Listen to “#615 Tough Lessons Learned from Major Small Business Setbacks” on Spreaker.
On this episode of The Small Business Radio Show…
SEGMENT 1 with Sarah Y. Tse, starting at 0:00: Many small business owners have to learn the hard way. It’s only through adversity and failure that we find out what we need to know. Many small business setbacks happened to Sarah Tse as an entrepreneur- personal trials, business losses, legal challenges, and more- and she’s here to share her experience.
SEGMENT 2 with Jaime Lizotte, starting at 18:45: It’s that time of year that every small business owner dreads: tax time. Unfortunately, there are also some new tax forms this year. What are they and when do we need to file them by?
SEGMENT 3 with Lil Roberts, starting at 36:00: What can small business owners do to control their finances during the pandemic when so many things seem to be beyond their control?
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More on each segment below.
Segment 1: Sarah Y. Tse is a successful entrepreneur, publisher, and the author of a new book, “7 Years on the Front Line: True Stories and Tough Lessons about a Small Business that You Won’t Learn in a Classroom”. 7 Years on the Front Line is the compelling true story of Sarah’s seven-year odyssey of personal trials, business losses, legal challenges, and more small business setbacks.
1:15 – At birth, you contracted tuberculosis. How has this affected you?
2:30 – What did you learn from a multimillion dollar deal that went bad?
5:00 – You went through an unjustified three-year long IRS audit. What did you learn from that small business setback?
7:00 – How do you continue to make good decisions, even under stressful circumstances?
8:45 – How do you survive business betrayal and not become jaded?
10:00 – How to determine when to fight and when to yield.
13:15 – When should you terminate a business relationship?
Segment 2: Jaime Lizotte is Brand Manager of efile4Biz.
18:45 – What is the new tax form this year affecting all businesses?
20:00 – What is the difference between the 1099-MISC and the 1099-NEC?
21:30 – Who needs to file the new form 1099-NEC?
25:00 – What processes are good to have in place so that these forms don’t take a lot of time?
26:45 – What are the penalties if you don’t file these forms by the Jan. 31 deadline? Is it possible to get an extension?
29:00 – How can efile4biz.com help with filing 1099-NEC forms?
Segment 3: Lil Roberts prides herself on building customer-centric companies that are built on teamwork, technology and integrity. After a successful exit from the manufacturing industry, Lil now serves as CEO and Founder of Xendoo, a cloud-based online bookkeeping and accounting company based in Fort Lauderdale.
36:00 – Small business owners need to check their financial statements regularly to understand what’s going on in their business. Why don’t more small business owners do this?
40:15 – What key metrics should small business owners be tracking on a monthly basis?
42:45 – How can you reduce your fixed expenses during COVID-19?
44:15 – What affects how much cash you have on hand?
47:30 – What key information is on your business’s balance sheet?
48:00 – How does Xendoo fit in with Quickbooks and Xero? Do you need both?
50:00 – It’s harder to run a small business than it is a big business.
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You can find more episodes of The Small Business Radio Show here.
