Monthly Archives: July 2019

How Do I Start Small?

Uncategorized

In This Episode

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

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

Podcast: Play in new window | Download

Subscribe: RSS

How Do I Know When To Leave My Day Job, Dana Freund of Pinnacle Gymnastics?

Uncategorized

In This Episode

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.

Podcast: Play in new window | Download

Subscribe: RSS

How Do I Get Better At Running My Business?

Uncategorized

In This Episode

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.

Podcast: Play in new window | Download

Subscribe: RSS

How Do I Use My Financials Statements To Make Better Business Decisions?

Uncategorized

In This Episode

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.

Podcast: Play in new window | Download

Subscribe: RSS