Empowering Healthy Business: The Podcast for Small Business Owners Cal Wilder

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.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 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.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 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 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:
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.com
https://www.linkedin.com/in/calvinwilder/

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.com
https://www.linkedin.com/in/calvinwilder/

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.com
https://www.linkedin.com/in/calvinwilder/