Episodes

[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...

Are you an entrepreneur or business owner with too much on your plate? If so, you need to discover the secrets to delegating effectively to free up your time! In this week's episode of the show, we'll be exploring the four degrees of delegation where you'll learn the key strategies entrepreneurs and business owners can use. And Chip reveals the "Yes or No Question" that can help you delegate successfully and unlock greater success for your business. What to listen to next: Episode 22 - Why Cas...

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 --...

No matter what business you're in, pricing is always a key consideration. But when it comes to an inflationary economy, pricing can be especially tricky. There are countless factors to consider, from regulatory compliance to supply and demand. In this week's episode Chip outlines some of the most important considerations when setting prices for products and services. You'll learn how to price your product or service so that you can win in a competitive market and industry! We all know that...

One issue that seems to be coming up a lot lately for business owners is cash flow, and for good reason. If your business runs out of cash, and cannot borrow from somebody or get more investment capital, then it’s probably about to fail. For your business to be as healthy and prosperous as possible, you need to keep an eye on profit, but also on cash flow. So this week, Chip hones in on cash flow and reveals the four reasons why cash flow is so important. And even if profit is looking heal...

You probably already know that a customer or employee dependency can undermine the value of your business, but have you ever stopped to think how one of your suppliers could also lead to a valuation drop if you ever want to sell your business? In our study of over 55,000 business and thousands of actual transactions, we know that acquirers want to invest in businesses that inoculate themselves against danger. And, being dependent on a supplier can be a risk. So in this week's episode, Chip...

While taking time off from work is often much-needed to get away from a hectic work life, research also shows that it is important for your health. Whether you have three days, one week or two weeks of glorious vacation time, doctors say that if you don’t take advantage of this break from work, your stress and mental health will suffer. But for today's entrepreneur, it can be tricky. Between when and how you should take time away to your employees knowing your company’s philosophy on taking v...

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...

If you were to draw a picture that visually represents your role in your business, what would it look like? Are you at the top of a traditional Christmas-tree-like organizational chart, or are you stuck in the middle of your business, like a hub in a bicycle wheel? As anyone knows who's tried to fly United when O’Hare Airport has been hit by a snowstorm, a hub-and-spoke model is only as strong as the hub. The moment the hub is overwhelmed, the entire system fails. Acquirers generally avoid...

Think for a moment about what does the word valuable mean for you and your business? Maybe it’s a business you can pass along to your kids or other family members? Maybe it’s one that you can use as a platform to acquire other businesses in different markets or geographies, or as a means to vertically integrate. Often when we talk about a valuable business we’re talking about one that’s a million dollar business. In this week's episode, Chip talks about what’s so special about owning...

Success. Wealth. Achieving our goals. The most successful among us do certain things and act certain ways that helps them be successful. If you’re an investor, or aspiring owner, or an industry insider you’ll likely get value out of this week's discussion. But in this week's episode, Chip speaks to the CEO about the three things successful business owners do differently. Follow The Entrepreneur's Accountant on Instagram for bonus content and tips to grow your business, and join our community ...

If you want to run your business rather than having it run you, you should look at the ratios we call key performance indicators or KPIs. Just like baseball’s leadoff batters who measure their “on-base percentage” or doctors who measure their progress in curing diseases by improving the infant mortality rate, you can harness the power of these KPIs in your business. And, the more valuable and profitable your operation becomes. So in this week's episode, Chip talks about the seven KPIs you sho...

You've likely heard the adage that it is far easier to cross-sell an existing customer a new product than it is to find a new customer. And if your goal is to grow at all costs, then cross-selling makes sense. However, all of that sales growth may not do much for the value of your company. In this episode, we explain why cross-selling your existing customers too much stuff could make your business far less valuable to a potential acquirer. And be sure to check out our website at www.TESKPod.co...

If your business offers a service, or a product that you differentiate through a higher level of service, you were probably disproportionately impacted by the economic disruption caused by the coronavirus pandemic. While consumers were (and still are) cutting back on services to avoid human contact and conserve cash, we are still buying products that solve a specific problem. So, this week's episode talks about why productizing your service offerings is so important for growth, and eight steps ...

In 2011, Groupon rejected a $6 billion offer from Google. So, what did one of the world's largest companies do? Well, in this week's episode we talk about the actions Google took, and how you can learn from Groupon's mistake by thinking twice before dismissing offers to buy your company. And be sure to check us out at www.TESKPod.com for bonus content and other tips to help you grow your business while enjoying the lifestyle you’re entitled to. Disclaimer: This podcast and related mater...

Trying to time the sale of your business for the perfect market conditions seems like a savvy strategy. But, it may not be all those unicorns and lollipops you were promised. In this week's episode, we talk about what other factors you should consider when you're thinking about the timing of selling your company. And be sure to check us out at www.TESKPod.com for bonus content and other tips to help you grow your business while enjoying the lifestyle you’re entitled to. Disclaimer: T...

There are so many stories of founders who were rejected by investors 10, 20 or even 30 times! Each meeting where an investor rejects your idea is a gut punch, but it also teaches us something about what investors are looking for and which ones need to be targeted. Every investor wants to bet on a winning horse and over the past few months, I’ve been helping put together pitch decks for a several startups and reviewing other ones, as well as watching 30 episodes of Shark Tank and seeing about 120...

Tired of the stress of cash flow problems, lumpy budgets and staying awake at night wondering how you'll pay the bills? Well, what if there was a way to solve those problems and grow your business at the same time? Would you be interested? If so, this week's episode is for you. We'll talk about the magic of recurring revenue, 3 reasons having it is so critically important for your business, and 7 ways to get it. And be sure to check us out at www.TESKPod.com for bonus content and other tip...

It’s one of the fundamental questions all owners must wrestle with. Owning a relatively small slice of a big pie has worked out well for both Elon Musk and Jeff Bezos, but they may be the exception. Here are four good reasons why your best bet is to own a big chunk of a small pie. So, check it out. It’s a 10 minute investment of your time that can pay huge dividends later. And be sure to check us out at www.TESKPod.com for bonus content and other tips to help you grow your business while enjoyi...