Welcome to this Interactive session with Lelsey Mort, a CEO and business mentor with over 1k followers on Instagram. Lelsey is passionate about impacting lives through her knowledge of accounting and the business world, and she shares valuable business tips on her social media platform. Today, we'll be discussing various topics related to business and entrepreneurship with Lelsey and gaining insights into her experience and expertise.
Question: Lelsey, could you please tell us a little bit about yourself and your qualifications?
Lelsey Mort: I'm a CEO and business mentor with a passion for helping others succeed. I have a degree in accounting and over 15 years of experience in the business world. I've worked in a variety of industries, including technology, healthcare, and retail, and I've had the opportunity to work with some amazing people along the way. Lest I forget, I'm married with two amazing children.
Question: Lelsey, How long have you been in the business world, and what's your greatest lesson learned there?
Lelsey Mort: I've been in the business world for over 15 years now, and my greatest lesson learned is the importance of resilience. The business world can be tough, and there are going to be setbacks and challenges along the way. But it's how you respond to those challenges that ultimately determines your success. I've learned that it's important to stay focused on your goals, maintain a positive mindset, and be willing to pivot and adapt when necessary. The most successful entrepreneurs are those who are able to persevere through difficult times and come out even stronger on the other side.
Question: Could you please share some tips on how to effectively manage business finances?
Lelsey Mort: One of the most important things you can do to effectively manage your business finances is to create a budget. A budget helps you track your income and expenses, allowing you to make informed decisions about where to allocate your resources. Another important tip is to stay on top of your cash flow by monitoring your accounts receivable and accounts payable. It's also important to regularly review your financial statements, such as your balance sheet and income statement, to ensure that you have a clear understanding of your business's financial health.
Question: Lelsey, how important is it to have a good credit score when running a business?
Lelsey Mort: Having a good credit score is crucial for running a successful business. It helps you secure financing, obtain credit lines, and lease equipment. Your credit score is also a reflection of your ability to manage debt responsibly, which is important to lenders and investors. To maintain a good credit score, it's important to pay your bills on time, keep your credit utilization low, and monitor your credit report regularly for errors.
Question: Lelsey, what advice do you have for entrepreneurs who are just starting out and trying to build their brand?
Lelsey Mort: My advice for entrepreneurs who are just starting out is to focus on building a strong brand foundation. This means defining your target audience, understanding your unique value proposition, and creating a clear message that communicates what sets your brand apart from the competition. It's also important to establish a strong online presence through social media and a professional website. Finally, don't be afraid to seek out mentors and learn from other successful entrepreneurs who have gone before you. The business world can be tough, but having a strong network of supporters can make all the difference.
Question: Lelsey, could you explain the difference between a solopreneur and an entrepreneur?
Lelsey Mort: While the terms "solopreneur" and "entrepreneur" are often used interchangeably, there is a subtle difference between the two. A solopreneur is an individual who runs their business entirely on their own, while an entrepreneur is someone who starts and grows a business with the intention of creating something bigger than themselves. While both solopreneurs and entrepreneurs are focused on building their own businesses, entrepreneurs tend to have a broader vision and a desire to create something that can grow beyond themselves.
Question: Lelsey, you're a mother of two and a successful businesswoman. How do you balance running a successful business while being a mother?
Lelsey Mort: It's definitely a balancing act, but one that I'm grateful for. One of the keys to balancing motherhood and running a successful business is to prioritize and focus on what's most important. This means setting boundaries, delegating tasks when possible, and being intentional about how I spend my time. It's also important to have a support system in place, whether that's a partner, family member, or close friend who can help out when needed.
Question: Lelsey, what do you think are the biggest mistakes people make in their businesses?
Lelsey Mort: One of the biggest mistakes people make in their businesses is failing to plan. Without a clear plan in place, it's easy to get sidetracked and lose focus on what's most important. Another mistake is failing to invest in themselves and their businesses. This can mean not taking the time to learn new skills or not investing in the tools and resources necessary to grow and scale their business. Finally, I think one of the biggest mistakes people make is not taking action. It's important to consume information and learn new things, but if you're not implementing that knowledge, it's not going to make a difference.
Question: Lelsey, You've mentioned in one of your posts about consuming too much information without implementing it. Can you explain that idea more broadly?
Lelsey Mort: Yes, definitely. In today's digital age, it's easy to get overwhelmed with information. We have access to so much knowledge and expertise at our fingertips, but it's important to remember that knowledge alone isn't enough. If you're not implementing that knowledge and taking action on what you've learned, it's not going to make a difference in your business. So, my advice is to consume information strategically and be intentional about how you're going to implement what you've learned. Take the time to create a plan of action and prioritize the most important steps. Remember, it's not just about what you know, it's about what you do with that knowledge that matters.
Question: Lelsey, if you had a crumbling business and needed to revive it, what would be your first step to take?
Lelsey Mort: The first step I would take is to assess the situation and identify the root cause of the problem. This could involve analyzing financial statements, reviewing sales data, and talking to customers and employees to get their feedback. Once I have a clear understanding of what's not working, I would create a plan of action to address those issues. This might involve making changes to the product or service offerings, updating marketing strategies, or reevaluating the business model as a whole. It's important to be willing to make changes and be open to new ideas in order to revive a struggling business.
We've had an insightful conversation with Lelsey Mort today, learning about her background, her views on solopreneurs and entrepreneurs, her experience in the business world, and her tips on running a successful business. We hope that you found this session informative and educational. Thank you, Lelsey, for sharing your knowledge and insights with us today
