Listen to “#576 How to Guarantee Success by Becoming an Expert” on Spreaker.
On this episode of The Small Business Radio Show…
SEGMENT 1, starting at 0:00: One of the best ways to succeed and guarantee long term success as an entrepreneur is to become a subject matter expert or thought leader. This is because selling is now about educating the prospect and customer. Here to show you how you can become an expert is Dorie Clark who helps individuals and companies get their best ideas heard in a crowded, noisy world. If you prefer to read the transcript of Dorie’s interview, click here.
SEGMENT 2, starting at 19:45: Family business is big business. 90% of U.S. business are family owned or controlled and family businesses generate 50% of the GNP. However, family businesses struggle with longevity. Less than 1/3 of family businesses survive the transition from first to second generation ownership and about half don’t survive the transition from second to third. Here to help is Rochelle Clarke, founder and CEO of Succession Strength, a company that keeps good businesses in business for generations.
SEGMENT 3, starting at 37:30: Half of small businesses in the US fail within five years. But, there’s one trend, according to my guest, that will boost the survival rate of businesses over the next decade. Here to help businesses be successful is Ben Richmond, US Country Manager at Xero.
Sponsored by Nextiva, LinkedIn, and vCita
More on each segment below.
Segment 1: Dorie Clark helps individuals and companies get their best ideas heard in a crowded, noisy world. She has been named one of the Top 50 business thinkers in the world by Thinkers50, and was honored as the #1 Communication Coach in the world at the Marshall Goldsmith Coaching Awards. She is the author of “Entrepreneurial You”, which was named one of Forbes’ Top 5 Business Books of the Year, as well as “Reinventing You and Stand Out”, which was named the #1 Leadership Book of the Year by Inc. magazine. She is a frequent contributor to the Harvard Business Review, and consults and speaks for clients such as Google, Yale University, and the World Bank. She is a graduate of Harvard Divinity School, a producer of a multiple Grammy-winning jazz album, and a Broadway investor.
2:15 – Why anyone, with the right effort, can become a thought leader in their field.
4:45 – How do you start to get your ideas known, heard, and respected? Dorie shares the 3 components of her Recognized Expert Methodology.
6:30 – How do you figure out what your expertise is? Does it have to be unique?
9:00 – Dorie’s advice for developing your expertise.
11:45 – How to create content on a regular basis when you’re not sure what to write about or don’t have the time.
13:30 – How can someone protect their reputation as an expert?
Click here to read the transcript of Dorie’s interview
Segment 2: Rochelle Clarke, is founder and CEO of Succession Strength, a company that keeps good businesses in business for generations. Part referee; part strategic guide for entrepreneurs and families in business, Rochelle combines her expertise with that of her team in helping business owners stay in operation from generation to generation by identifying and overcoming communication hurdles and preparing them and the families that support them to thrive through generational change. She is the author of “The 5 Critical Succession Conversations: A Comprehensive Guide for The Family Business”.
19:45 – What makes family businesses so complicated?
23:15 – Why many family businesses struggle with responsibility, accountability, and hiring top talent.
25:00 – How can a family business ensure a successful succession?
27:30 – What’s the best way to pass down the value of a family business to the next generation?
29:45 – Why it’s critical to involve the next generation in the creation of the succession plan and allow for a transition time during the change of ownership.
32:45 – The key part of the transition plan that many family businesses miss.
Segment 3: Ben Richmond is US Country Manager at Xero where he is responsible for driving Xero’s growth in the region. In 2019, Ben was recognized by CPA Practice Advisor as a “20 Under 40 Influencer” and he was named to Accounting Today’s “Top 100 Most Influential People in Accounting.”
37:30 – The one thing that will help businesses survive and thrive in today’s world.
39:00 – What are the benefits of moving your business to the cloud?
42:00 – How to get access to real-time financial data in your business, and actually use it to help you make decisions.
45:00 – How cloud applications are leveling the playing field between big companies and small companies.
46:15 – Why the cloud is actually one of the safest places to store data.
49:30 – When is the best time to transition to a cloud-based accounting platform?
