Dirty Secrets of Small Business

Dirty Secrets of Small Business

The Dirty Secrets of Small Business Podcast is here to give you the tools, knowledge and power to achieve success whether you’re starting a new small business or already have one.

Episodes

May 6, 2021 25 min
I’ve been taking a personal branding course recently with a podcaster I’ve been listening to for a while named Jason Stapleton. One of the exercises we were asked to complete was our “origin story”. It covers things going back to your parents and their upbringing and how many siblings they had and where they grew up and eventually getting into where I grew up and how I got to this point in my life. One of the things that jumped ...
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It’s pretty easy to get caught up in the “busy ness” of day-to-day activities in our businesses. If you don’t have a longer-term goal in mind it can be frustrating for you and your team to continue on when times get tough. So do you have a longer-term Vision for your business and where you would like it to be in the next 5-10 years? Do you realize you can accomplish just about anything in 10 years?
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Is your business ready? If the opportunity presents itself, is your business ready to be sold? Now, that doesn’t mean YOU are ready to sell. It’s a wonderful thing when those two things do align and both you and your business are ready to sell. Unfortunately we often find that too many business owners are ready to sell but their businesses aren’t quite ready yet.
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Too many small business owners will respond “I don’t know” when asked questions about their numbers. If you are not in the regular habit of reviewing your numbers as a business owner, this is something you should start to change. One of the easiest ways to start is by reviewing your financials monthly. When we say financials, start with your Profit & Loss Statement and your Balance Sheet.
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We all know it’s tough finding good people. So when you find the good ones you want to hold onto them with both hands and never let them go! But how do you get them to stay? Is it all about the money?
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How many good employees do you have on your team? All of them? None of them? Not sure? We find that most small business owners don’t know how many good employees they have for a simple reason...they aren’t sure what a good employee looks like.
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In This Episode We know you’ve talked about this.  Perhaps even dreamed about it.  How much better off would you and your team and your company be without that one customer?  That customer who really isn’t the right customer for you, but you’ve held onto them for years.  Maybe saying you’ve “put up with them” is a better way to put it.  And it seems to go against every fiber of your entrepreneurial spirit to turn away any sales...e...
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March 18, 2021 37 min
One of the Dirty Secrets of business ownership is that whether you like it or not, one of your primary roles is to be a Leader for your organization. You may think, “Hey I didn’t sign up for this Leadership stuff, I just want to run my own business.” What exactly does it mean to be a good Leader?
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A phrase that can often strike fear in the hearts of even the bravest of business owners is, “Your banker is on the phone and would like to speak with you.” Oh no, you think, what could she possibly want? Does she know about my key employee who is threatening to leave? Did that upset customer call her to complain? Will she be pulling our line of credit?
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Unfortunately many folks starting out in business make the often fatal mistake of hiring family and friends first instead of last. Now this may seem counterintuitive to many folks, especially those who know us well since we usually espouse the importance of Know Like Trust when building your business. But just because it might be “easier” to start with family and friends, doesn’t mean it’s the best thing for your business.
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February 25, 2021 32 min
Business owners can be a worrisome bunch. Oftentimes owners aren’t even sure what to worry about. One of the top worries for business owners, no matter what stage they’re in, is cash. More specifically, will I run out of cash? So how do you keep track of all your money?
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If you’ve been in business long enough, chances are you’ve received some unsolicited interest in your business. By “interest” we mean someone is expressing an interest in perhaps buying your business. It likely came in the form of a letter that was either physically mailed or emailed or from a phone call. These letters and phone calls often come from intermediaries so the actual person who might be interested in buying your comp...
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February 11, 2021 31 min
“Nobody puts Baby in a corner!”  If you’ve ever seen the movie Dirty Dancing, then you can picture the scene with Patrick Swayze and Jennifer Grey.  Well we’ve heard versions of this line with the same emotion and passion.  But instead of talking about corners the business owner is talking about “Don’t push me out of my company!”  We see it all the time with sports as well.  Maybe you’ve seen an aging athlete on your favorite team ...
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One of the things we fight in our day jobs as business coaches is the never ending poor advice given to small business owners. Perhaps the biggest offense with this advice is folks talking about business plans. It might sound something like, “All you need is a business plan to get started.” Well intentioned advice. But what does this really mean?
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Have you ever seen the movie Rudy? It’s based on a true story of a young man whose biggest desire was to play football for Notre Dame. As with any great story there are many obstacles for our hero to overcome including his limited physical abilities. Perhaps the most challenging obstacle that Rudy and many of us face is the doubters around us who tell us we’re crazy for thinking something is possible or that it can’t be done. I...
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January 21, 2021 29 min
One of the biggest challenges and common frustrations of any leader is to get everyone on your team on the same page. Use whatever metaphor you want. Things like “all rowing in the same direction” or “everyone reading from the same hymnal” and hundreds of other cliches. At the end of the day, it comes down to what you focus on as a Leader. Because whatever you focus on is what your team will focus on.
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One of the biggest challenges for a business owner looking to transition their business to the next generation is figuring out who to transition the business to and how to know when that next generation is ready to take over.  What does it look like when someone is ready to take over the company?  Will you just know it when you see it?  Should you have the next generation just follow you around for six months or a couple of years t...
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January 7, 2021 40 min
One of the things we help our clients do is buy companies.  We usually start the process off by having our clients “turning over rocks.”  Those “rocks” can include everything from talking to business brokers to responding to online listings or ones in the newspaper to sending out unsolicited letters to a target group.
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December 31, 2020 35 min
In This Episode One of our favorite topics to discuss over the years on our show is our beloved Cleveland Browns.  Now we don’t talk X’s and O’s when it comes to the Browns, but instead tend to focus more on Organization and Leadership items.  Unfortunately our shows to date have typically been pretty critical of the Leadership team with the Browns.  But this year, during this crazy COVID 2020, the Cleveland Browns may have actuall...
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December 24, 2020 18 min
One of the annual traditions of business ownership is making some tax planning decisions, usually late in the year. It includes things like buying equipment or vehicles to take advantage of accelerated depreciation through a Section 179 tax deduction or some other accounting jargon. But those aren’t really the surprises we’re talking about. We’re talking about those surprise tax bills you get from your CPA where you have less th...
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