Empowering Healthy Business: The Podcast for Small Business Owners

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/

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/

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/

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/

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/

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/

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/

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/

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/

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/

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/

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/

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/

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/