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Tag Archives: Strategic planning advice

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

Customer Segmentation and Development

When you start a new business, it is suggested sometimes to determine your 'market'. There is often confusion on the definition of a 'market'. I think the wrong area to focus on is the macro – economic approach where you determine, for example, that China is the biggest and best 'market' for your new business. The better question is: “Whic... Continue reading

What Type of Startup are You?

There are two radically different types of startups. One type tends to have the following attributes: -          The type of business and business model exists 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 ano... 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

Real Core Values in Small Business

One of the things we do for our business owner clients is to help them clarify and communicate their core values.  We can create documents and posters that address the organization's view on respect, integrity and honesty. When the values are clarified and communicated you might think the exercise is done. We don’t think so. We believe 'more ... Continue reading

A Small Business Succession Plan Needs a Quarterback

Succession planning is a huge multi-year process. Even at the small business level there is a number of 'players' involved: -          The insurance agent looks at the insurance need. They think more insurance is better. -          The banker wants security from everyone involved - the retiring shareholders and the new level ... 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

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