When Firing Someone Could Save Your Business

Рет қаралды 16,784

Күн бұрын

Today we’ll hear about:
• How to establish a team culture people want to be a part of
• A business owner whose wife is miserable because of their company
• How to teach kids how to be strong business owners
• What to do when your bookkeeper isn’t being honest about business finances
Links mentioned in this episode:
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• Stages of Business Assessment: bit.ly/45RXQaZ
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Пікірлер: 27

@BlakeLeSueur-cf5op 9 ай бұрын

CPA here. I work with small business owners with their Tax and Accounting. When I heard the guy complain about his CPA/accountant, be careful to judge quickly on the situation. Many times small business owner just want you to do the accounting when and prepare a tax return. When you recommend to visit with them 4 - 12 times a year to hire you as a fractional CFO and Tax Advisor and to pay for a higher monthly subscription so that you can explain to them their numbers and how their business is doing even on a cashflow basis. They believe they deserve service without paying for it. Also, they call you telling you that they care about knowing the numbers but they don’t make the time to meet you on it. Love the show and and loved the question, but wanted to at least bring up the other side of the equation. 🙂

@djg4653 9 ай бұрын

These episodes seem to be timed perfectly. I am almost always dealing with something dave is discussing at the time he is discussing it. Here every Monday! People are sleeping on this show way too hard. Its not a get rich quick show about how to multiply your money, its how to work with people, lead people and grow naturally in leadership! Thanks DAVE!

@gradywray5391 9 ай бұрын

100 percent sure the second callers problem is they don’t pay their employees enough. 50 percent profit margin on a 3 million dollar business means either you are doing too much of the work yourself, or your people are underpaid or both. Hire 5 people to do what your wife does and you will still profit $1000000 per year. He really thinks he can’t train anyone to do what he and his wife do. Ridiculous.

@talinthon760 9 ай бұрын

I have to disagree. It sounds to me like he's got too many irons in the fire and can't keep up. This is an inherent problem in his chosen business (maintenance millwright). He's unwilling to pass off control because he thinks that it will cost him his business rather than train up a few people and implement systems to fix the burdens and bottlenecks. This has put his focus on not losing the business rather than running and managing the company, which, long term, will result in him losing it.

@gradywray5391 9 ай бұрын

@@talinthon760 I understand what you are saying however the fact that he is basically ready to throw in the towel on the business because he thinks he can’t get people to do the roles that he and his wife do suggest otherwise. He is acting like he is running a smaller operation. He has the cash to hire the help, he just doesn’t think they will be able to do the job adequately. They need a few key employees to run the place and help take some of the weight off his and his wife’s shoulders, unfortunately good help isn’t cheap. 1.75 million in profit will buy you a lot.

@CroisMoi 9 ай бұрын

Maybe he is just a control freak. Everything has to be done like they would.

@jcoul1sc 9 ай бұрын

It's the grass is greener on the other side thinking too.

@nashvilletrainerfitness9167 9 ай бұрын

I look forward to this show on Monday mornings. Learning very important tactical business ideas and lessons from the old man. Thank you 🙏🏽

@amerikaansnieuws3248 5 ай бұрын

Thank you for another great episode.

@jessicalmcdaniel9878 8 ай бұрын

Been a long time listener of the money show, but I just found out that this is about exactly what I do every day! You’ve just earned a new die hard listener

@zerimaryar 9 ай бұрын

For the RV repair person: having done that, the 'pareto principle' or the 20/80 rule is _always_ in effect. Dave's idea at the end of getting rid of the bottom 15% of staff, the worse (complainer wise) 10% of customers and 10% of vendors would improve things _greatly_! Also a key practice is 'under promise and over deliver'. If you know, on 'average' it takes 2 wks, tell them 4 wks. Dave intuited that you may need to formalize systems. I would suggest all your key staff (no more than 6-10) together read 'the checklist manifesto' reading 2 chapter/ wk and ask what they think, how that might work for the first few chapters, and the last half of the book, you start pushing 'what lists are we going to put in place so when a customer comes in, we go through a list before we give a price and time estimate, so it can be accurate.... as an example.

@bb5808 8 ай бұрын

Dave, you should consider an accountant training course Seems like a big need for these businesses. If you do it for smartvest, you can do for CPAs

@alvaroguerra3627 7 ай бұрын

It shouldn't be a bad thing if an employeee wants to work a JOB, afterall you will fire them the moment you have no use for them anymore, i think you mean well but the way it came out seems like a toxic place at your company because if someone doesnt kiss your boots all day everyday that would warrant you letting them go in your eyes eventho they perform all their required duties...

@TheVoidstonz 9 ай бұрын

Do employees get paid like they own the company ?

@alvaroguerra3627 7 ай бұрын

Exactly my thought, he says he doesn't want people to treat it like a JOB, he has lost touch with reality because most people work a job for an income no matter how you want to put it....

@Face_made_for_radio 3 ай бұрын

Both of you guys missed the point.

@alexeberhard9681 Ай бұрын

He says elsewhere they profit share so it seems like a fair request.

@vadimrazenberg 2 ай бұрын

“Work here like you own it, take vacation like you own it”….. do I get to share in the profits like I own it?… didn’t think so.

@jcoul1sc 9 ай бұрын

Refreshing stuff

@dragonchild36 9 ай бұрын

Hi Dave. Love your podcast and appreciate your wisdom. My husband and I are considering changing our CPA, and what you said applied to us. One of the companies we interviewed wants a couple grands sign-up fee and then monthly subscription fee. That is not what we're used to or familiar with. Is this a new normal, or is it a way for them to ensure their cash flow, and we should look elsewhere? Thank you!

@TheChitowngirl23 9 ай бұрын

I'm an accountant and that is not normal. A monthly fee is only charged if they complete a monthly service like financial statements.

@ericgraycpa 9 ай бұрын

Our firm is moving to a monthly fee model. There are a number of reasons and benefits related to that model (for the client and the firm). For a regular ol' 1040 + annual tax planning, the monthly fee might be around $150. No sign-up fee.

@BlakeLeSueur-cf5op 9 ай бұрын

CPA here. A monthly subscription fee with money up front is normal. It takes a lot of work to upfront to clean up books, review your tax situation and create a plan for you moving forward. This model is good for the client as the client won’t get a surprise bill and knows their CPA will answer when you call or email any time of the month.