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So is the well known phrase of “go big or go home” applicable to your start up?  The answer is a definite maybe!  How’s that for a non-answer?  It’s a maybe because it’s OK if you want to eventually be big, but we would prefer to see you starting out small.  A big reason for that is that most people think so big with their start up that they never get started.

This is true for a pure startup or if you’re looking to expand your current business into a new market or launch a new product or service to your current customers.  A big reason we counsel our clients to start small is because it’s easier to get your hands around small.  It’s easier to get started.

We shared several stories during tonight’s show for how folks started small, while still thinking big, and how that was a key to getting their business off the ground.  If you’ve been stuck in neutral with a new business, tonight’s show is for you!

People, Companies and Resources We Mentioned in the Show

• Cannonball Run (https://www.imdb.com/title/tt0082136/)
• Dean Martin (https://en.m.wikipedia.org/wiki/Dean_Martin)
• Sammie Davis, Jr. (https://en.m.wikipedia.org/wiki/Sammy_Davis_Jr.)
• 50th Anniversary of Moon Landing (https://en.m.wikipedia.org/wiki/Apollo_11)
• Neil Armstrong (https://en.m.wikipedia.org/wiki/Neil_Armstrong)
• Dewey Decimal System (https://en.m.wikipedia.org/wiki/Dewey_Decimal_Classification)
• Hee Haw (https://en.m.wikipedia.org/wiki/Hee_Haw)
• AC/DC Big Balls (https://en.m.wikipedia.org/wiki/Dirty_Deeds_Done_Dirt_Cheap)
• Amazon (www.amazon.com)
• Zappos (www.zappos.com)
• Pugs (https://en.m.wikipedia.org/wiki/Pug)
• Rust Belt Riders (https://www.rustbeltriders.com)

The post How Do I Start Small? appeared first on Dirty Secrets of Small Business.

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During tonight’s show we were joined in studio by Dana Freund, owner of Pinnacle Gymnastics (https://www.pinnaclegym.com) which offers gymnastics classes and tumbling classes for a wide variety of age groups and skill levels.  Dana shared several stories her journey from grade school teacher to business owner and how she juggled both for 18 years.  All this in addition to having a personal life and little time to sleep!

One of the keys to Dana’s success has been her determination (or stubbornness as her parents might call it!). It started with ignoring warnings from her parents to not go into business for herself, and continued through an early bump in the road where her landlord stopped paying the utility bills so Pinnacle Gymnastics was forced to relocate. Dana also shared the very real tremblings that come with signing a lease for big dollar amounts that have commas in them.  “We don’t teach about numbers with commas in kindergarten,” Dana joked!

She is also a graduate of the Goldman Sachs 10,000 Small Business Program (https://www.goldmansachs.com/citizenship/10000-small-businesses/US/) and she shared with us some of his key takeaways from that program in our monthly Goldman 10 for 10 segment.  One of her key takeaways was how important it is to have a group of people who aren’t in your business or your industry who you can talk with about your business.  It’s a different conversation when it’s with people who don’t depend on you for their livelihood.

People, Companies and Resources We Mentioned in the Show

Pinnacle Gymnastics (https://www.pinnaclegym.com)

Goldman Sachs 10,000 Small Business Program (https://www.goldmansachs.com/citizenship/10000-small-businesses/US/)

Back to School (https://en.m.wikipedia.org/wiki/Back_to_School)

A Few Good Men (https://en.m.wikipedia.org/wiki/A_Few_Good_Men)

The post How Do I Know When To Leave My Day Job, Dana Freund of Pinnacle Gymnastics? appeared first on Dirty Secrets of Small Business.

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This is a question that most of the best business owners we’ve met are constantly asking themselves.  They are always looking to get better, at everything including business. The simplest way we know to approach this question is to focus on the 7 Keys To Success.  Business owners who master the 7 Keys to Success will always be making their business better if they are focused on making those 7 Keys better.

During the show tonight we provided several examples of clients of ours who have used the 7 Keys to continue moving their businesses forward and achieved goals sooner than they thought.  One of the “keys” is knowing which of the 7 Keys to Success need the most love and attention. Is it:

• Vision: do you know where you’re trying to take your business in the next 10 years? If so, have you shared it with anyone?  What are you doing today to help make that Vision a reality?
• Profit Plan: are you going to make money in your business this year?  If so, what’s the plan to do it?
• Marketing Plan: do you know who the best customers are for your business?  Do you know why your customers choose to do business with your company?  Do you know why some customers have left? Do you know how to find more customers?
• Organization Plan: do you feel like you’re the one doing everything (or at least everything else that no one else wants to do)?  Do you have the right people to help you get your business to where you want it to go? How do you find, train, and keep those good people?
• Leadership: how are you as a leader?  What are you doing to improve your Leadership style?  What about your key people? What type of culture do you want in your business?
• Cash Forecast: are you going to have cash in the bank for the next 90 days?  If not, how far out can you see? This week? Next week? Next month?  If you don’t have visibility on cash for 90 days, it’s hard to sleep well at night.
• Presenting: do you know how to Present your company?  To your employees, the bank, a customer, a vendor, a potential investor or buyer?  

So how do you measure up?  Which one of these 7 Keys needs the most love and attention in your business?

People, Companies and Resources We Mentioned in the Show

7 Keys To Success (http://maximumvp.com/7-keys-to-success/)

Robin Robins (https://www.robinrobins.com)

Fozzie Bear (https://en.m.wikipedia.org/wiki/Fozzie_Bear)

The post How Do I Get Better At Running My Business? appeared first on Dirty Secrets of Small Business.

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Every business owner we meet has some form of financial statements.  That includes everything from handwritten notes to electronic records in an accounting system.  So when we ask new clients to bring and Present their financial statements in one of our first meetings, we know they will bring something but we aren’t sure what they will bring or what they will say.

One of the most common questions we hear from small business owners is “how do I use my financial statements?“ Unfortunately too many owners give up before getting a clear idea for how to use their financials to help them make better decisions in their business.  Everything from when and how to hire your next key employee to how to dig out of debt to how to talk with a potential buyer of your business. These and many more questions can be answered by utilizing your financials.

During tonight’s show we provided several real-world examples for how to utilize your financial statements to make better decisions in your business which included several stories from our clients.  If you find yourself scratching your head wondering what all these numbers on your financial statements are trying to tell you, tonight’s show is for you!

People, Companies and Resources We Mentioned in the Show

Jim Halpert from The Office (https://en.m.wikipedia.org/wiki/Jim_Halpert)

The post How Do I Use My Financials Statements To Make Better Business Decisions? appeared first on Dirty Secrets of Small Business.

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In This Episode

One of the biggest black holes as a business owner typically comes when dealing with your banker.  In fact, we tell most business bankers we meet that their customers are afraid of them. The biggest thing a business owner is typically afraid of is saying the wrong things to their banker.  Nearly every banker we let in on this secret is shocked to learn their customers are afraid of them.

It doesn’t have to be that way!  But, it’s incumbent on the business owner to get a better understanding of what the banker is looking for when it comes to making a decision to loan you money.  During tonight’s show we shared several things that are important including things like collateral and cash flow, but we also honed in on the importance of Presenting your company.  What does a good Presentation look and sound like?

We shared several stories of clients of ours who have had successes and challenges with getting loans from the banks with everything from lines of credit to equipment loans and loans to fund the buy out of a business and everything in between.  If you’re looking to get money from your bank, you’re going to want to listen to this show and have your notebook handy!

People, Companies and Resources We Mentioned in the Show

Goldman Sachs 10,000 Small Business Program (https://www.goldmansachs.com/citizenship/10000-small-businesses/US/)

Dodgeball The Movie (https://en.m.wikipedia.org/wiki/DodgeBall:_A_True_Underdog_Story)

7 Keys To Success (http://maximumvp.com/7-keys-to-success/)

Yes Man (https://www.imdb.com/title/tt1068680/)

It’s A Wonderful Life (https://www.imdb.com/title/tt0038650/)

The post How Do I Get A Loan From The Bank As A Small Business Owner? appeared first on Dirty Secrets of Small Business.

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If it hasn’t happened to you yet, it will.  At some point in your life of owning a business there will be periods when it feels like no matter what you do everything seems to be going negative.  It could be personal things like health (yours, family, friends) or spouse or kids relationship issues. On the business front it can cover anything from the overall economy going up or down, your particular industry experiencing consolidation or dealing with additional regulations, customers terminating a contract or refusing to pay, vendors not delivering on promises or pressuring you for payment, a key member of your team leaving, or a new competitor coming to town who is well funded and aggressively growing.

It’s suffocating just thinking about all of these things.  Things can get dark really quick in your mind as the owner.  Some panic might set in. Even some depression. So what do you do?

Well, you could always quit the business and just walk away.  But assuming you don’t want to do that, you’ve got to get focused.  Especially on the short-term so you can make some changes and some decisions.  During the show tonight we shared several stories of clients we’ve helped through some of these dark times and how they did it.  So if you’re in a dark place right now, don’t give up quite yet. Take a listen to tonight’s show and get yourself righted and moving in a better direction for you and your business!

People, Companies and Resources We Mentioned in the Show

Swingers (https://en.m.wikipedia.org/wiki/Swingers_(1996_film))

Pickleball (https://en.m.wikipedia.org/wiki/Pickleball)

Netflix (www.netflix.com)

The post How Do I Stay Focused When The World Around Me Is Crumbling? appeared first on Dirty Secrets of Small Business.

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During tonight’s show we were joined by Andrew Rainey, owner of Randy’s Pickles (https://randyspickles.com) which is a Cleveland-based manufacturer of gourmet pickles.  Andrew shared several stories from starting the business in his grandmother’s kitchen in North Ridgeville to his appearance as a contestant on the LeBron James show Cleveland Hustles (https://randyspickles.com/pages/press).

In addition, Andrew also talked about some of his keys to growing the business which started with just getting out there and talking to people to sell their product and do whatever it took to deliver the goods.  He also shared some Dirty Secrets about how they became the bank for some of their distributors.

He is also a graduate of the Goldman Sachs 10,000 Small Business Program (https://www.goldmansachs.com/citizenship/10000-small-businesses/US/) and he shared with us some of his key takeaways from that program in our monthly Goldman 10 for 10 segment.  One of his key takeaways was the comradery of being with other like minded business owners as well as the networking opportunities that have helped get Randy’s Pickles to where they are today.

People, Companies and Resources We Mentioned in the Show

Randy’s Pickles (https://randyspickles.com)

Goldman Sachs 10,000 Small Business Program (https://www.goldmansachs.com/citizenship/10000-small-businesses/US/)

Cleveland Hustles (https://www.imdb.com/title/tt6049784/)

Warren Buffet (https://en.m.wikipedia.org/wiki/Warren_Buffett)

Sir Richard Branson (https://en.m.wikipedia.org/wiki/Richard_Branson)

The post Andrew Rainey of Randy’s Pickles appeared first on Dirty Secrets of Small Business.

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So are you ready?  How do you know? One of the biggest life decisions for any business owner is deciding when is the right time to sell the business.  We talk often about how lonely it is to be the owner of a business. Perhaps at no time is this more true than when you as the owner are contemplating selling your business.

One of the big reasons for this loneliness is that most people on the planet have never been through the process of selling (or buying) a business.  And while the nuts and bolts are important, things like the price, the financial performance of your business, and finding the right buyer, the emotional pieces are usually what makes a deal happen or kills it.  It’s the never ending battle of the head vs. the heart in business and this is like the final exam for the business owner.

We’ve been involved in hundreds of business transactions when it comes to buying and selling companies.  We’ve advised hundreds of people on this front, but perhaps more importantly, we both have personal experience with the range of emotions that come with selling your company.  During tonight’s show we share lots of examples from our personal experience as well as those of our clients. We talked a lot about more of the emotional issues. Some of the deeper questions like, what will I do next?  Can I really work for someone else if I sell to an outsider? What’s going to happen to my team after the sale? Am I selling too early? Too late? We addressed these questions and many more on tonight’s show. Enjoy!

People, Companies and Resources We Mentioned in the Show

Dr. Evil (https://en.m.wikipedia.org/wiki/Dr._Evil)

Dick Clark (https://en.m.wikipedia.org/wiki/Dick_Clark)

Richard Simmons (https://en.m.wikipedia.org/wiki/Richard_Simmons)

The post How Do I Know I’m Ready To Sell My Business? appeared first on Dirty Secrets of Small Business.

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So you’ve had the good fortune of being asked to Present your business to a potential investor.  What do you do to get ready? As Jack is fond of saying, “It depends!” It depends on how often you Present your business.  If you’ve never Presented your business before, it’s going to take you a while to get ready to Present. Are you a “natural” Presenter?  Someone who is charismatic and can connect with any audience? Most folks aren’t natural Presenters, they just work really hard to make it look natural.

Maybe start with something a little simpler like Presenting to a banker or your team where the stakes are a bit lower.  Practice is one of the key things in preparing to Present. And each audience (e.g. investors, bankers, employees) requires a little different Presentation.  Things they care about are going to be different.

During the show tonight we shared several recent experiences we’ve had with Presenting as well as our clients.  We also tapped into our prior big corporate and Wall Street experiences to provide some guidance on how to properly frame this opportunity and where to start.  And yes, it should be viewed as an opportunity when you are asked to Present your business.

People, Companies and Resources We Mentioned in the Show

Apollo 13 (https://www.imdb.com/title/tt0112384/)

JumpStart (https://www.jumpstartinc.org)

Steve Jobs (https://en.m.wikipedia.org/wiki/Steve_Jobs)

Can’t Buy Me Love (https://www.imdb.com/title/tt0092718/)

Tim Cook (https://en.m.wikipedia.org/wiki/Tim_Cook)

Apple (www.apple.com)

The post How Do I Prepare To Present? appeared first on Dirty Secrets of Small Business.

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During tonight’s show we were joined by Mike De Stefano, owner of DMS Management Solutions (https://www.dmsmgmtsolutions.com) which provides accounting, bookkeeping, and related services to small businesses. Mike shared several stories about common mistakes they see with people who keep their own books as well as several of the most common discussions he has with clients about their numbers.

In addition, Mike also provided some great insights into what to expect from your CPA vs. a company like DMS as he provided an overview of their three tiers of service. Mike also shared some of the keys to DMS’s growth as they are now a multi-year recipient of the Weatherhead 100 award. Last but not least, Mike shared something he does that is a little different from most advisors where he actually puts his money where his mouth is!

He is also a graduate of the Goldman Sachs 10,000 Small Business Program (https://www.goldmansachs.com/citizenship/10000-small-businesses/US/) and he shared with us some of his key takeaways from that program in our monthly Goldman 10 for 10 segment. One of his key takeaways was he the power and importance of peer-to-peer learning. In fact, it’s been five years since Mike completed the 10KSB program and he and about 10 other fellow graduates from his cohort meet every month to continue sharing and helping each other.

People, Companies and Resources We Mentioned in the Show

DMS Management Solutions (https://www.dmsmgmtsolutions.com) Goldman Sachs 10,000 Small Business Program (https://www.goldmansachs.com/ citizenship/10000-small-businesses/US/) ADA Architects (http://www.adaarchitects.cc) Corrigan Krause (https://corrigankrause.com) Entrepreneurs’ Organization Cleveland (https://www.eonetwork.org/cleveland) Weatherhead 100 (https://weatherhead.case.edu/events/weatherhead100/)

The post How Do I Get Help With My Numbers, Mike DeStefano of DMS Management Solutions? appeared first on Dirty Secrets of Small Business.

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