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Tag Archives: Creating a business strategic plan

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

Understanding Your Customer Segments

A business growth strategy that is focused on a particular customer segment is the opposite of the 'one size fits all' strategy. One size fits all is the same as trying to be 'all things to all customers'. When we want to think strategically about the needs and wants of a particular segment, it is important to know how to define each segment. ... Continue reading

What Type of Startup are You?

There are two radically different types of startups, each with different attributes and needs. Existing business model Existing business model and the startup is looking to implement it. Opening a retail store or a restaurant is an example. Buying a dump truck and a backhoe and finding customers to hire them out to is another example. These type... 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. 4 issues D... Continue reading

Business Types – Lifestyle Business or a Scalable Business?

I have always thought of a 'lifestyle' business as a good thing to have. When I was researching this topic online, I came across several derogatory comments about lifestyle businesses. The definition of a lifestyle business Wikipedia defines a lifestyle business as: “a business that is set up and run by its founders primarily with the aim of su... 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

Aligning Business Goals – Find Your Why

If you haven’t seen Simon Sinek’s video on ‘How great leaders inspire action’, it is worth the 18 minutes. People don’t buy WHAT you do, they buy WHY you do it. Recently I attended a graduation for a University Business School class with a seasoned and successful business owner. I took the opportunity to ask him this question, “If you... Continue reading

Business Visioning – Creating a Structure

My previous post detailed a few of the business challenges that arise when the actions and attitudes of the business owner contribute the some of the business problems. It can be phrased using the old Greek saying, ‘when the head of the fish starts to rot’. Put vision into action & reduce problems Even when you have a clear vision it is... Continue reading

Be Courageous in Advancing Your Business Strategic Plan

Burn the ships! Legend has it that when a military leader landed on enemy shores with a smaller army than the opponent, he ordered his men to ”burn the ships!” He did this to obtain a commitment from the soldiers to execute the plan, and eliminated the option of turning back. Don't turn back at the first sign of challenge I find this analogy... Continue reading