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Category Archives: Strategic planning advice

An Interesting Trend: Business Plan vs Business Model Canvas

The creation of The Business Model Canvas tool was completed in 2010. If you are not familiar with it, you should be! There are many benefits to using a Business Model Canvas: it’s visual, it’s easy to change your business assumptions and it provides a common language for team members from diverse backgrounds to communicate with each other a... Continue reading

Help Your Accountant Help You – 3 Tips

Here are 3 tips to improve your relationship with your accountant for your business: 1)     Don’t wait for them to call you about a planning meeting. In a perfect world every accounting firm has unlimited time and energy to be proactive and think about your business and it’s future. In the real world, a lot of firms end up being reactive ... Continue reading

1 Tip – Managing Your Interest Rate Risk in Business

Depending on how much debt your business carries, your exposure to changes in the interest rate could be high or low. The best advice I can give about the future of interest rates: Don’t believe the fortune tellers! If your banker says, “ We don’t see interest rates rising for a couple years."  - Don’t believe him. If the media makes... Continue reading

Reducing the Dependence on the Business Owner – Succession Planning

There are a lot of small businesses in the marketplace that are doing just fine. If they are a first generation business, the founder owners are still the driving force in the business. When the business owner starts looking to the future from the position of current stability and prosperity, some common scenarios appear. Here are the common issue... 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

Succession Planning Advice

Succession planning tip #1 :Count the living people as living! 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. One example is three brothers who came to see me for bus... Continue reading

Going Golfing Guilt of Business Owners

One of the quality of life improvements we support at our firm is the ability to take a regular afternoon off to play golf.  This is a therapeutic and productive way to relax and re – energize for a business owner. It can also be a productive business development outing. The problem is that this outing can bring a feeling of guilt. This guilty ... Continue reading

Implementing a Change in Your Business

We all want to implement positive changes in our businesses but making it actually happen is not easy. Even when the boss gets fired up and energized to do something, the program can lose energy quickly.  Two problems often occur: 1)      The boss loses his energy and slips back into the old routine. 2)      The team doesn’t 'buy-in'... Continue reading

Improving the Hiring Process – The Induction Plan

Do you have a formal induction plan for new hires? An induction plan will help ensure that the initial impressions on the first day of a new job are positive, and the new employee starts off productively. Here are some points to consider as you develop an induction plan for your business: 1)      Identify key current employees to be ‘budd... Continue reading

Vacation – Tax Deduction?

Wouldn’t it be great to take a winter vacation and get a tax deduction too? The first person to convince is your tax advisor and the second review 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 distractionsto focus on st... Continue reading