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NBSW 2023 Succession Planning in Small Business » Succeed as your own boss

May 2023 #SmallBizChat.  NBSW 2023 Succession Planning in Small Business OG# Small chat room podcast: DIRECTLY is a monthly video chat show where small business owners can get their questions answered.

#Smallbizchat aims to end small business failure by helping participants succeed as their own bosses.

Please join us live every third Wednesday of the month from 8-9pm ET Live on my SmallBizLady Facebook page, YouTube channel and LIVE Twitter:.

Header by Barry BunterBarry Banter is a family business expert. As a senior partner at Banther Consulting Group, Barry has been helping families work together in business and live together in harmony for over three decades. He has been a lead consultant on over 400 engagements to help improve small business performance. From strategy and planning to succession and exit strategies, Barry’s clients depend on him. 120 year old family business customer and president. He described Barry as: “Barry is a leader of leaders. His wisdom, encouragement and knowledge have helped us grow personally and professionally over the past ten years.” For more information.

SmallBizLady. What is the first decision a joint business family must face?

Barry Prisons. There are many roles in business. employee, supervisor/manager or owner. Each family member needs to understand who they are and what their responsibilities and limitations are.

SmallBizLady. Does succession really work in family businesses?

Barry Prisons. If you are not in England, family succession is unlikely to work. (And it’s not working so well for them right now) decide how each member of the family can win success in life. Focus on it, and if it happens for the business, then good, but if not, then the family should support their individual path.

May 2023 #SmallBizChat Barry banther

SmallBizLady. How do you get out of the family business?

Barry Prisons. As an owner, you can exit with a qualified family member taking over as an eligible employee and reporting to the board of directors, or you can sell the business. Any of the three requires a minimum of 5 years of preparation and preferably a decade.

Why Every Small Business Needs a Business Consultant

Image by Michelle PhillipsMichelle Phillips is a veteran entrepreneur and seasoned business coach with over 20 years of experience. He knows the excitement and challenges that come with leading a team and a business, both large and small. Michelle succeeded in an industry where 80% of businesses fail, she not only grew but successfully exited her company after 8 years. He grew his business to seven figures with annual profits of 14-17%. In addition to her experience as an entrepreneur, Michelle also excelled in sales and project management in the corporate banking world. For more information:

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

Michelle PhillipsBeing a small business owner has many joys, but it can also be a lonely job. Working with a business consultant can help small business owners feel less isolated and more in control of their business. To truly benefit from the experience, it is recommended that small business owners work with a consultant who has direct experience as a former business owner.

A business consultant who owns and operates a small business can provide valuable insight and empathy for the unique challenges small business owners face. They understand the day-to-day realities of running a small business and can provide practical advice and guidance based on their own experience. It can also provide a level of credibility and trust. By having access to someone who understands the unique challenges of running a small business, owners can feel less isolated and more in control of their business.

SmallBizLady. How can a business consultant help a small business owner improve their financial planning?

Michelle 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 experience. A business advisor can provide valuable guidance and support to help small business owners develop and implement a sound financial plan.

First, a business consultant can help small business owners develop a budget that accurately reflects their income and expenses. Second, a business consultant can help with financial forecasting, which involves projecting future revenues and expenses based on historical data and industry trends. With a clear picture of their financial future, business owners can make strategic decisions to optimize their operations and improve their bottom line.

Finally, a business consultant can provide guidance on cash flow management by helping small business owners create a cash flow forecast to identify potential shortfalls and make necessary adjustments to their operations. This can help prevent cash flow problems and ensure that the business remains financially stable.

May 2023 #SmallBizChat Michelle Phillips

SmallBizLady. Why should every small business have a business consultant?

Michelle Phillips: Small business owners face a variety of challenges every day, from managing cash flow to attracting new customers and staying on top of industry trends. Without the right support and guidance, it will be difficult to overcome these challenges and achieve success. This is where a business consultant can be invaluable.

  1. Expertise and consultation. A business consultant can provide valuable experience and knowledge that small business owners may not have. They can offer advice and guidance on everything from financial management to marketing to HR, based on their experience working with other businesses.
  2. responsibility. A business consultant can help small business owners set goals and hold themselves accountable for achieving them.
  3. External perspective. A business consultant can provide an objective, outside perspective. They can identify areas for improvement, offer suggestions for new strategies, and help entrepreneurs see their business in a new light.
  4. network connection. A business consultant can introduce entrepreneurs to other professionals in their field, help them make connections with potential partners or clients, and provide access to a wider network of resources.

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

Collections management in your business

Dee BowenDee Bowden is the founder of BCS Solutions and the author of Collect the Cash. He works with small businesses looking to solve their cash flow problems. His mission is to keep you in business. After collecting $6 million in 60 days while working for a small IT company, Dee recognized that small businesses also fall victim to lost revenue because they don’t collect outstanding invoices. His revenue recovery strategies have been featured in Forbes, Black Enterprise and Thrive Global Magazines. One of his strategies used to raise cash was approval specifically for companies with outstanding invoices. For more information.

What is your collection cash system?

I think about Collect Cash 3 key terms: problem solving, customer service and gratitude.

What is the best way for business owners to ignore accounts receivable as cash collection?

Business owners often pile accounts receivable on top of accounts receivable, assuming that leaving well enough alone is perfectly fine. However, poor AR practices pose several problems for businesses. By not following up on overdue accounts in a timely manner, poor AR practices cost businesses time, money and productivity. They often produce a ripple effect that touches almost every aspect of running a company. The worst part is that most of the problems are easily avoidable.

May 2023 #SmallBizChat Dee Bowden

What kind of follow-up system should a business have in place to manage accounts receivable?

Create an active recruiting process. Make collections a priority and enforce it by establishing a clear, concise collection strategy. Ideally, aim to intervene early. When an account slips into the overdue column, your team needs to be on top of it and know what to do. Wealth is in consistency.

What systems are needed for invoicing to collect cash faster?

  1. The account electronically. If you have the means to do so, start paying customers electronically. While there will be some who may not support e-invoicing and payments, most companies these days are leaning towards it. The less paper checks you do, the easier and more accurate the whole process will be.
  2. Make sure you prepare an appropriate invoice with a PO number and submit it to the correct department.

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