Gentle Art of Leadership Podcast – Steven Davis

Introduction

Steven is an entrepreneur and co-owner of Satellite Strategies, an accounting firm based in Northern Colorado. He shares practical advice all business owners must know on how to get started with accounting and why staying on top of your finances is crucial for business success. Steven emphasizes the importance of having a dedicated person in charge of finances and explains the strategic value of forecasting. He breaks down how to properly read financial reports in the correct order, giving business owners a clearer picture of their operations. Steven also dives into the difference between taking an owner draw versus a salary, helping entrepreneurs make informed decisions about their compensation. This episode is packed with valuable insights for business owners looking to strengthen their financial foundation and make smarter money moves. 

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Highlights From The Episode

  • Time: [00:00:00]
    Understanding Profit and Loss Limitations
  • Time: [00:00:51]
    Importance of Financial Visibility
  • Time: [00:00:56]
    Introduction to Steven Davis
  • Time: [00:01:12]
    Faith-Based Father-Son Adventure in Spain
  • Time: [00:01:45]
    Welcoming Steven Davis
  • Time: [00:01:51]
    Discussing the Importance of Professional Bookkeeping
  • Time: [00:02:19]
    The Complexity of Accounting Roles
  • Time: [00:03:24]
    Continuous Learning in Accounting
  • Time: [00:04:00]
    Common Financial Mistakes in Small Businesses
  • Time: [00:05:01]
    Real-Time Financial Reports and Forecasting
  • Time: [00:05:15]
    Importance of Understanding Financials
  • Time: [00:06:20]
    The Value of Professional Accounting Services
  • Time: [00:06:58]
    Investment vs. Waste in Business Spending
  • Time: [00:07:06]
    Meeting Frequency with Accountants
  • Time: [00:07:37]
    Basics of Financial Documents
  • Time: [00:07:58]
    Shoutout to Mike McAlwicks
  • Time: [00:08:33]
    Profit First and Pumpkin Plan Impact
  • Time: [00:08:59]
    Importance of Firing Unfit Clients
  • Time: [00:09:22]
    Chapter Summary and Basics of Financial Documents
  • Time: [00:09:55]
    Basics of Balance Sheet, PnL, and Cash Flow
  • Time: [00:10:49]
    Importance of Reviewing the Balance Sheet
  • Time: [00:11:02]
    Common Misunderstandings with Profit and Loss
  • Time: [00:12:07]
    Ensuring Accuracy in Financial Statements
  • Time: [00:12:38]
    Understanding the Profit and Loss Statement
  • Time: [00:13:20]
    Current Ratio and Quick Ratio
  • Time: [00:14:02]
    Assessing Asset and Liability Levels
  • Time: [00:15:15]
    Misconceptions About Net Profit
  • Time: [00:15:27]
    Overview of Balance Sheet Impacts
  • Time: [00:15:37]
    Sponsor Messages
  • Time: [00:16:18]
    Structuring a Business for Sale
  • Time: [00:17:13]
    Evaluating Business Owner’s Role and Compensation
  • Time: [00:18:04]
    Evaluating Business Profitability for Sale
  • Time: [00:18:54]
    Fair and Reasonable Owner’s Salary
  • Time: [00:19:15]
    Balancing W2 Salary and Owner Draws
  • Time: [00:20:17]
    Understanding Statement of Cash Flow
  • Time: [00:21:02]
    Importance of Accurate Financial Statements
  • Time: [00:21:28]
    When to Engage Professional Accounting Services
  • Time: [00:21:53]
    Determining When to Hire Professional Accounting Services
  • Time: [00:22:32]
    Case Study: Photography Business
  • Time: [00:23:00]
    Flat Rate Accounting Packages for Small Businesses
  • Time: [00:23:35]
    Cost Savings with Professional Accounting
  • Time: [00:24:06]
    Accounting for Small Business Growth
  • Time: [00:24:35]
    Steven Davis’s Journey from Alabama to Colorado
  • Time: [00:25:08]
    Entrepreneurial Spirit from a Young Age
  • Time: [00:26:05]
    Transition from Music to Business
  • Time: [00:27:11]
    Career Progression and Management Experience
  • Time: [00:27:55]
    Applying Restaurant Management Skills to Accounting
  • Time: [00:28:00]
    Building Satellite Strategies
  • Time: [00:29:07]
    Rapid Growth and Business Development
  • Time: [00:29:30]
    Achieving Work-Life Balance and Growth
  • Time: [00:30:09]
    Navigating Accounting Industry’s Busy Seasons
  • Time: [00:31:17]
    Setting Growth Goals for Satellite Strategies
  • Time: [00:32:24]
    Encouragement to Pursue Entrepreneurship
  • Time: [00:33:14]
    Sponsors for Christian Business Owners
  • Time: [00:33:50]
    Explanation of W2 Salary and Owner Draw
  • Time: [00:34:06]
    Tax Implications of Payroll and Distributions
  • Time: [00:34:52]
    Payroll Taxes and Employee Costs
  • Time: [00:36:29]
    Self-Employment Tax Considerations
  • Time: [00:37:39]
    Addressing Different Business Structures
  • Time: [00:38:25]
    Balancing Salary and Draw for Smaller Profits
  • Time: [00:39:15]
    Importance of Social Security Contributions
  • Time: [00:39:32]
    Retirement Planning Considerations
  • Time: [00:40:01]
    Learning from Fast Business Growth
  • Time: [00:40:41]
    Adapting Communication Styles in Business
  • Time: [00:41:23]
    Continuous Adaptation and Growth in Business
  • Time: [00:41:55]
    Human Component in Business Processes
  • Time: [00:42:57]
    Impact of Effective Financial Management
  • Time: [00:43:19]
    Fun and Unique Business Write-Offs
  • Time: [00:44:03]
    Clothing and Uniform Write-Off Rules
  • Time: [00:44:46]
    Common Overlooked Business Write-Offs
  • Time: [00:45:14]
    Closing Remarks on Business Vision and Growth
  • Time: [00:46:23]
    Encouraging Owner Compensation and Draws
  • Time: [00:47:29]
    Satellite Strategies’ Comprehensive Business Services
  • Time: [00:48:38]
    CPA Partnership and Tax Planning
  • Time: [00:49:38]
    Proactive Business and Financial Planning
  • Time: [00:50:41]
    Reducing Stress Through Financial Planning
  • Time: [00:51:18]
    Building Trust with Clients
  • Time: [00:51:57]
    Importance of Admitting When Help is Needed
  • Time: [00:52:13]
    Closing Thoughts and Future Plans

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