Things Entrepreneurs Should Know

Taxes can be one of the biggest expenses for entrepreneurs, but most business owners make avoidable mistakes that cost them money and peace of mind. In this episode, learn the most common tax strategy pitfalls, how to avoid them, and actionable steps to help you keep more of what you earn. 

Whether you’re just starting out or looking to optimize your tax approach, this episode will help you take control of your tax strategy and grow your business with confidence.

For show notes, past episodes, and more from Things Entrepreneurs Should Know, visit TESKPod.com.

Want to continue the conversation? You can reach Chip directly at [email protected]

Follow the show on Instagram at @teskpod.

Things Entrepreneurs Should Know is provided for general informational and educational purposes only. Nothing in this podcast should be considered accounting, tax, legal, investment, or other professional advice.

In this episode of Things Entrepreneurs Should Know, learn why every business owner needs an exit plan—long before they’re ready to leave. Learn about the most common exit strategies, key steps to maximize your business’s value, and the pitfalls to avoid. 

Whether you’re years away from stepping back or just starting to think about your future, this episode gives you practical, actionable advice to ensure you exit your business on your own terms.

As discussed in this episode:

Episode 40: Four Levels of Effective Delegation to Create a Self-Sustaining Business

For show notes, past episodes, and more from Things Entrepreneurs Should Know, visit TESKPod.com.

Want to continue the conversation? You can reach Chip directly at [email protected]

Follow the show on Instagram at @teskpod.

Things Entrepreneurs Should Know is provided for general informational and educational purposes only. Nothing in this podcast should be considered accounting, tax, legal, investment, or other professional advice.

Feeling the emotional whiplash of running your business? You're not alone. In this episode we deliver invaluable insights to help you conquer stress, tackle burnout, and overcome the fear of failure. From setting realistic goals to celebrating small victories, discover practical strategies to navigate the inevitable highs and lows of entrepreneurship. 

Join us as we explore the importance of self-care, boundary-setting, and task delegation to maintain balance and productivity. Learn how to reframe failure as a stepping stone rather than a setback, and implement actionable tips to build lasting confidence. Whether you're just starting or a seasoned veteran, this episode is packed with wisdom to help you thrive emotionally and financially in your entrepreneurial journey. 

For show notes, past episodes, and more from Things Entrepreneurs Should Know, visit TESKPod.com.

Want to continue the conversation? You can reach Chip directly at [email protected]

Follow the show on Instagram at @teskpod.

Things Entrepreneurs Should Know is provided for general informational and educational purposes only. Nothing in this podcast should be considered accounting, tax, legal, investment, or other professional advice.

Can your business truly thrive without you? Unlock the secrets to effective delegation and learn how to avoid common pitfalls like the hot potato delegator, the delegation hippie, and the false delegator. 

We’ll explore the importance of delegation in creating a self-sustaining business and introduce four impactful levels of delegation. From "follow my lead" where employees follow clear instructions, to "research and report" where they analyze options but you retain decision-making authority, you'll gain practical strategies to enhance delegation efficiency and scale your business.

For show notes, past episodes, and more from Things Entrepreneurs Should Know, visit TESKPod.com.

Want to continue the conversation? You can reach Chip directly at [email protected]

Follow the show on Instagram at @teskpod.

Things Entrepreneurs Should Know is provided for general informational and educational purposes only. Nothing in this podcast should be considered accounting, tax, legal, investment, or other professional advice.

Ever found yourself in a cash crunch and wished you'd seen it coming? Learn how to take control of your business finances with a 13-week cash flow projection!

In this episode, we break down the steps to create this powerful forecasting tool that helps you visualize your cash inflows and outflows. By anticipating periods of surplus or shortfall, you'll be ready to negotiate with suppliers, seek short-term financing, and make strategic decisions long before cash issues arise.

We'll walk you through how to track expected cash receipts from sales, investments, and loans, as well as projected outflows for essential expenses like payroll and rent. With practical tips on using reliable historical data and weekly updates, you'll ensure you have enough cash to cover your obligations and manage working capital effectively.

What to listen to next:
Episode 22 - Why Cash Flow is So Important and How to Get It

Episode 34 - Essential Accounts Receivable Strategies to Supercharge Your Business Cash Flow

For show notes, past episodes, and more from Things Entrepreneurs Should Know, visit TESKPod.com.

Want to continue the conversation? You can reach Chip directly at [email protected]

Follow the show on Instagram at @teskpod.

Things Entrepreneurs Should Know is provided for general informational and educational purposes only. Nothing in this podcast should be considered accounting, tax, legal, investment, or other professional advice.

Small businesses often operate as if their sole purpose is to fund the owner’s lifestyle, but the most valuable companies are run with financial rigor. You may be years from wanting to sell, but starting to formalize your operations now will help you predict the future of your business. 

Then, when it does come time to sell, you’ll fetch more for what you’ve built because acquirers pay the most for companies when they are less risky. There’s nothing that gives a buyer more confidence than clean books and proper record keeping. 

In this episode we're diving into a fascinating topic that's often debated among business owners and that’s the idea of running a private company like a public company. 

We'll explore what this means, the potential benefits and challenges, and whether it's the right strategy for your business.  And you'll hear how one business owner applied these principles to sell his business for a ton of money.

What to listen to next:
Episode 31 - Mastering Business Ownership: Ten Tips to Boost Your Company's Value

For show notes, past episodes, and more from Things Entrepreneurs Should Know, visit TESKPod.com.

Want to continue the conversation? You can reach Chip directly at [email protected]

Follow the show on Instagram at @teskpod.

Things Entrepreneurs Should Know is provided for general informational and educational purposes only. Nothing in this podcast should be considered accounting, tax, legal, investment, or other professional advice.

Can your business withstand unexpected crises, or are you leaving it vulnerable to unforeseen threats? In this episode of Things Entrepreneurs Should Know, you'll learn essential risk mitigation strategies that every business owner needs in their toolkit. From identifying and assessing risks to creating robust risk management plans, we cover all the bases to help you safeguard your enterprise. We'll also delve into the importance of investing in various types of insurance and bolstering your cybersecurity measures through employee education and regular software updates.

But that's not all—discover why diversifying your supply chain and implementing stringent financial controls are game-changers for protecting your business. Lastly, we underscore the significance of a well-prepared business continuity plan to ensure your operations remain steady even during crises.

For show notes, past episodes, and more from Things Entrepreneurs Should Know, visit TESKPod.com.

Want to continue the conversation? You can reach Chip directly at [email protected]

Follow the show on Instagram at @teskpod.

Things Entrepreneurs Should Know is provided for general informational and educational purposes only. Nothing in this podcast should be considered accounting, tax, legal, investment, or other professional advice.

What if you could protect your hard-earned personal assets from business risks with just a few strategic moves? 

In this episode of the Things Entrepreneurs Should Know podcast, we discuss the essential steps to establish your business as a separate legal entity, ensuring your home, car, and retirement funds stay safe even in the face of lawsuits. We'll reveal why forming an LLC or corporation is a game-changer for entrepreneurs and break down seven crucial practices that maintain this protective barrier. 

From proper financial separation to adhering to your company's bylaws, these actionable tips will help you preserve the benefits of limited liability.

For show notes, past episodes, and more from Things Entrepreneurs Should Know, visit TESKPod.com.

Want to continue the conversation? You can reach Chip directly at [email protected]

Follow the show on Instagram at @teskpod.

Things Entrepreneurs Should Know is provided for general informational and educational purposes only. Nothing in this podcast should be considered accounting, tax, legal, investment, or other professional advice.

Could understanding the difference between business and personal credit be the game-changer your business needs? In this episode of Things Entrepreneurs Should Know, I unravel the essential steps to building robust business credit. We kick things off by exploring why separating your business and personal finances is crucial, followed by practical advice on registering your business, opening a business bank account, and obtaining a DUNS number (get yours here). 

We’ll also dive into the importance of establishing trade references and securing vendor credit lines, discussing how these foundational steps can significantly bolster your business credit profile. Plus, I’ll share savvy tips on the strategic use of business credit cards and loans to elevate your credit score.

But we don't stop there. In the second part of our discussion, we'll delve into how you can proactively manage and leverage your established business credit for long-term success. Learn the art of building positive relationships with vendors and suppliers and discover strategic ways to use credit to boost your business's financial stability and growth opportunities. 

For show notes, past episodes, and more from Things Entrepreneurs Should Know, visit TESKPod.com.

Want to continue the conversation? You can reach Chip directly at [email protected]

Follow the show on Instagram at @teskpod.

Things Entrepreneurs Should Know is provided for general informational and educational purposes only. Nothing in this podcast should be considered accounting, tax, legal, investment, or other professional advice.

Can mastering accounts receivable management really supercharge your business's cash flow? Find out as we unpack the essential strategies for optimizing your receivables process and boosting your financial health. In this episode, Chip breaks down the nuts and bolts of accounts receivable—from setting clear payment terms and ensuring invoice accuracy to utilizing technology for efficiency. You'll discover why managing AR is not just a back-office function but a critical element in sustaining your company's operations and growth.

Learn valuable tips such as prompt invoicing, effective follow-up procedures, and the power of offering payment incentives. We'll also touch on the importance of monitoring aging reports, establishing robust credit policies, and leveraging cutting-edge accounting software to streamline collections. Whether you're a seasoned entrepreneur or a new business owner, these actionable insights will equip you with the tools to minimize overdue payments and strengthen client relationships. 

For show notes, past episodes, and more from Things Entrepreneurs Should Know, visit TESKPod.com.

Want to continue the conversation? You can reach Chip directly at [email protected]

Follow the show on Instagram at @teskpod.

Things Entrepreneurs Should Know is provided for general informational and educational purposes only. Nothing in this podcast should be considered accounting, tax, legal, investment, or other professional advice.