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RECAP: NAWBO CANDID CONVERSATION ''5 TIPS FOR BUILDING A BETTER BUSINESS''


12/13/2017
 
 


Key Performance Indicators (KPI’s); Internal Controls; Financial Statements; Right People/Right Seats; Professional Support Team. These are the “5 Tips for Building a Better Business.” Gerber, LLC and Kaiser Consulting partnered up to present “5 Tips for Building a Better Business” to NAWBO members for an extra-special Candid Conversation, covering the foundational aspects to building a better business. Here are highlights from the event.

DECREASE RISK & IMPROVE OPPORTUNITIES

The minute an internal financial operator (such as a CFO) or outsourced financial support (such as a bookkeeper or accountant) has access to a company’s business accounts is the moment cash controls need to be implemented by the entrepreneur. “Don’t turn your back when someone says “don’t worry, we have it handled,” explains Lori Kaiser from Kaiser Consulting. The last thing you want to do is be completely oblivious to finances in your company.
 
Even if the entrepreneur is the only one managing the finances, it is good practice to meet with your banker to see what scams are on the rise and how you can protect yourself. Financial Statements are important both internally and externally, especially when your business is in a growth stage, because they can open up the door to new opportunities. These statements show a banker or investor how healthy your business really is, so it’s important to keep them in tip top shape.

TRACK & MEASURE

Each entrepreneur has company goals; Key Performance Indicators ( KPIs) are the leading (predictive) and lagging (reactive) signals each business needs to align with the efforts to reach that goal. Hint: Don’t stress too much about finding the right KPIs in the beginning! Try to pick three to five indicators, then measure and evaluate to see which ones work for your business. Think of it as marrying financial and non-financial data to achieve a business goal. “Stressing about the right KPIs from the beginning can be paralyzing, so just remember that you can always adjust them if they aren’t the right ones” explains Randy Gerber from Gerber, LLC. The most important part of tracking KPI’s is measuring the results!
 
PEOPLE MATTER

Mission statements and core values help each entrepreneur help their employees do a better job for the company. These are crucial, foundational pieces for each business; allowing the entrepreneur to hire and fire employees (and even clients) based off of those foundational practices. Once you have people that align with the core values of the organization, it’s important to grow the people in order to grow the company. Communication is key through meeting rhythms, team meetings, and touch bases to see what is going on in your life personally and professionally. It not only makes the employee feel appreciated but it increases their loyalty as well.
 
ON vs. IN
 
Entrepreneurs can implement each of the foundational pieces outlined above to build a better business, but the key objective is to realize that working ON your business versus IN your business is a choice. As an entrepreneur, are you willing to make that choice?
 




Securities offered through Raymond James Financial Services, Inc. Member FINRA/SIPC . Investment advisory services are offered through Gerber, LLC. Gerber, LLC is not a registered broker/dealer and independent of Raymond James Financial Services.
Raymond James is not affiliated with Kaiser Consulting or NAWBO Columbus Ohio.


INDEX
  • THE HAPPINESS FACTOR & WHY IT MATTERS TO EVERY ENTREPRENEUR
  • PEER TO PEER GROUPS, MENTORS, ADVISORS: HOW DO THEY RELATE?
  • WHY YOU SHOULD ''DATE'' YOUR PROFESSIONAL ADVISORS (LAWYER, ACCOUNTANT, ETC.) BEFORE COMMITTING
  • GERBER'S TOP FOUR FAVORITE BOOKS FOR ENTREPRENEURS
  • IMPROVED COMMUNICATION FROM PERSONALITY TESTS [AS SEEN ON INC.COM]
  • GERBER, LLC HIRING NEW CLIENT ADVISORY TEAM MEMBER
  • 5 THINGS EVERY ENTREPRENEUR NEEDS TO DO TO KICK OFF THE NEW YEAR ON A GOOD FOOT
  • GIFT GIVING FOR THE ENTREPRENEUR-THE ULTIMATE TOUGH PUTT
  • SHOULD I TREAT MY LEADERSHIP TEAM DIFFERENTLY FROM A COMPENSATION PERSPECTIVE?
  • RECAP: NAWBO CANDID CONVERSATION ''5 TIPS FOR BUILDING A BETTER BUSINESS''
  • ONCE YOU'VE CROSSED THE FINISH LINE... HOW DO YOU FIND YOUR NEXT ENTREPRENEURIAL INSPIRATION?
  • THE MYTH OF COROPORATE CULTURE DEBUNKED
  • Gerber, LLC Featured in Columbus CEO | Let's Talk Succession
  • Catered Communication Practices [as seen on Inc.com]
  • REFRESH WITH V POWER YOGA
  • COFFEE TALK WITH TOM
  • ROLLIN' WITH FUSIAN
  • DIVING INTO BUSINESS WITH A PARTNER, OR TWO
  • IS IT TOO EARLY FOR AN ADVISORY BOARD? THREE STEPS TO BUILDING THE BEST NETWORK OF BUSINESS MENTORS
  • SUCCESS STARTS WITH A PLAN | GET IT ON PAPER
  • WATCH OUT FOR THE REVENUE TRAP! BUSINESS GROWTH & QUALITY REVENUE
  • BEHIND BESA WITH MATT GOLDSTEIN
  • BESA ON 'GIVING BACK' AS A BUSY BUSINESS OWNER
  • GOAL SETTING AS AN ENTREPRENEUR
  • FIRST GENERATION ENTREPRENEURS & WHAT MATTERS MOST
  • THE ROADMAP TO ENTREPRENEURSHIP
  • WHY ASKING THE RIGHT QUESTIONS CAN MAKE A DIFFERENCE: A CAUTIONARY TALE
  • AND THE WINNER IS...
  • CAPITAL MARKETS REVIEW: Q2 2016
  • BREXIT | WHAT DOES GERBER THINK?
  • CAPITAL MARKETS REVIEW: Q1 2016
  • CAPITAL MARKETS REVIEW: Q4 2015
  • CAPITAL MARKETS REVIEW: Q3 2015
  • CAPITAL MARKETS REVIEW: Q2 2015
  • CAPITAL MARKETS REVIEW: Q1 2015
  • CAPITAL MARKETS REVIEW: Q4 2014
  • Gerber Hosts OppenheimerFunds Chief Economist
  • Gerber, LLC to Host Entrepreneur-Relationship Expert, Trisha Harp
  • 'Twitter for Dummies' Co-Author Shares Marketing Advice at Gerber
  • Nationally-Circulated REP. Magazine Coins Gerber, LLC ''Not Your Momma's Financial Advisor''
  • Gerber Featured in 'The Metropreneur Columbus'
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