Edmonton Business Consultant | Entrepreneur Business Plan Myths – Part 1
I want you guys to give a warm welcome to Walway McGinnis who has immigrated to Canada. He’s had a life changing events, but through it all was the constant of numbers which he grew to love. And what better fit than with being called owner of always bookkeeping and better tech. Keep you on track with your numbers because you need somebody who loves it and knows it to guide you, Wally.
Okay. Well y’all ain’t call have you haven’t you a lucky winner. Everyone. Can y’all way right off the bat?
[inaudible] eight zero zero eight [inaudible] going on. [inaudible] well yeah, Edmonton business consultant maybe.
So now we’ve got a financial plan locked down. Oh thanks sir Edmonton business consultant. So, and ask me if you call, I wrote this because I can hardly write. Uh, should I use a number company or a name company and what are the differences? Um hmm. The differences, you know, for tax purposes of, or legally it’s just lipstick. There was no difference between a number company or a name company. The number company is slightly cheaper. Just start the name company cause you don’t have to do the nuance report. Uh, so corporate registry is gonna charge you a little bit less. But that being said, for the love of everything, if you want to build any sort of brand, which is absolutely important, if you want to build any sort of business that’s going to sustain, name your company something, um, because you do not have the same legal right that a lot of people set up a number company and they operate as a name.
They don’t realize that they don’t have the same legal protection for that name. So setting your company up as the name that you want to protect, um, like $100 difference or what is it? The beast is that [inaudible] $100. That’s ridiculous. And then you see like your poor accountant’s filing system and he has number company after number company before selling his name finally is Edmonton business consultant, yeah, we like our firm, we include the cost of the corporation. We don’t charge anything different, different, the number name, it’s the same thing, but get a name because your business is going to survive. It’s probably going to survive because you build a brand. We’re going to get to the differentiation backers in here and you’ll see the differentiation factors and almost every single one of you should choose branding as one of your differentiation factors. And I’ll explain why in a bit.
So you want to have, I would want to do a name company and make it the name that I want to protect. Even though someone will tell you they’re the same. Yeah, their functioning is exactly the same, but you don’t have the protection on that name and the simply registering and trading lot of people think I’d go register a trading and they give you that document, corporate registry and they make you feel really good, but they don’t tell you, hey, by the way, as soon as someone comes in incorporates under this, uh, you got to stop using it. That’s what they don’t tell you. There’s a lot of well-established businesses out there that if someone was a little bored and nefarious, they could go in certain incorporating those names and start, you know, it was a good legal team and make some money off it.
People like pretty oblivious to that. Um, where can I find extra cash with of taking a loan is going to be an extra job or it’s going to be selling personal items, selling the Mustang. Um, it’s going to be working that extra job. I’ll tell you that the doom cycle investment, I’m going to find an investor, okay? I have like a new rule at my firm. Whenever someone comes in and says they’re going to try to find investor, I tell them, if you are going to spend more than one day a week trying to find an investor, I will not represent you as your accountant because business is incredibly hard. So if you’re spending two, three, four days a week trying to find investors, it means your product and service is going to suck because you’re not spending any time on it. So, Edmonton business consultant, you need to develop a business plan that works.
If all the investors tell, you know, and a lot of times when you don’t have any money, what happens? It’s like a dog chasing the truck. You’re going to catch the truck and investor will say, okay, I want it. You have no sales. Do you have no money? I want 75%. Here’s $100,000. It’s going to get real, real quick. And you might not like the deal that you’re going to get, that you spent four days a week chasing for a year either. Um, so no more than one day a week chasing investments. You know, you’re going to have to get a job, meet with an Edmonton business consultant, or you’re ready to sell personal assets to get extra cash. And those are pretty much the moves and how you’re going to do it. Um, if you don’t want a loan, make sense? Okay, so do I want a visit vibe you to ready to do a business plan.
Now you, you’ve gone through your personal financial circumstances, your assets, your liability, your obligations, your monthly budget. Now the quote that we’ll have here, it’s an Abraham Lincoln quote. He says, give me six hours to chop down a tree and I’ll spend the first four sharpening the ax. That’s what your business plan is. It’s that ax. Chop down a tree. Paulo Alto, tell us that business owners who complete a business plan are 50% more likely to increase revenue, 50% more likely to increase revenue. Remember, what were the three problems in businesses, not enough customers? Number one 42%. So you’re 50% more likely to eradicate that problem if you simply do a business plan, even a bad business plan. Edmonton business consultant, you do not need to focus on creating a person up. Perfect financial and cashflow projection model is this is the easiest thing to pay someone to do.
And the hardest thing for a non CPA to complete, y’all wait, how many cashflow projections have used come in and seeing coming from clients that were right? No, I have been in public practice or a decade now. I have not. I’m not seeing like 99% of the rock. I am saying 100% of them are, they’re wrong. I’m waiting for a client to come in with the perfect cashflow projection without, that’s not littered with mistakes. 100% I’ve been wrong and it’s the easiest thing. Uh, it’s, it’s easy to think, to pay someone to do in the business plan is do the projections on your vision. Okay. Um, the business owners should focus their time on identifying the items that makes their business unique or else they can end up with a business plan that does not reflect their vision. I love this. Like I’ve had clients come into us, there’s other people who write business plans and I’m like, I wrote a business plan and they gave you back this template and that’s not what I want at all.
I was like, yeah, I can’t come up with your vision. I can help you refine the vision and give you action steps to achieve your vision and do projections, you know, even on that vision. But I can’t come up with that vision. It’s got to be yours. Right? Um, the first step is you want to write a succinct mission that communicates the singular most important value or differentiation factor. Don’t include characteristics that are expected for your industry. If it’s expected that you maintain safety. I had a company the other day and they thought safety was it. And that found out that it was speed. No one cares if it was safe safety, you had to have it. And the people who were hiring him are just looking for [inaudible] for speed. Edmonton business consultant, focus on the one thing that you want to be the best in the world. That you see how big that box is for the mission statement. It’s bigger than that. It’s too big. Y’All quit. What did we see in the mission statements?
Oh, I’ve, I’ve had some clients who will have, you know, like a paragraph where their mission statements and what it is really, it’s just what’s expected of let’s say a certain industry like daycare. They are expected to have, uh, to care for children. Everybody knows that. And so they will write and they will write this mission statements in a long, long paragraph, all about Unicorns and rainbows. And the thing is, it doesn’t really tell you where you want your company to go. So, um, in fact if your mission statement is not clear, your employees are not going to know what they’re expected to do based on that mission statement. So everyone is just doing it on base, on their own experiences and what’s in front of them.
Your mission statement will be a guide. In fact, we have checklists and templates coming up, but sometimes you’re going to have to make decisions that you can’t possibly, uh, a project. And your Edmonton business consultant and mission statement should be that one sentence that you want the rest of your employees to do. And I’ve seen these mission statements that come and I’ve seen them in business textbooks and they’re like paragraphs. And you ask the business owner, what’s your mission? It’s like I’ve got it written down somewhere. They can’t tell you what the mission is off the top of their head. Um, what am I guys? What’s, what’s our mission? Well let’s ask, let’s ask Sally. I’m going to put them on the spot. It’s like its first week cause you’re a member [inaudible] yes.
To help a thousand small business vision, vision. You’ve got the vision. We’re hitting them there. Yup. Yeah. Denise helping Canadian businesses beat the odds. It like it’s on written on every whiteboard at our firm first. Like first thing that you see. Remember how I said you have to over communicate your vision, your mission to your employees at work. Communicate it. So I want you guys to write out your mission statement here. You don’t guide you on helping decision. So let me give you an example of something that’s like templated or affirm. We will get uh, requests from employees or from a customer to do like a ridiculous survey from stats can every once in a while they just like draw your number and you got to do this overly onerous reporting to stat scan. And we know it’s not really connected to the tax department.
So my team and Edmonton business consultant can like knock it out in like an hour or two, has nothing to do with your accounting services or doing your financial statements or tax return or whatever. But I know if I don’t do it for the client that they will spend an inordinate amount of time doing it and we can knock it out for them. And I want them doing the initiatives that are going to build their, do their business for it. So we will always do that thing when it comes to client says this and we’ll just say, great, we’ll look after it. Our goal is to help the business to beat the odds. I joke and say that if we can walk their dogs and that will increase their success rate, we will walk the dogs, right? Same client comes in and says, I’m going to happy that I got an extra $2 of interest and bank charges on my GST bill.
I don’t care about that person because that person is going to lose because their mind is just in the right wrong sense. And then just looking through, you know, to be cheap, really. Um, and I’ll spend, I’ll send one of my staff on a full day. It’s been a few hundred bucks and knock out something if I think it’s gonna really make a difference on somebody. Right. Um, so you gotta think about that though. This is what’s going to guide your employees. Is this the, the right, the right direction. So I want you guys to write your mission statement. Very succinct. Kevin, what’s yours? We’re getting value in building trust. Okay.
Edmonton business consultant, it’s, you know, the, the quote is, uh, it’s really easy to write something long, but you know, that’s Schaefer said reverence is the soul of wit. So get out your pens and papers and try to make as succinct and meaningful as possible.