December 21, 2023 • 42 mins
Unlock the secrets to a prosperous business future as BBB Accredited Business owner and business strategist, Kyle Golding of The Golding Group, shares in a vital discussion on the how-tos of effective business planning. The conversation promises to arm you with strategies for setting and achieving both profitability and growth. We dissect the importance of early-bird planning in Q3, setting lofty yet reachable goals, and the art of breaking these down into measurable objectives. Don't miss out on tips to guide you through the importance of a SWOT analysis and tracking progress with KPIs, while ensuring you're not just in your business but working on it to guarantee a lucrative year-end.
Peek behind the curtain of managing finances as if your business's survival depends on it—because it does. Kyle shares the fine line between day-to-day operations and strategic oversight that can prevent the panic of cash flow crises.
Cap off your business toolkit with the underrated power of networking. Kyle shines a light on the impact of casual coffee meet-ups with fellow entrepreneurs, where cross-industry chit-chats can lead to groundbreaking ideas and open doors to new ventures.
We also offer some insight into navigating the uncertainties of an election year and the importance of being agile in the face of policy and economic changes. And we wrap things up by reaffirming the need for strategic planning, iterative business processes, and embracing the creative solutions that emerge from challenges—all with the backing of a supportive network. Join us for this episode and set the stage for a year of smashing business milestones with Kyle Golding.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
You don't need profit every single day and every
single hour of every day, but ingeneral, when the year is over,
you need more money in the bankthan when you started.
Speaker 2 (00:22):
Hey there everybody.
Welcome back to the Build WithBBB Podcast.
I'm here with a good friend andwhat I would call my neighbor,
kyle Golding, with the GoldingGroup, a longtime BBB accredited
business.
We were actually a formerclient of the Golding Group here
at BBB.
So long time, friends.
Welcome to the podcast.
Speaker 1 (00:41):
Thank you very much for having me on.
Speaker 2 (00:42):
Yeah, um, so one of my favorite things to talk about
and we kind of joke about itinternally is mid-year planning
and planning and annual planningand goal planning.
I think that started back whenI'm interning here with BBB and
that was one of the first thingsthat I kind of was exposed to
and one of our initial meetings.
I think as well, and I think,something that a lot of business
(01:05):
owners are thinking about now,if they haven't already.
This is their sign.
Let's talk about it.
Speaker 1 (01:10):
If you're in fourth quarter and you haven't planned
for 2024 yet, you're way behind.
Speaker 2 (01:16):
Yeah, no kidding.
Speaker 1 (01:17):
You should have started, I tell people, day one,
q3, you should be starting,starting the process.
You don't have to have it doneon on that day, but that's where
you start the process of whatare you going to accomplish the
next year, and start with abroad concept like that what do
we want to accomplish, whatgoals do we want to set, et
cetera.
And it begins the conversationand the process of once you,
(01:41):
once you have it.
Oh, we want to.
We want to do better, right, wewant to improve.
How much do we want to improve?
We want to double, do we wantto triple?
Do we want to go up by 25%?
Is it?
Are you measuring sales?
Are you measuring opportunities?
Are you?
Uh, well, you know what areyour KPIs, et cetera?
Uh, how are you going to definesuccess?
Those are the openingconversations that you have, and
(02:01):
then you get to set those goalsright Big, audacious goals,
something to move towards, uh,and from there you develop your,
your, or you break your goalsdown into objectives.
Those objectives, along withall the things you know about
yourself, your strengths,weaknesses, opportunities,
threats, your position in theindustry, competitive analysis
(02:22):
and all the rest of it, is howyou develop your strategy.
From your strategy comes yourtactics, and then you get to
also build your measurements inagain, kpis and other things.
That'll let you know, let youknow if you're on the right path
or not.
That's a lot of stuff.
It's a lot of work, a lot ofback and forth.
It's not something you want tosit down and do one hour, two
hours.
You want to do multiple times,kind of send everyone on their
(02:43):
on their on their path toputting their research together,
their input together, work as ateam, work individually.
But if you start that inDecember, you're not going to
really have that in place andall the preparation you need to
launch really hard in January.
So you need to start early.
You just need to have a, aroutine, a regular, you know
(03:07):
back and forth, a conversation,a process in order to develop it
and then have all that in placeand everyone informed,
everyone's buying in.
And again, like, if you decideyou want to drive sales starting
January 1st, maybe you needsome new marketing material,
maybe a new episode of thepodcast, maybe redesign of your
(03:29):
logo, whatever it is, you wantthat done early.
You can't wait till the lastminute.
You sure don't want to want todo work like that, like oh,
we're launching tomorrow, likeget it done now, Right.
So the earlier start, the morethorough you can be in the
process, the more you can takeinput from all your team members
.
That you could compare itagainst research and she can.
(03:50):
That you can be very cognizantabout how the process works out
to get you where you need to be,so that that when that calendar
flips over, when 23 becomes 24,you can go at it hard.
Speaker 2 (04:03):
Okay, so taking a few steps back um before we're
talking about SWOT analysis andopportunities and all of the
things I immediately think ofsmall business owner, I am my
one and only employee.
Speaker 1 (04:17):
Often yeah.
Speaker 2 (04:18):
And I have been in business a year.
I don't even know anythingabout goal planning.
What was, what does that looklike?
Speaker 1 (04:25):
First step is everyone needs to understand
that every business has tooperate in profit mode.
If you're not profitable,you're a hobby or a nonprofit,
but you need profit.
You don't need profit everysingle day and every single hour
of every day, but in general,when the when the year is over,
you need more money in the bankthan when you started.
(04:46):
And at certain points in theyear you need profitability
because when sales are high, youneed to take that profitability
, put it in the bank, becauseother times sales are low or
you're having to to outlay thatcash in order to keep things
running.
So when you make money, youneed to keep it so that other
times, when you're making lessmoney, you can move forward.
So profitability is the numberone concern first of all.
(05:07):
So if you think of it like that, if you've just completed your,
your near completing the firstyear of your business, your
goals for next year have to beto do more, to do better, to be
even more profitable than lastyear, because that's how you
move the business forward.
Just saying let's do like we didX this year, let's do X next
(05:27):
year Isn't going to move you inthe right direction.
It's not going to push youanywhere, it's too safe, it's
too easy and there's no realbenefit to you.
So, setting goals that we say,you know, set big, big goals
right, so that it pushes you ina better direction, so it pushes
you towards profitability andscalability and all of those
things.
And even if you don't make goal, but you're moving in that
(05:52):
direction, you're moving in theright direction.
You're doing things betterevery time.
So, wherever you start it, evenif it's, you know, 10% better
than last year, you have tocreate goals and create a path
for you that increases thebusiness.
So if a business isn't growing,it's contracting or staying
stagnant, and neither one ofthose things are good for the
(06:14):
long run.
Speaker 2 (06:16):
So let me ask you this here's my goal I want to
make more money.
Tell me why that's.
Maybe I need to be a littlemore specific than that.
Speaker 1 (06:24):
Well, first of all, that's not measurable Outside of
, yes, you know, x, and X plusone is more money, I mean more
money is a good thing More moneyis a good thing unless it costs
you more money to make it.
That's where it talking aboutbeing profitable and that's a
conversation.
It's a whole differentconversation about top line,
bottom line profit margin, etcetera.
Right, there's a whole allkinds of depth we could get into
(06:44):
in that conversation.
But you need goals that are bigenough but measurable, and it
needs to be something that againcontinues to move the entire
company in a direction.
So you might say, let's makemore money.
And some people in your businesswould say, well, that's the
sales team.
The accounting department isn'tresponsible for making more
(07:07):
money, they're responsible forcounting it.
And HR isn't responsible formaking more money, they're
responsible for making sure whenit's paid and taking care of
employees, etc.
So there are people.
Even if you're manufacturingthe people working building the
widgets, well, they'll build asmany as you sell.
They sell to people like.
So everyone could say, well,that's not my job.
(07:29):
But to having goals of a 20%increase in business over the
year applies to everyone acrossthe board, and it's not just
sales, it's number of customers,it's number of opportunities,
it's profit margin, it's thenumber of products.
If you have one product, oneSKU, your product serial code
(07:50):
number.
If you have one product SKU,maybe you need two or three.
Or if you have one location,maybe you need two.
Or if you're in three markets,maybe you need to be in 12
markets or 15 markets, or in twodifferent states or three
different states, etc.
There's all kinds of ways,depending on your business model
, that you can grow yourbusiness, you can expand your
(08:11):
business, that you can developmore in your business without
specifically saying we need tosell more.
Speaker 2 (08:17):
Do you recommend for maybe a small business that
doesn't have one employee ormultiple employees for each
department?
How do they break thatoverarching goal down into
departments if they're managingall of them?
If I'm the CEO and I'm the vicepresident of marketing and the
vice president of accounting andthe vice president of sales and
(08:39):
I'm still looking at thatoverarching goal, how can I
break that down to make it, toquantify it for each department?
Speaker 1 (08:50):
Everything has to be related to your actual.
There's job titles, jobdescriptions, and then there's
what we do.
Right, however many hats youwear, right?
Say, you're one of twoemployees and you're both
wearing five different hats,right, you can take each of
those five hats and set a goal.
Look at what is it in this areathat we could do better.
(09:12):
Sometimes it's sales, but alsosometimes it's increased
customer satisfaction.
Sometimes it's repeat business.
We not just one sale, but thesame person or the same, you
know, b2b the same businesscoming back to you.
Or B2C the same consumer comingback to you again, because that
second sale is much morebeneficial to you than the first
sale, the fifth one and thetenth one, much, much more
(09:34):
beneficial.
If your customer serviceopportunities go up, then the
opportunities for referrals andrepeat business, et cetera.
Same thing with your internalprocesses.
You know accounting, hr,manufacturing, logistics.
You can find ways to lower cost.
So can we do this better?
Do we have to spend X to make Y, or can we spend a little bit
(09:58):
less?
Or can we be more efficient inour process?
Or can we have less waste?
Or do we need to work, maybechange our work hours or
delivery hours or something likethat to make it more effective.
So there's effective andefficient.
Effective is when you sell more, when you create more
opportunities for yourself, whenyou put yourself in more
(10:18):
markets, when you do things well, you're being effective, which
creates opportunities for you.
But efficient is lowering costor speed or something like that.
So if you can speed things upmore efficient assembly line
means more widgets out the door,which means more opportunities
to sell the widgets.
If you can lower cost, if youcan buying in bulk lowers cost
(10:39):
sometimes.
Or pre-paying, or negotiatingwith your vendors all those
things that can bring cost down,sometimes one or two or five
percent cost decreases.
But if you do that in fivedifferent ways, that's 10 or 15
or 20 percent cost decrease.
So now maybe you sell as manywidgets next year as you did
(11:00):
this year at the same price.
But if you bring the cost down,your profit margin goes up.
So there's a lot of differentways to get to that end goal of
doing better, growing thebusiness, of being more
profitable.
It just depends on yoursituation.
But if everyone will take a hatthey're wearing right and say
(11:20):
what can I do better here?
Can we be more effective or canwe be more efficient, and when
you consider it like that, thenyou can talk about how to
improve the business, grow thebusiness, set goals that move
you in that direction, and whatyou'll find is, if you're
wearing five hats and I'mwearing five hats a goal or two
(11:41):
across two or three of mine intwo or three years are probably
the same, and so we're notsetting 10 goals, we're setting
two or three because there's acollaborative efforts that go
into certain goals, especiallyif you've set them high enough.
Speaker 2 (11:54):
What would you recommend for somebody who has
nothing planned for 2024?
Nothing.
This podcast is their firsttime hearing about it, which
we're not downing you to be veryclear.
It's hard sometimes and in thiseconomy and everything that
we're going through it's in anext year's and election year.
There's a lot to think about.
Speaker 1 (12:15):
Better late than never is true advice here.
So it's always better to dosomething late, or even do
something partially, than not doit at all.
And that's not great advice,but in this situation, if you're
up against it, it is betterthan nothing.
So, at the very least, take thetime.
And this is the hard part forvery small businesses.
(12:37):
Right Is the conversation aboutworking in your business and on
your business.
When you're working in yourbusiness, when you're out
driving the truck every day,when you're out making
deliveries, when you're undersomeone's house making sure
their plumbing is connectedcorrectly and is fixed, or on
someone's roof, you don't get tohave this type of process of
(12:59):
looking at your business, butit's essential you do it and
hate to tell you.
Get up early, stay late, work onthe weekend, skip a family
event not all the time, butoccasionally, once a month, once
a quarter sit and look at yourbooks, look at your cash flow,
look at and make sure.
First of all, make sureeverything makes sense, make
(13:20):
sure that the bills you'repaying, that you're not
overpaying, make sure that allthe cash that's coming out of
your bank account is legitimate,make sure that you're not
getting scammed or takenadvantage of, or maybe you have
a vendor that's overcharging youfor something, or you're agreed
to a price and it's notreflected in your purchase
orders you have to sit down andlook at.
So you got to make sure yourbooks are balanced.
(13:42):
You got to make sure youunderstand how much money is in
the bank, how much money you'respending to operate your
business.
You absolutely need to knowthat and, honestly, there's no
real excuse for that.
Working in the business, on thebusiness, and not only will your
business fail, you could end upupside down and owing a lot of
people, a lot of money and realtrouble.
So don't put off looking atyour books and keeping up with
(14:03):
your bills and making sure thatyour balances are correct.
And again, there can be timeswhere your cash flow is slow and
your output is still high andyou might be a little behind.
If you know, seasonally orotherwise, you can make that up
at other times and you don'twant to get too deep into that
hole.
But if you don't look at it andif you're moving in that wrong
direction, if you're losingmoney every month, if you're
(14:24):
overpaying or you're notcollecting soon enough on the
people that owe you money, etcetera, you could end up in a
cash flow crunch or somethingelse that you can't get out of
and it could cripple or killyour business and potentially
still leave you on the hookpersonally for the financial
situation.
So you could lose your businessand still owe people all over
(14:44):
the town plenty of money, whichwould be a very bad situation.
So, number one as much as you'reworking at hard on your
business, you have to take atleast a couple of hours every
month and be looking at yourbooks, and then once a quarter
you need to take anotheradditional couple of hours and
figure out how well you're doing.
How are you moving towards thegoals?
(15:05):
Is your business really doingwhat it needs to do?
Is it moving in the rightdirections?
Are you attracting the rightcustomers?
Are you getting paid on time?
Are you charging enough?
Are you being profitable, etcetera, to make sure you're on
the right path.
When you set a goal on January1st, right, set a goal, whether
it's again X number of dollarsin sales or X number of units or
(15:27):
whatever those things are Atthe end, december 31st of next
year, if you come short of thatgoal.
But you did well and you didbetter than previously and
you're building upon things andyou're moving towards that goal.
Maybe you come close but youdidn't hit it.
Then everything's going wellenough and it's okay.
It's not the end of the worldif you don't hit your goal, but
(15:49):
if you don't come anywhere closeto reaching your goal, which
was probably set with some logic, which then means the business
is floundering or failing andyou're probably in a bad
situation.
So setting goals allows us tounderstand if we're moving in
the right direction, if weultimately can be successful, or
if we're failing to a pointthat maybe the business goes
(16:12):
under.
It seems daunting to say January1st, set a goal, let's say
$100,000 in sales.
That sounds like a big oh, okay, wow, that's a lot.
On January 2nd, you're notgonna have $100,000 in sales,
right?
If last year you did $90,000,this year you need to do
$100,000.
That seems like a big, dauntingtask.
(16:33):
But you take that goal andbreak it into objectives, right?
Sub-sets of your goals areobjective.
So your objective now needs tobe and just to a math off top of
my head like $8,500 a monthwould get you to $100,000 at the
end of the year.
So right.
So $8,500 a month gets you to12 months, $100,000 for the year
(16:54):
, right, then you can break thatdown month.
So $8,500, that's around $2,000a week, rough math.
So now you understand that anddon't break things down into
dailies.
It can be a little maddening,and Mondays are not the same as
Fridays and you're doing work,getting paid tomorrow.
It could be a littlemicromanaging to break that down
(17:17):
.
And, honestly, when you havebad weeks we didn't hit numbers
this week you can't panic either.
But if you didn't hit numbersfor the quarter, you probably
should be considering makingchanges.
So but if you break those biggoals down into smaller
objectives monthly and quarterlyand then do these regular
check-ins looking at your book,you do a quarterly check-in,
whether it's just looking at thefinancials, just looking at
(17:38):
what's on paper, talking to yourteam, talking to customers,
looking at what yourcompetition's doing.
Not that you're going to go anddo exactly what they're doing,
but you just need to be aware ofwhat's happening in the market
around you.
If all of your competition'sraised their prices, maybe you
can too, but if they've all cuttheir prices, maybe you will
(17:59):
have to as well.
And so these are the things toconsider.
But if you wait too long,you'll be too far behind the
curve and it'll be too hard tomake those adjustments.
So making your big goals,breaking them into objectives
that are manageable, and thenthere's a time period where you
can set reminders for yourself.
The reason a lot of people areon whether they're on a calendar
(18:21):
year or a fiscal calendar butthe reason that January 1st
December 31st to January 1st isa big deal is because, as humans
, our brains go oh yeah, it's anew year, it's just this, it's
artificial because nothing'sreally changed.
However much money was in yourbank account December 31st is
still there on January 1st.
Well, you have to pay taxes onit by that point.
(18:44):
But the first of the month isagain a good thing for your
brain to go it's a new month.
Like, what do I need to do thismonth?
I need to look at the goalsI've set for myself for the
month and for the quarter.
I need to make sure I'm ontrack, and so it's very easy to
set yourself a reminder on acalendar or have a standing
meeting with your team orsomething like that, where you
(19:07):
say, the first Monday of everymonth, we do this.
It's just a good guarantee thatyou'll make that check-in, that
you see if you're progressingcorrectly.
If you're doing well, you wannaunderstand why you're doing
well, because you wanna do moreof that.
And if you're not doing well orthere's problems or issues that
you're dealing with, you wannacheck in and understand what you
(19:30):
need to fix or what you need tochange or what you could do
better, because you don't wantto continually make those same
mistakes.
So first of the month check-insare good, first of the quarter
check-ins, first of the year arejust good ways for human beings
to wrap their head around.
Here's how something as big asmaking $100,000, making a
(19:50):
million dollars, expanding ourbusiness by 50% these are big
goals, but if you break it downinto something that's much more
manageable, it's not asintimidating and it's something
that you can then create again,a strategy and tactics that
allow you to achieve those goals.
Speaker 2 (20:06):
And going down that same line for the business owner
who maybe they're an expert intheir industry but they're not a
financial expert or they're nota marketing expert, because
there's a lot to know with bothof those things and sales
experts.
There are a lot of freeresources that I would just like
to mention for those people whoare listening.
One, of course check out BBB,because we're happy to connect
(20:28):
you if we aren't the resourcefor that, but then you've got
the Small BusinessAdministration does trainings
pretty regularly I would sayquarterly so that would be a
good thing to put on theircalendars.
The Small Business DevelopmentCenter for people who are brand
spanking new, the Verge inOklahoma City, who we love and
they're a partner and goodfriend of ours, who else am I
forgetting?
Speaker 1 (20:48):
There's tons of great and things out there from
federal government.
Sba is federal government andsome of the programs they have
and and even just helping youwith your banking, you know.
The state of Oklahoma hasthings with Ocast and I2E and
even the state Department ofLabor has best practices and
(21:10):
things you need to know.
The Secretary of State makingsure you get your filings
correct.
You know all of those things.
Bbb has their checklist of allthe things they look for your,
your Chamber of Commerce it canbe the Greater Oklahoma City
Chamber of Commerce.
If you're one of the suburbs,you could be in one of those
Chamber of Commerce.
There are professional groupslike B&I and OVF, but there's
(21:32):
also a lot of professionalorganizations like marketing
people.
You know the PR folks havetheir own monthly professional
development luncheon and andmarketing people do, but so do
physicians, so do insuranceagents.
So all kinds of industries havedifferent things.
Maybe unions if you're a memberof a union or if your industry
has a union, those are goodresources for information.
(21:56):
To look forward to Education, sohigher education you're
typically your universities willhave programs, but they'll also
do public things that are freeand or small course or online
courses you can take as well,and then you can get all the way
down to you know YouTube andGoogle.
You know Google, how do I, howdo I manage?
(22:17):
Quick books is a good Googlesearch.
That probably will get you 10or 20 or 200 YouTube videos that
you could find the right one,as you can watch someone else
like set up their quick books orLearn some other piece of
technology that then allows youto apply that to your business.
Speaker 2 (22:35):
And another resource that we kind of tease but didn't
is a lot of our networkingconnection opportunities.
So Kyle is our downtownOklahoma City ambassador, one of
three ambassadors that we havein the metro area.
Do you want to talk a littlebit about that in 2024, the
exciting things we have sure.
Speaker 1 (22:52):
So being an ambassador means a few things,
but one of the things is I hosta monthly networking coffee.
So the in January it'll starton the fourth, third, fourth
Wednesday of every month.
I must told you guys wrong.
The fourth Wednesday of everymonth, it's just a nine to ten
networking coffee.
There's one in Oklahoma Citydowntown, the one I do.
We have one in Edmond inNorthwest Northwest Oklahoma
(23:13):
City.
It's not anything formal, it'snot.
There's not a program, there'snot an educational piece,
there's not.
But it is business owners ofall types Getting together for
an hour and just talking to eachother.
And there's an amazing value intalking to other business
owners.
There are people in your, inyour industry.
At my coffee there's three orfour people from three or four
(23:33):
different banks.
But they compare notes, theytalk about what's going on, what
they're seeing the world.
If there was something badhappening, maybe some scam
artist out in Oklahoma Cityhitting up all the banks, they
would talk to each other aboutthat.
If there's new programs fromthe federal government, they
talk about that as well.
You know, with all these billsthey've passed the last few
years build back better andthings like that there's a lot
of infusion of capital comingfrom different places.
(23:56):
So those folks compare notes.
If you're a roofer, you mightwant to talk to another roofer
about what they're seeing in theindustry, what consumers are
saying.
But you also might be a plumberand a marketing professional
and a baker and a Tax accountantand you might think those,
those people have nothing totalk about what they do because
they're all running smallbusinesses.
(24:17):
They're offering service,they're dealing with customers
and clients, they're payingtheir taxes every year.
They're dealing with anything,any legal changes that might
happen in the law.
You know November, second, allthe new laws went into effect in
the state of Oklahoma.
That's been passed this lastsession.
So it may be your industry isaffected by a new law and
(24:37):
Talking to someone else maymaybe go oh, I didn't know that
that law had been changed.
Or, oh, you're an attorney.
I don't get it often get achance to talk to an actual
attorney, but over a cup ofcoffee where they're there to do
that and meet people and makeconnections.
Those are good things to do,but I think ultimately
networking for small businessowners, one of the biggest
values from it is Meeting othersmall business owners and
(24:59):
understanding you're not, you'renot in your situation alone,
how much effort you're puttingin, how hard it is to run a
business, all the things thattry to stop you.
You know Competition andeconomics and supply chain and
everything else.
Other businesses, whetherthey're in your industry or
other industries, are goingthrough very similar things, and
it allows you to kind ofunderstand how to how to keep at
(25:21):
your business, because you'relearning from other people's
experiences as well, and and theencouragement there truly is
that when you attend theseevents, you might not Find any
immediate value out of that.
Speaker 2 (25:34):
But then maybe a year later you say, oh yeah, I met
that attorney at that one coffeeand we connected on LinkedIn
and now I'm in need of somelegal advice and now I can reach
out to him.
Or you know, hopefully that'snot the case.
Maybe it's something like alittle bit nicer or like easier,
you know, I've met thatmarketing gal and I need some
help figuring out my socialmedia.
Speaker 1 (25:52):
You also never, you never know who knows someone who
can refer someone.
Again.
Same thing.
You know, I met that marketinggal and I run a roofing company.
What well, I don't needmarketing services, but maybe
she needs a roof, or maybe hermom asked her who to get a roof
from, or you know, or someoneelse in the situation needs
something that that can be, youknow, connected or related to.
(26:16):
And Any time you get to have aconversation with someone that's
not in a sales situation, I'mnot selling you my services
today, we're just having aconversation.
It allows you to haveconversations with people, to
listen to them a little bit more, maybe, than selling, and maybe
if the same people ask you overand over the same question
(26:37):
about your industry oh, can youguys do this or is this
available?
Or you know used to be this way, is that is not the case
anymore?
If you hear that same questionfive or six or eight times in a
non-sale situation, you mightconsider that's something that
goes into yourselves processes,that education piece.
So there's always feedback youcan get from people, even if
they're not buying anything fromyou and even if you're not
(26:59):
selling from them, just havingconversations about how to run
your business and listening.
Listening is always a good tooland it's easier to listen over a
cup of coffee when you'renetworking as opposed to now.
I've got to spend the next fourhours, you know, knocking on
doors and ringing people up andselling, like that's my job
today.
Is some sell some things.
(27:19):
Well, take an hour and justhave some conversations with
some other people and listen alot more and sell a lot less,
and you might find some insightsinto things that could be
beneficial for your business.
Speaker 2 (27:31):
So for 2024, and we're not going to go down, you
know, like the political aisleand talk about that.
That's not what BBB does.
However, I do think that it'sreally important for businesses
to be aware that it is anelection year and that often
means you know some changes inthe economy, changes and how
money is working.
(27:51):
Do you want to talk about justmaybe three to five tips that
business owners should keep inmind, or just a few tips?
Speaker 1 (27:57):
First step.
I like how you said we don'treally want to talk about
politics.
You know what they say, right,you know you're not supposed to
talk about politics, religion,things like that at a social
setting In business.
There's a good time to maybeinterject political opinions and
a lot of time to just not.
And at the end of the day, youknow, green is the number we got
(28:18):
, we're going to make sales, gotto make money and if you're the
red or blue and the politics,that's, that's that's for you
know off duty as far as I'mconcerned.
But the big thing about whatyou're saying about election
year is elections thatpotentially a new president,
potentially a new Congress,potentially new ways of running
the company country is createsuncertainty and uncertainties
(28:42):
very bad for business.
Predictability and certaincertainty is very good for
business.
So election years often doaffect business because we don't
know for sure this time nextyear who's going to be elected
the president.
Right now we don't know.
We know one candidate, I think,on one side, but we don't know
who the other candidates on theother side, and we certainly
don't know who will ultimatelywin that next election.
(29:04):
And we don't know who will bein Congress and we don't know,
maybe some state elections aswell.
So a lot of things can changeafter November of 2024.
Can will affect business and sothe uncertainty between now and
then can affect your businessas well.
Some people may think, oh,supply chain may get tight again
(29:25):
.
Maybe they want to buy, buy upor spend some money on our early
to get ahead of that.
Some people may think cost willcome down or the economy will
work better after the electionand maybe they want to wait on
some decision making as well.
But ultimately, trying to payattention to how your business
is traditionally run and thenhow you can try to mitigate that
(29:45):
uncertainty as much as possiblewithout overextending yourself
is a pretty good idea in anelection year.
Again, try not to wait to end uppolitics too much unless your
businesses specifically relatedto something that's very
political.
At the end of the day, thepeople who you're doing business
with they could be on the left,they could be on the right.
As long as they're doingbusiness with you, they're
(30:05):
spending money with you.
That's the main thing.
If your focus is your business,businesses are a lot more tied
to politics and so they need tobe, and a lot of people nowadays
start businesses, runbusinesses and participate with
businesses as consumers becauseof social issues, and sometimes
those social issues have apolitical edge as well.
And so it very well may be thatif your business has a lot to do
(30:30):
with recycling or renewableenergy or something of that
nature, that there may becandidates and causes that you
want to publicly support orsomething completely different
and maybe pro businesscandidates, etc.
But it's always a risk toassociate your brand and your
business name with not justpolitical parties or like in
(30:53):
that left, right or red and blueyou know red team, blue team
thing but specific politicalcandidates sometimes can Do good
things and have a greatreputation in your community,
but they also can sometimes dosome bad things and say some bad
things and make some problemsin your community as well.
And so tying your brand to anyone individual who's in a role
(31:15):
of controversy whose job is itto kind of be a 5050.
It can be a little bit trickysometimes, and so if you can
avoid it is good idea.
Speaker 2 (31:25):
And what I.
What I would say to that is ifyou're gonna commit, if you want
to share about what yourpolitical beliefs are, be ready
to backup whatever you'resharing and you know, willing to
share with your customers.
And then also just keep in mindfrom a marketing standpoint
that once it's on the internet,it's forever and just you know.
(31:47):
Keep that in mind.
And then I would say, like, ifyou're, you know, choosing a
side or a direction or a message, stick with it and make sure
that's consistent, because it's.
It can be tough for a consumerwho's like wait, this business
is sending me missed messages.
Does that mean they'reuntrustworthy?
And again, like from a BBBstandpoint, we are a non
(32:10):
political organization.
We don't share that type ofinformation because that's not
what we do.
What we do do is we promotegood businesses that are doing
good things to the community.
Speaker 1 (32:18):
I have.
I have clients who are verypassionate about candidates.
I'm both ends of the spectrumand again my job is to provide
them best practices and the bestthing for their business so
that their business areprofitable, that people stay
employed.
Those employed people pay theirtaxes.
You know there's a lot ofbenefit to the community to
people staying employed and forbusinesses to be successful
(32:40):
there's, so there's a lot ofgood reasons to focus on that.
Focus on doing good forbusinesses, doing good for
consumers, people getting valuefor their dollar.
You know, whether your dollargoes as far these days or not,
you want to get value for it.
Whether it's buying groceries,buying gasoline, buying luxury
items, paying for services, youwant to get a good deal and a
good value.
(33:00):
As business businesses, we wantto provide good value so that
we can continue thatrelationship.
And if you focus on thosethings, then the politics kind
of comes and goes.
That's one of the reasons Ireally recommend people try to
stay out of politics, because itchanges rapidly.
It's very unsure and as soon asas political causes and
candidates and kind of themessage of the moment shows up,
(33:24):
it goes away quickly as well andyou're left with your brand and
so always protecting your brand, representing your brand as
consistent as possible, again,delivering value and people to
understand your business, notbecause of who you might vote
for, but the value you providein your product or service is
ultimately going to keep them acustomer years, for a very long
time.
(33:45):
And a little bit of confusion, alittle bit of ambiguity or a
little bit of I don't reallyknow what they're telling me
with this little bit ofmarketing attention that they
got.
If you want someone's attention, you want them to think I want
to do business with them, notwho are they voting for.
So stay focused, keep theattention where you need to be
and do what's best for yourbusiness, which ultimately,
(34:05):
again, is best for you and yourfamily, but your employees and
your community, because there'sthere's so much benefit of the
cash flow and the economic valueof businesses in your small
local community.
The smaller it is, the morelocal it is, the more important
it is.
Speaker 2 (34:20):
And this to be clear, like this podcast, isn't to
scare anybody about 2024.
That's not the goal.
Speaker 1 (34:25):
The goal is to we have no idea what's going to
happen.
No, which is?
Which is?
Which is really the issue.
We don't know.
Yeah, so stay focused on yourbusiness, stay focused on your
audience, stay focused on howyou compete and and do well.
Well, you know that I've usedthe term best practices a few
times now.
Continuing to do the bestpractice, do best at what you do
in your business and politicswill take care of itself,
(34:49):
because it has for hundreds ofyears.
Speaker 2 (34:51):
Yeah, it will continue to march on right.
So for small businesses who arelistening to this and say I
kind of like what that Kyle guysaid and I want to connect with
him, right, how can I connectwith you?
Speaker 1 (35:02):
Well, so I am.
I am just one of a few partnersin the Golden Group, so we're
the Golden Group, the GoldenGroupcom.
You got to have the THE inthere.
Okay, if you, if you find highend luxury travel, that's a
different Golden Group.
Speaker 2 (35:15):
We will pop it up on the screen.
Speaker 1 (35:18):
The Golden Group.
We're at the goldengroupcom,we're on Instagram, we're on
Twitter X, we're on Facebook,we're on LinkedIn.
Most likely, if they're abusiness owner, they should
probably be paying attention toour LinkedIn content a lot of
very business specific contentthere as well.
We participate in things likethe BBB ambassador program where
big fans of the BBB, where wedo things with the Chamber, we
(35:40):
do things with the OklahomaVenture Forum, we do things out
in the community a lot.
We're pretty easy to find, buta quick Google search for the
Golden Group in Oklahoma Citywill lead you to any of our
online presence, and I also havemy own Business podcast of a
personal podcast.
Do a lot of writing, let apublic speaking, so there's
opportunities out there forpeople to connect with us or
(36:02):
find some content that'sbeneficial to them as well.
Speaker 2 (36:05):
A lot of like what we talked about today, but even in
more depth, and I was on yourpodcast.
We talked about some differentthings, so that would be my
encouragement for anybodylistening today that, if you,
you know, want to get a taste ofwhat the Golden Group has to
offer, that's a great place tostart, and for businesses who
are listening wondering ifthey're a good fit.
Who do you typically work with?
Speaker 1 (36:26):
We work with businesses in three stages.
So we work with startups.
They need a lot of things, theyneed to do it well and they
need to do it fast A lot of thethings that we provide.
We work with businesses thatneed to make some sort of change
, whether their sales have gonedown or there's new competition
in their market, or they justneed to adjust to what 2023,
(36:46):
2024 is going to offer them.
And then we work withbusinesses that are reaching
about 90% of their goal on aregular basis.
That last 10% is the hardest get, but it's also the most
beneficial, the most profitable,and so there's a lot of fine
tuning that needs to happenthere.
We focus on strategic planning,business process development
and marketing integration.
(37:06):
We kind of make everything worktogether.
Goes back to the effective andefficient right.
There's two ways to beprofitable effective, efficient
and it's sometimes very hard tosee what you could do more
effectively or more efficientlyin your organization, and you
need a third party and a personwho isn't married to your
current processes, who does notaccept the idea of that's how
(37:27):
we've always done it.
That's a bad, that's a red flag,right and also maybe is willing
to tell someone a news theydon't want to hear because you
know, because we don't shareshare offices with them and we
don't have to see them every dayand maybe we have a work
together for 20 years and youknow, and there's a more
personal relationship there.
So an opportunity to bring athird party, impartial person in
(37:49):
and just inspect what you'redoing, give you tips again
because back to the bestpractices, things that could be
doing well for you and and giveyou an opportunity to move your
business in the right direction.
Try to reach those goals and dogreat things to be profitable.
Speaker 2 (38:03):
So, wrapping this podcast up in, maybe like one
nugget of wisdom or one thingyou want people to know, what
would it be?
Speaker 1 (38:12):
Start early, take your time in the planning
process.
Again, you know the strategyprocess.
You know start day one of thethird quarter looking at what
you want to do next year Involveeveryone.
But if you're in a servicebusiness, like I am, we have a
(38:32):
smaller base of customers and weget to have deeper
conversations with our clientsand so sometimes our planning
for next year involves what ourclients tell us that they're
looking for, what they wouldappreciate, what they value, etc
.
But start early, have thoseconversations right.
As much as this down.
When you put it on paper, ittakes a little bit of motion out
and increase some logic to itand it also allows you to kind
(38:55):
of understand what where youhave strengths, where you have
your weaknesses Everyone hasthem no one's perfect and
opportunities to move thecompany forward.
And maybe there's areas you'reweak in because there's less
information there, there's lessfeedback there, and it gives you
a chance to work on thosethings long before the end of
the year, long before you needto start implementing them.
And it's a continual processand never really ends, but the
(39:19):
more that you do it, the moreyou understand it and the more
information you put together.
Again, you put it on paper sothat you can refer back to it
you know, six months from nowyou want to go.
Why did we decide that?
You want to know.
You want to be able to read itfor yourself or give that to a
customer or to an employee andsay this is why we do these
things and really be logical andlogistical and a little bit non
(39:43):
emotional about businessdecision making.
Make it.
Make smart decisions, thenstick with them.
Be consistent but continuallymeasure along the way.
Make your adjustments.
It's nothing's going to workperfect.
No matter how great of a planyou have, it will not work 100%
of the time.
Hopefully it works 70, 80,maybe 90% of the time.
If it works 30% of the time,you're in trouble and you're
(40:05):
going to make some changes.
But when things are going well,you still need to make some
adjustments to make it go assmooth as possible and just be
open to that process.
Don't be bummed out when someof it's not working, because
that's just how business runsand ultimately, business success
comes from management of change.
The things that need to bechanged, how well you address
(40:25):
them, how well you pay attentionto them, how well you change
the things that aren't workingwill allow you to ultimately be
successful.
Speaker 2 (40:32):
And changing that a little bit.
Encouragement is that when it'snot going right, it's your
opportunity to be creative.
And it doesn't always feel thatway.
Sometimes it can feel like man,I've got to change gears again
and what do I do now?
But if you have the rightcircle of people around you, if
you've got some you know otherbusiness owners to bounce ideas
(40:52):
off of, that's the perfectopportunity to do it.
So, just you know, maybe beencouraged by it.
Kyle, thank you for being onthe podcast today.
I think some of the tips thatyou provided were really, really
helpful, as always.
So, for anybody listening, ifyou want to connect with the
Golden Group, make sure you'vegot the in there.
You can find Kyle on socialmedia His information will also
be down in the show notes andthen, of course, find Kyle's
(41:16):
business and others on bbborg.
Speaker 1 (41:18):
That's right.
You can find our profile atbbborg.
Speaker 2 (41:21):
Thank you so much for being here and we will see you
in the next episode.
Bye friends.
You don't need profit every single day and every
single hour of every day, but ingeneral, when the year is over,
you need more money in the bankthan when you started.
Speaker 2 (00:22):
Hey there everybody.
Welcome back to the Build WithBBB Podcast.
I'm here with a good friend andwhat I would call my neighbor,
kyle Golding, with the GoldingGroup, a longtime BBB accredited
business.
We were actually a formerclient of the Golding Group here
at BBB.
So long time, friends.
Welcome to the podcast.
Speaker 1 (00:41):
Thank you very much for having me on.
Speaker 2 (00:42):
Yeah, um, so one of my favorite things to talk about
and we kind of joke about itinternally is mid-year planning
and planning and annual planningand goal planning.
I think that started back whenI'm interning here with BBB and
that was one of the first thingsthat I kind of was exposed to
and one of our initial meetings.
I think as well, and I think,something that a lot of business
(01:05):
owners are thinking about now,if they haven't already.
This is their sign.
Let's talk about it.
Speaker 1 (01:10):
If you're in fourth quarter and you haven't planned
for 2024 yet, you're way behind.
Speaker 2 (01:16):
Yeah, no kidding.
Speaker 1 (01:17):
You should have started, I tell people, day one,
q3, you should be starting,starting the process.
You don't have to have it doneon on that day, but that's where
you start the process of whatare you going to accomplish the
next year, and start with abroad concept like that what do
we want to accomplish, whatgoals do we want to set, et
cetera.
And it begins the conversationand the process of once you,
(01:41):
once you have it.
Oh, we want to.
We want to do better, right, wewant to improve.
How much do we want to improve?
We want to double, do we wantto triple?
Do we want to go up by 25%?
Is it?
Are you measuring sales?
Are you measuring opportunities?
Are you?
Uh, well, you know what areyour KPIs, et cetera?
Uh, how are you going to definesuccess?
Those are the openingconversations that you have, and
(02:01):
then you get to set those goalsright Big, audacious goals,
something to move towards, uh,and from there you develop your,
your, or you break your goalsdown into objectives.
Those objectives, along withall the things you know about
yourself, your strengths,weaknesses, opportunities,
threats, your position in theindustry, competitive analysis
(02:22):
and all the rest of it, is howyou develop your strategy.
From your strategy comes yourtactics, and then you get to
also build your measurements inagain, kpis and other things.
That'll let you know, let youknow if you're on the right path
or not.
That's a lot of stuff.
It's a lot of work, a lot ofback and forth.
It's not something you want tosit down and do one hour, two
hours.
You want to do multiple times,kind of send everyone on their
(02:43):
on their on their path toputting their research together,
their input together, work as ateam, work individually.
But if you start that inDecember, you're not going to
really have that in place andall the preparation you need to
launch really hard in January.
So you need to start early.
You just need to have a, aroutine, a regular, you know
(03:07):
back and forth, a conversation,a process in order to develop it
and then have all that in placeand everyone informed,
everyone's buying in.
And again, like, if you decideyou want to drive sales starting
January 1st, maybe you needsome new marketing material,
maybe a new episode of thepodcast, maybe redesign of your
(03:29):
logo, whatever it is, you wantthat done early.
You can't wait till the lastminute.
You sure don't want to want todo work like that, like oh,
we're launching tomorrow, likeget it done now, Right.
So the earlier start, the morethorough you can be in the
process, the more you can takeinput from all your team members
.
That you could compare itagainst research and she can.
(03:50):
That you can be very cognizantabout how the process works out
to get you where you need to be,so that that when that calendar
flips over, when 23 becomes 24,you can go at it hard.
Speaker 2 (04:03):
Okay, so taking a few steps back um before we're
talking about SWOT analysis andopportunities and all of the
things I immediately think ofsmall business owner, I am my
one and only employee.
Speaker 1 (04:17):
Often yeah.
Speaker 2 (04:18):
And I have been in business a year.
I don't even know anythingabout goal planning.
What was, what does that looklike?
Speaker 1 (04:25):
First step is everyone needs to understand
that every business has tooperate in profit mode.
If you're not profitable,you're a hobby or a nonprofit,
but you need profit.
You don't need profit everysingle day and every single hour
of every day, but in general,when the when the year is over,
you need more money in the bankthan when you started.
(04:46):
And at certain points in theyear you need profitability
because when sales are high, youneed to take that profitability
, put it in the bank, becauseother times sales are low or
you're having to to outlay thatcash in order to keep things
running.
So when you make money, youneed to keep it so that other
times, when you're making lessmoney, you can move forward.
So profitability is the numberone concern first of all.
(05:07):
So if you think of it like that, if you've just completed your,
your near completing the firstyear of your business, your
goals for next year have to beto do more, to do better, to be
even more profitable than lastyear, because that's how you
move the business forward.
Just saying let's do like we didX this year, let's do X next
(05:27):
year Isn't going to move you inthe right direction.
It's not going to push youanywhere, it's too safe, it's
too easy and there's no realbenefit to you.
So, setting goals that we say,you know, set big, big goals
right, so that it pushes you ina better direction, so it pushes
you towards profitability andscalability and all of those
things.
And even if you don't make goal, but you're moving in that
(05:52):
direction, you're moving in theright direction.
You're doing things betterevery time.
So, wherever you start it, evenif it's, you know, 10% better
than last year, you have tocreate goals and create a path
for you that increases thebusiness.
So if a business isn't growing,it's contracting or staying
stagnant, and neither one ofthose things are good for the
(06:14):
long run.
Speaker 2 (06:16):
So let me ask you this here's my goal I want to
make more money.
Tell me why that's.
Maybe I need to be a littlemore specific than that.
Speaker 1 (06:24):
Well, first of all, that's not measurable Outside of
, yes, you know, x, and X plusone is more money, I mean more
money is a good thing More moneyis a good thing unless it costs
you more money to make it.
That's where it talking aboutbeing profitable and that's a
conversation.
It's a whole differentconversation about top line,
bottom line profit margin, etcetera.
Right, there's a whole allkinds of depth we could get into
(06:44):
in that conversation.
But you need goals that are bigenough but measurable, and it
needs to be something that againcontinues to move the entire
company in a direction.
So you might say, let's makemore money.
And some people in your businesswould say, well, that's the
sales team.
The accounting department isn'tresponsible for making more
(07:07):
money, they're responsible forcounting it.
And HR isn't responsible formaking more money, they're
responsible for making sure whenit's paid and taking care of
employees, etc.
So there are people.
Even if you're manufacturingthe people working building the
widgets, well, they'll build asmany as you sell.
They sell to people like.
So everyone could say, well,that's not my job.
(07:29):
But to having goals of a 20%increase in business over the
year applies to everyone acrossthe board, and it's not just
sales, it's number of customers,it's number of opportunities,
it's profit margin, it's thenumber of products.
If you have one product, oneSKU, your product serial code
(07:50):
number.
If you have one product SKU,maybe you need two or three.
Or if you have one location,maybe you need two.
Or if you're in three markets,maybe you need to be in 12
markets or 15 markets, or in twodifferent states or three
different states, etc.
There's all kinds of ways,depending on your business model
, that you can grow yourbusiness, you can expand your
(08:11):
business, that you can developmore in your business without
specifically saying we need tosell more.
Speaker 2 (08:17):
Do you recommend for maybe a small business that
doesn't have one employee ormultiple employees for each
department?
How do they break thatoverarching goal down into
departments if they're managingall of them?
If I'm the CEO and I'm the vicepresident of marketing and the
vice president of accounting andthe vice president of sales and
(08:39):
I'm still looking at thatoverarching goal, how can I
break that down to make it, toquantify it for each department?
Speaker 1 (08:50):
Everything has to be related to your actual.
There's job titles, jobdescriptions, and then there's
what we do.
Right, however many hats youwear, right?
Say, you're one of twoemployees and you're both
wearing five different hats,right, you can take each of
those five hats and set a goal.
Look at what is it in this areathat we could do better.
(09:12):
Sometimes it's sales, but alsosometimes it's increased
customer satisfaction.
Sometimes it's repeat business.
We not just one sale, but thesame person or the same, you
know, b2b the same businesscoming back to you.
Or B2C the same consumer comingback to you again, because that
second sale is much morebeneficial to you than the first
sale, the fifth one and thetenth one, much, much more
(09:34):
beneficial.
If your customer serviceopportunities go up, then the
opportunities for referrals andrepeat business, et cetera.
Same thing with your internalprocesses.
You know accounting, hr,manufacturing, logistics.
You can find ways to lower cost.
So can we do this better?
Do we have to spend X to make Y, or can we spend a little bit
(09:58):
less?
Or can we be more efficient inour process?
Or can we have less waste?
Or do we need to work, maybechange our work hours or
delivery hours or something likethat to make it more effective.
So there's effective andefficient.
Effective is when you sell more, when you create more
opportunities for yourself, whenyou put yourself in more
(10:18):
markets, when you do things well, you're being effective, which
creates opportunities for you.
But efficient is lowering costor speed or something like that.
So if you can speed things upmore efficient assembly line
means more widgets out the door,which means more opportunities
to sell the widgets.
If you can lower cost, if youcan buying in bulk lowers cost
(10:39):
sometimes.
Or pre-paying, or negotiatingwith your vendors all those
things that can bring cost down,sometimes one or two or five
percent cost decreases.
But if you do that in fivedifferent ways, that's 10 or 15
or 20 percent cost decrease.
So now maybe you sell as manywidgets next year as you did
(11:00):
this year at the same price.
But if you bring the cost down,your profit margin goes up.
So there's a lot of differentways to get to that end goal of
doing better, growing thebusiness, of being more
profitable.
It just depends on yoursituation.
But if everyone will take a hatthey're wearing right and say
(11:20):
what can I do better here?
Can we be more effective or canwe be more efficient, and when
you consider it like that, thenyou can talk about how to
improve the business, grow thebusiness, set goals that move
you in that direction, and whatyou'll find is, if you're
wearing five hats and I'mwearing five hats a goal or two
(11:41):
across two or three of mine intwo or three years are probably
the same, and so we're notsetting 10 goals, we're setting
two or three because there's acollaborative efforts that go
into certain goals, especiallyif you've set them high enough.
Speaker 2 (11:54):
What would you recommend for somebody who has
nothing planned for 2024?
Nothing.
This podcast is their firsttime hearing about it, which
we're not downing you to be veryclear.
It's hard sometimes and in thiseconomy and everything that
we're going through it's in anext year's and election year.
There's a lot to think about.
Speaker 1 (12:15):
Better late than never is true advice here.
So it's always better to dosomething late, or even do
something partially, than not doit at all.
And that's not great advice,but in this situation, if you're
up against it, it is betterthan nothing.
So, at the very least, take thetime.
And this is the hard part forvery small businesses.
(12:37):
Right Is the conversation aboutworking in your business and on
your business.
When you're working in yourbusiness, when you're out
driving the truck every day,when you're out making
deliveries, when you're undersomeone's house making sure
their plumbing is connectedcorrectly and is fixed, or on
someone's roof, you don't get tohave this type of process of
(12:59):
looking at your business, butit's essential you do it and
hate to tell you.
Get up early, stay late, work onthe weekend, skip a family
event not all the time, butoccasionally, once a month, once
a quarter sit and look at yourbooks, look at your cash flow,
look at and make sure.
First of all, make sureeverything makes sense, make
(13:20):
sure that the bills you'repaying, that you're not
overpaying, make sure that allthe cash that's coming out of
your bank account is legitimate,make sure that you're not
getting scammed or takenadvantage of, or maybe you have
a vendor that's overcharging youfor something, or you're agreed
to a price and it's notreflected in your purchase
orders you have to sit down andlook at.
So you got to make sure yourbooks are balanced.
(13:42):
You got to make sure youunderstand how much money is in
the bank, how much money you'respending to operate your
business.
You absolutely need to knowthat and, honestly, there's no
real excuse for that.
Working in the business, on thebusiness, and not only will your
business fail, you could end upupside down and owing a lot of
people, a lot of money and realtrouble.
So don't put off looking atyour books and keeping up with
(14:03):
your bills and making sure thatyour balances are correct.
And again, there can be timeswhere your cash flow is slow and
your output is still high andyou might be a little behind.
If you know, seasonally orotherwise, you can make that up
at other times and you don'twant to get too deep into that
hole.
But if you don't look at it andif you're moving in that wrong
direction, if you're losingmoney every month, if you're
(14:24):
overpaying or you're notcollecting soon enough on the
people that owe you money, etcetera, you could end up in a
cash flow crunch or somethingelse that you can't get out of
and it could cripple or killyour business and potentially
still leave you on the hookpersonally for the financial
situation.
So you could lose your businessand still owe people all over
(14:44):
the town plenty of money, whichwould be a very bad situation.
So, number one as much as you'reworking at hard on your
business, you have to take atleast a couple of hours every
month and be looking at yourbooks, and then once a quarter
you need to take anotheradditional couple of hours and
figure out how well you're doing.
How are you moving towards thegoals?
(15:05):
Is your business really doingwhat it needs to do?
Is it moving in the rightdirections?
Are you attracting the rightcustomers?
Are you getting paid on time?
Are you charging enough?
Are you being profitable, etcetera, to make sure you're on
the right path.
When you set a goal on January1st, right, set a goal, whether
it's again X number of dollarsin sales or X number of units or
(15:27):
whatever those things are Atthe end, december 31st of next
year, if you come short of thatgoal.
But you did well and you didbetter than previously and
you're building upon things andyou're moving towards that goal.
Maybe you come close but youdidn't hit it.
Then everything's going wellenough and it's okay.
It's not the end of the worldif you don't hit your goal, but
(15:49):
if you don't come anywhere closeto reaching your goal, which
was probably set with some logic, which then means the business
is floundering or failing andyou're probably in a bad
situation.
So setting goals allows us tounderstand if we're moving in
the right direction, if weultimately can be successful, or
if we're failing to a pointthat maybe the business goes
(16:12):
under.
It seems daunting to say January1st, set a goal, let's say
$100,000 in sales.
That sounds like a big oh, okay, wow, that's a lot.
On January 2nd, you're notgonna have $100,000 in sales,
right?
If last year you did $90,000,this year you need to do
$100,000.
That seems like a big, dauntingtask.
(16:33):
But you take that goal andbreak it into objectives, right?
Sub-sets of your goals areobjective.
So your objective now needs tobe and just to a math off top of
my head like $8,500 a monthwould get you to $100,000 at the
end of the year.
So right.
So $8,500 a month gets you to12 months, $100,000 for the year
(16:54):
, right, then you can break thatdown month.
So $8,500, that's around $2,000a week, rough math.
So now you understand that anddon't break things down into
dailies.
It can be a little maddening,and Mondays are not the same as
Fridays and you're doing work,getting paid tomorrow.
It could be a littlemicromanaging to break that down
(17:17):
.
And, honestly, when you havebad weeks we didn't hit numbers
this week you can't panic either.
But if you didn't hit numbersfor the quarter, you probably
should be considering makingchanges.
So but if you break those biggoals down into smaller
objectives monthly and quarterlyand then do these regular
check-ins looking at your book,you do a quarterly check-in,
whether it's just looking at thefinancials, just looking at
(17:38):
what's on paper, talking to yourteam, talking to customers,
looking at what yourcompetition's doing.
Not that you're going to go anddo exactly what they're doing,
but you just need to be aware ofwhat's happening in the market
around you.
If all of your competition'sraised their prices, maybe you
can too, but if they've all cuttheir prices, maybe you will
(17:59):
have to as well.
And so these are the things toconsider.
But if you wait too long,you'll be too far behind the
curve and it'll be too hard tomake those adjustments.
So making your big goals,breaking them into objectives
that are manageable, and thenthere's a time period where you
can set reminders for yourself.
The reason a lot of people areon whether they're on a calendar
(18:21):
year or a fiscal calendar butthe reason that January 1st
December 31st to January 1st isa big deal is because, as humans
, our brains go oh yeah, it's anew year, it's just this, it's
artificial because nothing'sreally changed.
However much money was in yourbank account December 31st is
still there on January 1st.
Well, you have to pay taxes onit by that point.
(18:44):
But the first of the month isagain a good thing for your
brain to go it's a new month.
Like, what do I need to do thismonth?
I need to look at the goalsI've set for myself for the
month and for the quarter.
I need to make sure I'm ontrack, and so it's very easy to
set yourself a reminder on acalendar or have a standing
meeting with your team orsomething like that, where you
(19:07):
say, the first Monday of everymonth, we do this.
It's just a good guarantee thatyou'll make that check-in, that
you see if you're progressingcorrectly.
If you're doing well, you wannaunderstand why you're doing
well, because you wanna do moreof that.
And if you're not doing well orthere's problems or issues that
you're dealing with, you wannacheck in and understand what you
(19:30):
need to fix or what you need tochange or what you could do
better, because you don't wantto continually make those same
mistakes.
So first of the month check-insare good, first of the quarter
check-ins, first of the year arejust good ways for human beings
to wrap their head around.
Here's how something as big asmaking $100,000, making a
(19:50):
million dollars, expanding ourbusiness by 50% these are big
goals, but if you break it downinto something that's much more
manageable, it's not asintimidating and it's something
that you can then create again,a strategy and tactics that
allow you to achieve those goals.
Speaker 2 (20:06):
And going down that same line for the business owner
who maybe they're an expert intheir industry but they're not a
financial expert or they're nota marketing expert, because
there's a lot to know with bothof those things and sales
experts.
There are a lot of freeresources that I would just like
to mention for those people whoare listening.
One, of course check out BBB,because we're happy to connect
(20:28):
you if we aren't the resourcefor that, but then you've got
the Small BusinessAdministration does trainings
pretty regularly I would sayquarterly so that would be a
good thing to put on theircalendars.
The Small Business DevelopmentCenter for people who are brand
spanking new, the Verge inOklahoma City, who we love and
they're a partner and goodfriend of ours, who else am I
forgetting?
Speaker 1 (20:48):
There's tons of great and things out there from
federal government.
Sba is federal government andsome of the programs they have
and and even just helping youwith your banking, you know.
The state of Oklahoma hasthings with Ocast and I2E and
even the state Department ofLabor has best practices and
(21:10):
things you need to know.
The Secretary of State makingsure you get your filings
correct.
You know all of those things.
Bbb has their checklist of allthe things they look for your,
your Chamber of Commerce it canbe the Greater Oklahoma City
Chamber of Commerce.
If you're one of the suburbs,you could be in one of those
Chamber of Commerce.
There are professional groupslike B&I and OVF, but there's
(21:32):
also a lot of professionalorganizations like marketing
people.
You know the PR folks havetheir own monthly professional
development luncheon and andmarketing people do, but so do
physicians, so do insuranceagents.
So all kinds of industries havedifferent things.
Maybe unions if you're a memberof a union or if your industry
has a union, those are goodresources for information.
(21:56):
To look forward to Education, sohigher education you're
typically your universities willhave programs, but they'll also
do public things that are freeand or small course or online
courses you can take as well,and then you can get all the way
down to you know YouTube andGoogle.
You know Google, how do I, howdo I manage?
(22:17):
Quick books is a good Googlesearch.
That probably will get you 10or 20 or 200 YouTube videos that
you could find the right one,as you can watch someone else
like set up their quick books orLearn some other piece of
technology that then allows youto apply that to your business.
Speaker 2 (22:35):
And another resource that we kind of tease but didn't
is a lot of our networkingconnection opportunities.
So Kyle is our downtownOklahoma City ambassador, one of
three ambassadors that we havein the metro area.
Do you want to talk a littlebit about that in 2024, the
exciting things we have sure.
Speaker 1 (22:52):
So being an ambassador means a few things,
but one of the things is I hosta monthly networking coffee.
So the in January it'll starton the fourth, third, fourth
Wednesday of every month.
I must told you guys wrong.
The fourth Wednesday of everymonth, it's just a nine to ten
networking coffee.
There's one in Oklahoma Citydowntown, the one I do.
We have one in Edmond inNorthwest Northwest Oklahoma
(23:13):
City.
It's not anything formal, it'snot.
There's not a program, there'snot an educational piece,
there's not.
But it is business owners ofall types Getting together for
an hour and just talking to eachother.
And there's an amazing value intalking to other business
owners.
There are people in your, inyour industry.
At my coffee there's three orfour people from three or four
(23:33):
different banks.
But they compare notes, theytalk about what's going on, what
they're seeing the world.
If there was something badhappening, maybe some scam
artist out in Oklahoma Cityhitting up all the banks, they
would talk to each other aboutthat.
If there's new programs fromthe federal government, they
talk about that as well.
You know, with all these billsthey've passed the last few
years build back better andthings like that there's a lot
of infusion of capital comingfrom different places.
(23:56):
So those folks compare notes.
If you're a roofer, you mightwant to talk to another roofer
about what they're seeing in theindustry, what consumers are
saying.
But you also might be a plumberand a marketing professional
and a baker and a Tax accountantand you might think those,
those people have nothing totalk about what they do because
they're all running smallbusinesses.
(24:17):
They're offering service,they're dealing with customers
and clients, they're payingtheir taxes every year.
They're dealing with anything,any legal changes that might
happen in the law.
You know November, second, allthe new laws went into effect in
the state of Oklahoma.
That's been passed this lastsession.
So it may be your industry isaffected by a new law and
(24:37):
Talking to someone else maymaybe go oh, I didn't know that
that law had been changed.
Or, oh, you're an attorney.
I don't get it often get achance to talk to an actual
attorney, but over a cup ofcoffee where they're there to do
that and meet people and makeconnections.
Those are good things to do,but I think ultimately
networking for small businessowners, one of the biggest
values from it is Meeting othersmall business owners and
(24:59):
understanding you're not, you'renot in your situation alone,
how much effort you're puttingin, how hard it is to run a
business, all the things thattry to stop you.
You know Competition andeconomics and supply chain and
everything else.
Other businesses, whetherthey're in your industry or
other industries, are goingthrough very similar things, and
it allows you to kind ofunderstand how to how to keep at
(25:21):
your business, because you'relearning from other people's
experiences as well, and and theencouragement there truly is
that when you attend theseevents, you might not Find any
immediate value out of that.
Speaker 2 (25:34):
But then maybe a year later you say, oh yeah, I met
that attorney at that one coffeeand we connected on LinkedIn
and now I'm in need of somelegal advice and now I can reach
out to him.
Or you know, hopefully that'snot the case.
Maybe it's something like alittle bit nicer or like easier,
you know, I've met thatmarketing gal and I need some
help figuring out my socialmedia.
Speaker 1 (25:52):
You also never, you never know who knows someone who
can refer someone.
Again.
Same thing.
You know, I met that marketinggal and I run a roofing company.
What well, I don't needmarketing services, but maybe
she needs a roof, or maybe hermom asked her who to get a roof
from, or you know, or someoneelse in the situation needs
something that that can be, youknow, connected or related to.
(26:16):
And Any time you get to have aconversation with someone that's
not in a sales situation, I'mnot selling you my services
today, we're just having aconversation.
It allows you to haveconversations with people, to
listen to them a little bit more, maybe, than selling, and maybe
if the same people ask you overand over the same question
(26:37):
about your industry oh, can youguys do this or is this
available?
Or you know used to be this way, is that is not the case
anymore?
If you hear that same questionfive or six or eight times in a
non-sale situation, you mightconsider that's something that
goes into yourselves processes,that education piece.
So there's always feedback youcan get from people, even if
they're not buying anything fromyou and even if you're not
(26:59):
selling from them, just havingconversations about how to run
your business and listening.
Listening is always a good tooland it's easier to listen over a
cup of coffee when you'renetworking as opposed to now.
I've got to spend the next fourhours, you know, knocking on
doors and ringing people up andselling, like that's my job
today.
Is some sell some things.
(27:19):
Well, take an hour and justhave some conversations with
some other people and listen alot more and sell a lot less,
and you might find some insightsinto things that could be
beneficial for your business.
Speaker 2 (27:31):
So for 2024, and we're not going to go down, you
know, like the political aisleand talk about that.
That's not what BBB does.
However, I do think that it'sreally important for businesses
to be aware that it is anelection year and that often
means you know some changes inthe economy, changes and how
money is working.
(27:51):
Do you want to talk about justmaybe three to five tips that
business owners should keep inmind, or just a few tips?
Speaker 1 (27:57):
First step.
I like how you said we don'treally want to talk about
politics.
You know what they say, right,you know you're not supposed to
talk about politics, religion,things like that at a social
setting In business.
There's a good time to maybeinterject political opinions and
a lot of time to just not.
And at the end of the day, youknow, green is the number we got
(28:18):
, we're going to make sales, gotto make money and if you're the
red or blue and the politics,that's, that's that's for you
know off duty as far as I'mconcerned.
But the big thing about whatyou're saying about election
year is elections thatpotentially a new president,
potentially a new Congress,potentially new ways of running
the company country is createsuncertainty and uncertainties
(28:42):
very bad for business.
Predictability and certaincertainty is very good for
business.
So election years often doaffect business because we don't
know for sure this time nextyear who's going to be elected
the president.
Right now we don't know.
We know one candidate, I think,on one side, but we don't know
who the other candidates on theother side, and we certainly
don't know who will ultimatelywin that next election.
(29:04):
And we don't know who will bein Congress and we don't know,
maybe some state elections aswell.
So a lot of things can changeafter November of 2024.
Can will affect business and sothe uncertainty between now and
then can affect your businessas well.
Some people may think, oh,supply chain may get tight again
(29:25):
.
Maybe they want to buy, buy upor spend some money on our early
to get ahead of that.
Some people may think cost willcome down or the economy will
work better after the electionand maybe they want to wait on
some decision making as well.
But ultimately, trying to payattention to how your business
is traditionally run and thenhow you can try to mitigate that
(29:45):
uncertainty as much as possiblewithout overextending yourself
is a pretty good idea in anelection year.
Again, try not to wait to end uppolitics too much unless your
businesses specifically relatedto something that's very
political.
At the end of the day, thepeople who you're doing business
with they could be on the left,they could be on the right.
As long as they're doingbusiness with you, they're
(30:05):
spending money with you.
That's the main thing.
If your focus is your business,businesses are a lot more tied
to politics and so they need tobe, and a lot of people nowadays
start businesses, runbusinesses and participate with
businesses as consumers becauseof social issues, and sometimes
those social issues have apolitical edge as well.
And so it very well may be thatif your business has a lot to do
(30:30):
with recycling or renewableenergy or something of that
nature, that there may becandidates and causes that you
want to publicly support orsomething completely different
and maybe pro businesscandidates, etc.
But it's always a risk toassociate your brand and your
business name with not justpolitical parties or like in
(30:53):
that left, right or red and blueyou know red team, blue team
thing but specific politicalcandidates sometimes can Do good
things and have a greatreputation in your community,
but they also can sometimes dosome bad things and say some bad
things and make some problemsin your community as well.
And so tying your brand to anyone individual who's in a role
(31:15):
of controversy whose job is itto kind of be a 5050.
It can be a little bit trickysometimes, and so if you can
avoid it is good idea.
Speaker 2 (31:25):
And what I.
What I would say to that is ifyou're gonna commit, if you want
to share about what yourpolitical beliefs are, be ready
to backup whatever you'resharing and you know, willing to
share with your customers.
And then also just keep in mindfrom a marketing standpoint
that once it's on the internet,it's forever and just you know.
(31:47):
Keep that in mind.
And then I would say, like, ifyou're, you know, choosing a
side or a direction or a message, stick with it and make sure
that's consistent, because it's.
It can be tough for a consumerwho's like wait, this business
is sending me missed messages.
Does that mean they'reuntrustworthy?
And again, like from a BBBstandpoint, we are a non
(32:10):
political organization.
We don't share that type ofinformation because that's not
what we do.
What we do do is we promotegood businesses that are doing
good things to the community.
Speaker 1 (32:18):
I have.
I have clients who are verypassionate about candidates.
I'm both ends of the spectrumand again my job is to provide
them best practices and the bestthing for their business so
that their business areprofitable, that people stay
employed.
Those employed people pay theirtaxes.
You know there's a lot ofbenefit to the community to
people staying employed and forbusinesses to be successful
(32:40):
there's, so there's a lot ofgood reasons to focus on that.
Focus on doing good forbusinesses, doing good for
consumers, people getting valuefor their dollar.
You know, whether your dollargoes as far these days or not,
you want to get value for it.
Whether it's buying groceries,buying gasoline, buying luxury
items, paying for services, youwant to get a good deal and a
good value.
(33:00):
As business businesses, we wantto provide good value so that
we can continue thatrelationship.
And if you focus on thosethings, then the politics kind
of comes and goes.
That's one of the reasons Ireally recommend people try to
stay out of politics, because itchanges rapidly.
It's very unsure and as soon asas political causes and
candidates and kind of themessage of the moment shows up,
(33:24):
it goes away quickly as well andyou're left with your brand and
so always protecting your brand, representing your brand as
consistent as possible, again,delivering value and people to
understand your business, notbecause of who you might vote
for, but the value you providein your product or service is
ultimately going to keep them acustomer years, for a very long
time.
(33:45):
And a little bit of confusion, alittle bit of ambiguity or a
little bit of I don't reallyknow what they're telling me
with this little bit ofmarketing attention that they
got.
If you want someone's attention, you want them to think I want
to do business with them, notwho are they voting for.
So stay focused, keep theattention where you need to be
and do what's best for yourbusiness, which ultimately,
(34:05):
again, is best for you and yourfamily, but your employees and
your community, because there'sthere's so much benefit of the
cash flow and the economic valueof businesses in your small
local community.
The smaller it is, the morelocal it is, the more important
it is.
Speaker 2 (34:20):
And this to be clear, like this podcast, isn't to
scare anybody about 2024.
That's not the goal.
Speaker 1 (34:25):
The goal is to we have no idea what's going to
happen.
No, which is?
Which is?
Which is really the issue.
We don't know.
Yeah, so stay focused on yourbusiness, stay focused on your
audience, stay focused on howyou compete and and do well.
Well, you know that I've usedthe term best practices a few
times now.
Continuing to do the bestpractice, do best at what you do
in your business and politicswill take care of itself,
(34:49):
because it has for hundreds ofyears.
Speaker 2 (34:51):
Yeah, it will continue to march on right.
So for small businesses who arelistening to this and say I
kind of like what that Kyle guysaid and I want to connect with
him, right, how can I connectwith you?
Speaker 1 (35:02):
Well, so I am.
I am just one of a few partnersin the Golden Group, so we're
the Golden Group, the GoldenGroupcom.
You got to have the THE inthere.
Okay, if you, if you find highend luxury travel, that's a
different Golden Group.
Speaker 2 (35:15):
We will pop it up on the screen.
Speaker 1 (35:18):
The Golden Group.
We're at the goldengroupcom,we're on Instagram, we're on
Twitter X, we're on Facebook,we're on LinkedIn.
Most likely, if they're abusiness owner, they should
probably be paying attention toour LinkedIn content a lot of
very business specific contentthere as well.
We participate in things likethe BBB ambassador program where
big fans of the BBB, where wedo things with the Chamber, we
(35:40):
do things with the OklahomaVenture Forum, we do things out
in the community a lot.
We're pretty easy to find, buta quick Google search for the
Golden Group in Oklahoma Citywill lead you to any of our
online presence, and I also havemy own Business podcast of a
personal podcast.
Do a lot of writing, let apublic speaking, so there's
opportunities out there forpeople to connect with us or
(36:02):
find some content that'sbeneficial to them as well.
Speaker 2 (36:05):
A lot of like what we talked about today, but even in
more depth, and I was on yourpodcast.
We talked about some differentthings, so that would be my
encouragement for anybodylistening today that, if you,
you know, want to get a taste ofwhat the Golden Group has to
offer, that's a great place tostart, and for businesses who
are listening wondering ifthey're a good fit.
Who do you typically work with?
Speaker 1 (36:26):
We work with businesses in three stages.
So we work with startups.
They need a lot of things, theyneed to do it well and they
need to do it fast A lot of thethings that we provide.
We work with businesses thatneed to make some sort of change
, whether their sales have gonedown or there's new competition
in their market, or they justneed to adjust to what 2023,
(36:46):
2024 is going to offer them.
And then we work withbusinesses that are reaching
about 90% of their goal on aregular basis.
That last 10% is the hardest get, but it's also the most
beneficial, the most profitable,and so there's a lot of fine
tuning that needs to happenthere.
We focus on strategic planning,business process development
and marketing integration.
(37:06):
We kind of make everything worktogether.
Goes back to the effective andefficient right.
There's two ways to beprofitable effective, efficient
and it's sometimes very hard tosee what you could do more
effectively or more efficientlyin your organization, and you
need a third party and a personwho isn't married to your
current processes, who does notaccept the idea of that's how
(37:27):
we've always done it.
That's a bad, that's a red flag,right and also maybe is willing
to tell someone a news theydon't want to hear because you
know, because we don't shareshare offices with them and we
don't have to see them every dayand maybe we have a work
together for 20 years and youknow, and there's a more
personal relationship there.
So an opportunity to bring athird party, impartial person in
(37:49):
and just inspect what you'redoing, give you tips again
because back to the bestpractices, things that could be
doing well for you and and giveyou an opportunity to move your
business in the right direction.
Try to reach those goals and dogreat things to be profitable.
Speaker 2 (38:03):
So, wrapping this podcast up in, maybe like one
nugget of wisdom or one thingyou want people to know, what
would it be?
Speaker 1 (38:12):
Start early, take your time in the planning
process.
Again, you know the strategyprocess.
You know start day one of thethird quarter looking at what
you want to do next year Involveeveryone.
But if you're in a servicebusiness, like I am, we have a
(38:32):
smaller base of customers and weget to have deeper
conversations with our clientsand so sometimes our planning
for next year involves what ourclients tell us that they're
looking for, what they wouldappreciate, what they value, etc
.
But start early, have thoseconversations right.
As much as this down.
When you put it on paper, ittakes a little bit of motion out
and increase some logic to itand it also allows you to kind
(38:55):
of understand what where youhave strengths, where you have
your weaknesses Everyone hasthem no one's perfect and
opportunities to move thecompany forward.
And maybe there's areas you'reweak in because there's less
information there, there's lessfeedback there, and it gives you
a chance to work on thosethings long before the end of
the year, long before you needto start implementing them.
And it's a continual processand never really ends, but the
(39:19):
more that you do it, the moreyou understand it and the more
information you put together.
Again, you put it on paper sothat you can refer back to it
you know, six months from nowyou want to go.
Why did we decide that?
You want to know.
You want to be able to read itfor yourself or give that to a
customer or to an employee andsay this is why we do these
things and really be logical andlogistical and a little bit non
(39:43):
emotional about businessdecision making.
Make it.
Make smart decisions, thenstick with them.
Be consistent but continuallymeasure along the way.
Make your adjustments.
It's nothing's going to workperfect.
No matter how great of a planyou have, it will not work 100%
of the time.
Hopefully it works 70, 80,maybe 90% of the time.
If it works 30% of the time,you're in trouble and you're
(40:05):
going to make some changes.
But when things are going well,you still need to make some
adjustments to make it go assmooth as possible and just be
open to that process.
Don't be bummed out when someof it's not working, because
that's just how business runsand ultimately, business success
comes from management of change.
The things that need to bechanged, how well you address
(40:25):
them, how well you pay attentionto them, how well you change
the things that aren't workingwill allow you to ultimately be
successful.
Speaker 2 (40:32):
And changing that a little bit.
Encouragement is that when it'snot going right, it's your
opportunity to be creative.
And it doesn't always feel thatway.
Sometimes it can feel like man,I've got to change gears again
and what do I do now?
But if you have the rightcircle of people around you, if
you've got some you know otherbusiness owners to bounce ideas
(40:52):
off of, that's the perfectopportunity to do it.
So, just you know, maybe beencouraged by it.
Kyle, thank you for being onthe podcast today.
I think some of the tips thatyou provided were really, really
helpful, as always.
So, for anybody listening, ifyou want to connect with the
Golden Group, make sure you'vegot the in there.
You can find Kyle on socialmedia His information will also
be down in the show notes andthen, of course, find Kyle's
(41:16):
business and others on bbborg.
Speaker 1 (41:18):
That's right.
You can find our profile atbbborg.
Speaker 2 (41:21):
Thank you so much for being here and we will see you
in the next episode.
Bye friends.
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