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.

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And be sure to check out our website at www.TESKPod.com for bonus content and other tips to help you grow your business while enjoying the lifestyle you’re entitled to.

Disclaimer: This podcast and related materials are designed only to provide general information regarding the subject matter discussed during the podcast episodes. The statutes, authorities, and other laws cited in this podcast are subject to change. This podcast and related materials are not intended to provide tax, accounting, legal, or other professional advice to any specific person or entity. Any advice or opinion regarding the application of the subject matter for a specific person or entity should be provided by a competent professional advisor based on an application of the appropriate law and authorities to the facts and circumstances applicable to that person or entity.

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.

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Want to discuss anything in this week’s episode? Just send an e-mail to [email protected]. You can also follow us on Instagram and join our community on Facebook for bonus tips to grow your business.

And be sure to check out our website at www.TESKPod.com for bonus content and other tips to help you grow your business while enjoying the lifestyle you’re entitled to.

Disclaimer: This podcast and related materials are designed only to provide general information regarding the subject matter discussed during the podcast episodes. The statutes, authorities, and other laws cited in this podcast are subject to change. This podcast and related materials are not intended to provide tax, accounting, legal, or other professional advice to any specific person or entity. Any advice or opinion regarding the application of the subject matter for a specific person or entity should be provided by a competent professional advisor based on an application of the appropriate law and authorities to the facts and circumstances applicable to that person or entity.

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. 

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Want to discuss anything in this week’s episode? Just send an e-mail to [email protected]. You can also follow us on Instagram and join our community on Facebook for bonus tips to grow your business.

And be sure to check out our website at www.TESKPod.com for bonus content and other tips to help you grow your business while enjoying the lifestyle you’re entitled to.

Disclaimer: This podcast and related materials are designed only to provide general information regarding the subject matter discussed during the podcast episodes. The statutes, authorities, and other laws cited in this podcast are subject to change. This podcast and related materials are not intended to provide tax, accounting, legal, or other professional advice to any specific person or entity. Any advice or opinion regarding the application of the subject matter for a specific person or entity should be provided by a competent professional advisor based on an application of the appropriate law and authorities to the facts and circumstances applicable to that person or entity.

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. 

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Want to discuss anything in this week’s episode? Just send an e-mail to [email protected]. You can also follow us on Instagram and join our community on Facebook for bonus tips to grow your business.

And be sure to check out our website at www.TESKPod.com for bonus content and other tips to help you grow your business while enjoying the lifestyle you’re entitled to.

Disclaimer: This podcast and related materials are designed only to provide general information regarding the subject matter discussed during the podcast episodes. The statutes, authorities, and other laws cited in this podcast are subject to change. This podcast and related materials are not intended to provide tax, accounting, legal, or other professional advice to any specific person or entity. Any advice or opinion regarding the application of the subject matter for a specific person or entity should be provided by a competent professional advisor based on an application of the appropriate law and authorities to the facts and circumstances applicable to that person or entity.

Feeling overwhelmed by the complexities of business borrowing? We're here to guide you through the labyrinth of different borrowing options available to entrepreneurs.

This episode is all about demystifying the process of borrowing, enabling you to make smart and informed decisions for your business. We decode everything from traditional bank loans, SBA loans, business lines of credit to invoice factoring, giving you the essential low-down on eligibility criteria, interest rates, repayment terms, and collateral requirements.

Packed with everything you need to know about business borrowing, this episode is a must-listen for all entrepreneurs out there. Tune in and empower yourself with the knowledge to navigate the world of business borrowing confidently.

As discussed in this episode, here's The SBA's Loan Portal 

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Want to discuss anything in this week’s episode? Just send an e-mail to [email protected]. You can also follow us on Instagram and join our community on Facebook for bonus tips to grow your business.

And be sure to check out our website at www.TESKPod.com for bonus content and other tips to help you grow your business while enjoying the lifestyle you’re entitled to.

Disclaimer: This podcast and related materials are designed only to provide general information regarding the subject matter discussed during the podcast episodes. The statutes, authorities, and other laws cited in this podcast are subject to change. This podcast and related materials are not intended to provide tax, accounting, legal, or other professional advice to any specific person or entity. Any advice or opinion regarding the application of the subject matter for a specific person or entity should be provided by a competent professional advisor based on an application of the appropriate law and authorities to the facts and circumstances applicable to that person or entity.

Ever wondered why some entrepreneurs seem to sail effortlessly towards their goals, while others keep treading water? It's all tied to an intriguing blend of motivation, focus, and drive. But there's one factor that's more important than all of these. In this episode, we pull back the curtain on the science of achievement and delve into a surprising research study that reveals a simple trick that could double your chances of transforming your business aspirations into reality.

Whatever you're grappling with in your business, this episode offers the tools and strategies to navigate these rough waters and build a resilient, thriving business.

The studies:

The British Journal of Health Psycology
Dr. Gail Matthews, Dominican University in California

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Want to discuss anything in this week’s episode? Just send an e-mail to [email protected]. You can also follow us on Instagram and join our community on Facebook for bonus tips to grow your business.

And be sure to check out our website at www.TESKPod.com for bonus content and other tips to help you grow your business while enjoying the lifestyle you’re entitled to.

Disclaimer: This podcast and related materials are designed only to provide general information regarding the subject matter discussed during the podcast episodes. The statutes, authorities, and other laws cited in this podcast are subject to change. This podcast and related materials are not intended to provide tax, accounting, legal, or other professional advice to any specific person or entity. Any advice or opinion regarding the application of the subject matter for a specific person or entity should be provided by a competent professional advisor based on an application of the appropriate law and authorities to the facts and circumstances applicable to that person or entity.

Ever wondered what the secret sauce is that makes some companies more valuable than others in the same industry? This episode of Things Entrepreneurs Should Know could hold the answers you've been looking for.

With nuggets of wisdom drawn from transactional data of over 55,000 businesses, we explore ten attributes that can push your company's value beyond that of its peers, even if you're not looking to sell.

If you're interested in measuring your company against your peers, a Value Builder Score is what you need. Whether you want to sell your business now or decades into the future, getting your Value Builder Score will allow you to see how an acquirer would evaluate your business, enabling you to focus today on what will be important down the road. Get yours in 13 minutes here.

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Want to discuss anything in this week’s episode? Just send an e-mail to [email protected]. You can also follow us on Instagram and join our community on Facebook for bonus tips to grow your business.

And be sure to check out our website at www.TESKPod.com for bonus content and other tips to help you grow your business while enjoying the lifestyle you’re entitled to.

Disclaimer: This podcast and related materials are designed only to provide general information regarding the subject matter discussed during the podcast episodes. The statutes, authorities, and other laws cited in this podcast are subject to change. This podcast and related materials are not intended to provide tax, accounting, legal, or other professional advice to any specific person or entity. Any advice or opinion regarding the application of the subject matter for a specific person or entity should be provided by a competent professional advisor based on an application of the appropriate law and authorities to the facts and circumstances applicable to that person or entity.

Ever wondered about the best business structure for your startup while navigating the maze of tax implications? Well, look no further. We’re shining a light on the complexities of business entities and legal considerations that often befuddle even the brightest of minds.

We dissect the limitations of sole proprietorship, analyze the ease of setting up an LLC, and explore the tax advantages of C and S Corporations. This episode is your golden ticket to understanding the intricate world of business structures and their tax implications.

Get valuable insights on how you, as a business owner, can pay yourself and make the most of your hard-earned money. This episode is a one-stop-shop for all entrepreneurs serious about setting their business up for success.

Further reading: How to Pay Yourself From an LLC

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Want to discuss anything in this week’s episode? Just send an e-mail to [email protected]. You can also follow us on Instagram and join our community on Facebook for bonus tips to grow your business.

And be sure to check out our website at www.TESKPod.com for bonus content and other tips to help you grow your business while enjoying the lifestyle you’re entitled to.

Disclaimer: This podcast and related materials are designed only to provide general information regarding the subject matter discussed during the podcast episodes. The statutes, authorities, and other laws cited in this podcast are subject to change. This podcast and related materials are not intended to provide tax, accounting, legal, or other professional advice to any specific person or entity. Any advice or opinion regarding the application of the subject matter for a specific person or entity should be provided by a competent professional advisor based on an application of the appropriate law and authorities to the facts and circumstances applicable to that person or entity.

[ORIGINALLY AIRED AUGUST 3, 2022]
Strapped for strategies to keep your business afloat during these tumultuous times? Imagine if you could have a roadmap to deftly navigate the stormy waters of economic downturns. In this episode of Things Entrepreneurs Should Know, your host, Chip Schweiger, provides just that. He shares five invaluable pieces of wisdom that gleaned over his years advising entrepreneurs. We discuss smart staffing strategies, the importance of turnarounds, and the value of consistently assessing the big picture. 

Ever wondered how seemingly insignificant issues can heavily impact your bottom line? We chat about that too, along with insights on managing cash flow, and the importance of never compromising on quality even when chasing profit margins. 

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Want to discuss anything in this week’s episode? Just send an e-mail to [email protected]. You can also follow us on Instagram and join our community on Facebook for bonus tips to grow your business.

And be sure to check out our website at www.TESKPod.com for bonus content and other tips to help you grow your business while enjoying the lifestyle you’re entitled to.

Disclaimer: This podcast and related materials are designed only to provide general information regarding the subject matter discussed during the podcast episodes. The statutes, authorities, and other laws cited in this podcast are subject to change. This podcast and related materials are not intended to provide tax, accounting, legal, or other professional advice to any specific person or entity. Any advice or opinion regarding the application of the subject matter for a specific person or entity should be provided by a competent professional advisor based on an application of the appropriate law and authorities to the facts and circumstances applicable to that person or entity.

What's the secret to having autonomous employees and running an efficient business? The answer lies in properly documented Standard Operating Procedures (SOPs). Welcome back to another episode of Things Entrepreneurs Should Know, where we're breaking down the art of SOPs. From customer service to logo usage, every nook and cranny of your operations should be covered. But remember, SOPs shouldn’t be generic templates that dissolve your brand's uniqueness. They should be a mirror of your brand identity, illustrating the special way you approach your business.

In this episode, we go beyond just telling you what to document in your SOPs, we guide you on how to do it. The learning preferences of your employees play a pivotal role here. Ever wondered why most of us rush to YouTube for instructions on a new gadget? It's because video instructions cater to multiple learning styles, making SOPs more effective and easier to grasp. But don't just take our word for it, tune in and discover how mastering the creation of SOPs can ramp up the efficiency of your business operations and supercharge your growth!

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Want to discuss anything in this week’s episode? Just send an e-mail to [email protected]. You can also follow us on Instagram and join our community on Facebook for bonus tips to grow your business.

And be sure to check out our website at www.TESKPod.com for bonus content and other tips to help you grow your business while enjoying the lifestyle you’re entitled to.

Disclaimer: This podcast and related materials are designed only to provide general information regarding the subject matter discussed during the podcast episodes. The statutes, authorities, and other laws cited in this podcast are subject to change. This podcast and related materials are not intended to provide tax, accounting, legal, or other professional advice to any specific person or entity. Any advice or opinion regarding the application of the subject matter for a specific person or entity should be provided by a competent professional advisor based on an application of the appropriate law and authorities to the facts and circumstances applicable to that person or entity.