Show cover of Empowering Healthy Business: The Podcast for Small Business Owners

Empowering Healthy Business: The Podcast for Small Business Owners

The Empowering Healthy Business Podcast is THE podcast for small business owners seeking to balance having a nicely profitable business, a sustainable, scalable, and salable business, lower stress levels, better work-life balance, and improved physical and emotional fitness. Yes, this is possible! Though it’s not easy. We’re here to help you navigate toward this objective.

Tracks

#20 - How to Achieve a Successful Fractional CFO Engagement
Small businesses may have a solution in place for bookkeeping and producing basic financial statements. Owners often yearn for analysis and forward-looking planning. The fractional (part-time) CFO model has existed for 20+ years to fill that void. Today there are more options than ever. Achieving successful results from fractional CFO engagements, however, can be a challenge. In this episode, Dave Hartley shares his insights about how business owners can create successful fractional CFO engagements that deliver the most value to their businesses.More specifically, this episode includes:Differences between a fractional and full-time CFORecommendations for selecting a fractional CFOSetting realistic expectations for your fractional CFO engagementKeys to successfully delivering fractional CFO engagementsPricing models for fractional CFO servicesGraduating to a full-time CFO or transitioning to another type of fractional CFODave Hartley can be reached at linkedin.com/in/davehartley. He is the co-host of the But Who's Counting? podcast.Sponsored by SmartBooks. To schedule a free consultation, visit smartbooks.com.Thanks for listening! Host Cal Wilder can be reached at:cal@empoweringhealthybusiness.comhttps://www.linkedin.com/in/calvinwilder/
58:43 7/23/24
#19 - Managing a Financially Distressed Business
Businesses can become financially distressed and face challenges with solvency and potential bankruptcy. Business owners in this situation may be able to cut costs, tightly manage cashflow, and return to profitability. Sometimes they need to renegotiate debt, attempt to sell business assets, or ultimately dissolve the business. There may also be personal liability concerns for owners and officers. Today’s guest Charlie Goodrich helps businesses navigate these situations and achieve as favorable an outcome as possible. More specifically, this episode includes:Definitions of bankruptcy, solvency, and related terms The process of dissolving when you have no secured or personally guaranteed debtThe process when you have personally guaranteed debt or various kinds of lenders and investorsFormal bankruptcy and alternatives to the formal bankruptcy processExamples of dissolving small businessesPersonal liability concerns for owners and officersManaging bank lenders when your business is becoming distressedBeing a vendor to a customer who is bankruptCharlie Goodrich can be reached at 781-863-5019 or charlie@goodrich-associates.com.Sponsored by SmartBooks. To schedule a free consultation, visit smartbooks.com.Thanks for listening! Host Cal Wilder can be reached at:cal@empoweringhealthybusiness.comhttps://www.linkedin.com/in/calvinwilder/
49:35 7/9/24
#18 - Positioning Your Business For Success
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 OrganizationConducting Effective MeetingsThe 80/20 Rule in BusinessCash Flow is KingAvoiding Leadership BottlenecksStrategy and Execution are the Same ThingStart with an Articulated VisionContact gest Bill Flynn at catalystgrowthadvisors.comSponsored by SmartBooks. To schedule a free consultation, visit smartbooks.com.Thanks for listening! Host Cal Wilder can be reached at:cal@empoweringhealthybusiness.comhttps://www.linkedin.com/in/calvinwilder/
57:02 6/18/24
#17 - Can You Afford to Hire an Employee?
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 CentersReturn on Investment vs Affording a HireHow 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 MultipleForecasting; Fixed & Variable CostsDownload the employee Hiring ROI Workbook using this linkSponsored by SmartBooks. To schedule a free consultation, visit smartbooks.com.Thanks for listening! Host Cal Wilder can be reached at:cal@empoweringhealthybusiness.comhttps://www.linkedin.com/in/calvinwilder/
42:25 6/11/24
#16 - Owner Compensation Tax & Accounting
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 compensationS-corporations and reasonable compensation standardsHow accounting for owner compensation can have a dramatic impact on financial statements and evaluating business profitabilityPitfalls to avoid with owner compensationThe importance of your CPA utilizing a holistic tax plan to help optimize your tax liabilitiesConnect with guest Greg Reed at:www.smartbookstax.comgreed@smartbookstax.comSponsored by SmartBooks. To schedule a free consultation, visit smartbooks.com.Thanks for listening! Host Cal Wilder can be reached at:cal@empoweringhealthybusiness.comhttps://www.linkedin.com/in/calvinwilder/
45:59 6/4/24
#15 - Deep Nutrition (Book Review)
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 medicineThe rise of chronic disease over the past 75-100 yearsGenetics (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 grandchildrenThe top 2 culprits in our modern dietDr. Shanahan’s 4 Pillars of Cuisine Are supplements neededThe opportunity to reverse chronic disease in the next 2-3 generationsSponsored by SmartBooks. To schedule a free consultation, visit smartbooks.com.Thanks for listening! Host Cal Wilder can be reached at:cal@empoweringhealthybusiness.comhttps://www.linkedin.com/in/calvinwilder/
70:40 5/7/24
#14 - Putting Profit First
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 SystemHow to Implement Profit FirstBuilding an Appropriate Cash ReserveDon't Spend $1 to Save 30 Cents of TaxesWays to Improve ProfitabilityIs 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.comhttps://www.linkedin.com/in/calvinwilder/
48:49 2/6/24
#13 - Building a THRIVE Business, 90 Days at a Time
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 timeThe benefit of fractional management expertiseWhat it means to be a THRIVE businessHow to structure a fractional COO engagement for successIf 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.comhttps://www.linkedin.com/in/calvinwilder/
35:55 1/30/24
#12 - Steps 5 & 6 of The Financial Operating System: Managing Your Business
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 goalsEssentials of an annual forecastTactics to achieve metrics that require improving financial performanceAvoiding pitfalls of delegation vs abdicationFinancial management as a looping cycle of learning, iteration and improvementQuestions to use to re-assess your accounting and finance functionSponsored by SmartBooks. To schedule a free consultation, visit smartbooks.com.Thanks for listening! Host Cal Wilder can be reached at:cal@empoweringhealthybusiness.comhttps://www.linkedin.com/in/calvinwilder/
38:11 12/5/23
#11 - Step 4 of The Financial Operating System: Upgrade Accounting Operations
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:BookkeeperAccountantControllerChief Financial Officer (CFO)Tax PreparerWe 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: The monthly close process Accrual accounting processesFinally, we review technologies that streamline and reduce error risk:General ledger software such as QuickBooksThe importance of an organized, segmented Chart of Accounts including a rational account numbering schemeAccounts Payable (A/P) automation softwareAccounts 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.comhttps://www.linkedin.com/in/calvinwilder/
56:13 11/21/23
#10 - Step 3 of The Financial Operating System: Define Metrics and Goals
This episode is packed with actionable insights on operationalizing financial performance goals and bridging the operations-finance chasm by crafting SMART goals and balancing leading and lagging indicators. We explore the power of Entrepreneurial Operating System (EOS), Objectives and Key Results (OKR), and Scaling Up frameworks. We dive into the importance of creating shared definitions and aligning teams within your company. We also unravel the mystery of the acceptable achievement rate for goals and the art of celebrating wins. We'll chat about the types of metrics that can be incorporated into scorecards and the science of assigning people metrics they can control. This episode is critical to being able to manage your business toward achieving your financial objectives.Sponsored by SmartBooks. To schedule a free consultation, visit smartbooks.com.Thanks for listening! Host Cal Wilder can be reached at:cal@empoweringhealthybusiness.comhttps://www.linkedin.com/in/calvinwilder/
43:09 10/30/23
#9 - Step 2 of The Financial Operating System: Assess Your Current Finances
Click here to download the financial reports referenced and analyzed in the episode.Step 2 of The Financial Operating System is to Assess Your Current Finances. Imagine understanding your company's financial condition and performance and being able to interpret your financial statements. That's what we're demystifying today. Join me, your host Cal Wilder, as we navigate the world of basic financial statement analysis. We'll decode the language and story of balance sheets and reveal how they reflect your business's financial position.  We'll look at your business's cost structure and P&L trends, giving you a clear picture of your financial performance. We'll tackle deciphering the cash flow statement. During this episode we'll also explore how to use financial ratios for insight. This step is foundational to being able to understand your current finances so that you can start using metrics and goals to align your operational management with your financial objectives.Sponsored by SmartBooks. To schedule a free consultation, visit smartbooks.com.Thanks for listening! Host Cal Wilder can be reached at:cal@empoweringhealthybusiness.comhttps://www.linkedin.com/in/calvinwilder/
43:32 10/17/23
#8 - Step 1 of The Financial Operating System: Identify Your WHY
Ever felt like you're lost in the labyrinth of finances as a small business owner? So too have far too many other small business owners. It's time to navigate towards your goals! Listen in as I, drawing on two decades of experience, introduce a transformative tool - The Financial Operating System. This episode focuses on the first step of this system - Identify your WHY. Let's journey together to assess your objectives to ensure we get your business on the right path. By understanding your business goals, you can effectively assess your performance against them. Get ready to empower your business to become healthier with The Financial Operating System. Transform the way you've been managing your business finances. Thanks for listening! Host Cal Wilder can be reached at:cal@empoweringhealthybusiness.comhttps://www.linkedin.com/in/calvinwilder/
10:43 9/26/23
#7 - Navigating State and Local Taxes
Are you ready to conquer the labyrinth of state and local taxes in the United States? We'll arm you with the knowledge you need in our conversation with Greg Reed, the tax partner at SmartBooks Tax and Advisory. With each of the 50 states brandishing unique tax rules, business owners can be facing a sizeable obligation. Listen in as we dissect the multitude of taxes - from sales to income and the seemingly infinite list that follows. A simple venture into tax compliance can quickly turn into an uphill climb. Together with Greg, we unveil the challenges in registering and sustaining state registrations, the repercussions of non-compliance, and how to steer clear of these traps. We also delve into the implications of the Wayfair decision and its potential to hold businesses accountable for back taxes, penalties, and interest across multiple states. State and local taxes are a fundamental aspect of conducting business. Join us as we unpack the nitty-gritty of these taxes, including minimum taxes, use taxes, property taxes, and payroll taxes. We investigate the tactics employed by states and the impacts of upholding tax compliance in multiple jurisdictions. We'll hear Greg's insights on the best strategies for managing tax compliance, avoiding penalties, and maximizing potential credits and apportionment strategies. Don't miss this opportunity to safeguard your business from weighty compliance issues.Connect with Greg at:smartbookstax.comSponsored by SmartBooks. To schedule a free consultation, visit smartbooks.com.Sponsored by SmartBooks. To schedule a free consultation, visit smartbooks.com.Thanks for listening! Host Cal Wilder can be reached at:cal@empoweringhealthybusiness.comhttps://www.linkedin.com/in/calvinwilder/
54:59 9/12/23
#6 - Insights from a BBQ Pitmaster
Promising to whet your appetite, we welcome two-time national champion pitmaster Bill Gillespie to share his insights about barbecue. From exploring the differences between grilling and barbecue, to various equipment options, to cuts of meat that are best for barbecue, Bill guides us through mastering the low and slow cooking process that defines barbecue.In the competitive pits of the American Royal Invitational Barbecue Contest, Bill emerged victorious. For those of you getting your hands dirty for the first time, we address potential challenges and common mistakes like over smoking or frequently opening and closing the smoker door. So grab a seat and tune in to this appetizing exploration into the world of barbecue. Trust us, you won't want to miss a minute of it!Bill's Seasoning and Sauces:www.SmokinHoggz.comSponsored by SmartBooks. To schedule a free consultation, visit smartbooks.com.Thanks for listening! Host Cal Wilder can be reached at:cal@empoweringhealthybusiness.comhttps://www.linkedin.com/in/calvinwilder/
41:12 8/15/23
#5 - Creating a Business Operations Playbook
Get ready to unlock the power of efficiency and consistency in your small business with the wisdom of our special guest, Chris Gwinn. This episode offers a deep dive into the world of business operations playbooks. We start off by unraveling the essence of these playbooks and how they can be instrumental in fostering scalability in your business. Chris shares some actionable tips on how to build a playbook starting from company information, policies, and then diving into specific processes and roles.Ever wondered how standard operating procedures, key performance indicators, and training programs can revolutionize your business operations? Well, prepare to find out as we dissect these elements and more. You'll hear Chris's personal story of supporting his father's business through the development of playbooks and dashboards. We also delve into the importance of process documentation in building standard operating procedures, and the value of visual elements and examples in making these processes more comprehensible. Finally, let's talk about culture. A playbook isn't just a document, it's a vital part of your company's culture. We'll guide you on how to integrate your playbook into your company's DNA and maintain it to ensure accuracy. Gaining buy-in from top to bottom, and effectively communicating the benefits of the playbook to all your employees is crucial. You'll learn how companies like Great Lakes Advisory can assist in this journey from inception to completion. Connect with Chris at:greatlakesadvisory.comlinkedin.com/in/chris-gwinn-cfa-96383b26Sponsored by SmartBooks. To schedule a free consultation, visit smartbooks.com.Thanks for listening!Sponsored by SmartBooks. To schedule a free consultation, visit smartbooks.com.Thanks for listening! Host Cal Wilder can be reached at:cal@empoweringhealthybusiness.comhttps://www.linkedin.com/in/calvinwilder/
42:35 7/18/23
#4 - Best Practices for Closing Your Books Each Month
Explore the process of closing your accounting books on a monthly basis, which is the prerequisite for being able to have the financial reporting you need to manage your business, with Lindsay Jarosch.Link to download a sample Monthly Closing ChecklistConnect with Lindsay at:https://www.linkedin.com/in/lindsay-jarosch-43481412/To schedule a free consultation visit www.smartbooks.comSponsored by SmartBooks. To schedule a free consultation, visit smartbooks.com.Thanks for listening! Host Cal Wilder can be reached at:cal@empoweringhealthybusiness.comhttps://www.linkedin.com/in/calvinwilder/
53:23 7/10/23
#3 - Top Tactics for Small Business Owners to Pay Less Tax
Explore approaches and tactics that small business owners can employ to pay less tax with Greg Reed.Connect with Greg at:smartbookstax.comSponsored by SmartBooks. To schedule a free consultation, visit smartbooks.com.Thanks for listening! Host Cal Wilder can be reached at:cal@empoweringhealthybusiness.comhttps://www.linkedin.com/in/calvinwilder/
64:10 6/26/23
#2 - What is a Fractional Chief Operating Officer?
Explore the concept of the Fractional Chief Operating Officer (COO) with Jeff Provost of Key Performance Integrators.Connect with Jeff at:https://www.kpintegrators.comhttps://www.linkedin.com/in/jeffreyprovost/Sponsored by SmartBooks. To schedule a free consultation, visit smartbooks.com.Thanks for listening! Host Cal Wilder can be reached at:cal@empoweringhealthybusiness.comhttps://www.linkedin.com/in/calvinwilder/
37:17 6/19/23
#1 - Preparing Your Business for a Successful Sale
Explore what needs to be done to prepare your business for a successful sale with Glenn Grant.Connect with Glenn at:glenn@selfassembled.comLinkedInSponsored by SmartBooks. To schedule a free consultation, visit smartbooks.com.Thanks for listening! Host Cal Wilder can be reached at:cal@empoweringhealthybusiness.comhttps://www.linkedin.com/in/calvinwilder/
44:46 6/12/23