Winning Financial Success in Business: Episode 7

by Philip Campbell

Consultant, Author

Philip Campbell is a CPA, consultant, and author of the book A Quick Start Guide to Financial Forecasting: Discover the Secret to Driving Growth, Profitability, and Cash Flow Higher. This new book provides a straightforward, easy-to-understand guide to one of the most powerful financial tools in business: a reliable financial forecast. He is also the author of the book Never Run Out of Cash: The 10 Cash Flow Rules You Can’t Afford to Ignore. The book is a step-by-step guide for business owners and managers who want to better understand and manage their cash flow. Since 1990, Philip has served as a financial officer in a number of growing companies with revenues ranging from $5,000,000 million to over $1,000,000,000. He has been involved in the acquisition or sale of 33 companies (and counting) as well as an IPO on the New York Stock Exchange. Philip loves helping entrepreneurs and business owners think strategically about the financial side of their business. His consulting work is focused on providing the financial insights that leaders need to increase profits, improve cash flow, and enjoy the fruits of financial success in business. What really sets Philip apart from the average financial person you meet is his passion and excitement about helping entrepreneurs and CEOs take control of their cash flow. In fact, early on in his career, he focused and “preached” so much about the importance of cash flow that people now call him CASH. Philip is the founder of Financial Rhythm, a website devoted to people who are serious about creating financial health, wealth, and freedom in their business. If you're an entrepreneur or business owner, Financial Rhythm is a place to get simple, actionable strategies for creating a financial future that is bigger and brighter than your past. Philip lives in Austin, Texas. You can email Philip at pcampbell@pdq.net.

In this episode of "Winning Financial Success in Business," I'll dive a little deeper into step 3: diagnosing profitability or cash flow weaknesses. In just a few short minutes, I'll share a new way to think of receivables that should allow you to turn your accounts receivable into cash as quickly as possible.  

If you need to catch up or revisit past episodes, you can find them here: 1, 2, 3, 4, 5, 6

Topics: Business Best Practices

Why Your Business Needs You to Take a Vacation

by Jan Triplett

Business Success Center

Jan Triplett, Ph.D. is the CEO of the Business Success Center (BSC), a City of Austin certified green business, that provides sales and financial growth strategies, planning, and implementation. She is also a professor in Business and Professional Skills for the online MBA program at Mary Baldwin University. Triplett is a national and international speaker, author of A Networker’s Guide to Success and co-author of Thinking Big, Staying Small and Easy to be Green. She published The Networker ” magazine for over ten years and moderated KUT radio’s nationally syndicated program, “The Next 200 Years”. She was co-creator of the award-winning “City Management Academy” and the “Owners MBA” and co-founded the Entrepreneurs’ Association Hatchery incubator and accelerator. She is a small business activist. She served as a White House Conference on Small Business and Congressional Summit delegate, served on the Mayor’s Task Force on International Infrastructure, initiated the Northcross IBIZ District and recommended portions of Austin’s Big Box Ordinance. She was a founder of the Women’s Chamber of Commerce of Texas and the Greater Austin International Coalition. The SBA honored her as Texas’ Small Business Advocate. She has also earned her CBTAC and Director credentials. Her company received a Small Business Administration (SBA) five-star national award and the Austin Business Journal named it a top 20 management consulting firm.

Your business can benefit from having you, the owner, take a vacation for three major reasons:

Topics: Business Best Practices

Winning Financial Success in Business: Episode 6

by Philip Campbell

Consultant, Author

Philip Campbell is a CPA, consultant, and author of the book A Quick Start Guide to Financial Forecasting: Discover the Secret to Driving Growth, Profitability, and Cash Flow Higher. This new book provides a straightforward, easy-to-understand guide to one of the most powerful financial tools in business: a reliable financial forecast. He is also the author of the book Never Run Out of Cash: The 10 Cash Flow Rules You Can’t Afford to Ignore. The book is a step-by-step guide for business owners and managers who want to better understand and manage their cash flow. Since 1990, Philip has served as a financial officer in a number of growing companies with revenues ranging from $5,000,000 million to over $1,000,000,000. He has been involved in the acquisition or sale of 33 companies (and counting) as well as an IPO on the New York Stock Exchange. Philip loves helping entrepreneurs and business owners think strategically about the financial side of their business. His consulting work is focused on providing the financial insights that leaders need to increase profits, improve cash flow, and enjoy the fruits of financial success in business. What really sets Philip apart from the average financial person you meet is his passion and excitement about helping entrepreneurs and CEOs take control of their cash flow. In fact, early on in his career, he focused and “preached” so much about the importance of cash flow that people now call him CASH. Philip is the founder of Financial Rhythm, a website devoted to people who are serious about creating financial health, wealth, and freedom in their business. If you're an entrepreneur or business owner, Financial Rhythm is a place to get simple, actionable strategies for creating a financial future that is bigger and brighter than your past. Philip lives in Austin, Texas. You can email Philip at pcampbell@pdq.net.

In this episode "Winning Financial Success in Business," I'll dive a little deeper into step 3: diagnosing profitability or cash flow weaknesses. In just a few short minutes, I'll show you a powerful metric for managing your accounts receivable. Learn how to collect your receivables as fast as possible to avoid a cash flow crunch.  

If you need to catch up or revisit past episodes, you can find them here: 1, 2, 3, 4, 5

Topics: Business Best Practices

Summer Storms: Expect the Unexpected

by Kay Oder

Insperity

Kay Oder has owned six companies, has been a resource to thousands to businesses and brought solutions to help business owners minimize risk, improve business performance and navigate today’s highly regulated and complex “business of being an employer”.

Today, Kay uses the insights gained throughout her career as a speaker, business owner and business advisor. Audiences enjoy her candid, informed perspective on HR related topics as well as her razor-sharp southern wit.

Kay is also a Certified Business Performance Advisor with Insperity, the $2.6 billion business performance solutions provider she has called home since 1993. Kay has consistently been among the company’s top producers during her 20 plus years with the organization, earning Insperity’s highest honors, including the Top Volume, Circle of Excellence and the Chairman’s Club awards.

Prior to Insperity, Kay was the President and Co-founder of Texas Valve Specialists, a supplier in the oil and gas industry. She has also owned companies in the construction, demolition, machining and promotional apparel arenas. She spent four years as a client of Insperity and upon selling her last venture, joined the Insperity team.

From an early age Kay demonstrated an entrepreneurial spirit, beginning at age six when she sold cantaloupes from her parents’ front yard, which she offered three for fifty-cents, with a free puppy.

Kay and her husband, Dale, relocated to Austin from the Houston area in 1996 when a theft occurred in their family: their granddaughter was born and stole their hearts, so they had to follow.

Insperity, a trusted advisor to America’s best businesses for more than 30 years, provides an array of human resources and business solutions designed to help improve business performance. Insperity® Business Performance Advisors offer the most comprehensive suite of products and services available in the marketplace. Insperity delivers administrative relief, better benefits, reduced liabilities and a systematic way to improve productivity through its premier Workforce Optimization® solution. Additional company offerings include Human Capital Management, Payroll Services, Time and Attendance, Performance Management, Organizational Planning, Recruiting Services, Employment Screening, Financial Services, Expense Management, Retirement Services and Insurance Services. Insperity business performance solutions support more than 100,000 businesses with over 2 million employees. With 2016 revenues of $2.9 billion, Insperity operates in 61 offices throughout the United States. For more information, call 800-465-3800 or visit www.insperity.com.

Summer is the time of year when almost anything can happen, including wild weather. In fact, between June and October, the climate can often be less predictable than during the cooler months. It can also pack a greater punch. This is why businesses can and should plan for natural disasters ahead of time. Doing so may allow companies to ride out a storm more easily or resume operations more rapidly in the aftermath of severe weather. While preparing for natural disasters sounds like a daunting task to many business owners, it is easier than you might think.

Topics: Business Best Practices

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SPIFF Sales Incentives: The Good, The Bad, and The Ugly

by Jan Triplett

Business Success Center

Jan Triplett, Ph.D. is the CEO of the Business Success Center (BSC), a City of Austin certified green business, that provides sales and financial growth strategies, planning, and implementation. She is also a professor in Business and Professional Skills for the online MBA program at Mary Baldwin University. Triplett is a national and international speaker, author of A Networker’s Guide to Success and co-author of Thinking Big, Staying Small and Easy to be Green. She published The Networker ” magazine for over ten years and moderated KUT radio’s nationally syndicated program, “The Next 200 Years”. She was co-creator of the award-winning “City Management Academy” and the “Owners MBA” and co-founded the Entrepreneurs’ Association Hatchery incubator and accelerator. She is a small business activist. She served as a White House Conference on Small Business and Congressional Summit delegate, served on the Mayor’s Task Force on International Infrastructure, initiated the Northcross IBIZ District and recommended portions of Austin’s Big Box Ordinance. She was a founder of the Women’s Chamber of Commerce of Texas and the Greater Austin International Coalition. The SBA honored her as Texas’ Small Business Advocate. She has also earned her CBTAC and Director credentials. Her company received a Small Business Administration (SBA) five-star national award and the Austin Business Journal named it a top 20 management consulting firm.

SPIFF or SPIF or SPIV refers to a manufacturer or employer paying a small, immediate bonus for a sale or even a demo to a salesperson. These can be good for your customers if these “paid recommendations” are appropriate and truthful. A SPIFF can be cash or something the salespeople really value or think is "spiffy" like a trip, drone, virtual reality headset or other "have to have" gadget as the reward and motivator.  

Topics: Business Best Practices

Winning Financial Success in Business: Episode 5

by Philip Campbell

Consultant, Author

Philip Campbell is a CPA, consultant, and author of the book A Quick Start Guide to Financial Forecasting: Discover the Secret to Driving Growth, Profitability, and Cash Flow Higher. This new book provides a straightforward, easy-to-understand guide to one of the most powerful financial tools in business: a reliable financial forecast. He is also the author of the book Never Run Out of Cash: The 10 Cash Flow Rules You Can’t Afford to Ignore. The book is a step-by-step guide for business owners and managers who want to better understand and manage their cash flow. Since 1990, Philip has served as a financial officer in a number of growing companies with revenues ranging from $5,000,000 million to over $1,000,000,000. He has been involved in the acquisition or sale of 33 companies (and counting) as well as an IPO on the New York Stock Exchange. Philip loves helping entrepreneurs and business owners think strategically about the financial side of their business. His consulting work is focused on providing the financial insights that leaders need to increase profits, improve cash flow, and enjoy the fruits of financial success in business. What really sets Philip apart from the average financial person you meet is his passion and excitement about helping entrepreneurs and CEOs take control of their cash flow. In fact, early on in his career, he focused and “preached” so much about the importance of cash flow that people now call him CASH. Philip is the founder of Financial Rhythm, a website devoted to people who are serious about creating financial health, wealth, and freedom in their business. If you're an entrepreneur or business owner, Financial Rhythm is a place to get simple, actionable strategies for creating a financial future that is bigger and brighter than your past. Philip lives in Austin, Texas. You can email Philip at pcampbell@pdq.net.

In this episode "Winning Financial Success in Business," I'll dive a little deeper into step 3: diagnosing profitability or cash flow weaknesses. This episode is very short, but it has advice about an important step that every business owner should take when assessing their financial health. 

If you need to catch up or revisit past episodes, you can find them here: 1, 2, 3, 4

Topics: Business Best Practices

How to Grow Your Business with a Line of Credit

by Ed Lette

Business Bank of Texas

Ed Lette is Founder, Vice Chairman of the Board of Directors at Business Bank of Texas. Serving as a licensed CPA since 1983, Ed’s extensive experience in the banking industry has led him to become the founding president of four national bank charters including Business Bank of Texas, N.A., and the chief financial officer of five national banks during his 45 year career. Ed serves as director of the Texas Bankers Association District 4, chairman of the Executive Advisory Council to the School of Business at Texas Lutheran University, and is a life member of the Texas Association of Business.

Almost all business owners will face a time when bills or employees need to be paid, and there isn’t enough cash on hand to pay it all. Working capital (what’s left over when current obligations are subtracted from current assets) is necessary to keep businesses afloat and to allow growth to happen. Unfortunately, businesses don’t always have enough of cash, and sometimes tough decisions have to be made.

That’s where a line of credit can be useful. Having access to a line of credit allows businesses to operate with enough money on hand to pay for short term debt and expenses, which is essential in times of growth or transition.

Topics: Business Best Practices

Winning Financial Success in Business: Episode 4

by Philip Campbell

Consultant, Author

Philip Campbell is a CPA, consultant, and author of the book A Quick Start Guide to Financial Forecasting: Discover the Secret to Driving Growth, Profitability, and Cash Flow Higher. This new book provides a straightforward, easy-to-understand guide to one of the most powerful financial tools in business: a reliable financial forecast. He is also the author of the book Never Run Out of Cash: The 10 Cash Flow Rules You Can’t Afford to Ignore. The book is a step-by-step guide for business owners and managers who want to better understand and manage their cash flow. Since 1990, Philip has served as a financial officer in a number of growing companies with revenues ranging from $5,000,000 million to over $1,000,000,000. He has been involved in the acquisition or sale of 33 companies (and counting) as well as an IPO on the New York Stock Exchange. Philip loves helping entrepreneurs and business owners think strategically about the financial side of their business. His consulting work is focused on providing the financial insights that leaders need to increase profits, improve cash flow, and enjoy the fruits of financial success in business. What really sets Philip apart from the average financial person you meet is his passion and excitement about helping entrepreneurs and CEOs take control of their cash flow. In fact, early on in his career, he focused and “preached” so much about the importance of cash flow that people now call him CASH. Philip is the founder of Financial Rhythm, a website devoted to people who are serious about creating financial health, wealth, and freedom in their business. If you're an entrepreneur or business owner, Financial Rhythm is a place to get simple, actionable strategies for creating a financial future that is bigger and brighter than your past. Philip lives in Austin, Texas. You can email Philip at pcampbell@pdq.net.

In my video series "Winning Financial Success in Business," I've shared actionable, achievable steps for business owners to take to improve their financial picture. Below you'll find the fourth episode, which is about shining a light on your cashflow. In this episode, I'll go into depth about how to diagnose any profitability or cashflow weaknesses your business may have. 

Topics: Business Best Practices

Winning Financial Success in Business: Episode 3

by Philip Campbell

Consultant, Author

Philip Campbell is a CPA, consultant, and author of the book A Quick Start Guide to Financial Forecasting: Discover the Secret to Driving Growth, Profitability, and Cash Flow Higher. This new book provides a straightforward, easy-to-understand guide to one of the most powerful financial tools in business: a reliable financial forecast. He is also the author of the book Never Run Out of Cash: The 10 Cash Flow Rules You Can’t Afford to Ignore. The book is a step-by-step guide for business owners and managers who want to better understand and manage their cash flow. Since 1990, Philip has served as a financial officer in a number of growing companies with revenues ranging from $5,000,000 million to over $1,000,000,000. He has been involved in the acquisition or sale of 33 companies (and counting) as well as an IPO on the New York Stock Exchange. Philip loves helping entrepreneurs and business owners think strategically about the financial side of their business. His consulting work is focused on providing the financial insights that leaders need to increase profits, improve cash flow, and enjoy the fruits of financial success in business. What really sets Philip apart from the average financial person you meet is his passion and excitement about helping entrepreneurs and CEOs take control of their cash flow. In fact, early on in his career, he focused and “preached” so much about the importance of cash flow that people now call him CASH. Philip is the founder of Financial Rhythm, a website devoted to people who are serious about creating financial health, wealth, and freedom in their business. If you're an entrepreneur or business owner, Financial Rhythm is a place to get simple, actionable strategies for creating a financial future that is bigger and brighter than your past. Philip lives in Austin, Texas. You can email Philip at pcampbell@pdq.net.

In the past few months, I've shared several resources to help you improve the financial health of your business in small, manageable steps. Below you'll find the third episode of my video series, "Winning Financial Success in Business."

Topics: Business Best Practices

Updating an Employee Handbook: 5 Important Policies

by Kay Oder

Insperity

Kay Oder has owned six companies, has been a resource to thousands to businesses and brought solutions to help business owners minimize risk, improve business performance and navigate today’s highly regulated and complex “business of being an employer”.

Today, Kay uses the insights gained throughout her career as a speaker, business owner and business advisor. Audiences enjoy her candid, informed perspective on HR related topics as well as her razor-sharp southern wit.

Kay is also a Certified Business Performance Advisor with Insperity, the $2.6 billion business performance solutions provider she has called home since 1993. Kay has consistently been among the company’s top producers during her 20 plus years with the organization, earning Insperity’s highest honors, including the Top Volume, Circle of Excellence and the Chairman’s Club awards.

Prior to Insperity, Kay was the President and Co-founder of Texas Valve Specialists, a supplier in the oil and gas industry. She has also owned companies in the construction, demolition, machining and promotional apparel arenas. She spent four years as a client of Insperity and upon selling her last venture, joined the Insperity team.

From an early age Kay demonstrated an entrepreneurial spirit, beginning at age six when she sold cantaloupes from her parents’ front yard, which she offered three for fifty-cents, with a free puppy.

Kay and her husband, Dale, relocated to Austin from the Houston area in 1996 when a theft occurred in their family: their granddaughter was born and stole their hearts, so they had to follow.

Insperity, a trusted advisor to America’s best businesses for more than 30 years, provides an array of human resources and business solutions designed to help improve business performance. Insperity® Business Performance Advisors offer the most comprehensive suite of products and services available in the marketplace. Insperity delivers administrative relief, better benefits, reduced liabilities and a systematic way to improve productivity through its premier Workforce Optimization® solution. Additional company offerings include Human Capital Management, Payroll Services, Time and Attendance, Performance Management, Organizational Planning, Recruiting Services, Employment Screening, Financial Services, Expense Management, Retirement Services and Insurance Services. Insperity business performance solutions support more than 100,000 businesses with over 2 million employees. With 2016 revenues of $2.9 billion, Insperity operates in 61 offices throughout the United States. For more information, call 800-465-3800 or visit www.insperity.com.

Believe it or not, the employee handbook plays a critical role in every company. It is one of the most important communication tools a company can have. Not only does it set forth a company’s expectations for its employees, but it also describes what they can expect from the company. It is essential that every company have an employee handbook  and that it be as clear and unambiguous as possible. It also helps reduce risk by spelling out what employees can and cannot do, along with the consequences for failing to follow the policies.

Topics: Business Best Practices

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