Business Valuation Methods | Business BeyonDIY | Episode 007

Streamline Your Payment Process: Get Paid on Time Every Time | BBDIY 010

Streamlining Payment Processes for Small Business Success In this episode of Business Beyond DIY, host Steve Krausse addresses the common discomfort business owners feel when collecting money owed to them. He provides practical and actionable steps to streamline getting paid, ensuring it becomes an objective process. The episode covers four key actions: getting paid in advance, clarifying payment terms, making payments easy for customers, and controlling the credit offered to clients. Steve emphasizes the importance of maintaining clear communication, using digital invoicing systems, and considering the pros and cons of taking legal action or using third-party lenders for consumer credit. Additionally, he offers a downloadable structured collection procedure to assist businesses in handling overdue payments effectively. Download the Example Collections Process here: http://nocobc.link/bbdiy010 [http://nocobc.link/bbdiy010] 00:00 Introduction and Host Welcome 01:10 The Importance of Getting Paid 01:23 Four Actions to Streamline Payments 01:53 Getting Paid in Advance 04:57 Clear Payment Terms 07:38 Consequences of Late Payments 14:36 Making It Easy to Get Paid 18:34 Controlling Credit 24:05 Conclusion and Final Thoughts

Input vs. Participation | Business BeyonDIY | 009

Navigating the Complexities of Input and Participation in Business Management Input vs. Participation | Business BeyonDIY | 009 Show Notes: https://nocobc.link/bbdiy009 In this episode of Business Beyond DIY, host Steve Krausse explores why a proposed document control system faced implementation challenges despite incorporating input from various stakeholders. He emphasizes the importance of distinguishing between input and participation in a business setting. By defining both terms and elaborating on their benefits and risks, Krausse illustrates how to effectively gather valuable input and foster meaningful participation. He also shares practical advice on setting realistic expectations and maintaining control in collaborative environments. This episode offers actionable strategies to help business owners improve processes while ensuring employees feel heard and valued. 00:00 Introduction and Initial Expectations 00:37 Welcome to Business BeyonDIY 01:25 Defining Input and Its Benefits 04:29 Risks and Challenges of Input 06:57 Understanding Participation 07:58 Risks and Challenges of Participation 12:36 Combining Input and Participation for Success 20:05 Practical Tools and Templates 23:22 The Importance of Giving Credit 25:02 Conclusion and Lessons Learned

Change is hard… Does it have to be? | Business BeyonDIY | 008

Change is hard… Does it have to be? | Business BeyonDIY | 008 Overcoming Resistance: Effective Strategies for Change Management in Small Businesses In this episode of 'Business Beyond DIY,' host Steve Krausse discusses the common perception that 'change is hard' and explores whether it truly has to be that way for small businesses. Steve identifies factors contributing to resistance to change, such as discomfort with unfamiliarity and perceived threats to job roles. He offers practical strategies for motivating employees by aligning their self-interests with business goals, suggesting mechanisms like profit sharing, improved working environments, and better tools. Steve emphasizes the importance of ensuring that the benefits promised to employees are actually realized to foster a positive attitude toward change. The episode concludes with an invitation for small business owners to share their experiences with change management to shape an upcoming comprehensive online program. 00:00 Introduction: The Myth of 'Change is Hard' 00:51 Welcome to Business Beyond DIY 01:50 Why Do We Perceive Change as Hard? 04:05 The Necessity of Change in Business 04:52 Overcoming Resistance to Change 07:07 Motivating Employees for Change 09:10 Creating a Supportive Work Environment 10:06 Implementing Effective Change Processes 12:57 Training and Leadership Development 15:54 Conclusion and Call to Action Participate in my anonymous small business process improvement survey! http://nocobc.link/nocobc001smbchange [http://nocobc.link/nocobc001smbchange] Reference 6 Reasons Why Change Management Fails and How To Avoid Them Prosci https://www.prosci.com/blog/why-change-management-fails [https://www.prosci.com/blog/why-change-management-fails]

Business Valuation Methods | Business BeyonDIY | Episode 007

How will they value my business? That's what we're asking when we start to look at our exit strategy. If you research this you'll find what looks like a lot of possible valuation methods. Today I'll talk about what they mean and see if we can simplify the process. Spoiler alert... we can! Chapter Markers TBD after the show! Because the stream cut me off... Remember that doing it yourself doesn't mean going it alone! :) Need Business BeyonDIY on the go? Check your favorite podcatcher! https://podcasts.apple.com/us/podcast/business-beyondiy/id1613986344?uo=4 [https://podcasts.apple.com/us/podcast/business-beyondiy/id1613986344?uo=4] https://open.spotify.com/show/2sITlBIUpfkijWhNeWMtAg [https://open.spotify.com/show/2sITlBIUpfkijWhNeWMtAg] ...and many more! Contact stephen.krausse@b50p.com https://beyond50percent.com [https://beyond50percent.com] Let's Talk https://b50p.info/stephens_calendar [https://b50p.info/stephens_calendar] Connect on Social LinkedIn | https://www.linkedin.com/company/beyond-50-percent [https://www.linkedin.com/company/beyond-50-percent] Instagram | https://www.instagram.com/beyond50percent/ [https://www.instagram.com/beyond50percent/] Facebook | https://www.facebook.com/beyond50percent/ [https://www.facebook.com/beyond50percent/] Twitter | https://twitter.com/beyond50percent [https://twitter.com/beyond50percent] Check out my show on Twitch | https://www.twitch.tv/beyond50percent [https://www.twitch.tv/beyond50percent]

Inventory Transferability & Value | Run it Ready to Exit | Business BeyonDIY | Episode 006

If you’re running a product-based business you’re dealing with inventory. Inventory management has a direct impact on the profitability of our business.  How easy it is to transfer not only our physical inventory but the processes, sources, and relationships that power our inventory will have a direct impact on how the value a potential buyer will place on our business. At first glance, you might think inventory is one of the easiest parts of a business to put a number on when you’re getting a business ready to exit. Or is it? Do you use the balance sheet value? Maybe you should use the retail value? What about the liquidation value? Will the buyer be able to source material at the same cost? How does shelf life impact the value of your inventory? What resources are required to store it? Maybe it isn’t as simple after all. Even though it isn’t as straightforward as you might think at first, understanding the bigger picture of inventory can help you assign an accurate value to the inventory in a transaction. More importantly when you’re running your business ‘ready to exit’ you can take a few key steps to make your own inventory management easier and provide evidence to your buyer that critical elements of inventory management are transferable to new ownership. This reduces the short-term risk of supply/production interruptions during the transition between owners and provides confidence in the long-term availability of supply. Today we'll talk about: Inventory Value Sourcing Storage Watch the livestream recording on YouTube: https://youtu.be/aVGaVm3YA9Q Contact stephen.krausse@b50p.com https://beyond50percent.com Let's Talk https://b50p.info/stephens_calendar Connect on Social LinkedIn | https://www.linkedin.com/company/beyond-50-percent Instagram | https://www.instagram.com/beyond50percent/ Facebook | https://www.facebook.com/beyond50percent/ Twitter | https://twitter.com/beyond50percent Check out my show on Twitch | https://www.twitch.tv/beyond50percent