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Category: Small business strategic planning

Business Plan vs Business Model Canvas

Why do most business owners create a business plan?  The vast majority reluctantly prepare one as a requirement to get financing. Is a business plan a good management tool?  I don’t think so. I will agree that preparing a business plan can help a business owner think strategically about their business. A business plan will also provide some s... Continue reading

Who Will Buy Your Business?

I had a tour of a town in the oil patch in Alberta this week. The local tour guide pointed out a lot of small businesses that had similar attributes:        Started 20 to 30 years ago by one guy and one piece of equipment and now it has 20 to 25 employees, a fleet of trucks, or trailers, or drilling equipment, or other tools of the trade to ... Continue reading

Work/Life Balance – Aligning Business and Personal Goals

If you are unsure of your personal goals, with what do you align your business future? As part of our visioning work at The Business Therapist®,  we check for alignment between the business owner’s personal goals and their business goals. Personal goals to consider Personal income and equity goals – What income would you like to be... Continue reading

How to ‘Write Off’ a Vacation

Wouldn’t it be great to take a vacation and get a tax deduction too? The first person to convince is your tax advisor and the second could be by the income tax authorities. Here are some tips to assist in your negotiations: Be real I am strong supporter of getting away from the day to day business distractions to focus on strategic b... Continue reading

Good Business Advice Leads to Good Decisions

One of the unique characteristics of being a small business owner is the ability to control your own destiny. It also means there is nobody left to 'pass the buck' to even if it is passed to you. For the pleasure and responsibility of making the important business decisions, you reap the rewards of a good decision and suffer the costs of a bad ... Continue reading

3 Ways to Make Time for Small Business Planning

I often talk with business owners who have a list of strategic planning ideas to work on. The problem is they are too busy to get to them! They are paralyzed by the constant demands placed on them from all directions. If this happens to you, consider the following three ideas. #1 - Make a 'Don’t Do' List Everyone has heard of a “to do” ... Continue reading