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Category Archives: 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

The Basics Still Grow Your Business

Sometimes in our search for the latest and greatest new idea to help businesses grow for freedom and cash, we can stop focusing on some basic growth strategies - so let’s review some business basics: 1)    Referrals from your good customers -          Do you actually ask them for referral business? This may sound too simple, but doe... 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

Shareholders Agreement – Advice

A good shareholders agreement is one you hope you never have to use. Any corporation with more than one shareholder should have one in place, but not many actually do. The corporate law firm should prepare the final document, but there are 4 major issues the shareholders can iron out themselves before they start paying lawyers fees: Disability –... Continue reading

The Power of Habit in Business

I just finished reading a good book about habits. The book is “The Power of Habit” by Charles Duhigg. When you think about it, business owners, employees and customers’ days are made up of millions of habits – most of them operating subconsciously. At our firm, part of any successful profit improvement strategy involves recognizing and chan... Continue reading

Do You Have a Great Business Idea?

Do you have a great business idea? Is it a secret? Do you know for sure in your gut it will be a great success? Great ideas are often the beginning of a great business. The process of taking an idea and making money with it is called a 'commercialization strategy'. In the web space it can also be referred to as 'monetizing' your idea. In my opi... Continue reading

Business School Simplified!

We know most business owners don’t have formal business training. They learn from the 'school of hard knocks'. But when you search the web for business knowledge it is absolutely overwhelming. How do you know who to trust? Which body of knowledge is more valuable? At The Business Therapist® we have spent many years filtering through what is i... Continue reading

Succession Planning – The Most Important Advice

In doing succession and estate planning, it is important to work through various scenarios and timing of life events and plan for each of them. Sometimes we make assumptions about certain events that don’t turn out to be true. Succession planning tip:Count the living people as living! One example is three brothers who came to see me for busines... 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