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Josh Schultz Profile picture
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24 Jan, 5 tweets, 1 min read
How to double the value of a company over 12-24 months through

- building excellent operations
- streamlining operations
- creating a sales machine

An ongoing thread sharing everything I do in realtime. Will be as transparent as possible!
What: Sells natural gas regulators and water meters to contractors for large projects, private and government.

Who: Single owner in NY

Size: 400k in Rev, takes home 70k salary plus 50k profit

Why: Stuck here for 3 years, burnt out, wants to retire someday, possible sell.
Disclosure: I was a partner in this firm and founded it with him. Sold my share back once we got rolling for a quick profit.

Now he wants me to help him break through.

My time is limited, but he's family and I can give him a little time each month.
Plus, its a great way to share with everyone here

- how to work on your business
- where to focus
- what to build, and what not to build
- how it looks as you streamline ops (its not all at once)
- and give everyone ideas for yourself!

I hope this is helpful to everyone!
Repeating Bills w/placeholders

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More from @joshuamschultz

Josh Schultz Profile picture
25 Jan
Tale of two businesses, each in their 1st year...

A: Everyone works 7 hours a day, spend last hour documenting learnings, reflecting, making job and company better.

B: Everyone works 10 hours a day pushing and hustling, day in and day out.

My money is on A over the long term.
When we are first work on something, individually or corporately, we have beginner mind. Everything is new, we are learning machines.

You'll never get that back.

You should be writing everything down, documenting, changing, erasing, developing.
Without purposeful reflection and development, you may retain 10-20% of what you learn as an organization.

With devoted time to learning, iterating, and small improvements, you can retain 80% or so.

This, compounded over years, leads A to be the better corporation over time.
Read 6 tweets
Josh Schultz Profile picture
25 Jan
Sub-accounts you want clean all the time

- inventory
- AR
- Ap

And lists
- customers
- suppliers
- support firms
- employees
- fixed assets

Create a process to keep each up to date. Some ideas below
Cycle count for inventory

Separate your inventory into 12 sections. Check each section each month and make appropriate inventory adjustments in your tracking.
AP

Check all bills. Make sure you are paying each.

Make sure there are no old ones that were paid but still showing open (duplicate, or reconciled wrong and so still show open).
Read 7 tweets
Josh Schultz Profile picture
24 Jan
If you aren't using repeating bills for as many things as possible, start doing this asap!

This company uses @Xero.

We have repeating bills for all predictable bills like rent.

Weekly Time Saved: 15 min
If a bill never changes, its easy.

Enter the amounts, assign to the proper account, and set it up to repeat.

We pay this by check, so we have it auto approve now and get sent to the "to be paid section"
If a bill does change (like the payroll or auto loan payment), we setup a repeating bill but have it go into drafts with $1 dollar for each line item (state payroll tax, auto interest, etc).

Then, in a monthly checklist, we review draft bills and fill in the correct amount.
Read 7 tweets
Josh Schultz Profile picture
19 Jan
Understanding how you yourself view your business in fundamental in how you approach grow it, solving problems, and making decisions.

If you haven't figured out how you view it, take some time to do this.

Here is how I view small business ...
1. I view it as a giant process consisting of 3 main machines.

Thinking in terms of machines leads me to these perspectives:

a. they take inputs, do something, have outputs

b. you can tweak the output through changing inputs and what the machine does (or how it does it)
c. when there is a problem, my job is to figure out what went wrong, and fix or replace that component. The fix or replace decision is a crucial insight.

d. machines can be documented, improved, and rebuilt. I love the myth of Theseus Ship for this en.wikipedia.org/wiki/Ship_of_T…
Read 12 tweets
Josh Schultz Profile picture
18 Jan
On making money and keeping customers.

Here is something from the inside playbook no one shares, and we aren't supposed to talk about.

If you are fresh out of B-School, this will seem like poor business. If you have a few years... you'll get it.

Margins, Favors, and Lies...
Most customers, the ones I enjoy dealing with, you do straight up business, all the time, and build trust.

However, there is a customer level of corporate size and machinery, that when you get to, they no longer have a desire to relate with you, they want to own you.
Business needs to be transacted differently here.

One of my mentors used to say "when you can make money, make it".

I thought this was bad business, unethical, and not as good as being straight and even with pricing and quotes.

... then I got some experience.
Read 12 tweets
Josh Schultz Profile picture
18 Jan
If you keep collecting ideas to put together the perfect implementation, I was there too.

Time to start and release some crappy implementations - they have turned out to be my best... over time!

Documenting your business can be the core of your small business to iterate on!
BTW.... I've been wanting to start releases videos for a LONG TIME!

This is my crappy iteration. Shot of iphone, no special mic.

I have 4 condensers, Elgato lights, and a Sony A6300... but to get started, I just hit record. I'll adjust something each recording session until 👌🏼
Slightly longer version on Youtube.

No "lower thirds", horrible tags, didn't make a custom cover.

Why did I even bother!?

Because iterating on what I did here today will be much easier (and faster) than researching, buying all youtube extras, and planning the perfect environ
Read 4 tweets

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