Do you control your finances or do your finances control you?
When starting a business, hiring a finance person is often an afterthought. Many businesses engage in what I call “shoebox accounting”: dumping all their receipts, bank statements and invoices into a shoebox and handing them to an external accountant who provides a Notice to Reader and files your taxes with the CRA. This is a […]
Hiring the Right People for a Small Business – People Who Get Shit Done
The ideal skill set for a small business at an early stage is materially different from a large one. I have seen small businesses hire people with multiple designations and large business experience thinking they will fit into the small business culture. This could not be further from the truth. As a CFO, I have hired many junior […]
As sexy as it is for a company to go public, it may be the kiss of death
There is definitely a sexiness to becoming a public company. The allure is hard to resist. Business owners can proudly watch their ticker symbol glide across screens throughout the financial district. A public company offers several advantages: some which I believe are more superficial, and others that are more practical. Now let’s look at the costs of becoming […]
The Art of Attracting and Retaining Top Talent in a Small Business
Hiring and retaining top talent are the most crucial factors to any business’s success. So why do small businesses pay so little attention retaining their best people? As a general rule of thumb, I believe executives in a business should be the most highly rewarded when a company is profitable, but at the same time, take […]
How is it that so many small businesses run out of cash and never see it coming?
“I don’t get it. My accountant tells me I am profitable, and yet I keep losing cash.” “We’re out of cash? Why did my accountants not see this coming? Now I am going to have to call all my vendors to let them know we can’t pay them this month.” “Why can’t anyone tell me if I can […]
Don’t Let Creating Shareholder Value Change Your Vision
When you first came up with your business idea, you wanted to build a solution to a particular problem by offering a product or service that would make the world a better place in some way. You were focused on your vision, and passionate about financing and raising the capital you needed to make it […]
Ironically, strengths in the start-up phase may be perceived as weaknesses by investors in later stages
Entrepreneurs who take the risk to start businesses make the world a better place. We are thankful there are individuals out there willing to put everything on the line. In order to be successful, the entrepreneur has to chase all opportunities, take major risks, be involved in every facet of the business, and follow their gut. Ironically, some […]
Avoid Turning Superstar Performer into a Second Rate Manager
Your company has superstar salesman driving 30% of your sales. He is naturally gifted dealing with people, and has the best closing rate you have ever seen. One morning, he enters your office and demands a promotion and a raise. You don’t want to lose him, so you concede and promote him to a Sales Manager. Over the course […]
Don’t Let Ineffective Meetings Suck Productivity Out Of Your Business
Are you finding that your company is constantly having meetings, nothing seems to get done, and you seem to be rehashing the same topics week after week? Ineffective meetings are one of the largest productivity killers in any organization. Here are some of the common dysfunctions I have seen from meetings: I have noticed this dysfunction with […]
Do I Pull the Trigger and Start My Own Business? – Part 6: Hybrid Option
If you have been following along in the series, we have covered 1) Personal Situation, 2) Go To Market Strategy, 3) Business Partnerships, 4) Validating Your Concept, and 5) Creating a Budget. Let’s assume you have taken all these steps and decided that for whatever reason, starting your own business is not a viable option. Perhaps you […]
