Small Business Flight School: A Proven Plan for Growth

Chuck Lopez will be live as we talk around financials and more and what you need to consider and have in place to see your business succeed!

Register to secure your seat with a financial professional to answer your questions and more!

Guests are welcome, though please everyone register by March 25 to verify your dinner seat!!

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More about Chuck Lopez and the Honolulu MBDA Business Center
https://www.mbda.gov/

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Thirty years building networks and relationships in business centered around finance, sales, consulting,
alternative project financing and for NGO’s. During the past sixteen years, I built a strong network in the
business, corporate training, and education sectors in Vietnam. I help visualize strategy, formalize ideas
and goals, which bring results. I have in-depth experience managing extremely challenging times then
leverage that into opportunity. I explore innovative approaches that sync business, training and education
into new culture-centric business models which focus on core values and sustainability. I enrich people’s
lives by creating platforms that provide opportunities.

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I’ve completed successful business development resulting in $685M in contracts and have experience in
import/export markets, banking, aerospace, defense, IT, maritime, asset management, insurance, food
and beverage, garment, print media, transportation management, travel industry, property, medical
institutions, doctors, pharmaceuticals, and project developers. I’ve restructured consulting and advising
businesses and grown them from $20M to more than $400M.

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I’m Alumni of the powerful and respected University of Hawai’i, Shidler College of Business. Our alumni
network of 29,000 alumni spans forty countries. I hold special ties with the 1000 member, highly influential
VEMBA Alumni Network in Vietnam.

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AI Summary of Discussion:

NSA HI March Membership Meeting: Chuck Lopez

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The discussion focused on business readiness, particularly the ability to access capital and the importance of financial literacy. Key points included the need for trend analysis, understanding business valuation, and the significance of intangible assets like goodwill. The conversation also highlighted the importance of planning, with a three-year financial plan recommended. The five times rule for employee investment was emphasized, and the necessity of efficient overhead management was discussed. The group also explored the impact of economic instability and the potential for business pivots, particularly in the context of DEI and geopolitical changes. The NSA HI March Membership Meeting featured discussions on business strategies, particularly the impact of social media and webinars. Chuck Lopez emphasized the importance of tracking specific metrics to measure success, such as return rates from webinars. The conversation also touched on the use of AI tools like ChatGPT for productivity and accountability, and the potential of using AI for pre-mortem analysis in project management and business planning. Additionally, the group discussed the benefits of networking and leveraging resources from organizations like the National Speakers Association. Personal anecdotes about work-life balance and creative activities were shared, highlighting the blend of professional and personal growth.

Outline

Capital Readiness and Financial Literacy

• Speaker 1 discusses the importance of understanding financials and trend analysis for business owners.
• Emphasizes the need for business owners to be able to communicate effectively with bankers and lenders.
• Highlights the skills required for trend analysis and projecting business outcomes.
• Speaker 2 adds that business owners should consider the value of their business if they were to sell it.

Preparing a Business for Sale

• Speaker 2 questions whether a business is ready to be sold and how to quantify its value.
• Speaker 3 shares an experience of hiring staff to sell his business, emphasizing the importance of not being dependent on oneself.
• Discussion on the difficulty of valuing businesses with no tangible assets.
• Speaker 1 explains the concept of goodwill and its role in accounting and business valuation.

Valuing Intangible Assets

• Speaker 4 asks about valuing goodwill, and Speaker 1 explains its use in balancing books.
• Discussion on the premium buyers pay for intangible assets like goodwill.
• Speaker 1 mentions the importance of having detailed financial records to establish goodwill.
• Speaker 3 and Speaker 4 discuss the value of intellectual property and its potential for sale.

Building a Valuable Business

• Speaker 1 introduces the VRIO model to evaluate the value, rarity, and imitability of a business.
• Emphasizes the importance of building processes and systems to make a business difficult to imitate.
• Speaker 1 uses Zappos as an example of a company with a high-quality client service model.
• Discussion on the benefits of having a strong client service model and its impact on business value.

Marketing and Sales Strategies

• Speaker 2 and Speaker 3 discuss the importance of marketing and sales in business success.
• Speaker 2 shares a strategy of offering an AMA session after training to ensure client satisfaction.
• Speaker 4 suggests following up with clients to reinforce learning and implementation.
• Speaker 1 emphasizes the need for consistent marketing and sales efforts to maintain business growth.

Financial Planning and Analysis

• Speaker 2 highlights the importance of having a three-year financial plan.
• Discussion on the need for business owners to plan their financials and activities in advance.
• Speaker 2 suggests tracking the profitability and efficiency of different business activities.
• Speaker 1 introduces the concept of the five times rule for evaluating the return on investment of hiring employees.

Adapting to Market Changes

• Speaker 1 discusses the importance of pivoting and adapting to market changes.
• Emphasizes the need for businesses to focus on opportunities rather than relying solely on grants.
• Speaker 1 mentions the impact of geopolitical factors on business opportunities.
• Discussion on the importance of having a flexible business model to adapt to changing market conditions.

Managing Overhead and Costs

• Speaker 1 explains the importance of managing overhead to avoid business failure.
• Discussion on the benefits of outsourcing to reduce costs and improve efficiency.
• Speaker 1 shares an example of using fractional CFOs and COOs to manage business operations.
• Emphasizes the need for business owners to focus on profitability and efficiency.

Evaluating Business Performance

• Speaker 1 introduces a visual tool to help business owners understand the impact of different business areas.
• Discussion on the importance of tracking cash flow, overhead, and product/service demand.
• Speaker 1 explains the concept of the five times rule for evaluating the return on investment of hiring employees.
• Emphasizes the need for business owners to focus on profitability and efficiency.

Building a Strong Brand

• Speaker 2 discusses the importance of having a strong brand and marketing strategy.
• Emphasizes the need for business owners to plan their marketing and branding efforts in advance.
• Speaker 2 suggests tracking the effectiveness of different marketing channels to optimize efforts.
• Discussion on the importance of having a consistent and strong brand presence to attract clients.

Social Media Strategy and Business Choices

• Speaker 2 discusses the approach of using social media as a pure expense without tracking returns, emphasizing the importance of focusing on one metric.
• The conversation highlights the decision to track webinars but not other social media activities, reflecting a strategic business choice.
• Speaker 2 appreciates Chuck's information and the exercise, seeking validation from others.
• Speaker 4 and an unknown speaker provide validation, emphasizing personal worth and value.

Work-Life Balance and Productivity Tools

• Speaker 2 shares their approach to work, choosing a 30-hour workweek and the challenge of wanting to work more.
• The discussion shifts to productivity tools, with Speaker 2 mentioning a health ring that tracks various metrics like blood pressure and sleep patterns.
• Speaker 4 humorously suggests a conspiracy theory about health rings transferring thoughts to a secret government agency.
• The conversation touches on the use of AI tools like Faraday hats and the potential benefits of treating AI like a person for better results.

AI Tools and Their Impact on Work

• Speaker 3 shares their experience with AI, noting that treating AI like a person can yield more accurate results.
• Speaker 2 discusses using AI for productivity, such as setting reminders and creating accountability partners.
• The group discusses the effectiveness of AI tools like ChatGPT for different tasks, including translation and project management.
• Speaker 2 suggests using AI for pre-mortem analysis in business to identify potential disasters and prevent them.

Networking and Business Growth

• Speaker 2 emphasizes the importance of networking and leveraging resources like the National Speakers Association (NSA) for business growth.
• The conversation highlights the need for more diverse business representation, including entrepreneurs and professionals outside the traditional boutique store model.
• Speaker 2 mentions the potential for an all-day business workshop, suggesting that Chuck's insights would be valuable.
• The group discusses the challenges of balancing work and personal life, with Speaker 4 sharing their experience with yard work and upcoming travel plans.

Personal Stories and Future Plans

• Speaker 2 shares a personal story about their daughter's creativity, illustrating the importance of imagination and play.
• The group discusses the need for follow-up meetings and further collaboration, with Speaker 2 planning to reach out to Chuck for more discussions.
• Speaker 4 talks about their granddaughter and the challenges of balancing work and family responsibilities.
• The conversation ends with plans for future projects and the importance of continuous learning and networking.

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