Hampton Roads Business Weekly Episode 8 Show Notes

Finance 101 with Paul DiNardo

1. What is the difference between an accountant and a CPA? An accountant can be anyone, whereas a CPA must have formal training, continuing education, and pass an exam.

2. What is the top thing for a new/growing businesses to do for managing cash flow? Make sure you are keeping track as you go (manage your books).

3. How does someone manage their books? Track income and expenses, use excel as you go. Segregate business activity and personal activity

4.  What about outsourcing the accounting work? Consider your payroll to outsource first.

5. What is the number 1 disaster question? It concerns cash-flow….just because a business is cash strapped doesn’t mean it is poor – they may just need financing.

Entrepreneurial Terrors with Dr. Gregory Stone

1. How do entrepreneurs make it through the scary times? Remember, it’s a normal physchological state, you just have to make it through.

2. Keep it (your anxiety/fear) out of the family…don’t take it out on the family. Instead, speak to other entrepreneurs/mentors.

3. How do u manage the highs and lows of being an entrepreneur? Stay calm and stay focused on your product, services, and customers and associate urself with other positive entrepreneurs.

4. Remember, celebrate the victories!

Entrepreneur of the Week

1. How did you make the leap of faith to start your business? I had encouragement/guidance from my friends and prayer from church.
2. How did you make it through the recession? We had fewer employees. My wife and I didn’t take a pay check for some periods, but we made it through.
3. Any advice for struggling companies? There will always be ups and downs. Be as diversified as possible.
4. Any other tips: network!

London Bridge Trading Co.

1. What do you do? We mainly manufacture tactical and other type of gear for the military/government.

2. We grew by having good people work for us and we share our successes with them. It builds a family environment.

3. What challenges/mistakes did u overcome? Many, you just have to keep going and learn from your mistakes.

Social Media Tips

1. This weeks tools is Canva – a free online graphic design application.

2. You can use stock images or use your own photo.

3. You can customize the size of your photo for your social media posts.