The KBB Unstoppable Business Owner Podcast Kevin D Bannister

Embracing Change and Navigating Business Challenges with Mark Conacher

In Episode 8 of the KBB Unstoppable Business Owner Podcast, host Kevin is joined by Mark Conacher, the Managing Director of Senstec USA, for a comprehensive discussion on business ownership, overcoming challenges, and adapting to change.

Mark shares insights from his extensive experience, starting from his beginnings as a construction and installation business owner to transitioning into his current role. He discusses the pitfalls of having all business coming from a single source, which became apparent when his main source, MFI, went under.

Mark emphasises learning from failures, the importance of diversification, and the impact of awards and standing out in the industry.

He also offers valuable advice on business growth, delegation, and focusing on the 20% that brings 80% of results based on the Pareto Principle.

Transitioning to his role at Senstec USA, Mark talks about the new challenges and learning opportunities this brings, and the significance of safety and innovation in their product offerings.

Lastly, he reflects on personal growth, the value of stepping out of comfort zones, and the willingness to learn from losses.

If you wish to get in touch with Mark Conacher you will find is contact information below.

Email: Mark@senstec-usa.com
Mark's Linkedin Profile: https://www.linkedin.com/in/markconacher/

0:00 Final - Episode 8 With Mark Conacher
01:34 The Early Years: Apprenticeship and Business Beginnings
02:39 Navigating Business Challenges: MFI's Collapse and Lessons Learned
04:42 A New Chapter: Moving to Vancouver and Business Evolution
09:41 Adapting and Growing: The Entrepreneur's Circle Influence
15:28 Achieving Recognition: Awards and Standing Out
17:45 Embracing Social Media and Video for Business Growth
20:17 The 80/20 Principle: Focusing on What Matters
22:27 Transitioning from Liberty to Senstec USA
26:07 Embracing New Challenges and Skills
26:31 The Shift from Running to Leading a Business
26:50 Introduction to a Revolutionary E-commerce Product
27:25 Showcasing Innovation: The KBIS Experience
29:17 The Importance of Networking and Exposure
30:17 Navigating Business Challenges and Opportunities
32:49 The Journey of Personal and Professional Growth
34:15 Advocating for Safety and Innovation in Shower Trays
38:48 The Power of Stepping Out of Your Comfort Zone
41:30 Closing Thoughts and Encouragement

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Financial mismanagement can damage competitiveness and create instability and insecurity. Cash flow issues, inaccurate financial performance, late payments, financial instability, and potential business failure are common challenges. Understanding financial concepts like cash flow, gross profit, net profit, accounts receivable, and balance sheets is crucial. Choosing between cash and accrual accounting methods impacts financial reporting. Addressing these challenges is crucial for the well-being and prosperity of the business. Transparent communication, fair payment practices, accurate financial reporting, and strategic financial planning are key. Businesses with strong financial management practices are more likely to succeed and grow.

Takeaways


Financial mismanagement can lead to competitiveness, instability, and insecurity.Understanding financial concepts is crucial for effective financial management.Addressing cash flow issues, inaccurate financial performance, late payments, financial instability, and potential business failure is essential.Transparent communication, fair payment practices, accurate financial reporting, and strategic financial planning are key to success.Businesses with strong financial management practices are more likely to succeed and grow.Keywords
financial mismanagement, competitiveness, instability, insecurity, cash flow, financial performance, late payments, financial instability, business failure, financial concepts, gross profit, net profit, accounts receivable, balance sheets, cash vs accrual accounting, transparent communication, fair payment practices, financial reporting, strategic financial planning, business success, business growth

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If you enjoyed this episode please subscribe or follow and leave a rating and review wherever you listen to your podcasts to support the KBB Unstoppable Business Owner Podcast. Reviews help in reaching more audiences and enabling more business owners to benefit from the valuable insights shared in each episode.


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Join our workshop on How To Become An Unstoppable Business Owner. Download "The KBB Unstoppable Guide" and put an end to being overworked, low fees, and finally be paid what you’re worth, starting today… Connect with me on LinkedIn - send me a message and say hi, I would love to find out more about you and what kind of support you may need. Connect here

Combatting Business Stagnation: A Proactive Approach

In this episode of the KBB Unstoppable Business Owner podcast, host Kevin D Bannister discusses the critical issue of business stagnation, comparing it to a stalled engine that needs maintenance.

He highlights the importance of a clear vision, customer focus, and employee engagement to prevent and address stagnation.

Stagnation can manifest through declining revenue, customer dissatisfaction, employee disengagement, and lack of innovation, which can all lead to a decline in profitability, market share, and investor confidence.

To combat this, Kevin introduces the 'D STAG' model, which involves reassessing your vision, prioritizing customer satisfaction, and revitalizing company culture. 

He emphasizes the importance of staying agile, fostering a supportive work environment, and aligning with market trends and customer preferences to ensure long-term business health and success.

The episode also draws on a study by the Federation of Small Businesses, revealing the widespread challenge of customer acquisition and retention among UK businesses, underlining the urgency of addressing stagnation to achieve sustainable growth.

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If you enjoyed this episode please subscribe or follow and leave a rating and review wherever you listen to your podcasts to support the KBB Unstoppable Business Owner Podcast. Reviews help in reaching more audiences and enabling more business owners to benefit from the valuable insights shared in each episode.


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Join our workshop on How To Become An Unstoppable Business Owner. Download "The KBB Unstoppable Guide" and put an end to being overworked, low fees, and finally be paid what you’re worth, starting today… Connect with me on LinkedIn - send me a message and say hi, I would love to find out more about you and what kind of support you may need. Connect here

In this episode of the KBB Unstoppable Business Owner podcast, host Kevin D Banister explores the topic of inflation and its effects on consumer behavior and business operations.

Beginning with a brief overview of inflation's rise to 11.1% in October 2022 and its subsequent decrease to 3.2%, he discusses the broader implications of these changes. He points out how inflation impacts buyer confidence, leading to reduced spending, and how businesses are affected in turn.

Kevin explains the role of the Bank of England in attempting to manage inflation through interest rate adjustments, noting significant increases from a historic low of 0.1% to 5.25%.

Furthermore, Kevin discusses the adjustment in consumer spending behaviour as inflation rates start to decrease, suggesting business owners re-engage with leads who may now be more open to spending.

The episode aims to provide listeners with insights into managing their businesses amidst fluctuating economic conditions, emphasising the importance of understanding consumer behaviour in response to inflation and interest rates.



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In this episode of the KBB Unstoppable Business Owner Podcast, Kevin D Bannister addresses common ways businesses lose money and emphasizes the importance of not just focusing on sales and direct costs. He highlights the critical nature of regularly reviewing a business's financial performance to ensure profitability, citing a QuickBooks study that businesses doing so were 46% more likely to be profitable.

Kevin outlines a three-step approach for businesses to stop losing money, which includes evaluating revenue streams, analysing expenses, and implementing efficiency measures.

He provides practical advice on topics such as managing subscriptions, negotiating with suppliers, pricing strategies, handling high employee turnover rates, and the necessity of investing in the business for long-term success. Kevin concludes by urging business owners to review their subscriptions as an easy first step to save money.

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If you enjoyed this episode please subscribe or follow and leave a rating and review wherever you listen to your podcasts to support the KBB Unstoppable Business Owner Podcast. Reviews help in reaching more audiences and enabling more business owners to benefit from the valuable insights shared in each episode.


When you are ready here are 3 ways you can get more help/support:


Join our workshop on How To Become An Unstoppable Business Owner. Download "The KBB Unstoppable Guide" and put an end to being overworked, low fees, and finally be paid what you’re worth, starting today… Connect with me on LinkedIn - send me a message and say hi, I would love to find out more about you and what kind of support you may need. Connect here

In this episode of the KBB Unstoppable Business Owner podcast, Kevin D Bannister delves into the distinction between focusing on revenue and prioritising profit, terming it 'the revenue or profit game.' He illustrates how businesses often get caught up in the excitement of increasing sales and fail to focus on the actual profits, leading to a cycle of overspending without sustainable growth.
Through examples like Victoria Plum, Kevin discusses the pitfalls of aiming for top-line growth at the expense of profitability, including the dangers of vanity metrics and the importance of understanding underlying financials. He offers a three-step approach to pivot towards playing the 'profit game,' emphasising mastering numbers beyond sales, aligning sales processes with profitability, and scaling smartly. Kevin concludes by underscoring that revenue is a lagging indicator, whereas profit is a leading one, urging businesses to prioritise sustainability over fleeting growth.

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If you enjoyed this episode please subscribe or follow and leave a rating and review wherever you listen to your podcasts to support the KBB Unstoppable Business Owner Podcast. Reviews help in reaching more audiences and enabling more business owners to benefit from the valuable insights shared in each episode.


When you are ready here are 3 ways you can get more help/support:


Join our workshop on How To Become An Unstoppable Business Owner. Download "The KBB Unstoppable Guide" and put an end to being overworked, low fees, and finally be paid what you’re worth, starting today… Connect with me on LinkedIn - send me a message and say hi, I would love to find out more about you and what kind of support you may need. Connect here