Category Archives: Finance & Accounting

Everything to do with numbers that is outside of strategy, including bookkeeping and finding funding is under this category.

Succession Planning for Small Business

Succession planning is all about planning your exit strategy and maximizing the value that the small business owner receives for their effort (which often amounts to years and decades of work).

It also protects the small business owner, family, and the business from any risk.

Learn the process and your options in 20 minutes!

Contact the Expert
Mike Hook
mike@intrepidlaw.ca

Small Business Finance 101

What you don’t know when it comes to finance, can hurt you!
 
Understanding some basic finance models can help you make more objective decisions. This helps you avoid emotional decisions that often are the wrong decisions for your business.
 
The concepts that are walked through in this 30 minute video are;
 
1. Break Even Analysis
2. Basic Financial Ratios
3. Weighted Averages
4. Decision Making Trees
5. Net Present Value
 
By understanding the basics of these tools and when to consider using them, you have more tools in your toolbox as a small business owner.
 

 
Contact The Expert
info@smallbusinesssolver.com

Need more help on finance? Let us know what else you’d like to see at info@smallbusinesssolver.com

Crowdfunding in Canada

Crowdfunding is one of the new up and coming ways to finance your business. If we look at the international market place, there is $3-5 billion dollars that has been raised in crowdfunding efforts.
 
This is through over 300 portals internationally with 45 of them available to Canadians. Traditionally crowdfunding works by donation or reward.
 
The latest and greatest is that crowdfunding will soon be available in Canada to raise equity. This is going to make raising equity less expensive to do and easier to do.
 
Now is the time to prepare your business for this new opportunity. Learn how in this 20 minute video.
 

 
Contact the Expert
 
Mike Hook
e:  mike@intrepidlaw.ca
www.intrepidlaw.ca
@MikeHookLaw
 
 

Revenue Generation

Increasing our small business revenue generation is something that most entrepreneurs are concerned with. In this video we learn why all entrepreneurs need to make it the top priority and we walk through the 4 main things that we need to focus on to help our revenue grow.
 
1. Number of leads
2. Improve conversion rates
3. Increase the price of the average sale
4. Increase the number of sales per period
 
Plus we walk through all of the tools we have at our fingertips to help improve these 4 areas. Watch it now!
 

 
Contact the Expert
 
Gary Brown
FocalPoint Coaching
gbrown@focalpointcoaching.com
 
 

What’s Your Business Worth?

Business valuation is critical for all small business owners as there is a high probability that you will be needing to evaluate how much your business is worth due to needing a loan, going through a divorce, or selling your business either voluntarily or involuntarily.

 

When it comes down to it, the value of your business is the price that someone is actually willing to pay you for it. But if you are trying to put a dollar value on your business without this step or before this step, there are some things to consider;

 

1. Net tangible assets
2. Identifiable intangibles
3. Goodwill (transitioned and non transitioned)
4. Redundant assets

 

If you are selling your business, there are some great ways to increase the value of your small business. And there are some specific value drivers to be aware of.

 

If you are buying a business, there are some specific details you should be looking for and specific circumstances where you may buy a small business for a lesser amount.

 

Watch this video for all of the details.

 

 

Contact The Expert

 

Fabyelle Chevalier, CPA, CA
Manager – Financial Advisory Services
BDO Canada LLP
Direct: 705 726 6331 ext. 8523
fchevalier@bdo.ca

 

Like the Presentation? Valuation Presentation

Analyzing Your Numbers

 
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
Email: FChevalier@bdo.ca
 
Gregg Miyasaki, CGA
Mid-Market Commercial Account Manager
BMO Bank of Montreal
Email: gregg.miyasaki@bmo.com
 
Like the PowerPoint? Analyzing Your Numbers
 

More Resources

 
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
 
 

Small Business Exit Strategies

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.
 

 
Contact Your Expert
 
info@smallbusinesssolver.com
 
Want the Slides? small business exit strategies.
 

Benchmarking & Performance Management for Small Business

 

What gets measured will get done.

 
Large businesses and small business alike use performance metrics with the intent to motivate their employees. However often these metrics are misguided and resulting in undesirable behaviour. They are not tied to the strategic performance of the organization.
 
In this video learn…
 
1. Why have metrics?
2. How to create your metrics that will actually help your business
3. Understand what a balanced scorecard is and what components make up a small business’ balanced scorecard
4. Learn how to monitor and implement the metrics in the most effective and efficient way possible
 
There are a lot of red flags when it comes to metrics, and if done improperly a metric can actually stunt your business’ growth rather than foster it.
 
Always remember that what gets measured will get done!
 

 

Performance management resources

 
Examples of Critical Success Factors and Metrics
 
Want the slides for this presentation? Performance Management

The HST Lowdown

Taxation is a tricky world for most entrepreneurs. How to get started? What tax should you be charging? How does this change by province or country? How and when to remit taxes? What types of rebates are available?

Taxation can be a scary topic, but it is inevitable. So it is better to understand what is required upfront.

What will you learn in this video?
– When to register for HST
– How to do it
– Methods of filing
– Filing periods
– The process of filing and how to do it
– A list of issues that you may encounter and tactics to overcome them

Additional Links

How To Register
Business Registration Online (BRO): http://www.cra-arc.gc.ca/tx/bsnss/tpcs/bn-ne/bro-ide/
Phone CRA Business Line: 1-800-959-5525

Other Resources

Goods and services tax/harmonized sales tax (GST/HST): http://www.cra-arc.gc.ca/tx/bsnss/tpcs/gst-tps/menu-eng.html

Business Registration Online (BRO): http://www.cra-arc.gc.ca/tx/bsnss/tpcs/bn-ne/bro-ide/

RC4022    General Information for GST/HST Registrants: http://www.cra-arc.gc.ca/E/pub/gp/rc4022/rc4022-e.html

My Business Account: http://www.cra-arc.gc.ca/mybusinessaccount

 

Expert Contact Information

Ross A. Libbey, CPA, CA
Off: 905-436-6663
Email: ross@yourbottomline.ws

Test A Business Idea In Minutes

Test whether or not your business will fly by going through the idea tester’s funnel.

 

This 30 minute session is delivered by Small Business Solver co-founder and the author of “Will It Fly? The Idea Tester”, Carla Langhorst. It will give you a solid process to evaluate quickly any great idea that you have. If you have a new product, service, or business, this is for you!

The process has been tested on 1000s of small business ideas and has been used by small business coaches throughout North America as a guide to highlight red flags in a business model.

Top questions that will be answered:
1. Will people buy your product?
2. Is it better than the competition?
3. Will you burnout?
4. Are your salary expectations reasonable?
5. Will you end up working more than you are intending?

Test your business idea for free through the Idea Tester.