is so easy to use that a professional is not needed. 3. If someone is good with numbers, they’ll be good at accounting. 4. That accountants will handle bookkeeping at tax time. 5. Google can explain everything that may be counted as a business expense. 6. A business can save money doing its own bookkeeping.

In explaining each myth, Molly offers sound advice on what to do in place of the myth. She unpacks the potential harm or pitfalls that the mistaken belief can lead to and explains a more successful and guaranteed way of approaching bookkeeping. Do-it-yourself bookkeeping can ultimately cost more in the long run, in both tangible and intangible ways. Cleaning up a DIY mess can be far more costly than hiring a professional in the first place.

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Contact Molly Beyer: 

• MKBeyerBooks.com
• MKBeyerConsults.com
• Facebook: MK Beyer Books

In this episode, host Molly Beyer continues her exploration into personal finances for business owners. This time, she explores why discipline is key to financial success. Far from being about restriction, discipline in Molly’s definition is about creating habits and systems that lead to long-term stability. She focuses on three major areas and delves into the how and why these three mindset shifts can positively impact business finance.

The three areas Molly highlights are the necessity of understanding a business chart of accounts, regularly reviewing the business profile and loss statement or balance sheets, and creating workflows and habits that make financial tracking second nature. Understanding leads to greater opportunity to grow and shift mindsets to successful habits. And running a successful business requires financial discipline, that’s an absolute fact.

Molly explains that the chart of accounts is comprised of the categories used for tracking expenses: travel, advertising, rent, etc. The profit and loss statement needs to be reviewed regularly and must be reconciled and updated before a review can take place. Finally, creating workflow and habits creates an awareness of where money is going, so there are fewer surprises. Molly advises setting up a weekly or monthly financial check-in with an accountability partner or bookkeeper and automating bill payments wherever possible. She challenges us all to identify a financial fear holding us back and reframe it as a growth opportunity.

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Contact Molly Beyer: 

• MKBeyerBooks.com
• MKBeyerConsults.com
• Facebook: MK Beyer Books
  
  

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In this episode, host Molly Beyer shares a frank talk about using mindset and habit to build good financial practices. She starts with identifying the realities that many business owners have business cash that flows directly into personal cash, and that we’re not managing personal or business finances as well as we could be. Molly’s goal is to give us a deeper understanding of our business finances so we can shift our mindset from financing to funding. 

Molly explains income statements and balance sheets, positive net worth, equity, and cash flows. She outlines the importance of all these checks and balances in maintaining a budget and setting a goal of financial stability. There are a variety of vital reasons to start separating personal and business finances, which Molly outlines, and whatever software is being used to track one can also be used for the other. She lays down a guideline for setting up this separation with an understanding of the intricacy of business finance. 

The mindset shift from financing to funding is the next step in sorting business finances. Entrepreneurs rely on credit cards, lines of credit, and consolidation loans, which do increase cash flows but come with a high long-term cost. What Molly explains is saving to fund an item rather than incurring debt by charging it. She addresses keeping expenses within our means and the effects of our money management on our credit scores. This episode outlines the first steps in examining personal finance separation for business owners and is an important one for a good financial base.

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Contact Molly Beyer: 

• MKBeyerBooks.com
• MKBeyerConsults.com
• Facebook: MK Beyer Books
  
  

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In this episode, host Molly Beyer discusses the practice of bartering, a form of trade that’s been used since before money was invented. However, there are important things to consider before simply jumping into a trade arrangement, such as the specifics of accounting and tax considerations. Molly walks us through the benefits and potential drawbacks of bartering professional services and highlights some best practices so our exchanges are fair.

The benefits of bartering can be a win-win because the exchange of services conserves cash flow, which, especially for new entrepreneurs or small business owners, is a critical consideration. It also makes use of excess capacity, such as time in our schedules or underutilized resources. Bartering also fosters good long-term connections and bolsters affiliate partnerships. Molly explains the value of each benefit.

The challenges and potential downfalls are also addressed by Molly, and they include unequal value exchange, tax implications, and record-keeping and accounting burdens. Each of these drawbacks is examined in detail by Molly, with cautions and advice on how to avoid them included. Successful and unsuccessful barter relationship examples are detailed, leading to vital takeaways designed to help all entrepreneurs set up balanced and positive bartering partnerships.

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Contact Molly Beyer: 

• MKBeyerBooks.com
• MKBeyerConsults.com
• Facebook: MK Beyer Books
  
  

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In this episode, host Molly Beyer addresses one more key step in the buyer’s journey by viewing it through a micro lens. She talked about the bigger picture last episode, but now is focusing on the smaller, daily decisions in a buyer’s process. When people set out to make a purchase, they go through a predictable information-gathering stage before taking action. So, how can you capture their interest amongst all the businesses in your industry? By guiding them through the decision steps. 

There are three key stages that every buyer goes through before making a purchase. Molly lists them as 1) awareness, 2) consideration, and 3) decision. Capturing the buyer’s interest before the decision to purchase is vital for positioning your business as the clear choice. Aiding them through the decision-making process involves reminding them how your business understands their pain point and helps remove it. Molly explains specific ways to communicate that message. 

Molly emphasizes that businesses' biggest mistake is stopping communication at the first touch point. It takes anywhere from 20 to 100 touchpoints before a buyer makes a purchase decision. Molly explores strategies such as retargeting ads, social proof and authority, and personal outreach as ways to continue communication with potential buyers and help them through their decision-making. When the next steps are clear and simple, buyers are more likely to act. Join Molly in examining the buyer’s journey through a micro lens.

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Contact Molly Beyer: 

• MKBeyerBooks.com
• MKBeyerConsults.com
• Facebook: MK Beyer Books
  
  

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Host Molly Beyer talks about the next crucial component in any business owner or entrepreneur’s success in this episode: understanding where our services are positioned in the client’s overall buying journey. Knowing what stage we occupy in the event chain of services allows us to focus our offerings on a specific area that serves a direct purpose and aligns with other companies that come before and after us in the journey.

A referral partnership is a good way to take advantage of the macro journey of the buyer. An event chain is a series of services connected in a single buyer’s pathway. For example, weddings. The journey start with jewelers for a ring, then venues for the ceremony, wedding dress shops, florists, cakes, printers for invitations, photographers… at any stage in the buyer’s journey we have an opportunity to form referral partnerships with businesses in the chain so we can refer our clients on and have other companies refer new clients to us in turn.

Molly explains how to use financial incentives to create a referral partnership, one that benefits every business in the affiliate chain. She also highlights two important caveats to consider: 1) avoid creating relationships solely for the income, as someone with lesser service quality can damage the client relationship, and 2) disclose affiliate partnerships to build transparency and trust. Molly runs through the benefits of the macro lens and strategic relationships, providing sound advice on understanding and nurturing the buyer’s full journey.

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Contact Molly Beyer: 

• MKBeyerBooks.com
• MKBeyerConsults.com
• Facebook: MK Beyer Books
  
  

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Host Molly Beyer talks about a crucial component in any business owner or entrepreneur’s success: understanding the needs of their client. Molly takes us on the buyer’s journey to illustrate what kind of messaging grabs a potential buyer’s attention and why. It’s not necessarily our expertise or experience; it’s our product, what we offer. How do we stand out from the crowd to show clients we understand their challenges? 

Talking to a potential client in marketing requires messaging that cuts through the noise of competitors. According to Molly, it’s our unique ability to solve their problem better than anyone else that will create a market-dominating position. Her first piece of advice is refining a statement of what we do into three specific parts: who the customer is, what we do for them, and what pain point we alleviate while doing it. She shares three real-life examples of this advice in action.

Molly also explores how to get through to our clients, how to grab their attention by creating compelling offers. She uses the conversation equation of interrupt, engage, educate, and offer. She breaks down each of these steps in clear detail to demonstrate how the carefully crafted messages engage the client and offer a solution to their problem before providing an actionable step. The buyer’s journey series will continue in the next episode with a deep dive into more of what clients need to hear.

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Contact Molly Beyer: 

• MKBeyerBooks.com
• MKBeyerConsults.com
• Facebook: MK Beyer Books
  
  

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Molly Beyer discusses what she’s learned about herself and what she has identified as her personal superpower in life. Molly’s superpower is her ADHD. She talks about the two very different sides of her - analytical and data-driven versus emotional - and how learning how to work with both sides is how she came to learn she’s ADHD. She walks us through why ADHD requires strategy to manage but why it’s also her self-identified superpower.

One of the great gifts of Molly’s superpower is her ability to intentionally focus on 1000s of lines of data, huge pieces of information, and parse them down efficiently. She explores why some things that may seem limiting work as a superpower when directed properly. And her message throughout the episode is one of authentically embracing who we each are as individuals. Identify our superpowers and then embrace them.

Molly says she’s a work in progress, still learning to fully honor her superpower. She uses scripts to stay focused because the passion she has for things she enjoys can bubble over and send her off-track. That’s part of the identification process and Molly’s vulnerability in sharing her ADHD journey sheds light on how we can turn what may seem chaotic or difficult into a very unique ability that only we possess.

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Contact Molly Beyer: 

• MKBeyerBooks.com
• MKBeyerConsults.com
• Facebook: MK Beyer Books

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