Running a business is so hard that most go out of business within 5-10 years. There are many risks and factors outside your control. Today’s guest Bill Flynn shares his insights about several areas business owners can control and how you can position your business to overcome those odds to thrive with long-term success.

More specifically, this episode includes:

• Creating a Brain-Friendly Organization
• Conducting Effective Meetings
• The 80/20 Rule in Business
• Cash Flow is King
• Avoiding Leadership Bottlenecks
• Strategy and Execution are the Same Thing
• Start with an Articulated Vision

Contact gest Bill Flynn at catalystgrowthadvisors.com

Sponsored by SmartBooks. To schedule a free consultation, visit smartbooks.com.

Thanks for listening!

Host Cal Wilder can be reached at:
cal@empoweringhealthybusiness.com
https://www.linkedin.com/in/calvinwilder/

Healthy businesses have an established business model in which most new incremental hires produce profit for the business. Payroll expense can be viewed as an investment that yields a profitable ROI. Usually a hiring decision boils down to a question of how much more revenue do you need to sell in order to afford a new hire. This episode helps answer the question of whether you can afford to hire an employee.

More specifically, this episode includes:

• Viewing Employees as Profit Centers
• Return on Investment vs Affording a Hire
• How Much Do You Need to Sell to Afford a Hire?
• How Much Does a Salesperson Need to Sell to Pay for Themself?
• How Much Must the Business Grow to Hire a Manager?
• Labor Value Multiple
• Forecasting; Fixed & Variable Costs

Download the employee Hiring ROI Workbook using this link

Sponsored by SmartBooks. To schedule a free consultation, visit smartbooks.com.

Thanks for listening!

Host Cal Wilder can be reached at:
cal@empoweringhealthybusiness.com
https://www.linkedin.com/in/calvinwilder/

Healthy businesses produce healthy income for their owners. Compensation for business owners can take different forms. This episode discusses the primary forms of owner compensation and associated tax considerations. We also review bookkeeping and reporting considerations for how owner compensation is booked and reported on financial statements.

More specifically, this episode includes:

• The primary forms of owner compensation and how they are taxed both on the business and on its owner-employees
• How entity type and tax elections impact the taxability of owner compensation
• S-corporations and reasonable compensation standards
• How accounting for owner compensation can have a dramatic impact on financial statements and evaluating business profitability
• Pitfalls to avoid with owner compensation
• The importance of your CPA utilizing a holistic tax plan to help optimize your tax liabilities

Connect with guest Greg Reed at:
www.smartbookstax.com
greed@smartbookstax.com

Sponsored by SmartBooks. To schedule a free consultation, visit smartbooks.com.

Thanks for listening!

Host Cal Wilder can be reached at:
cal@empoweringhealthybusiness.com
https://www.linkedin.com/in/calvinwilder/

The healthier we are personally, the more energy we can bring to our businesses to make our businesses as healthy as possible. There are several drivers of personal health. This episode reviews a book called Deep Nutrition, written by Dr. Cate Shanahan, which does a great job of helping us understand the nutrition driver.

More specifically, this episode includes:

• Ancestral knowledge prior to the rise of modern medicine
• The rise of chronic disease over the past 75-100 years
• Genetics (our genes) vs Epigenetics (why certain genes are turned on and off)
• How the food we eat influences our gene expression, which impacts not only our own health but also the health of our children and grandchildren
• The top 2 culprits in our modern diet
• Dr. Shanahan’s 4 Pillars of Cuisine
• Are supplements needed
• The opportunity to reverse chronic disease in the next 2-3 generations

Sponsored by SmartBooks. To schedule a free consultation, visit smartbooks.com.

Thanks for listening!

Host Cal Wilder can be reached at:
cal@empoweringhealthybusiness.com
https://www.linkedin.com/in/calvinwilder/

Profitability is one of the indicators of a healthy business. Although business owners aspire to have healthy profit margins, it can be challenging to achieve them. This episode’s guest Rocky Lalvani serves as Chief Profitability Officer to small and midsize businesses. He presents philosophy and tactics that help small businesses improve their profitability.

This episode includes:

• The Origin and Philosophy of the Profit First System
• How to Implement Profit First
• Building an Appropriate Cash Reserve
• Don't Spend $1 to Save 30 Cents of Taxes
• Ways to Improve Profitability
• Is Banking a Hassle with Profit First?

Sponsored by SmartBooks. To schedule a free consultation, visit smartbooks.com.

Thanks for listening!

Host Cal Wilder can be reached at:
cal@empoweringhealthybusiness.com
https://www.linkedin.com/in/calvinwilder/

Part of running a healthy business is being able to set and manage to achieve operational goals. This episode’s guest Bill Simmons has been in the fractional COO business for almost 20 years, helping clients run their business 90 days at a time toward achieving strategic objectives.

This episode includes:

• Bill's special sauce helping businesses manage their business 90 days at a time
• The benefit of fractional management expertise
• What it means to be a THRIVE business
• How to structure a fractional COO engagement for success
• If your vision is larger than yourself, you need to hire more than yourself

Sponsored by SmartBooks. To schedule a free consultation, visit smartbooks.com.

Thanks for listening!

Host Cal Wilder can be reached at:
cal@empoweringhealthybusiness.com
https://www.linkedin.com/in/calvinwilder/

After developing a great set of financial goals and operating metrics, the next part of running a healthy business is having strong systems and processes in place to manage the business toward achieving those targets.

This episode introduces Step 5 of The Financial Operating System: Manage the Business, and Step 6: Learn, Iterate, and Improve. If you want to learn some ways to help your business follow through and achieve the targets you set, then this edpisode is for you.

This episode includes:

• Frameworks to monitor and manage progress toward goals
• Essentials of an annual forecast
• Tactics to achieve metrics that require improving financial performance
• Avoiding pitfalls of delegation vs abdication
• Financial management as a looping cycle of learning, iteration and improvement
• Questions to use to re-assess your accounting and finance function

Sponsored by SmartBooks. To schedule a free consultation, visit smartbooks.com.

Thanks for listening!

Host Cal Wilder can be reached at:
cal@empoweringhealthybusiness.com
https://www.linkedin.com/in/calvinwilder/

When business owners initially try to start using financial performance metrics to better manage their businesses, they often struggle to get accurate, timely, and consistent metrics reporting. Usually, this is because of inadequate accounting operations.

In this episode we discuss the 3 pillars of accounting operations and the Finance Stack and typical areas in which each may need to be upgraded: People, Process, and Technology.

We define the roles and responsibilities in the accounting and finance function:

• Bookkeeper
• Accountant
• Controller
• Chief Financial Officer (CFO)
• Tax Preparer

We clarify the differences between accountants, tax preparers, auditors, and CFOs as they relate to small businesses.

We discuss how small businesses can determine and get the finance stack they need at a cost they can afford.

Next we tackle two of the most important processes in the accounting function:

1. The monthly close process
2. Accrual accounting processes

Finally, we review technologies that streamline and reduce error risk:

1. General ledger software such as QuickBooks
2. The importance of an organized, segmented Chart of Accounts including a rational account numbering scheme
3. Accounts Payable (A/P) automation software
4. Accounts Receivable (A/R) automation software

Sponsored by SmartBooks. To schedule a free consultation, visit smartbooks.com.

Thanks for listening!

Host Cal Wilder can be reached at:
cal@empoweringhealthybusiness.com
https://www.linkedin.com/in/calvinwilder/