NBSW 2023 Succession Planning in Small Businesses » Succeed As Your Own Boss

#Smallbizchat podcast live is a monthly video interview show where small business owners can answer questions.

The focus of #Smallbizchat is to end the failure of small businesses by helping participants succeed as their own bosses.

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Barry Bunther is a family business expert. As his senior partner at Banther Consulting Group, Barry has spent more than 30 years helping families work together in business and live together in harmony. He has been the lead consultant on over 400 of his engagements helping small businesses improve their performance. From strategy and planning to succession and exit strategies, Barry’s clients rely on him. He is the client and president of a 120-year-old family business. Here’s how Barry describes it: His wisdom, encouragement and knowledge have allowed us to grow both personally and professionally over the past decade. ” For more information: www.barrybanther.com

SmallBizLady: What is the first decision a family doing business together must face?

Barry Banther: Business has many roles. employee, manager/leader, or owner. Every family should understand who they are and what their responsibilities and limitations are.

SmallBizLady: Does Succession Really Work in the Family Business?

Barry Banther: Family inheritance rarely works unless you are in England. (And now it’s not going well) Determine how each member of the family will be successful in life. Focus on that, if it’s for business it’s fine, but if not, the family should support their personal path.

SmallBizLady: How do you quit the family business?

Barry Banther: As owner, a qualified family member can take over, a qualified employee can take over and report to the board of directors, or the business can be sold. All three require a minimum of five years of preparation, preferably he has ten.

Why Every Small Business Needs A Business Advisor

Michele Phillips is a seasoned entrepreneur and seasoned business coach with over 20 years of experience. She knows her excitement and challenges that come with leading teams and businesses, big and small. Not only did Michele thrive and grow in an industry where 80% of her businesses failed, but she successfully left her company after eight years. She has expanded her business to her seven figures, with profits of 14-17% year-over-year. Beyond her experience as an entrepreneur, Michele has also excelled in corporate sales and project management in her banking world.For more information: www.cultivateadvisors.com

SmallBizLady: Why is it important for small business owners to have a business advisor, especially one with entrepreneurial experience?

Michele Phillips: Being a small business owner has many joys, but it can also be a lonely job. Working with a business advisor can help small business owners feel less isolated and more in control of their business. To truly benefit from the experience, small business owners are encouraged to work with an advisor who has direct experience as a former business owner.

Business advisors who have owned and operated small businesses can provide valuable insight and empathy for the unique challenges facing small business owners. They understand the everyday realities of running a small business and are able to offer practical advice and guidance based on their own experience. It can also provide a certain amount of reliability and trust. Having access to someone who understands the unique challenges of running a small business helps owners feel less alone and more in control of their business.

SmallBizLady: How can a business advisor help small business owners improve their financial planning?

Michele Phillips: Small business owners often have limited resources and must make important financial decisions to ensure the long-term success of their business. However, managing finances effectively can be difficult, especially for those without financial expertise. A business advisor can provide valuable guidance and support to help small business owners develop and execute a sound financial plan.

First, business advisors can help small business owners develop budgets that accurately reflect their income and expenses. Second, business advisors can assist with financial forecasting, including forecasting future revenues and expenses based on historical data and industry trends. With a clear understanding of future financial conditions, business owners can make strategic decisions to optimize operations and improve profitability.

Finally, business advisors provide guidance on cash flow management to help small business owners develop cash flow forecasts, identify potential shortfalls, and make necessary adjustments to their operations. . This helps you avoid cash flow problems and ensure financial stability for your business.

SmallBizLady: Why Does Every Small Business Need a Business Advisor?

Michele Phillips: Small business owners face a variety of challenges every day, from managing cash flow to attracting new customers to staying on top of industry trends. It is difficult to overcome these challenges and achieve success without proper support and guidance. This can be invaluable to business advisors.

1. Expertise and Advice: A business advisor can provide valuable expertise and knowledge that small business owners may not have. Based on their experience in other businesses, they can offer advice and guidance on everything from financial management to marketing to human resources.
2. Accountability: A business advisor can help small business owners set goals and hold accountable for achieving them.
3. Outer Perspective: A business advisor can provide an objective, outside perspective. They can identify areas that need improvement, suggest new strategies, and help entrepreneurs see their businesses in new light.
4. networking: Business Advisors can introduce entrepreneurs to other professionals in their industry, build connections with potential partners and customers, and provide access to a wider network of resources.

By working with a business advisor, small business owners can overcome challenges, meet goals, and take their business to the next level.

Handling Collections in Business

Dee Bowden is the founder of BCS Solutions and author of the book Collect the Cash. She works with small businesses that want to solve their cash flow problems. Her mission is to keep the business going. After she raised $6 million in 60 days while working at her small IT company, Dee realized that even small businesses would fall prey to lost revenue because they wouldn’t collect outstanding bills. rice field. Her revenue recovery strategies have been featured in Forbes, Black Enterprise and Thrive Global Magazine. One of the strategies she used to recover cash was to make specific assertions against businesses with outstanding bills. For more information: https://collectthecash.biz/book/

What is the collect-the-cash system?

I think Collect the Cash is three key terms: Problem Solving, Customer Service, and Appreciation.

Is one reason business owners ignore accounts receivable, aka cash collection?

Business owners often put accounts receivable on the back burner. However, poor AR practices pose some problems for businesses. If you can’t follow up on overdue accounts in a timely manner, poor AR practices cost your business time, money, and productivity. It often creates ripple effects that affect nearly every aspect of a company’s operations. The worst part is that many of the problems are easily circumvented.

What tracking system do businesses need to manage their accounts receivable?

Establish a proactive collections process. Make collection a top priority and establish and implement a clear and concise collection strategy. Ideally, aim for early intervention. If an account slides into the expired queue, your team needs to know everything and know what to do. Follow-up on the fate.

What system do you need for billing to collect cash more quickly?

1. Electronic Invoicing – Start electronic invoicing your customers if you have the means to do so. Some businesses may not be able to support e-invoicing or electronic payments, but most are capable of doing so these days. The fewer paper checks you have to process, the easier and more accurate the whole process will be.
2. Please complete the appropriate invoice with your PO number and submit it to the appropriate department.

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