Finding time for yourself is critical in running your business for a ton of different reasons.
1. It helps you perform better when you are working.
2. It increases personal satisfaction.
3. It allows for worklife balance and overall satisfaction.
4. It prevents burnout which is one of the leading causes of business failure.
5. It is better for your personal well being and health.
When all is said and done, making time for yourself could be the difference between business success and failure.
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About Elise: Her main inspiration comes from providing physiotherapy treatments to long-term care patients and living with her 85 year old Greek grandmother.
A quote that keeps her going: “Thinking is easy, acting is difficult and to put one’s thoughts into action is the most difficult thing in the world.” – Johann Wolfgang Goethe
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Financial management and understanding numbers is a daunting topic for many entrepreneurs. However, this is a vital skill when speaking with investors and bankers that will help your business grow and/or survive.
This video will give an outline of what numbers are important and some basic ratios to test on your business.
Some concepts that are very important are;
1. Reviewing your past performance and changing trends can spot problems early.
2. If you don’t have past performance you can also track against industry averages. This can be done based on the industry that you are in and the size of your business.
3. Financial ratios help you determine if there are problems in specific areas in your business.
– the quick ratio and acid test
– accounts payable and receivables turnover
– debt-equity ratios and interest payable
4. Creating a 1-page business performance dashboard helps you see all of the financial metrics in one spot.
Contact Your Experts
Fabyelle Chevalier, CPA, CA
Manager – Financial Advisory Services
BDO Canada LLP
Gregg Miyasaki, CGA
Mid-Market Commercial Account Manager
BMO Bank of Montreal
Like the PowerPoint? Analyzing Your Numbers
If you are looking for places to find industry standards;
– Stats Canada: http://www.statcan.gc.ca/start-debut-eng.html
– Your financial institution
– Your accountant
Your small business exit strategy is one of the most important parts of running your business.
The reality is, if you want money quickly it is better to get a job than start a small business. Starting a small business helps you in the long run financially as you are building equity and value in your business year over year.
But the only way to get this equity and value out of the business is having a solid exit strategy that allows you to realize this.
There are 6 major exit strategies to consider;
1. Getting the most out your business now.
2. Liquidating your business which means selling all of your assets.
3. Selling your business to someone you know.
4. Being acquired by another business for a strategic reason.
5. Issuing shares publically and getting out of the business.
6. Create a family empire with a solid succession plan.
One of these should be selected and planned for. The video walks through these strategies, gives examples of how it has worked, and highlights the top tip for each exit strategy that you should be focusing on.
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Cold calling is the most cost effective way to develop new leads for a small business owner selling business to business (B2B) or business to government (B2G). Even with all social media options, search engine optimization, and so many other marketing tools available to a small business owner – cold calling and telemarketing still wins out.
Unfortunately it is also the most hated way to get business. People are often scared of even picking up the phone for the first call. But if it is the most cost effective way to get new business, it is important to learn how to improve your odds.
The top 10 tips that are covered are;
– how to be a human rather than a robot when telemarketing
– when in doubt, put yourself in your customer’s shoes
– why honesty is truly the best policy
– how to keep your energy and optimism up
– when to call your target prospect
– how often to call your target prospect
– what makes a bad lead list and what are the red flags that your lead list stinks
– what information should you be keeping and tracking about your customers?
– should you be scared of gatekeepers and tactics to get to the person you want
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