Let me start this with a disclaimer: I really dislike discussing downward economies and recessions. Call me a positive thinker, but I just prefer to look ahead and decide what needs to be done to get to where I want to go. Getting through a recessionary period generally has to do with shifting your mindset and remembering what truly supports your business.
Here are a few things every business needs to consider when determining their safety in a downward economy:
1. Client Relationships
Make sure that you are continuing to build great client relationships so that you are keeping in… Continue reading
There was a recent article published in The Globe and Mail entitled Ten Reasons Why Family Businesses Fail and I wanted to address it here because it really hit the points on the head. I’m not going to get into every point, I’m just going to cover a few of the really strong points that resonated with me. If you would like to read the full article, you can check it out here.
Poor Succession Planning
This is truly… Continue reading
I often get asked this question from Kelowna business owners. The reality of it is you don’t want to be the person who has to sell. What you want to do is plan for your sale. I talk to my clients about two different types of sales in business:
- Voluntary Sale
- Typically a sale that you have planned for through succession to a family member or transitioning out to a third party.Includes death, bankruptcy, competition overtake, etc.… Continue reading
Despite the insanity that the New Year brings every Kelowna accountant, or any accountant really, it’s truly an exciting time with the prospect of a great year ahead filled with success, growth and a clean slate. Stats have shown about 45% of people usually set New Year’s resolutions with only 8% actually achieving them.
Although I would love to give a deeper philosophical outlook on growth for 2012 this article is about sharing a few great tips that will get you on track for a bigger bottom line at the end of the upcoming year.
Remember Your Receipts
Don’t… Continue reading
All the greatest success stories are the ones that show the protagonist against all odds and facing great risk only to overcome adversity and prevail to the heights of the grandest of all dreams (something your Kelowna accountant may often advise against). Despite the prevalence of these inspiring stories, the ones we all seem to remember when we are faced with a big risk are the stories about failure and, gasp, bankruptcy. These are the ones that a good accountant or advisor will warn you against.
Taking risks are scary because you are trekking through the unknown and usually putting… Continue reading