Things Entrepreneurs Should Know

We’re headed into uncertain economic times.

Between inflation, and the continuing war in Ukraine to another election where all these folks seem to do is yell at each other from the top of their lungs. And while your industry may be mostly immune to rough economic times, and even grew during the pandemic in a lot of ways, it still creates complications in running your business.

One of these best strategies includes following general guidelines on how others have handled their own turnarounds -- but remember each situation can vary so look at what works best with yours before trying anything else! 

Because there are no set playbooks to follow when it comes to your business weathering the storm, in this week's episode Chip gives five pieces of advice that will help keep your business afloat.

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.

No matter what business you're in, pricing is always a key consideration. But when it comes to an inflationary economy, pricing can be especially tricky. There are countless factors to consider, from regulatory compliance to supply and demand. In this week's episode Chip outlines some of the most important considerations when setting prices for products and services. 

You'll learn how to price your product or service so that you can win in a  competitive market and industry!

We all know that humans are irrational creatures. And as such, pricing a product can be just as much an art form than it is science! So, we'll also break down the psychological side of how to price your products so you get more sales.

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.

One issue that seems to be coming up a lot lately for business owners is cash flow, and for good reason. If your business runs out of cash, and cannot borrow from somebody or get more investment capital, then it’s probably about to fail. 

For your business to be as healthy and prosperous as possible, you need to keep an eye on profit, but also on cash flow. So this week, Chip hones in on cash flow and reveals the four reasons why cash flow is so important.

And even if profit is looking healthy it doesn’t mean you'll have positive cash flow to support growth, so Chip will also share five tips on how to accelerate and create positive 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.

You probably already know that a customer or employee dependency can undermine the value of your business, but have you ever stopped to think how one of your suppliers could also lead to a valuation drop if you ever want to sell your business?

In our study of over 55,000 business and thousands of actual transactions, we know that acquirers want to invest in businesses that inoculate themselves against danger. And, being dependent on a supplier can be a risk.

So in this week's episode, Chip talks about why being like Switzerland can make your business more valuable and how to achieve that neutral independence.

Want the complimentary e-book, "The 4 Degrees of Delegation" we discussed in this episode? Just send an e-mail to [email protected] and we'll get it right over to you!

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.

While taking time off from work is often much-needed to get away from a hectic work life, research also shows that it is important for your health.Whether you have three days, one week or two weeks of glorious vacation time, doctors say that if you don’t take advantage of this break from work, your stress and mental health will suffer.

But for today's entrepreneur, it can be tricky. Between when and how you should take time away to your employees knowing your company’s philosophy on taking vacation time it's not easy.

So in this week's episode Chip talks more about the benefits of vacations for you and your employees, as well as the three invisible "gates" that stop most companies and their owners from being able to take time away.

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.

The growth of your business is essential. However, to grow any enterprise you must continually seek ways to turbocharge its engine and your business is no different. Essentially, you need to develop strategies that will drive sales to ever-higher levels while ensuring that your growth in revenues translates into higher cash flow and rising profits. 

So in this week's episode Chip talks about the four things you can do to turbocharge your business. The tips work for any business and in any industry.

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.

There are a lot of reasons business fail. Some of them are due to poor management, not being in a definable niche or just plain dumb luck. And, while these circumstances are frustrating, a lot of times they’re unavoidable. 

At the same time, there are common themes we see from failed businesses that come up time and time again and really don't have much to do with management style or with luck. 

The good news is once these issues are identified, they’re straight-forward to address. And doing so can put you and your company on the path to success. So, in this week’s episode Chip talks about the three most common reasons why businesses fail. We'll also talk about the things you can do right now to fix each of them to improve your chances of creating a sustainable business that lasts for the long haul.

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.

If you were to draw a picture that visually represents your role in your business, what would it look like? Are you at the top of a traditional Christmas-tree-like organizational chart, or are you stuck in the middle of your business, like a hub in a bicycle wheel? 

As anyone knows who's tried to fly United when O’Hare Airport has been hit by a snowstorm, a hub-and-spoke model is only as strong as the hub.  The moment the hub is overwhelmed, the entire system fails.

Acquirers generally avoid hub-and-spoke managed businesses because they understand the dangers of buying a company too dependent on the owner. So this week, Chip reveals the nine warning signs you’re a hub-and-spoke owner. We'll also discuss suggestions for pulling yourself out of the middle of 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.

Think for a moment about what does the word valuable mean for you and your business? Maybe it’s a business you can pass along to your kids or other family members? Maybe it’s one that you can use as a platform to acquire other businesses in different markets or geographies, or as a means to vertically integrate.

Often when we talk about a valuable business we’re talking about one that’s a million dollar business. 

In this week's episode, Chip talks about what’s so special about owning a million dollar business and why it's so important if you're thinking about exiting your business someday. And, we'll talk about a key consideration for you in creating that truly valuable 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.

Success. Wealth. Achieving our goals. The most successful among us do certain things and act certain ways that helps them be successful.

If you’re an investor, or aspiring owner, or an industry insider you’ll likely get value out of this week's discussion. But in this week's episode, Chip speaks to the CEO about the three things successful business owners do differently.

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.