Building A Strong Business Episodes

Can your business truly thrive without you? Unlock the secrets to effective delegation and learn how to avoid common pitfalls like the hot potato delegator, the delegation hippie, and the false delegator. We’ll explore the importance of delegation in creating a self-sustaining business and introduce four impactful levels of delegation. From "follow my lead" where employees follow clear instructions, to "research and report" where they analyze options but you retain decision-making authority, yo...

Ever found yourself in a cash crunch and wished you'd seen it coming? Learn how to take control of your business finances with a 13-week cash flow projection! In this episode, we break down the steps to create this powerful forecasting tool that helps you visualize your cash inflows and outflows. By anticipating periods of surplus or shortfall, you'll be ready to negotiate with suppliers, seek short-term financing, and make strategic decisions long before cash issues arise. We'll walk you thro...

Small businesses often operate as if their sole purpose is to fund the owner’s lifestyle, but the most valuable companies are run with financial rigor. You may be years from wanting to sell, but starting to formalize your operations now will help you predict the future of your business. Then, when it does come time to sell, you’ll fetch more for what you’ve built because acquirers pay the most for companies when they are less risky. There’s nothing that gives a buyer more confidence than clean ...

What if you could protect your hard-earned personal assets from business risks with just a few strategic moves? In this episode of the Things Entrepreneurs Should Know podcast, we discuss the essential steps to establish your business as a separate legal entity, ensuring your home, car, and retirement funds stay safe even in the face of lawsuits. We'll reveal why forming an LLC or corporation is a game-changer for entrepreneurs and break down seven crucial practices that maintain this protectiv...

Can mastering accounts receivable management really supercharge your business's cash flow? Find out as we unpack the essential strategies for optimizing your receivables process and boosting your financial health. In this episode, Chip breaks down the nuts and bolts of accounts receivable—from setting clear payment terms and ensuring invoice accuracy to utilizing technology for efficiency. You'll discover why managing AR is not just a back-office function but a critical element in sustaining you...

Feeling overwhelmed by the complexities of business borrowing? We're here to guide you through the labyrinth of different borrowing options available to entrepreneurs. This episode of is all about demystifying the process of borrowing, enabling you to make smart and informed decisions for your business. We decode everything from traditional bank loans, SBA loans, business lines of credit to invoice factoring, giving you the essential low-down on eligibility criteria, interest rates, repayment te...

Ever wondered why some entrepreneurs seem to sail effortlessly towards their goals, while others keep treading water? It's all tied to an intriguing blend of motivation, focus, drive, and a sprinkle of something we'll call grace. In this episode, we pull back the curtain on the science of achievement to reveal three key steps that can pave your path to success. We also delve into a surprising research study that reveals a simple trick which could double your chances of transforming your business...

Ever wondered what the secret sauce is that makes some companies more valuable than others in the same industry? This episode of Things Entrepreneurs Should Know could hold the answers you've been looking for. With nuggets of wisdom drawn from transactional data of over 55,000 businesses, we explore ten attributes that can push your company's value beyond that of its peers, even if you're not looking to sell. If you're interested in measuring your company against your peers, a Value Builder Sc...

Ever wondered about the best business structure for your startup while navigating the maze of tax implications? Well, look no further. We’re shining a light on the complexities of business entities and legal considerations that often befuddle even the brightest of minds. We discuss the limitations of sole proprietorship, analyze the ease of setting up an LLC, and explore the tax advantages of C and S Corporations. This episode is your golden ticket to understanding the intricate world of busine...

[ORIGINALLY AIRED AUGUST 3, 2022] Strapped for strategies to keep your business afloat during these tumultuous times? Imagine if you could have a roadmap to deftly navigate the stormy waters of economic downturns. In this episode of Things Entrepreneurs Should Know, your host, Chip Schweiger, provides just that. He shares five invaluable pieces of wisdom that gleaned over his years advising entrepreneurs. We discuss smart staffing strategies, the importance of turnarounds, and the value of consi...

What's the secret to having autonomous employees and running an efficient business? The answer lies in properly documented Standard Operating Procedures (SOPs). Welcome back to another episode of Things Entrepreneurs Should Know, where we're breaking down the art of SOPs. From customer service to logo usage, every nook and cranny of your operations should be covered. But remember, SOPs shouldn’t be generic templates that dissolve your brand's uniqueness. They should be a mirror of your brand ide...

Ever wondered how to build a business that’s designed to sell and deliver consistent customer experiences? Join Chip Schweiger and unravel the secret that successful businesses swear by - Standard Operating Procedures (SOPs). This is the first episode of a two-part series where Chip discusses the instrumental role SOPs play in structuring businesses and the power they possess in guaranteeing happy customers and more entrepreneurial freedom. Listen in to understand how SOPs minimize time spent pr...

Are you a small business owner who's tried to grow but never quite achieves the success you want? In this week's edition get the inside scoop on why your business may be stuck in a rut and what you can do to start scaling up. We'll talk about the 4 primary reasons why growth stalls out for so many small businesses, and how you can make sure yours doesn't suffer the same fate. Listen now to unlock the secrets of you need to drive business growth. Want to discuss anything in this week’s episo...

We’re headed into uncertain economic times. Between inflation, and the continuing war in Ukraine to another election where all these folks seem to do is yell at each other from the top of their lungs. And while your industry may be mostly immune to rough economic times, and even grew during the pandemic in a lot of ways, it still creates complications in running your business. One of these best strategies includes following general guidelines on how others have handled their own turnarounds --...

The growth of your business is essential. However, to grow any enterprise you must continually seek ways to turbocharge its engine and your business is no different. Essentially, you need to develop strategies that will drive sales to ever-higher levels while ensuring that your growth in revenues translates into higher cash flow and rising profits. So in this week's episode Chip talks about the four things you can do to turbocharge your business. The tips work for any business and in any i...

There are a lot of reasons business fail. Some of them are due to poor management, not being in a definable niche or just plain dumb luck. And, while these circumstances are frustrating, a lot of times they’re unavoidable. At the same time, there are common themes we see from failed businesses that come up time and time again and really don't have much to do with management style or with luck. The good news is once these issues are identified, they’re straight-forward to address. And doing...