Business Growth

As a business owner, you know that access to capital is essential to keeping your business afloat and growing. But what are the best ways to get business credit? And what are the biggest mistakes that owners make when it comes to their credit scores?

In this episode, Spencer sits down with Gerri Detweiler, Gerri is an internationally recognized expert on personal and business credit and business finances and has been featured in major media outlets, courses, and podcasts. She talks about building your business credit even as a solo entrepreneur, as well as the different things to keep in mind when buying a business. Gerri also clears out the confusion on accessing capital, getting additional capital, and credit scores in the business world.

Who’s the Guest?
Gerri Detweiler is a writer, speaker, and author who’s passionate about helping small business owners and consumers make better credit and financial decisions through education and advocacy. She helped develop educational programs and materials to teach consumers and small business owners through website articles, print materials, radio, podcasts, courses, and videos.

Gerri’s specialties include personal credit, small business finance, and business credit education. She has written five books: Finance Your Own Business: Get on the Financing Fast Track (2016) with attorney Garrett Sutton; Debt Collection Answers: How to Use Debt Collection Laws to Protect Your Rights (updated 2014); Reduce Debt, Reduce Stress: Real-Life Solutions for Solving Your Credit Crisis (Good Advice Press, 2009); Invest In Yourself: Six Secrets to a Rich Life (Wiley), The Ultimate Credit Handbook (Plume 1993, rev. ed. 2003).

Episode Highlights

• Guest spotlight: Who is Gerri Detweiler?
• What are the confusions when it comes to accessing capital, getting additional capital, and the credit scores in the business world?
• Building your business credit even as a sole proprietor.
• What the DUNS number is and how important is it for your business?
• The differences between a personal guarantee and no personal guarantee and how it connects to having a business.
• What are the timelines that people should expect, especially if you’re a startup?
• The different things to keep in mind if you’re purchasing a business.
• How can you monitor your business credit to avoid identity theft and other issues?
• Expert advice: What are the simple ways to start building your business credit?
  
  
  Links and Resources
• Finance Your Own Business
• https://www.gerridetweiler.com/
• https://www.nav.com/
• https://www.linkedin.com/in/gerridetweiler 
  
  
  Call to Action
• List of credit card issuers that report to business credit: https://www.nav.com/blog/which-credit-cards-can-help-me-build-business-credit-25633/
• List of vendors that help build business credit: https://www.nav.com/resource/net-30-accounts/
• Get a free printed copy of Finance Your Own Business (with a free Nav account): https://corporatedirect.com/business-credit-reporting-tool-book/ 

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When it comes to taking your business to the next level, outsourcing is key. But with so many different moving parts, it can be difficult to know where to start. That is why FreeUp is here to help!

In this episode, Spencer welcomes Mackenzie Lepretre, the Director of Operations for the FreeUp Marketplace, a top-rated marketplace for businesses to find and connect with the best remote professionals. Together, they talk about the three big areas that all business owners should keep in mind when it comes to outsourcing. Mackenzie also narrows down what makes FreeUp different from other marketplaces and how business owners can benefit from their unique pre-vetting system.

FreeUp is committed to helping you find the right person for the job at a price that fits your budget. Since they vet all of their freelancers, you can be confident you're working with only the best talent.

Episode Highlights

• How outsourcing can help you grow your business
• What are the three big areas to keep in mind when outsourcing people
• What are the two routes to take when it comes to hiring
• Getting started: What are the two types of freelancers you can hire for your business
• What makes FreeUp different from the other marketplaces available now
• How you can get more context and details from the freelancer you’re working with
• What are the common mistakes people are making when it comes to hiring and managing freelancers
  
  
  Links and Resources
• https://freeup.net/
• FreeUp Report Template
• Schedule a Meeting with a FreeUp Account Manager
• https://www.linkedin.com/in/mackenzielepretre  

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If I’m going to ask you now: What is your family tradition? What sets your family apart from others?

For today’s episode, Spencer excitedly shares all about the Family Wealth Manual. Inspired by Clint Fiore, Spencer shares why having a personal family manual can help families not only in growing their wealth but also in making better choices to grow their legacy and in avoiding decisions that could have negative consequences. Without a plan, you may make decisions that have negative consequences for your family's wealth.

Episode Highlights

• Who is Clint Fiore?
• Why you should create a family wealth manual
• Making a choice: What the consequences are of not growing your family, your legacy, and those around you
  
  
  Links and Resources
• https://twitter.com/ClintFiore/status/1548405621229174785 
  
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Acquisitions are a great way for businesses to grow. They can help you expand your reach, increase your market share, and add new products and services to your portfolio. But acquisitions can also be complex and time-consuming, so it's important to be prepared before embarking on the process.

For today’s episode, Spencer talks about the huge role of acquisition in a business. He describes how going through the acquisition process can pose a lot of advantages in a business.

The next question is: Are you ready for an acquisition?

Episode Highlights

• How acquisitions are a part of a business growth
• What the acquisition process is
• How acquisitions can increase your multiple in intellectual property
• What the advantages of acquisition are

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As a business owner, you're always looking for ways to grow your business. Leverage is one of the most powerful tools you have at your disposal.

Spencer describes what the 4 C’s of leverage in a business are: Collaboration, Capital, Code, and Content. He shares how each of these plays a huge role in making a business grow and how you can start using them to leverage your business.

Episode Highlights

• Why Spencer loves learning from other people
• Who Alex Hormozi is
• What the 4C’s of leverage in a business are
• How you can get capital for your business
• What the no code rabbit hole means
• Content is essential: How you can find where that content is for you
  
  
  Links and Resources
• Alex Hormozi
  
  
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When faced with a problem, many people try to find the quickest and easiest solution. However, this may not always be the best option.

For today’s episode, Spencer proves how constraints can actually be used to help you grow. Constraints force us to focus and get the job done quicker and produce better more quality results.

Episode Highlights

• What solution does Spencer come up with when faced with a time constraint problem
• What happens when you try and solve a problem differently
• What the other constraints that cause problems are
• How friction creates the growth
  
  
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Age is just a number — Does it apply even when running a business?

Spencer proves his point about feeling young, vibrant, and youthful by sharing his recent experiences through his conversations with his mother and friend. He shares what most people want to feel in the product and project that they are involved in, as well as the changes when it comes to adding energy to a business and making it grow.

If you're in a business, you feel like it's stagnating, remember to breathe some life into them, breathe some life into that business, into those people, and it will yield such great results for you.

Episode Highlights

• Feeling young, feeling youth, feeling vibrant is important
• What people want to feel in the products and projects that they are involved with
• The challenge when it comes to adding energy to your business
  
  
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How can a business grow and gather more customers in the long run? Other than marketing and advertising their business, one of the key ways to spread the word around is with five star reviews.

And that surrounds Spencer’s talk for today. He describes the lessons he’s teaching his employees every year: Through tips. Spencer also talks about how framing the review process works and how the persuasion framework can ensure your business continues to grow.

Episode Highlights

• Love-hate with iPad checkouts
• Spencer’s lesson to employees every year
• How framing the review process works
• The persuasion framework
  
  
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For a business to be more profitable, creating additional revenue streams should be on top of any business owner’s list.

Creating multiple income streams should maximize your business’ potential.

Looking back at his vacation in South Mexico, Spencer shares the incredible business lesson he learned from his trip while meeting his taxi driver. He breaks down the different alternatives available to help in marketing a business. Spencer also talks about the other ways to add revenue in an existing business and how he was able to open up the taxi driver’s mind into unlimited possibilities.

Episode Highlights

• The incredible business lesson Spencer learned during his trip in South Mexico
• One of the last things that they want to take care of when out on vacation in an AirBnB
• The different alternatives to marketing their laundry business
• What the different ways to add revenue to your business are
  
  
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To drive your team to fulfill your company’s vision, having an operator for your business is a must. If you’re a business owner, one of the key things you should look for is someone you can trust to help with your operation.

Spencer talks about not only about finding an operator, but also his own non-negotiables when looking for one. He also discusses why having an operator is essential and how you can see your business take off beyond what you could ever imagine, if there’s someone behind you.

Episode Highlights

• Finding an operator is not always the easiest
• What the end result can be if you’re finding your fulfillment in life and your meaning through your business
• The non-negotiables when looking for an operator
• Why having an operator is essential
  
  
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